AQ Group: 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.
AQ Group
Largest movements
- Cash -€1.0m
down €1.0m (-79.0%), from €1.3m to €275,355
mainly Debts after one year (-€3.5m) and Receivables within one year (-€920,808)
- Receivables within one year +€920,808
up €920,808 (+319%), from €288,809 to €1.2m
of which Trade receivables: +€503,276
- Financial fixed assets +€250,000
up €250,000 (+4.6%), from €5.5m to €5.7m
- Debts after one year -€3.5m
down €3.5m (-58.4%), from €6.0m to €2.5m
of which Financial debts: -€3.2m
- Current portion of long-term debt +€2.2m
up €2.2m (+158%), from €1.4m to €3.5m
- Other debts +€1.8m
up €1.8m (+13.6%), from €13.3m to €15.1m
- Short-term financial debts -€350,000
no longer reported in 2025 (was €350,000)
- Financial income +€565,910
up €565,910 (+1,836%), from €30,830 to €596,740
- Gross operating margin -€494,833
down €494,833 (-56.5%), from €876,367 to €381,534
- Financial charges -€190,627
down €190,627 (-26.8%), from €711,954 to €521,327
- Staff costs -€178,999
down €178,999 (-38.2%), from €469,195 to €290,196
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 | €20,523,752 | €20,593,816 | +€70,064 | +0.3% |
| Formation expenses | 20 | €263,894 | €193,522 | -€70,372 | -26.7% |
| Fixed assets | 21/28 | €18,656,650 | €18,906,650 | +€250,000 | +1.3% |
| Intangible fixed assets | 21 | €13,196,475 | €13,196,475 | = | 0.0% |
| Financial fixed assets | 28 | €5,460,174 | €5,710,174 | +€250,000 | +4.6% |
| Current assets | 29/58 | €1,603,209 | €1,493,644 | -€109,565 | -6.8% |
| Amounts receivable within one year | 40/41 | €288,809 | €1,209,617 | +€920,808 | +319% |
| Trade receivables | 40 | €275,934 | €779,210 | +€503,276 | +182% |
| Other amounts receivable | 41 | €12,875 | €430,407 | +€417,533 | +3,243% |
| Cash at bank and in hand | 54/58 | €1,310,153 | €275,355 | -€1.0m | -79.0% |
| Deferred charges and accrued income | 490/1 | €4,247 | €8,672 | +€4,425 | +104% |
| Total equity and liabilities | 10/49 | €20,523,752 | €20,593,816 | +€70,064 | +0.3% |
| Equity | 10/15 | -€965,173 | -€873,103 | +€92,070 | +9.5% |
| Contributions | 10/11 | €550,000 | €550,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,515,173 | -€1,423,103 | +€92,070 | +6.1% |
| Amounts payable | 17/49 | €21,488,925 | €21,466,919 | -€22,007 | -0.1% |
| Amounts payable after more than one year | 17 | €6,011,905 | €2,500,000 | -€3.5m | -58.4% |
| Financial debts | 170/4 | €5,678,571 | €2,500,000 | -€3.2m | -56.0% |
| Trade debts | 175 | €333,333 | - | -€333,333 | |
| Amounts payable within one year | 42/48 | €15,463,106 | €18,966,919 | +€3.5m | +22.7% |
| Current portion of amounts payable after more than one year | 42 | €1,361,905 | €3,511,905 | +€2.2m | +158% |
| Financial debts | 43 | €350,000 | - | -€350,000 | |
| Credit institutions | 430/8 | €350,000 | - | -€350,000 | |
| Trade debts | 44 | €43,078 | €126,872 | +€83,794 | +195% |
| Suppliers | 440/4 | €43,078 | €126,872 | +€83,794 | +195% |
| Taxes, remuneration and social security | 45 | €425,966 | €235,360 | -€190,606 | -44.7% |
| Taxes | 450/3 | €195,941 | €36,139 | -€159,802 | -81.6% |
| Remuneration and social security | 454/9 | €230,025 | €199,221 | -€30,804 | -13.4% |
| Other amounts payable | 47/48 | €13,282,156 | €15,092,781 | +€1.8m | +13.6% |
| Accrued charges and deferred income | 492/3 | €13,915 | - | -€13,915 | |
| Remuneration, social security and pensions | 62 | €469,195 | €290,196 | -€178,999 | -38.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €70,372 | €70,372 | = | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €2,970 | +€2,970 | |
| Other operating charges | 640/8 | €1,389 | €1,062 | -€328 | -23.6% |
| Gross operating margin | 9900 | €876,367 | €381,534 | -€494,833 | -56.5% |
| Operating profit (loss) | 9901 | €335,411 | €16,935 | -€318,477 | -95.0% |
| Financial income | 75/76B | €30,830 | €596,740 | +€565,910 | +1,836% |
| Recurring financial income | 75 | €30,830 | €596,740 | +€565,910 | +1,836% |
| Financial charges | 65/66B | €711,954 | €521,327 | -€190,627 | -26.8% |
| Recurring financial charges | 65 | €711,954 | €521,327 | -€190,627 | -26.8% |
| Profit (loss) for the period before taxes | 9903 | -€345,713 | €92,347 | +€438,060 | |
| Income taxes | 67/77 | €4,504 | €277 | -€4,228 | -93.9% |
| Profit (loss) for the period | 9904 | -€350,217 | €92,070 | +€442,287 | |
| Profit (loss) for the period to be appropriated | 9905 | -€350,217 | €92,070 | +€442,287 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.