A.Q.: 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.
What changed
A.Q.
NACE 77.399, Renting and leasing of other machinery, equipment and tangible goods
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€168,769
2024 · €334,740-€503,509
Equity
€2.5m
2024 · €2.7m-€168,769
Cash
€1,532
2024 · €911+€621
Balance sheet total
€10.4m
2024 · €10.0m+€308,407
Largest movements
Assets
- Receivables within one year +€642,806
up €642,806 (+7.2%), from €8.9m to €9.5m
of which Other amounts receivable: +€343,522
- Tangible fixed assets -€173,728
down €173,728 (-23.1%), from €753,218 to €579,490
of which Plant, machinery and equipment: -€158,764
- Stocks and contracts -€169,842
down €169,842 (-46.5%), from €365,023 to €195,182
Equity and liabilities
- Trade debts +€262,973
up €262,973 (+78.9%), from €333,212 to €596,185
- Reserves -€168,769
down €168,769 (-6.4%), from €2.6m to €2.4m
of which Distributable reserves: -€168,769
- Other debts +€127,030
up €127,030 (+1.9%), from €6.7m to €6.8m
Income statement
- Staff costs +€351,531
up €351,531 (+18.3%), from €1.9m to €2.3m
- Gross operating margin -€309,836
down €309,836 (-11.2%), from €2.8m to €2.5m
- Taxes -€139,469
down €139,469 (-97.9%), from €142,494 to €3,025
- Depreciation -€54,384
down €54,384 (-15.2%), from €357,573 to €303,189
- Write-downs +€32,994
up €32,994, from -€31,293 to €1,700
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.
Result 2024
€334,740
Gross operating margin
-€309,836
Staff costs
-€351,531
Depreciation
+€54,384
Write-downs
-€32,994
Other operating charges
+€20,443
Other operating items
+€4,568
Financial income
-€13,984
Financial charges
-€14,028
Taxes
+€139,469
Result 2025
-€168,769
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.
From operations
+€141,467
Investment
-€135,098
Financing
-€5,748
Cash 2024
€911
From operations (derived)
+€141,467
Net result for the year
-€168,769
Depreciation
+€303,189
Receivables after one year
+€100
Stocks and contracts
+€169,842
Receivables within one year
-€642,806
Deferred charges and accrued income
-€3,012
Trade debts
+€262,973
Tax, wage and social debts
+€89,293
Other debts
+€127,030
Accrued charges and deferred income
+€3,629
Investment (derived)
-€135,098
Investment in fixed assets (net)
-€135,098
Financing
-€5,748
Current portion of long-term debt
-€5,748
Cash 2025
€1,532
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €10,048,632 | €10,357,040 | +€308,407 | +3.1% |
| Fixed assets | 21/28 | €766,313 | €598,221 | -€168,091 | -21.9% |
| Intangible fixed assets | 21 | €13,095 | €18,731 | +€5,637 | +43.0% |
| Tangible fixed assets | 22/27 | €753,218 | €579,490 | -€173,728 | -23.1% |
| Plant, machinery and equipment | 23 | €500,046 | €341,282 | -€158,764 | -31.7% |
| Furniture and vehicles | 24 | €174,466 | €176,544 | +€2,078 | +1.2% |
| Leasing and similar rights | 25 | €5,729 | - | -€5,729 | |
| Other tangible fixed assets | 26 | €72,977 | €61,664 | -€11,313 | -15.5% |
| Current assets | 29/58 | €9,282,320 | €9,758,818 | +€476,499 | +5.1% |
| Amounts receivable after more than one year | 29 | €4,100 | €4,000 | -€100 | -2.4% |
| Other amounts receivable | 291 | €4,100 | €4,000 | -€100 | -2.4% |
| Stocks and contracts in progress | 3 | €365,023 | €195,182 | -€169,842 | -46.5% |
| Stocks | 30/36 | €365,023 | €195,182 | -€169,842 | -46.5% |
| Amounts receivable within one year | 40/41 | €8,878,773 | €9,521,579 | +€642,806 | +7.2% |
| Trade receivables | 40 | €1,518,578 | €1,817,862 | +€299,284 | +19.7% |
| Other amounts receivable | 41 | €7,360,194 | €7,703,717 | +€343,522 | +4.7% |
| Cash at bank and in hand | 54/58 | €911 | €1,532 | +€621 | +68.2% |
| Deferred charges and accrued income | 490/1 | €33,513 | €36,525 | +€3,012 | +9.0% |
| Total equity and liabilities | 10/49 | €10,048,632 | €10,357,040 | +€308,407 | +3.1% |
| Equity | 10/15 | €2,680,393 | €2,511,624 | -€168,769 | -6.3% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Outside capital | 11 | €62,000 | €62,000 | = | 0.0% |
| Share premium | 1100/10 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €2,618,393 | €2,449,624 | -€168,769 | -6.4% |
| Non-distributable reserves | 130/1 | €250,000 | €250,000 | = | 0.0% |
| Financial assistance | 1313 | €250,000 | €250,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €261,965 | €261,965 | = | 0.0% |
| Distributable reserves | 133 | €2,106,428 | €1,937,659 | -€168,769 | -8.0% |
| Provisions and deferred taxes | 16 | €87,322 | €87,322 | = | 0.0% |
| Deferred taxes | 168 | €87,322 | €87,322 | = | 0.0% |
| Amounts payable | 17/49 | €7,280,918 | €7,758,094 | +€477,177 | +6.6% |
| Amounts payable within one year | 42/48 | €7,280,918 | €7,754,466 | +€473,548 | +6.5% |
| Current portion of amounts payable after more than one year | 42 | €5,748 | - | -€5,748 | |
| Trade debts | 44 | €333,212 | €596,185 | +€262,973 | +78.9% |
| Suppliers | 440/4 | €333,212 | €596,185 | +€262,973 | +78.9% |
| Taxes, remuneration and social security | 45 | €285,598 | €374,891 | +€89,293 | +31.3% |
| Taxes | 450/3 | €87,951 | €46,538 | -€41,413 | -47.1% |
| Remuneration and social security | 454/9 | €197,647 | €328,353 | +€130,706 | +66.1% |
| Other amounts payable | 47/48 | €6,656,360 | €6,783,390 | +€127,030 | +1.9% |
| Accrued charges and deferred income | 492/3 | - | €3,629 | +€3,629 | |
| Remuneration, social security and pensions | 62 | €1,925,074 | €2,276,605 | +€351,531 | +18.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €357,573 | €303,189 | -€54,384 | -15.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€31,293 | €1,700 | +€32,994 | |
| Other operating charges | 640/8 | €33,455 | €13,012 | -€20,443 | -61.1% |
| Non-recurring operating charges | 66A | €4,568 | - | -€4,568 | |
| Gross operating margin | 9900 | €2,771,926 | €2,462,091 | -€309,836 | -11.2% |
| Operating profit (loss) | 9901 | €482,550 | -€132,416 | -€614,965 | |
| Financial income | 75/76B | €16,354 | €2,371 | -€13,984 | -85.5% |
| Recurring financial income | 75 | €16,354 | €2,371 | -€13,984 | -85.5% |
| Financial charges | 65/66B | €21,671 | €35,699 | +€14,028 | +64.7% |
| Recurring financial charges | 65 | €21,671 | €35,699 | +€14,028 | +64.7% |
| Profit (loss) for the period before taxes | 9903 | €477,233 | -€165,744 | -€642,977 | |
| Income taxes | 67/77 | €142,494 | €3,025 | -€139,469 | -97.9% |
| Profit (loss) for the period | 9904 | €334,740 | -€168,769 | -€503,509 | |
| Profit (loss) for the period to be appropriated | 9905 | €334,740 | -€168,769 | -€503,509 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.