diff --git a/krm/filter.go b/krm/filter.go
index 18eea28..1109771 100644
--- a/krm/filter.go
+++ b/krm/filter.go
@@ -8,9 +8,9 @@ import (
 	"sigs.k8s.io/kustomize/kyaml/yaml"
 )
 
-func DefaultNodeHandler(_, curr, next string, opts Options) (string, Change, error) {
+func DefaultNodeHandler(_, curr, next string, opts Options) (string, Change, bool, error) {
 	if curr == next {
-		return curr, Change{}, nil
+		return curr, Change{}, false, nil
 	}
 
 	rawRef := curr
@@ -23,29 +23,29 @@ func DefaultNodeHandler(_, curr, next string, opts Options) (string, Change, err
 
 	oldRef, err := name.ParseReference(rawRef)
 	if err != nil {
-		return curr, Change{}, err
+		return curr, Change{}, false, err
 	}
 
 	newRef, digest, err := ParseImageRefWithDigest(next)
 	if err != nil {
-		return curr, Change{}, err
+		return curr, Change{}, false, err
 	}
 
 	if oldRef.Context().Name() != newRef.Context().Name() {
-		return curr, Change{}, nil
+		return curr, Change{}, false, nil
 	}
 
 	ok, err := MatchTag(newRef.Identifier(), opts)
 	if err != nil {
-		return curr, Change{}, err
+		return curr, Change{}, false, err
 	}
 
 	if !ok {
-		return curr, Change{}, nil
+		return curr, Change{}, false, nil
 	}
 
 	if _, err := name.ParseReference(next); err != nil {
-		return curr, Change{}, err
+		return curr, Change{}, false, err
 	}
 
 	c := Change{
@@ -56,26 +56,26 @@ func DefaultNodeHandler(_, curr, next string, opts Options) (string, Change, err
 
 	switch opts.Part {
 	case "":
-		return next, c, nil
+		return next, c, true, nil
 
 	case PartTag:
-		return newRef.Identifier(), c, nil
+		return newRef.Identifier(), c, true, nil
 
 	case PartDigest:
-		return digest, c, nil
+		return digest, c, true, nil
 
 	case PartTagDigest:
-		return strings.TrimSuffix(fmt.Sprintf("%s@%s", newRef.Identifier(), digest), "@"), c, nil
+		return strings.TrimSuffix(fmt.Sprintf("%s@%s", newRef.Identifier(), digest), "@"), c, true, nil
 
 	default:
-		return curr, Change{}, fmt.Errorf("unknown part: %s", opts.Part)
+		return curr, Change{}, false, fmt.Errorf("unknown part: %s", opts.Part)
 	}
 
 }
 
 const CommentPrefix = "# kobold:"
 
-type NodeHandler func(key, currentRef, nextRef string, opts Options) (string, Change, error)
+type NodeHandler func(key, currentRef, nextRef string, opts Options) (string, Change, bool, error)
 
 type ImageRefUpdateFilter struct {
 	handler   NodeHandler
@@ -123,13 +123,16 @@ func (i *ImageRefUpdateFilter) Filter(nodes []*yaml.RNode) ([]*yaml.RNode, error
 		lastChange := Change{}
 
 		for _, imageRef := range i.imageRefs {
-			v, change, err := i.handler(mn.Key.YNode().Value, mn.Value.YNode().Value, imageRef, opts)
+			v, change, changed, err := i.handler(mn.Key.YNode().Value, mn.Value.YNode().Value, imageRef, opts)
 			if err != nil {
 				i.Warnings = append(i.Warnings, fmt.Sprintf("failed to update image ref %q: %v", imageRef, err))
 				continue
 			}
-			mn.Value.YNode().Value = v
-			lastChange = change
+
+			if changed {
+				mn.Value.YNode().Value = v
+				lastChange = change
+			}
 		}
 
 		if originalValue != mn.Value.YNode().Value {
diff --git a/krm/filter_test.go b/krm/filter_test.go
index 1c20697..822d895 100644
--- a/krm/filter_test.go
+++ b/krm/filter_test.go
@@ -354,3 +354,35 @@ func Test_renderer_Render(t *testing.T) {
 		})
 	}
 }
+
+// Test_lastChange_preserved verifies that when a YAML node is evaluated against
+// multiple image refs and only one matches, the resulting Change is not
+// overwritten by the empty Change from the non-matching refs.
+func Test_lastChange_preserved(t *testing.T) {
+	t.Parallel()
+
+	// The "kube" testdata has a node pinned to "latest". We pass two refs:
+	// one that matches (nginx:latest) and one that does not (busybox:latest).
+	// The bug caused the Change from the matching ref to be overwritten by
+	// the empty Change from the non-matching ref.
+	_, changes, _, err := testPipe("kube",
+		"test.azurecr.io/nginx:latest@sha256:82becede498899ec668628e7cb0ad87b6e1c371cb8a1e597d83a47fac21d6af3",
+		"test.azurecr.io/busybox:latest@sha256:220611111e8c9bbe242e9dc1367c0fa89eef83f26203ee3f7c3764046e02b248",
+	)
+	if err != nil {
+		t.Fatal(err)
+	}
+
+	if len(changes) == 0 {
+		t.Fatal("expected at least one change, got none")
+	}
+
+	for i, c := range changes {
+		if c.Description == "" {
+			t.Errorf("change[%d]: Description is empty (lastChange was overwritten by a non-matching ref)", i)
+		}
+		if c.Repo == "" {
+			t.Errorf("change[%d]: Repo is empty", i)
+		}
+	}
+}