C. QUENON: 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. QUENON
Largest movements
- Tangible fixed assets +€44,596
up €44,596 (+1,224%), from €3,642 to €48,238
- Receivables within one year +€9,561
up €9,561 (+104%), from €9,205 to €18,766
of which Other amounts receivable: +€9,126
- Cash -€6,836
down €6,836 (-13.0%), from €52,615 to €45,779
mainly Investment in fixed assets (net) (-€46,921) and Other debts (-€10,000)
- Debts after one year +€23,817
new in 2025: €23,817
- Reserves +€20,000
up €20,000 (+66.7%), from €30,000 to €50,000
- Other debts -€10,000
no longer reported in 2025 (was €10,000)
- Current portion of long-term debt +€8,431
new in 2025: €8,431
- Tax, wage and social debts +€2,991
up €2,991 (+121%), from €2,482 to €5,473
- Gross operating margin +€14,208
up €14,208 (+62.1%), from €22,876 to €37,084
- Purchases and services -€13,722
down €13,722 (-42.0%), from €32,699 to €18,978
- Taxes +€8,372
up €8,372 (+404%), from €2,074 to €10,446
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 | €67,823 | €115,068 | +€47,245 | +69.7% |
| Fixed assets | 21/28 | €5,193 | €49,789 | +€44,596 | +859% |
| Tangible fixed assets | 22/27 | €3,642 | €48,238 | +€44,596 | +1,224% |
| Furniture and vehicles | 24 | €3,642 | €48,238 | +€44,596 | +1,224% |
| Financial fixed assets | 28 | €1,552 | €1,552 | = | 0.0% |
| Current assets | 29/58 | €62,630 | €65,278 | +€2,649 | +4.2% |
| Amounts receivable within one year | 40/41 | €9,205 | €18,766 | +€9,561 | +104% |
| Trade receivables | 40 | €3,281 | €3,716 | +€435 | +13.2% |
| Other amounts receivable | 41 | €5,924 | €15,050 | +€9,126 | +154% |
| Cash at bank and in hand | 54/58 | €52,615 | €45,779 | -€6,836 | -13.0% |
| Deferred charges and accrued income | 490/1 | €810 | €733 | -€76 | -9.4% |
| Total equity and liabilities | 10/49 | €67,823 | €115,068 | +€47,245 | +69.7% |
| Equity | 10/15 | €53,186 | €76,159 | +€22,973 | +43.2% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €30,000 | €50,000 | +€20,000 | +66.7% |
| Distributable reserves | 133 | €30,000 | €50,000 | +€20,000 | +66.7% |
| Profit (loss) carried forward | 14 | €4,594 | €7,567 | +€2,973 | +64.7% |
| Amounts payable | 17/49 | €14,637 | €38,908 | +€24,271 | +166% |
| Amounts payable after more than one year | 17 | - | €23,817 | +€23,817 | |
| Financial debts | 170/4 | - | €23,817 | +€23,817 | |
| Amounts payable within one year | 42/48 | €14,637 | €15,092 | +€455 | +3.1% |
| Current portion of amounts payable after more than one year | 42 | - | €8,431 | +€8,431 | |
| Trade debts | 44 | €1,420 | €818 | -€602 | -42.4% |
| Suppliers | 440/4 | €1,420 | €818 | -€602 | -42.4% |
| Advances received on contracts in progress | 46 | €735 | €370 | -€365 | -49.7% |
| Taxes, remuneration and social security | 45 | €2,482 | €5,473 | +€2,991 | +121% |
| Taxes | 450/3 | €2,482 | €5,473 | +€2,991 | +121% |
| Other amounts payable | 47/48 | €10,000 | - | -€10,000 | |
| Turnover | 70 | €55,575 | €56,061 | +€487 | +0.9% |
| Goods, raw materials, services and sundry goods | 60/61 | €32,699 | €18,978 | -€13,722 | -42.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,852 | €2,325 | -€527 | -18.5% |
| Other operating charges | 640/8 | €1,569 | €1,571 | +€3 | +0.2% |
| Gross operating margin | 9900 | €22,876 | €37,084 | +€14,208 | +62.1% |
| Operating profit (loss) | 9901 | €18,455 | €33,187 | +€14,732 | +79.8% |
| Financial income | 75/76B | €429 | €775 | +€346 | +80.6% |
| Recurring financial income | 75 | €429 | €775 | +€346 | +80.6% |
| Financial charges | 65/66B | €141 | €543 | +€402 | +285% |
| Recurring financial charges | 65 | €141 | €543 | +€402 | +285% |
| Profit (loss) for the period before taxes | 9903 | €18,743 | €33,419 | +€14,677 | +78.3% |
| Income taxes | 67/77 | €2,074 | €10,446 | +€8,372 | +404% |
| Profit (loss) for the period | 9904 | €16,669 | €22,973 | +€6,305 | +37.8% |
| Profit (loss) for the period to be appropriated | 9905 | €16,669 | €22,973 | +€6,305 | +37.8% |
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 30 October 2026 via checked.be.