2 QURATIO: what changed
Two fiscal 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.
2 QURATIO
Largest movements
- Cash +€13,643
up €13,643 (+25.3%), from €53,911 to €67,555
mainly Depreciation (+€17,475) and Receivables within one year (+€10,627)
- Receivables within one year -€10,627
down €10,627 (-21.9%), from €48,421 to €37,794
of which Trade receivables: -€17,142
- Tangible fixed assets +€6,124
up €6,124 (+8.9%), from €69,189 to €75,313
- Reserves +€9,877
up €9,877 (+38.4%), from €25,702 to €35,579
- Debts after one year -€7,019
down €7,019 (-100.0%), from €7,019 to €0
- Accrued charges and deferred income +€6,938
up €6,938 (+10.6%), from €65,398 to €72,336
- Gross operating margin -€8,864
down €8,864 (-22.1%), from €40,079 to €31,215
- Taxes -€2,526
down €2,526 (-50.0%), from €5,054 to €2,528
- Financial charges -€697
down €697 (-58.6%), from €1,189 to €493
- Depreciation +€518
up €518 (+3.1%), from €16,957 to €17,475
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 | €173,590 | €182,730 | +€9,140 | +5.3% |
| Fixed assets | 21/28 | €71,257 | €77,381 | +€6,124 | +8.6% |
| Tangible fixed assets | 22/27 | €69,189 | €75,313 | +€6,124 | +8.9% |
| Plant, machinery and equipment | 23 | €69,189 | €75,313 | +€6,124 | +8.9% |
| Financial fixed assets | 28 | €2,068 | €2,068 | = | 0.0% |
| Current assets | 29/58 | €102,332 | €105,348 | +€3,016 | +2.9% |
| Amounts receivable within one year | 40/41 | €48,421 | €37,794 | -€10,627 | -21.9% |
| Trade receivables | 40 | €17,546 | €404 | -€17,142 | -97.7% |
| Other amounts receivable | 41 | €30,875 | €37,390 | +€6,515 | +21.1% |
| Cash at bank and in hand | 54/58 | €53,911 | €67,555 | +€13,643 | +25.3% |
| Total equity and liabilities | 10/49 | €173,590 | €182,730 | +€9,140 | +5.3% |
| Equity | 10/15 | €29,702 | €39,579 | +€9,877 | +33.3% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €25,702 | €35,579 | +€9,877 | +38.4% |
| Distributable reserves | 133 | €25,702 | €35,579 | +€9,877 | +38.4% |
| Amounts payable | 17/49 | €143,888 | €143,151 | -€737 | -0.5% |
| Amounts payable after more than one year | 17 | €7,019 | €0 | -€7,019 | -100.0% |
| Financial debts | 170/4 | €7,019 | €0 | -€7,019 | -100.0% |
| Amounts payable within one year | 42/48 | €71,472 | €70,815 | -€656 | -0.9% |
| Current portion of amounts payable after more than one year | 42 | €8,231 | €7,019 | -€1,213 | -14.7% |
| Trade debts | 44 | €556 | €1,113 | +€556 | +100.1% |
| Suppliers | 440/4 | €556 | €1,113 | +€556 | +100.1% |
| Other amounts payable | 47/48 | €62,684 | €62,684 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €65,398 | €72,336 | +€6,938 | +10.6% |
| Non-recurring operating income | 76A | €970 | €0 | -€970 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,957 | €17,475 | +€518 | +3.1% |
| Other operating charges | 640/8 | €891 | €843 | -€49 | -5.4% |
| Gross operating margin | 9900 | €40,079 | €31,215 | -€8,864 | -22.1% |
| Operating profit (loss) | 9901 | €22,231 | €12,898 | -€9,333 | -42.0% |
| Financial income | 75/76B | €0 | €0 | +€0 | |
| Recurring financial income | 75 | €0 | €0 | +€0 | |
| Financial charges | 65/66B | €1,189 | €493 | -€697 | -58.6% |
| Recurring financial charges | 65 | €1,189 | €493 | -€697 | -58.6% |
| Profit (loss) for the period before taxes | 9903 | €21,041 | €12,405 | -€8,636 | -41.0% |
| Income taxes | 67/77 | €5,054 | €2,528 | -€2,526 | -50.0% |
| Profit (loss) for the period | 9904 | €15,987 | €9,877 | -€6,110 | -38.2% |
| Profit (loss) for the period to be appropriated | 9905 | €15,987 | €9,877 | -€6,110 | -38.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.