AQ Rate: 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 Rate
Largest movements
- Intangible fixed assets -€62,022
down €62,022 (-25.0%), from €248,087 to €186,065
- Cash -€61,370
down €61,370 (-19.9%), from €308,643 to €247,273
mainly Trade debts (-€130,892) and Debts after one year (-€29,273)
- Tangible fixed assets -€17,652
down €17,652 (-22.1%), from €79,821 to €62,169
of which Land and buildings: -€19,231
- Current investments -€15,000
no longer reported in 2025 (was €15,000)
- Receivables within one year -€13,068
down €13,068 (-9.0%), from €145,447 to €132,379
of which Trade receivables: -€13,291
- Trade debts -€130,892
down €130,892 (-73.5%), from €178,127 to €47,235
- Debts after one year -€29,273
down €29,273 (-24.2%), from €120,730 to €91,457
- Financial charges +€16,053
up €16,053 (+227%), from €7,065 to €23,118
- Depreciation -€10,006
down €10,006 (-10.0%), from €99,628 to €89,622
- Gross operating margin +€5,470
up €5,470 (+1.7%), from €325,751 to €331,221
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 | €823,891 | €662,945 | -€160,946 | -19.5% |
| Fixed assets | 21/28 | €332,907 | €253,234 | -€79,673 | -23.9% |
| Intangible fixed assets | 21 | €248,087 | €186,065 | -€62,022 | -25.0% |
| Tangible fixed assets | 22/27 | €79,821 | €62,169 | -€17,652 | -22.1% |
| Land and buildings | 22 | €62,755 | €43,524 | -€19,231 | -30.6% |
| Plant, machinery and equipment | 23 | €4,640 | €9,917 | +€5,277 | +114% |
| Furniture and vehicles | 24 | €4,326 | €628 | -€3,698 | -85.5% |
| Other tangible fixed assets | 26 | €8,100 | €8,100 | = | 0.0% |
| Financial fixed assets | 28 | €5,000 | €5,000 | = | 0.0% |
| Current assets | 29/58 | €490,984 | €409,711 | -€81,273 | -16.6% |
| Amounts receivable within one year | 40/41 | €145,447 | €132,379 | -€13,068 | -9.0% |
| Trade receivables | 40 | €142,002 | €128,710 | -€13,291 | -9.4% |
| Other amounts receivable | 41 | €3,445 | €3,668 | +€223 | +6.5% |
| Current investments | 50/53 | €15,000 | - | -€15,000 | |
| Cash at bank and in hand | 54/58 | €308,643 | €247,273 | -€61,370 | -19.9% |
| Deferred charges and accrued income | 490/1 | €21,894 | €30,059 | +€8,166 | +37.3% |
| Total equity and liabilities | 10/49 | €823,891 | €662,945 | -€160,946 | -19.5% |
| Equity | 10/15 | €478,543 | €478,613 | +€71 | 0.0% |
| Contributions | 10/11 | €425,000 | €425,000 | = | 0.0% |
| Reserves | 13 | €2,892 | €2,892 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,892 | €2,892 | = | 0.0% |
| Other | 1319 | €2,892 | €2,892 | = | 0.0% |
| Profit (loss) carried forward | 14 | €50,650 | €50,721 | +€71 | +0.1% |
| Amounts payable | 17/49 | €345,349 | €184,332 | -€161,017 | -46.6% |
| Amounts payable after more than one year | 17 | €120,730 | €91,457 | -€29,273 | -24.2% |
| Financial debts | 170/4 | €120,730 | €91,457 | -€29,273 | -24.2% |
| Amounts payable within one year | 42/48 | €224,618 | €92,875 | -€131,743 | -58.7% |
| Current portion of amounts payable after more than one year | 42 | €28,269 | €32,179 | +€3,910 | +13.8% |
| Trade debts | 44 | €178,127 | €47,235 | -€130,892 | -73.5% |
| Suppliers | 440/4 | €178,127 | €47,235 | -€130,892 | -73.5% |
| Taxes, remuneration and social security | 45 | €17,583 | €12,821 | -€4,762 | -27.1% |
| Taxes | 450/3 | €15,145 | €10,761 | -€4,385 | -29.0% |
| Remuneration and social security | 454/9 | €2,438 | €2,060 | -€377 | -15.5% |
| Other amounts payable | 47/48 | €640 | €640 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €172,699 | €172,207 | -€491 | -0.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €99,628 | €89,622 | -€10,006 | -10.0% |
| Other operating charges | 640/8 | €36,832 | €39,854 | +€3,022 | +8.2% |
| Gross operating margin | 9900 | €325,751 | €331,221 | +€5,470 | +1.7% |
| Operating profit (loss) | 9901 | €16,592 | €29,538 | +€12,945 | +78.0% |
| Financial charges | 65/66B | €7,065 | €23,118 | +€16,053 | +227% |
| Recurring financial charges | 65 | €7,065 | €23,118 | +€16,053 | +227% |
| Profit (loss) for the period before taxes | 9903 | €9,528 | €6,420 | -€3,107 | -32.6% |
| Income taxes | 67/77 | €5,854 | €6,349 | +€496 | +8.5% |
| Profit (loss) for the period | 9904 | €3,674 | €71 | -€3,603 | -98.1% |
| Profit (loss) for the period to be appropriated | 9905 | €3,674 | €71 | -€3,603 | -98.1% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.