BELGIAN QUALITY: 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.
BELGIAN QUALITY
Largest movements
- Stocks and contracts -€48,896
down €48,896 (-38.7%), from €126,441 to €77,545
- Tangible fixed assets -€22,144
down €22,144 (-14.1%), from €157,523 to €135,379
of which Furniture and vehicles: -€11,908
- Intangible fixed assets -€12,357
down €12,357 (-25.3%), from €48,785 to €36,428
- Cash -€4,543
down €4,543 (-23.0%), from €19,786 to €15,243
mainly Net result for the year (-€289,838)
- Profit (loss) carried forward -€289,838
down €289,838 (-41.3%), from -€701,091 to -€990,929
- Trade debts +€132,121
up €132,121 (+34.1%), from €387,986 to €520,106
- Other debts +€65,500
up €65,500 (+10.9%), from €598,322 to €663,822
- Gross operating margin -€68,037
down €68,037 (-154.8%), from -€43,956 to -€111,992
- Financial charges +€5,729
up €5,729 (+31.6%), from €18,110 to €23,838
- Staff costs -€4,272
down €4,272 (-3.5%), from €122,210 to €117,938
- Depreciation +€1,169
up €1,169 (+3.5%), from €33,332 to €34,501
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 | €354,533 | €266,267 | -€88,266 | -24.9% |
| Fixed assets | 21/28 | €207,343 | €172,843 | -€34,501 | -16.6% |
| Intangible fixed assets | 21 | €48,785 | €36,428 | -€12,357 | -25.3% |
| Tangible fixed assets | 22/27 | €157,523 | €135,379 | -€22,144 | -14.1% |
| Plant, machinery and equipment | 23 | €3,049 | €2,263 | -€786 | -25.8% |
| Furniture and vehicles | 24 | €79,329 | €67,421 | -€11,908 | -15.0% |
| Other tangible fixed assets | 26 | €75,145 | €65,695 | -€9,450 | -12.6% |
| Financial fixed assets | 28 | €1,035 | €1,035 | = | 0.0% |
| Current assets | 29/58 | €147,190 | €93,425 | -€53,765 | -36.5% |
| Stocks and contracts in progress | 3 | €126,441 | €77,545 | -€48,896 | -38.7% |
| Stocks | 30/36 | €126,441 | €77,545 | -€48,896 | -38.7% |
| Amounts receivable within one year | 40/41 | €603 | €7 | -€596 | -98.9% |
| Other amounts receivable | 41 | €603 | €7 | -€596 | -98.9% |
| Cash at bank and in hand | 54/58 | €19,786 | €15,243 | -€4,543 | -23.0% |
| Deferred charges and accrued income | 490/1 | €360 | €630 | +€271 | +75.2% |
| Total equity and liabilities | 10/49 | €354,533 | €266,267 | -€88,266 | -24.9% |
| Equity | 10/15 | -€673,591 | -€963,429 | -€289,838 | -43.0% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €2,500 | €2,500 | = | 0.0% |
| Distributable reserves | 133 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€701,091 | -€990,929 | -€289,838 | -41.3% |
| Amounts payable | 17/49 | €1,028,124 | €1,229,696 | +€201,572 | +19.6% |
| Amounts payable within one year | 42/48 | €1,013,750 | €1,213,851 | +€200,101 | +19.7% |
| Trade debts | 44 | €387,986 | €520,106 | +€132,121 | +34.1% |
| Suppliers | 440/4 | €387,986 | €520,106 | +€132,121 | +34.1% |
| Taxes, remuneration and social security | 45 | €27,442 | €29,923 | +€2,481 | +9.0% |
| Taxes | 450/3 | €12,065 | €12,222 | +€158 | +1.3% |
| Remuneration and social security | 454/9 | €15,377 | €17,700 | +€2,323 | +15.1% |
| Other amounts payable | 47/48 | €598,322 | €663,822 | +€65,500 | +10.9% |
| Accrued charges and deferred income | 492/3 | €14,374 | €15,845 | +€1,471 | +10.2% |
| Remuneration, social security and pensions | 62 | €122,210 | €117,938 | -€4,272 | -3.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,332 | €34,501 | +€1,169 | +3.5% |
| Other operating charges | 640/8 | €534 | €1,592 | +€1,058 | +198.3% |
| Gross operating margin | 9900 | -€43,956 | -€111,992 | -€68,037 | -154.8% |
| Operating profit (loss) | 9901 | -€200,032 | -€266,024 | -€65,992 | -33.0% |
| Financial income | 75/76B | €280 | €24 | -€256 | -91.5% |
| Recurring financial income | 75 | €280 | €24 | -€256 | -91.5% |
| Financial charges | 65/66B | €18,110 | €23,838 | +€5,729 | +31.6% |
| Recurring financial charges | 65 | €18,110 | €23,838 | +€5,729 | +31.6% |
| Profit (loss) for the period before taxes | 9903 | -€217,862 | -€289,838 | -€71,976 | -33.0% |
| Profit (loss) for the period | 9904 | -€217,862 | -€289,838 | -€71,976 | -33.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€217,862 | -€289,838 | -€71,976 | -33.0% |
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 5 October 2026 via checked.be.