KOZAC: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
KOZAC
Largest movements
- Tangible fixed assets +€544,719
up €544,719 (+161.8%), from €336,583 to €881,302
of which Land and buildings: +€529,942
- Receivables within one year -€23,985
down €23,985 (-25.5%), from €94,012 to €70,027
of which Other amounts receivable: -€38,400
- Cash +€12,542
up €12,542 (+38.3%), from €32,737 to €45,279
mainly Debts after one year (+€475,124) and Depreciation (+€44,642)
- Debts after one year +€475,124
up €475,124 (+257.5%), from €184,549 to €659,673
- Current portion of long-term debt +€27,003
up €27,003 (+161.3%), from €16,737 to €43,741
- Reserves +€18,256
up €18,256 (+7.9%), from €231,275 to €249,531
- Gross operating margin +€28,407
up €28,407 (+40.6%), from €70,018 to €98,425
- Depreciation +€21,004
up €21,004 (+88.9%), from €23,638 to €44,642
- Taxes +€1,987
up €1,987 (+19.2%), from €10,365 to €12,352
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €467,473 | €998,552 | +€531,078 | +113.6% |
| Fixed assets | 21/28 | €336,583 | €881,302 | +€544,719 | +161.8% |
| Tangible fixed assets | 22/27 | €336,583 | €881,302 | +€544,719 | +161.8% |
| Land and buildings | 22 | €286,209 | €816,150 | +€529,942 | +185.2% |
| Plant, machinery and equipment | 23 | €4,531 | €5,290 | +€759 | +16.8% |
| Furniture and vehicles | 24 | €42,643 | €57,251 | +€14,608 | +34.3% |
| Other tangible fixed assets | 26 | €3,200 | €2,611 | -€589 | -18.4% |
| Current assets | 29/58 | €130,891 | €117,250 | -€13,641 | -10.4% |
| Amounts receivable within one year | 40/41 | €94,012 | €70,027 | -€23,985 | -25.5% |
| Trade receivables | 40 | €55,612 | €70,027 | +€14,415 | +25.9% |
| Other amounts receivable | 41 | €38,400 | - | -€38,400 | |
| Cash at bank and in hand | 54/58 | €32,737 | €45,279 | +€12,542 | +38.3% |
| Deferred charges and accrued income | 490/1 | €4,142 | €1,944 | -€2,198 | -53.1% |
| Total equity and liabilities | 10/49 | €467,473 | €998,552 | +€531,078 | +113.6% |
| Equity | 10/15 | €249,875 | €268,131 | +€18,256 | +7.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €231,275 | €249,531 | +€18,256 | +7.9% |
| Distributable reserves | 133 | €231,275 | €249,531 | +€18,256 | +7.9% |
| Amounts payable | 17/49 | €217,598 | €730,421 | +€512,822 | +235.7% |
| Amounts payable after more than one year | 17 | €184,549 | €659,673 | +€475,124 | +257.5% |
| Financial debts | 170/4 | €184,549 | €659,673 | +€475,124 | +257.5% |
| Amounts payable within one year | 42/48 | €32,843 | €70,652 | +€37,809 | +115.1% |
| Current portion of amounts payable after more than one year | 42 | €16,737 | €43,741 | +€27,003 | +161.3% |
| Trade debts | 44 | €2,863 | €3,440 | +€578 | +20.2% |
| Suppliers | 440/4 | €2,863 | €3,440 | +€578 | +20.2% |
| Taxes, remuneration and social security | 45 | €3,838 | €9,091 | +€5,254 | +136.9% |
| Taxes | 450/3 | €3,838 | €9,091 | +€5,254 | +136.9% |
| Other amounts payable | 47/48 | €9,405 | €14,380 | +€4,974 | +52.9% |
| Accrued charges and deferred income | 492/3 | €206 | €95 | -€110 | -53.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,638 | €44,642 | +€21,004 | +88.9% |
| Other operating charges | 640/8 | €4,731 | €4,908 | +€176 | +3.7% |
| Gross operating margin | 9900 | €70,018 | €98,425 | +€28,407 | +40.6% |
| Operating profit (loss) | 9901 | €41,649 | €48,876 | +€7,227 | +17.4% |
| Financial income | 75/76B | €1,018 | €463 | -€554 | -54.5% |
| Recurring financial income | 75 | €1,018 | €463 | -€554 | -54.5% |
| Financial charges | 65/66B | €7,999 | €8,731 | +€732 | +9.1% |
| Recurring financial charges | 65 | €7,999 | €8,731 | +€732 | +9.1% |
| Profit (loss) for the period before taxes | 9903 | €34,667 | €40,608 | +€5,941 | +17.1% |
| Income taxes | 67/77 | €10,365 | €12,352 | +€1,987 | +19.2% |
| Profit (loss) for the period | 9904 | €24,302 | €28,256 | +€3,954 | +16.3% |
| Profit (loss) for the period to be appropriated | 9905 | €24,302 | €28,256 | +€3,954 | +16.3% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.