A. QUATAERT: 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. QUATAERT
Largest movements
- Deferred charges and accrued income -€52,302
down €52,302 (-96.8%), from €54,037 to €1,736
- Receivables within one year +€44,342
up €44,342 (+289%), from €15,325 to €59,667
of which Trade receivables: +€25,591
- Tangible fixed assets -€26,205
down €26,205 (-7.5%), from €350,372 to €324,167
of which Land and buildings: -€25,277
- Cash -€20,037
down €20,037 (-47.0%), from €42,655 to €22,618
mainly Other debts (-€98,656) and Receivables within one year (-€44,342)
- Other debts -€98,656
down €98,656 (-100%), from €98,656 to €0
- Reserves +€49,000
up €49,000 (+22.8%), from €215,270 to €264,270
of which Distributable reserves: +€49,000
- Debts after one year -€14,556
down €14,556 (-27.9%), from €52,096 to €37,540
- Tax, wage and social debts +€7,881
up €7,881 (+106%), from €7,446 to €15,327
- Gross operating margin +€34,673
up €34,673 (+48.6%), from €71,270 to €105,942
- Taxes +€9,424
up €9,424 (+89.3%), from €10,552 to €19,975
- Other operating charges +€1,125
up €1,125 (+17.7%), from €6,352 to €7,477
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.
Derived cash bridge
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 | €462,390 | €408,188 | -€54,202 | -11.7% |
| Fixed assets | 21/28 | €350,372 | €324,167 | -€26,205 | -7.5% |
| Tangible fixed assets | 22/27 | €350,372 | €324,167 | -€26,205 | -7.5% |
| Land and buildings | 22 | €349,092 | €323,816 | -€25,277 | -7.2% |
| Furniture and vehicles | 24 | €969 | €144 | -€825 | -85.1% |
| Other tangible fixed assets | 26 | €311 | €207 | -€104 | -33.4% |
| Current assets | 29/58 | €112,018 | €84,021 | -€27,996 | -25.0% |
| Amounts receivable within one year | 40/41 | €15,325 | €59,667 | +€44,342 | +289% |
| Trade receivables | 40 | €10,877 | €36,468 | +€25,591 | +235% |
| Other amounts receivable | 41 | €4,448 | €23,200 | +€18,751 | +422% |
| Cash at bank and in hand | 54/58 | €42,655 | €22,618 | -€20,037 | -47.0% |
| Deferred charges and accrued income | 490/1 | €54,037 | €1,736 | -€52,302 | -96.8% |
| Total equity and liabilities | 10/49 | €462,390 | €408,188 | -€54,202 | -11.7% |
| Equity | 10/15 | €248,719 | €298,530 | +€49,812 | +20.0% |
| Contributions | 10/11 | €23,525 | €23,525 | = | 0.0% |
| Reserves | 13 | €215,270 | €264,270 | +€49,000 | +22.8% |
| Tax-exempt reserves | 132 | €12,918 | €12,918 | = | 0.0% |
| Distributable reserves | 133 | €202,353 | €251,353 | +€49,000 | +24.2% |
| Profit (loss) carried forward | 14 | €9,923 | €10,735 | +€812 | +8.2% |
| Provisions and deferred taxes | 16 | €40,090 | €40,090 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €40,090 | €40,090 | = | 0.0% |
| Major repairs and maintenance | 162 | €40,090 | €40,090 | = | 0.0% |
| Amounts payable | 17/49 | €173,581 | €69,567 | -€104,013 | -59.9% |
| Amounts payable after more than one year | 17 | €52,096 | €37,540 | -€14,556 | -27.9% |
| Financial debts | 170/4 | €52,096 | €37,540 | -€14,556 | -27.9% |
| Amounts payable within one year | 42/48 | €120,775 | €32,027 | -€88,747 | -73.5% |
| Current portion of amounts payable after more than one year | 42 | €14,015 | €14,556 | +€541 | +3.9% |
| Trade debts | 44 | €659 | €2,145 | +€1,486 | +226% |
| Suppliers | 440/4 | €659 | €2,145 | +€1,486 | +226% |
| Taxes, remuneration and social security | 45 | €7,446 | €15,327 | +€7,881 | +106% |
| Taxes | 450/3 | €7,446 | €15,327 | +€7,881 | +106% |
| Other amounts payable | 47/48 | €98,656 | €0 | -€98,656 | -100% |
| Accrued charges and deferred income | 492/3 | €710 | €0 | -€710 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,250 | €26,205 | -€44 | -0.2% |
| Other operating charges | 640/8 | €6,352 | €7,477 | +€1,125 | +17.7% |
| Gross operating margin | 9900 | €71,270 | €105,942 | +€34,673 | +48.6% |
| Operating profit (loss) | 9901 | €38,669 | €72,260 | +€33,592 | +86.9% |
| Financial income | 75/76B | €273 | €0 | -€273 | -100% |
| Recurring financial income | 75 | €273 | €0 | -€273 | -100% |
| Financial charges | 65/66B | €2,963 | €2,473 | -€490 | -16.5% |
| Recurring financial charges | 65 | €2,963 | €2,473 | -€490 | -16.5% |
| Profit (loss) for the period before taxes | 9903 | €35,979 | €69,787 | +€33,809 | +94.0% |
| Income taxes | 67/77 | €10,552 | €19,975 | +€9,424 | +89.3% |
| Profit (loss) for the period | 9904 | €25,427 | €49,812 | +€24,385 | +95.9% |
| Profit (loss) for the period to be appropriated | 9905 | €25,427 | €49,812 | +€24,385 | +95.9% |
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 14 October 2026 via checked.be.