AQC: 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.
AQC
Largest movements
- Receivables within one year -€1.1m
down €1.1m (-43.3%), from €2.5m to €1.4m
of which Trade receivables: -€929,383
- Tangible fixed assets -€640,039
down €640,039 (-51.6%), from €1.2m to €599,515
of which Leasing and similar rights: -€583,539
- Cash -€205,877
down €205,877 (-67.9%), from €303,049 to €97,172
mainly Other debts (-€553,580) and Short-term financial debts (-€516,677)
- Financial fixed assets +€55,000
new in 2025: €55,000
- Other debts -€553,580
down €553,580 (-36.7%), from €1.5m to €955,267
- Short-term financial debts -€516,677
down €516,677 (-50.5%), from €1.0m to €505,950
- Debts after one year -€360,478
down €360,478 (-67.2%), from €536,793 to €176,315
- Current portion of long-term debt -€236,487
down €236,487 (-46.3%), from €511,055 to €274,568
- Trade debts -€154,749
down €154,749 (-16.1%), from €961,543 to €806,795
- Gross operating margin -€724,999
down €724,999 (-23.1%), from €3.1m to €2.4m
- Staff costs -€476,888
down €476,888 (-22.7%), from €2.1m to €1.6m
- Depreciation -€64,544
down €64,544 (-10.7%), from €602,622 to €538,078
- Financial charges -€41,033
down €41,033 (-32.8%), from €125,005 to €83,972
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 | €5,490,690 | €3,642,742 | -€1.8m | -33.7% |
| Fixed assets | 21/28 | €1,239,554 | €654,515 | -€585,039 | -47.2% |
| Tangible fixed assets | 22/27 | €1,239,554 | €599,515 | -€640,039 | -51.6% |
| Plant, machinery and equipment | 23 | €26,336 | €7,450 | -€18,886 | -71.7% |
| Furniture and vehicles | 24 | €88,827 | €63,024 | -€25,804 | -29.0% |
| Leasing and similar rights | 25 | €1,037,542 | €454,003 | -€583,539 | -56.2% |
| Other tangible fixed assets | 26 | €86,849 | €75,038 | -€11,811 | -13.6% |
| Financial fixed assets | 28 | - | €55,000 | +€55,000 | |
| Current assets | 29/58 | €4,251,136 | €2,988,227 | -€1.3m | -29.7% |
| Stocks and contracts in progress | 3 | €1,408,353 | €1,431,604 | +€23,251 | +1.7% |
| Stocks | 30/36 | €546,590 | €584,980 | +€38,390 | +7.0% |
| Contracts in progress | 37 | €861,763 | €846,624 | -€15,139 | -1.8% |
| Amounts receivable within one year | 40/41 | €2,502,939 | €1,419,144 | -€1.1m | -43.3% |
| Trade receivables | 40 | €2,063,199 | €1,133,816 | -€929,383 | -45.0% |
| Other amounts receivable | 41 | €439,740 | €285,328 | -€154,412 | -35.1% |
| Cash at bank and in hand | 54/58 | €303,049 | €97,172 | -€205,877 | -67.9% |
| Deferred charges and accrued income | 490/1 | €36,796 | €40,308 | +€3,512 | +9.5% |
| Total equity and liabilities | 10/49 | €5,490,690 | €3,642,742 | -€1.8m | -33.7% |
| Equity | 10/15 | €852,882 | €870,859 | +€17,977 | +2.1% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €832,882 | €850,859 | +€17,977 | +2.2% |
| Distributable reserves | 133 | €832,882 | €850,859 | +€17,977 | +2.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €4,637,808 | €2,771,883 | -€1.9m | -40.2% |
| Amounts payable after more than one year | 17 | €536,793 | €176,315 | -€360,478 | -67.2% |
| Financial debts | 170/4 | €536,793 | €176,315 | -€360,478 | -67.2% |
| Amounts payable within one year | 42/48 | €4,101,015 | €2,595,567 | -€1.5m | -36.7% |
| Current portion of amounts payable after more than one year | 42 | €511,055 | €274,568 | -€236,487 | -46.3% |
| Financial debts | 43 | €1,022,627 | €505,950 | -€516,677 | -50.5% |
| Credit institutions | 430/8 | €1,022,627 | €505,950 | -€516,677 | -50.5% |
| Trade debts | 44 | €961,543 | €806,795 | -€154,749 | -16.1% |
| Suppliers | 440/4 | €961,543 | €806,795 | -€154,749 | -16.1% |
| Advances received on contracts in progress | 46 | €49,160 | €0 | -€49,160 | -100.0% |
| Taxes, remuneration and social security | 45 | €47,783 | €52,988 | +€5,205 | +10.9% |
| Taxes | 450/3 | €37,612 | €9,545 | -€28,067 | -74.6% |
| Remuneration and social security | 454/9 | €10,171 | €43,443 | +€33,272 | +327.1% |
| Other amounts payable | 47/48 | €1,508,847 | €955,267 | -€553,580 | -36.7% |
| Non-recurring operating income | 76A | €80,431 | €2,859 | -€77,572 | -96.4% |
| Remuneration, social security and pensions | 62 | €2,101,116 | €1,624,228 | -€476,888 | -22.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €602,622 | €538,078 | -€64,544 | -10.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,000 | €0 | -€3,000 | -100.0% |
| Other operating charges | 640/8 | €18,659 | €48,584 | +€29,925 | +160.4% |
| Non-recurring operating charges | 66A | €101,133 | €88,258 | -€12,876 | -12.7% |
| Gross operating margin | 9900 | €3,139,257 | €2,414,259 | -€724,999 | -23.1% |
| Operating profit (loss) | 9901 | €312,727 | €115,111 | -€197,616 | -63.2% |
| Financial income | 75/76B | €7,165 | €4,439 | -€2,726 | -38.0% |
| Recurring financial income | 75 | €7,165 | €4,439 | -€2,726 | -38.0% |
| Financial charges | 65/66B | €125,005 | €83,972 | -€41,033 | -32.8% |
| Recurring financial charges | 65 | €125,005 | €83,972 | -€41,033 | -32.8% |
| Profit (loss) for the period before taxes | 9903 | €194,886 | €35,579 | -€159,308 | -81.7% |
| Income taxes | 67/77 | €34,421 | €17,602 | -€16,819 | -48.9% |
| Profit (loss) for the period | 9904 | €160,465 | €17,977 | -€142,488 | -88.8% |
| Profit (loss) for the period to be appropriated | 9905 | €160,465 | €17,977 | -€142,488 | -88.8% |
Source: filed annual accounts (NBB), fiscal 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.