AQR8: 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.
AQR8
Largest movements
- Tangible fixed assets -€17,653
down €17,653 (-44.6%), from €39,605 to €21,952
of which Furniture and vehicles: -€17,122
- Cash +€13,029
up €13,029 (+61.8%), from €21,079 to €34,108
mainly Net result for the year (+€50,656) and Depreciation (+€17,653)
- Current investments +€2,253
up €2,253 (+13.6%), from €16,526 to €18,779
- Other debts +€10,000
new in 2025: €10,000
- Reserves -€9,344
down €9,344 (-16.3%), from €57,211 to €47,867
of which Distributable reserves: -€9,344
- Trade debts +€8,553
up €8,553 (+609%), from €1,404 to €9,957
- Current portion of long-term debt -€7,692
down €7,692 (-58.0%), from €13,273 to €5,580
- Debts after one year -€5,580
no longer reported in 2025 (was €5,580)
- Financial income +€3,674
up €3,674 (+519%), from €708 to €4,382
- Gross operating margin -€2,891
down €2,891 (-3.6%), from €80,579 to €77,688
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 | €102,264 | €99,999 | -€2,264 | -2.2% |
| Fixed assets | 21/28 | €39,645 | €21,992 | -€17,653 | -44.5% |
| Tangible fixed assets | 22/27 | €39,605 | €21,952 | -€17,653 | -44.6% |
| Plant, machinery and equipment | 23 | €2,508 | €1,977 | -€531 | -21.2% |
| Furniture and vehicles | 24 | €37,097 | €19,975 | -€17,122 | -46.2% |
| Financial fixed assets | 28 | €40 | €40 | = | 0.0% |
| Current assets | 29/58 | €62,618 | €78,007 | +€15,389 | +24.6% |
| Amounts receivable within one year | 40/41 | €24,033 | €24,245 | +€212 | +0.9% |
| Trade receivables | 40 | €22,100 | €22,194 | +€94 | +0.4% |
| Other amounts receivable | 41 | €1,933 | €2,051 | +€118 | +6.1% |
| Current investments | 50/53 | €16,526 | €18,779 | +€2,253 | +13.6% |
| Cash at bank and in hand | 54/58 | €21,079 | €34,108 | +€13,029 | +61.8% |
| Deferred charges and accrued income | 490/1 | €980 | €876 | -€104 | -10.7% |
| Total equity and liabilities | 10/49 | €102,264 | €99,999 | -€2,264 | -2.2% |
| Equity | 10/15 | €75,811 | €66,467 | -€9,344 | -12.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €57,211 | €47,867 | -€9,344 | -16.3% |
| Tax-exempt reserves | 132 | €5,833 | €5,833 | = | 0.0% |
| Distributable reserves | 133 | €51,379 | €42,034 | -€9,344 | -18.2% |
| Amounts payable | 17/49 | €26,452 | €33,532 | +€7,080 | +26.8% |
| Amounts payable after more than one year | 17 | €5,580 | - | -€5,580 | |
| Financial debts | 170/4 | €5,580 | - | -€5,580 | |
| Amounts payable within one year | 42/48 | €20,872 | €33,532 | +€12,661 | +60.7% |
| Current portion of amounts payable after more than one year | 42 | €13,273 | €5,580 | -€7,692 | -58.0% |
| Trade debts | 44 | €1,404 | €9,957 | +€8,553 | +609% |
| Suppliers | 440/4 | €1,404 | €9,957 | +€8,553 | +609% |
| Taxes, remuneration and social security | 45 | €6,196 | €7,995 | +€1,799 | +29.0% |
| Taxes | 450/3 | €6,196 | €5,030 | -€1,166 | -18.8% |
| Remuneration and social security | 454/9 | - | €2,965 | +€2,965 | |
| Other amounts payable | 47/48 | - | €10,000 | +€10,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,969 | €17,653 | -€315 | -1.8% |
| Other operating charges | 640/8 | €163 | €436 | +€273 | +168% |
| Gross operating margin | 9900 | €80,579 | €77,688 | -€2,891 | -3.6% |
| Operating profit (loss) | 9901 | €62,448 | €59,599 | -€2,849 | -4.6% |
| Financial income | 75/76B | €708 | €4,382 | +€3,674 | +519% |
| Recurring financial income | 75 | €708 | €4,382 | +€3,674 | +519% |
| Financial charges | 65/66B | €433 | €247 | -€186 | -42.9% |
| Recurring financial charges | 65 | €433 | €247 | -€186 | -42.9% |
| Profit (loss) for the period before taxes | 9903 | €62,722 | €63,733 | +€1,011 | +1.6% |
| Income taxes | 67/77 | €13,317 | €13,078 | -€239 | -1.8% |
| Profit (loss) for the period | 9904 | €49,405 | €50,656 | +€1,250 | +2.5% |
| Profit (loss) for the period to be appropriated | 9905 | €49,405 | €50,656 | +€1,250 | +2.5% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.