CQ ROUTE: 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.
CQ ROUTE
Largest movements
- Current investments -€200,000
down €200,000 (-100%), from €200,000 to €0
- Cash +€123,967
up €123,967 (+66.4%), from €186,621 to €310,588
mainly Current investments (+€200,000) and Net result for the year (+€145,371)
- Receivables within one year -€59,988
down €59,988 (-15.2%), from €395,037 to €335,049
of which Trade receivables: -€52,896
- Stocks and contracts +€28,749
new in 2025: €28,749
- Reserves -€142,177
down €142,177 (-46.3%), from €306,945 to €164,768
of which Distributable reserves: -€142,177
- Trade debts +€52,794
up €52,794 (+81.8%), from €64,524 to €117,318
- Tax, wage and social debts -€21,576
down €21,576 (-29.3%), from €73,580 to €52,004
- Gross operating margin -€188,493
down €188,493 (-50.6%), from €372,348 to €183,855
- Taxes -€47,389
down €47,389 (-53.0%), from €89,401 to €42,011
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 | €785,792 | €675,804 | -€109,988 | -14.0% |
| Fixed assets | 21/28 | €2,593 | €588 | -€2,006 | -77.3% |
| Tangible fixed assets | 22/27 | €1,023 | €588 | -€436 | -42.6% |
| Plant, machinery and equipment | 23 | €1,023 | €588 | -€436 | -42.6% |
| Financial fixed assets | 28 | €1,570 | €0 | -€1,570 | -100% |
| Current assets | 29/58 | €783,198 | €675,216 | -€107,982 | -13.8% |
| Stocks and contracts in progress | 3 | - | €28,749 | +€28,749 | |
| Stocks | 30/36 | - | €28,749 | +€28,749 | |
| Amounts receivable within one year | 40/41 | €395,037 | €335,049 | -€59,988 | -15.2% |
| Trade receivables | 40 | €382,494 | €329,599 | -€52,896 | -13.8% |
| Other amounts receivable | 41 | €12,542 | €5,450 | -€7,092 | -56.5% |
| Current investments | 50/53 | €200,000 | €0 | -€200,000 | -100% |
| Cash at bank and in hand | 54/58 | €186,621 | €310,588 | +€123,967 | +66.4% |
| Deferred charges and accrued income | 490/1 | €1,541 | €830 | -€711 | -46.1% |
| Total equity and liabilities | 10/49 | €785,792 | €675,804 | -€109,988 | -14.0% |
| Equity | 10/15 | €640,305 | €498,128 | -€142,177 | -22.2% |
| Contributions | 10/11 | €333,360 | €333,360 | = | 0.0% |
| Reserves | 13 | €306,945 | €164,768 | -€142,177 | -46.3% |
| Non-distributable reserves | 130/1 | €19,397 | €19,397 | = | 0.0% |
| Reserves not available under the articles | 1311 | €19,397 | €19,397 | = | 0.0% |
| Distributable reserves | 133 | €287,548 | €145,371 | -€142,177 | -49.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €145,487 | €177,675 | +€32,189 | +22.1% |
| Amounts payable within one year | 42/48 | €145,260 | €177,501 | +€32,241 | +22.2% |
| Trade debts | 44 | €64,524 | €117,318 | +€52,794 | +81.8% |
| Suppliers | 440/4 | €64,524 | €117,318 | +€52,794 | +81.8% |
| Taxes, remuneration and social security | 45 | €73,580 | €52,004 | -€21,576 | -29.3% |
| Taxes | 450/3 | €73,580 | €52,004 | -€21,576 | -29.3% |
| Other amounts payable | 47/48 | €7,156 | €8,179 | +€1,023 | +14.3% |
| Accrued charges and deferred income | 492/3 | €227 | €175 | -€52 | -22.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €283 | €436 | +€152 | +53.8% |
| Other operating charges | 640/8 | €933 | €742 | -€191 | -20.4% |
| Gross operating margin | 9900 | €372,348 | €183,855 | -€188,493 | -50.6% |
| Operating profit (loss) | 9901 | €371,132 | €182,677 | -€188,455 | -50.8% |
| Financial income | 75/76B | €5,937 | €4,884 | -€1,053 | -17.7% |
| Recurring financial income | 75 | €5,937 | €4,884 | -€1,053 | -17.7% |
| Financial charges | 65/66B | €121 | €179 | +€58 | +48.0% |
| Recurring financial charges | 65 | €121 | €179 | +€58 | +48.0% |
| Profit (loss) for the period before taxes | 9903 | €376,949 | €187,382 | -€189,566 | -50.3% |
| Income taxes | 67/77 | €89,401 | €42,011 | -€47,389 | -53.0% |
| Profit (loss) for the period | 9904 | €287,548 | €145,371 | -€142,177 | -49.4% |
| Profit (loss) for the period to be appropriated | 9905 | €287,548 | €145,371 | -€142,177 | -49.4% |
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 16 October 2026 via checked.be.