A-Quality: 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.
A-Quality
Largest movements
- Tangible fixed assets +€342,139
up €342,139 (+62.1%), from €550,980 to €893,119
of which Land and buildings: +€367,721
- Cash -€60,191
down €60,191 (-75.8%), from €79,428 to €19,237
mainly Investment in fixed assets (net) (-€390,639) and Other debts (-€59,615)
- Stocks and contracts +€35,588
up €35,588 (+113.9%), from €31,244 to €66,832
of which Contracts in progress: +€27,188
- Debts after one year +€419,740
up €419,740 (+96.3%), from €435,983 to €855,723
- Other debts -€59,615
down €59,615 (-71.6%), from €83,315 to €23,700
- Tax, wage and social debts -€24,146
down €24,146 (-62.6%), from €38,564 to €14,418
- Reserves -€18,261
down €18,261 (-13.3%), from €137,737 to €119,476
- Current portion of long-term debt +€11,166
up €11,166 (+28.9%), from €38,636 to €49,802
- Gross operating margin +€51,623
up €51,623 (+76.6%), from €67,386 to €119,009
- Other operating charges +€48,893
up €48,893 (+1293.8%), from €3,779 to €52,672
- Financial charges +€20,166
up €20,166 (+240.7%), from €8,377 to €28,543
of which Financial charges: +€20,497
- Depreciation +€18,608
up €18,608 (+62.3%), from €29,891 to €48,499
- Taxes -€7,100
down €7,100 (-96.7%), from €7,344 to €244
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 | €762,577 | €1,078,748 | +€316,171 | +41.5% |
| Fixed assets | 21/28 | €550,980 | €893,119 | +€342,139 | +62.1% |
| Tangible fixed assets | 22/27 | €550,980 | €893,119 | +€342,139 | +62.1% |
| Land and buildings | 22 | €470,301 | €838,022 | +€367,721 | +78.2% |
| Plant, machinery and equipment | 23 | €45,958 | €35,226 | -€10,732 | -23.4% |
| Furniture and vehicles | 24 | €34,721 | €19,871 | -€14,850 | -42.8% |
| Current assets | 29/58 | €211,596 | €185,629 | -€25,968 | -12.3% |
| Stocks and contracts in progress | 3 | €31,244 | €66,832 | +€35,588 | +113.9% |
| Stocks | 30/36 | €12,724 | €21,125 | +€8,401 | +66.0% |
| Contracts in progress | 37 | €18,520 | €45,708 | +€27,188 | +146.8% |
| Amounts receivable within one year | 40/41 | €96,985 | €94,401 | -€2,584 | -2.7% |
| Trade receivables | 40 | €73,705 | €50,142 | -€23,563 | -32.0% |
| Other amounts receivable | 41 | €23,280 | €44,258 | +€20,978 | +90.1% |
| Cash at bank and in hand | 54/58 | €79,428 | €19,237 | -€60,191 | -75.8% |
| Deferred charges and accrued income | 490/1 | €3,939 | €5,159 | +€1,219 | +30.9% |
| Total equity and liabilities | 10/49 | €762,577 | €1,078,748 | +€316,171 | +41.5% |
| Equity | 10/15 | €150,137 | €120,765 | -€29,372 | -19.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €137,737 | €119,476 | -€18,261 | -13.3% |
| Distributable reserves | 133 | €137,737 | €119,476 | -€18,261 | -13.3% |
| Profit (loss) carried forward | 14 | €0 | -€11,111 | -€11,111 | |
| Amounts payable | 17/49 | €612,439 | €957,983 | +€345,544 | +56.4% |
| Amounts payable after more than one year | 17 | €435,983 | €855,723 | +€419,740 | +96.3% |
| Financial debts | 170/4 | €435,983 | €855,723 | +€419,740 | +96.3% |
| Amounts payable within one year | 42/48 | €176,456 | €102,260 | -€74,196 | -42.0% |
| Current portion of amounts payable after more than one year | 42 | €38,636 | €49,802 | +€11,166 | +28.9% |
| Trade debts | 44 | €15,941 | €14,340 | -€1,601 | -10.0% |
| Suppliers | 440/4 | €15,941 | €14,340 | -€1,601 | -10.0% |
| Taxes, remuneration and social security | 45 | €38,564 | €14,418 | -€24,146 | -62.6% |
| Taxes | 450/3 | €38,564 | €14,418 | -€24,146 | -62.6% |
| Other amounts payable | 47/48 | €83,315 | €23,700 | -€59,615 | -71.6% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €214 | €221 | +€8 | +3.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,891 | €48,499 | +€18,608 | +62.3% |
| Other operating charges | 640/8 | €3,779 | €52,672 | +€48,893 | +1293.8% |
| Non-recurring operating charges | 66A | €502 | €832 | +€330 | +65.8% |
| Gross operating margin | 9900 | €67,386 | €119,009 | +€51,623 | +76.6% |
| Operating profit (loss) | 9901 | €33,000 | €16,784 | -€16,216 | -49.1% |
| Financial income | 75/76B | €344 | €891 | +€547 | +158.9% |
| Recurring financial income | 75 | €344 | €891 | +€547 | +158.9% |
| Financial charges | 65/66B | €8,377 | €28,543 | +€20,166 | +240.7% |
| Recurring financial charges | 65 | €8,046 | €28,543 | +€20,497 | +254.8% |
| Non-recurring financial charges | 66B | €331 | €0 | -€331 | -100.0% |
| Profit (loss) for the period before taxes | 9903 | €24,968 | -€10,867 | -€35,835 | |
| Income taxes | 67/77 | €7,344 | €244 | -€7,100 | -96.7% |
| Profit (loss) for the period | 9904 | €17,624 | -€11,111 | -€28,735 | |
| Profit (loss) for the period to be appropriated | 9905 | €17,624 | -€11,111 | -€28,735 |
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 9 October 2026 via checked.be.