C-Quel: 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.
C-Quel
Largest movements
- Cash -€54,111
down €54,111 (-34.6%), from €156,237 to €102,126
mainly Other debts (-€66,462) and Investment in fixed assets (net) (-€43,983)
- Intangible fixed assets +€29,702
up €29,702 (+111.1%), from €26,724 to €56,425
- Receivables within one year -€25,785
down €25,785 (-32.8%), from €78,730 to €52,945
of which Trade receivables: -€25,103
- Tangible fixed assets -€15,014
down €15,014 (-22.5%), from €66,823 to €51,809
of which Leasing and similar rights: -€11,808
- Deferred charges and accrued income +€4,027
up €4,027 (+76.0%), from €5,302 to €9,329
- Other debts -€66,462
down €66,462 (-67.5%), from €98,409 to €31,947
- Debts after one year +€32,391
up €32,391 (+62.4%), from €51,918 to €84,309
- Trade debts -€15,405
down €15,405 (-30.2%), from €51,059 to €35,654
- Accrued charges and deferred income -€12,869
down €12,869 (-69.2%), from €18,595 to €5,726
- Gross operating margin -€51,760
down €51,760 (-51.7%), from €100,078 to €48,318
- Staff costs -€9,552
down €9,552 (-96.4%), from €9,911 to €359
- Taxes -€5,758
down €5,758 (-71.9%), from €8,006 to €2,248
- Depreciation +€3,971
up €3,971 (+15.7%), from €25,325 to €29,296
- Financial charges +€2,795
up €2,795 (+69.1%), from €4,045 to €6,840
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 | €333,816 | €272,634 | -€61,182 | -18.3% |
| Fixed assets | 21/28 | €93,547 | €108,234 | +€14,687 | +15.7% |
| Intangible fixed assets | 21 | €26,724 | €56,425 | +€29,702 | +111.1% |
| Tangible fixed assets | 22/27 | €66,823 | €51,809 | -€15,014 | -22.5% |
| Plant, machinery and equipment | 23 | €5,531 | €4,887 | -€644 | -11.6% |
| Furniture and vehicles | 24 | €10,353 | €7,055 | -€3,298 | -31.9% |
| Leasing and similar rights | 25 | €23,603 | €11,795 | -€11,808 | -50.0% |
| Other tangible fixed assets | 26 | €27,337 | €28,073 | +€736 | +2.7% |
| Current assets | 29/58 | €240,269 | €164,399 | -€75,869 | -31.6% |
| Amounts receivable within one year | 40/41 | €78,730 | €52,945 | -€25,785 | -32.8% |
| Trade receivables | 40 | €78,048 | €52,945 | -€25,103 | -32.2% |
| Other amounts receivable | 41 | €682 | €0 | -€682 | -100.0% |
| Cash at bank and in hand | 54/58 | €156,237 | €102,126 | -€54,111 | -34.6% |
| Deferred charges and accrued income | 490/1 | €5,302 | €9,329 | +€4,027 | +76.0% |
| Total equity and liabilities | 10/49 | €333,816 | €272,634 | -€61,182 | -18.3% |
| Equity | 10/15 | €85,670 | €85,670 | = | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €67,070 | €67,070 | = | 0.0% |
| Distributable reserves | 133 | €67,070 | €67,070 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €248,146 | €186,964 | -€61,182 | -24.7% |
| Amounts payable after more than one year | 17 | €51,918 | €84,309 | +€32,391 | +62.4% |
| Financial debts | 170/4 | €51,918 | €84,309 | +€32,391 | +62.4% |
| Amounts payable within one year | 42/48 | €177,632 | €96,928 | -€80,704 | -45.4% |
| Current portion of amounts payable after more than one year | 42 | €18,199 | €17,609 | -€589 | -3.2% |
| Trade debts | 44 | €51,059 | €35,654 | -€15,405 | -30.2% |
| Suppliers | 440/4 | €51,059 | €35,654 | -€15,405 | -30.2% |
| Taxes, remuneration and social security | 45 | €9,965 | €11,718 | +€1,753 | +17.6% |
| Taxes | 450/3 | €7,636 | €8,810 | +€1,174 | +15.4% |
| Remuneration and social security | 454/9 | €2,329 | €2,909 | +€579 | +24.9% |
| Other amounts payable | 47/48 | €98,409 | €31,947 | -€66,462 | -67.5% |
| Accrued charges and deferred income | 492/3 | €18,595 | €5,726 | -€12,869 | -69.2% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €9,911 | €359 | -€9,552 | -96.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,325 | €29,296 | +€3,971 | +15.7% |
| Other operating charges | 640/8 | €449 | €589 | +€139 | +31.0% |
| Gross operating margin | 9900 | €100,078 | €48,318 | -€51,760 | -51.7% |
| Operating profit (loss) | 9901 | €64,393 | €18,074 | -€46,319 | -71.9% |
| Financial income | 75/76B | €534 | €371 | -€163 | -30.6% |
| Recurring financial income | 75 | €534 | €371 | -€163 | -30.6% |
| Financial charges | 65/66B | €4,045 | €6,840 | +€2,795 | +69.1% |
| Recurring financial charges | 65 | €4,045 | €6,840 | +€2,795 | +69.1% |
| Profit (loss) for the period before taxes | 9903 | €60,882 | €11,605 | -€49,277 | -80.9% |
| Income taxes | 67/77 | €8,006 | €2,248 | -€5,758 | -71.9% |
| Profit (loss) for the period | 9904 | €52,877 | €9,357 | -€43,520 | -82.3% |
| Profit (loss) for the period to be appropriated | 9905 | €52,877 | €9,357 | -€43,520 | -82.3% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.