KZ GROUP: 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.
KZ GROUP
Largest movements
- Tangible fixed assets -€9,552
down €9,552 (-34.7%), from €27,517 to €17,964
of which Furniture and vehicles: -€4,866
- Cash +€4,611
up €4,611 (+123%), from €3,754 to €8,364
mainly Depreciation (+€9,812) and Trade debts (+€5,998)
- Stocks and contracts -€2,428
down €2,428 (-25.2%), from €9,638 to €7,211
- Deferred charges and accrued income +€1,403
up €1,403 (+54.7%), from €2,566 to €3,969
- Receivables within one year +€1,233
up €1,233 (+58.7%), from €2,102 to €3,335
of which Trade receivables: +€2,228
- Trade debts +€5,998
up €5,998 (+140%), from €4,294 to €10,292
- Debts after one year -€5,115
down €5,115 (-33.8%), from €15,131 to €10,016
- Profit (loss) carried forward -€3,396
down €3,396 (-39.8%), from €8,532 to €5,136
- Investment grants -€2,870
down €2,870 (-100%), from €2,870 to €0
- Short-term financial debts +€1,152
new in 2025: €1,152
- Gross operating margin +€4,297
up €4,297 (+23.2%), from €18,485 to €22,782
- Staff costs -€4,252
down €4,252 (-23.7%), from €17,961 to €13,709
- Financial charges +€1,180
up €1,180 (+50.3%), from €2,346 to €3,527
- Financial income +€748
up €748 (+129%), from €578 to €1,327
- Other operating charges -€660
down €660 (-67.6%), from €975 to €316
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.
Derived cash bridge
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 | €47,666 | €42,673 | -€4,993 | -10.5% |
| Fixed assets | 21/28 | €29,606 | €19,794 | -€9,812 | -33.1% |
| Intangible fixed assets | 21 | €290 | €30 | -€260 | -89.7% |
| Tangible fixed assets | 22/27 | €27,517 | €17,964 | -€9,552 | -34.7% |
| Plant, machinery and equipment | 23 | €348 | €208 | -€140 | -40.4% |
| Furniture and vehicles | 24 | €4,975 | €109 | -€4,866 | -97.8% |
| Other tangible fixed assets | 26 | €22,194 | €17,648 | -€4,546 | -20.5% |
| Financial fixed assets | 28 | €1,800 | €1,800 | = | 0.0% |
| Current assets | 29/58 | €18,060 | €22,879 | +€4,819 | +26.7% |
| Stocks and contracts in progress | 3 | €9,638 | €7,211 | -€2,428 | -25.2% |
| Stocks | 30/36 | €9,638 | €7,211 | -€2,428 | -25.2% |
| Amounts receivable within one year | 40/41 | €2,102 | €3,335 | +€1,233 | +58.7% |
| Trade receivables | 40 | €1,019 | €3,247 | +€2,228 | +219% |
| Other amounts receivable | 41 | €1,083 | €88 | -€994 | -91.8% |
| Current investments | 50/53 | - | €0 | = | |
| Cash at bank and in hand | 54/58 | €3,754 | €8,364 | +€4,611 | +123% |
| Deferred charges and accrued income | 490/1 | €2,566 | €3,969 | +€1,403 | +54.7% |
| Total equity and liabilities | 10/49 | €47,666 | €42,673 | -€4,993 | -10.5% |
| Equity | 10/15 | €16,402 | €10,136 | -€6,266 | -38.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €8,532 | €5,136 | -€3,396 | -39.8% |
| Investment grants | 15 | €2,870 | €0 | -€2,870 | -100% |
| Amounts payable | 17/49 | €31,264 | €32,537 | +€1,273 | +4.1% |
| Amounts payable after more than one year | 17 | €15,131 | €10,016 | -€5,115 | -33.8% |
| Financial debts | 170/4 | €15,131 | €10,016 | -€5,115 | -33.8% |
| Amounts payable within one year | 42/48 | €16,134 | €22,521 | +€6,388 | +39.6% |
| Current portion of amounts payable after more than one year | 42 | €5,040 | €5,115 | +€75 | +1.5% |
| Financial debts | 43 | - | €1,152 | +€1,152 | |
| Credit institutions | 430/8 | - | €1,152 | +€1,152 | |
| Trade debts | 44 | €4,294 | €10,292 | +€5,998 | +140% |
| Suppliers | 440/4 | €4,294 | €10,292 | +€5,998 | +140% |
| Taxes, remuneration and social security | 45 | €2,510 | €2,654 | +€143 | +5.7% |
| Taxes | 450/3 | €889 | €295 | -€594 | -66.8% |
| Remuneration and social security | 454/9 | €1,622 | €2,359 | +€737 | +45.4% |
| Other amounts payable | 47/48 | €4,289 | €3,309 | -€980 | -22.8% |
| Remuneration, social security and pensions | 62 | €17,961 | €13,709 | -€4,252 | -23.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,389 | €9,812 | -€577 | -5.6% |
| Other operating charges | 640/8 | €975 | €316 | -€660 | -67.6% |
| Gross operating margin | 9900 | €18,485 | €22,782 | +€4,297 | +23.2% |
| Operating profit (loss) | 9901 | -€10,840 | -€1,055 | +€9,785 | +90.3% |
| Financial income | 75/76B | €578 | €1,327 | +€748 | +129% |
| Recurring financial income | 75 | €578 | €1,327 | +€748 | +129% |
| Financial charges | 65/66B | €2,346 | €3,527 | +€1,180 | +50.3% |
| Recurring financial charges | 65 | €2,346 | €3,527 | +€1,180 | +50.3% |
| Profit (loss) for the period before taxes | 9903 | -€12,608 | -€3,255 | +€9,353 | +74.2% |
| Income taxes | 67/77 | €115 | €141 | +€26 | +22.2% |
| Profit (loss) for the period | 9904 | -€12,724 | -€3,396 | +€9,327 | +73.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€12,724 | -€3,396 | +€9,327 | +73.3% |
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 14 October 2026 via checked.be.