A background in differential calculus is necessary for the answer to be intuitive. The equilibrium constant, K, is related to the asymptotic behavior of the kinetics model used to describe the system.
For a chemical equilibrium system using linear differential equations the equilibrium constant, K, is often noted with a C subscript as follows:
$$K_C=\frac{[C]^c[D]^d}{[A]^a[B]^b}$$
The following model is one of the simpler examples. (In this example r is defined as reaction rate.)
Chemical Equation
$$\ce{ A <=> C }$$
In the equation for $K_C$ given above the power terms (a,b,c,d) are for higher order reactions. In this example c=1, d=0, a=1, b=0. D and B are irrelevant.
Assume the amount of A lost equals the amount of B gained.
$$ -\frac{\mathrm d[A]}{\mathrm dt} = \frac{\mathrm d[C]}{\mathrm dt} = r $$
The equilibrium constant is calculated at reaction rate equals zero.
$$ r = 0 $$
Assume the loss of reactant concentration is proportional to the concentration of reactant in the system.
$$ -\frac{\mathrm d[A]}{\mathrm dt} = k[A] $$
Boundary Conditions that fit this system:
Assume the reaction is reversible and does not to complete. At time equals infinity $(t=\infty)$ some but not all of the initial $[A]_0$ is consumed.
$$[A]_0=[A]_\infty + [C]_\infty$$
$$[C]_0=0$$
Understanding this boundary condition is the key to understanding why the equilibrium constant works only in certian situations.
Solving this system of ordinary differential equations. (This step is tough to understand without a background in differential calculus.)
$$[A] = ([A]_\infty + [C]_\infty) - [C]_\infty( 1 - e^{-kt}) $$
$$[C] = [C]_\infty ( 1 - e^{-kt}) $$
As $t \to \infty$, $e^{-kt} \to 0$, $[A] \to [A]_\infty$ and $[C] \to [C]_\infty$. Because $[A]_\infty$ and $[C]_\infty$ are constants in the model, their ratio is constant.
$$K_C = \frac{[C]_\infty}{[A]_\infty}$$
Because of the boundary conditions, if the initial concentration of reactant is increased by some factor y the ratio of $K_C$ remains the same.
$$y[A]_0=[A]_\infty + [C]_\infty$$
$$[A]_0=(1/y)[A]_\infty + (1/y)[C]_\infty$$
$$K_C = \frac{y[C]_\infty}{y[A]_\infty}$$
$$K_C = \frac{[C]_\infty}{[A]_\infty}$$
If there is an initial concentration of the product in the system then the assumption comes into play that the reaction is reversible. This means the reaction can be initially reversed to a point no products exists before it proceeds forward.
$$[A]_t+[C]_t = y[A]_0 $$
If one assumption in the system does not match reality, for example if a reaction is irreversible, the equilibrium constant does not work. For a system with reaction rates defined by linear differential equations, for example reversible reactions in solutions, the equilibrium constant works.