AQDA: 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.
AQDA
Largest movements
- Receivables within one year +€263,548
up €263,548 (+136.8%), from €192,590 to €456,139
of which Other amounts receivable: +€155,820
- Tangible fixed assets +€73,486
new in 2025: €73,486
- Cash +€10,045
up €10,045 (+23.8%), from €42,139 to €52,184
mainly Trade debts (+€183,664) and Net result for the year (+€99,351)
- Trade debts +€183,664
up €183,664 (+198.3%), from €92,623 to €276,287
- Reserves +€99,273
up €99,273 (+107.9%), from €91,991 to €191,264
- Tax, wage and social debts +€26,274
up €26,274 (+50.8%), from €51,712 to €77,986
of which Remuneration and social security: +€13,391
- Debts after one year +€22,263
new in 2025: €22,263
- Current portion of long-term debt +€14,454
new in 2025: €14,454
- Gross operating margin +€78,142
up €78,142 (+29.2%), from €267,304 to €345,446
- Staff costs +€42,791
up €42,791 (+31.1%), from €137,764 to €180,555
- Taxes +€14,578
up €14,578 (+42.3%), from €34,499 to €49,077
- Other operating charges +€7,289
up €7,289 (+1106.3%), from €659 to €7,947
- Depreciation +€6,231
up €6,231 (+536.3%), from €1,162 to €7,393
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 | €238,330 | €584,486 | +€346,156 | +145.2% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | - | €73,486 | +€73,486 | |
| Tangible fixed assets | 22/27 | - | €73,486 | +€73,486 | |
| Furniture and vehicles | 24 | - | €73,486 | +€73,486 | |
| Current assets | 29/58 | €238,330 | €510,999 | +€272,670 | +114.4% |
| Amounts receivable within one year | 40/41 | €192,590 | €456,139 | +€263,548 | +136.8% |
| Trade receivables | 40 | €18,981 | €126,709 | +€107,728 | +567.6% |
| Other amounts receivable | 41 | €173,609 | €329,429 | +€155,820 | +89.8% |
| Cash at bank and in hand | 54/58 | €42,139 | €52,184 | +€10,045 | +23.8% |
| Deferred charges and accrued income | 490/1 | €3,600 | €2,677 | -€923 | -25.6% |
| Total equity and liabilities | 10/49 | €238,330 | €584,486 | +€346,156 | +145.2% |
| Equity | 10/15 | €93,995 | €193,346 | +€99,351 | +105.7% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €91,991 | €191,264 | +€99,273 | +107.9% |
| Distributable reserves | 133 | €91,991 | €191,264 | +€99,273 | +107.9% |
| Profit (loss) carried forward | 14 | €4 | €82 | +€78 | +1894.2% |
| Amounts payable | 17/49 | €144,335 | €391,140 | +€246,805 | +171.0% |
| Amounts payable after more than one year | 17 | - | €22,263 | +€22,263 | |
| Financial debts | 170/4 | - | €22,263 | +€22,263 | |
| Amounts payable within one year | 42/48 | €144,335 | €368,877 | +€224,542 | +155.6% |
| Current portion of amounts payable after more than one year | 42 | - | €14,454 | +€14,454 | |
| Trade debts | 44 | €92,623 | €276,287 | +€183,664 | +198.3% |
| Suppliers | 440/4 | €92,623 | €276,287 | +€183,664 | +198.3% |
| Taxes, remuneration and social security | 45 | €51,712 | €77,986 | +€26,274 | +50.8% |
| Taxes | 450/3 | €34,499 | €47,382 | +€12,883 | +37.3% |
| Remuneration and social security | 454/9 | €17,213 | €30,604 | +€13,391 | +77.8% |
| Other amounts payable | 47/48 | - | €150 | +€150 | |
| Remuneration, social security and pensions | 62 | €137,764 | €180,555 | +€42,791 | +31.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,162 | €7,393 | +€6,231 | +536.3% |
| Other operating charges | 640/8 | €659 | €7,947 | +€7,289 | +1106.3% |
| Gross operating margin | 9900 | €267,304 | €345,446 | +€78,142 | +29.2% |
| Operating profit (loss) | 9901 | €127,720 | €149,551 | +€21,832 | +17.1% |
| Financial income | 75/76B | €0 | €0 | +€0 | +411.1% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +411.1% |
| Financial charges | 65/66B | €1,226 | €1,124 | -€102 | -8.3% |
| Recurring financial charges | 65 | €1,226 | €1,124 | -€102 | -8.3% |
| Profit (loss) for the period before taxes | 9903 | €126,494 | €148,428 | +€21,934 | +17.3% |
| Income taxes | 67/77 | €34,499 | €49,077 | +€14,578 | +42.3% |
| Profit (loss) for the period | 9904 | €91,995 | €99,351 | +€7,356 | +8.0% |
| Profit (loss) for the period to be appropriated | 9905 | €91,995 | €99,351 | +€7,356 | +8.0% |
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 6 October 2026 via checked.be.