CQS: 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.
CQS
Largest movements
- Tangible fixed assets -€13,956
down €13,956 (-26.3%), from €53,054 to €39,098
of which Leasing and similar rights: -€15,049
- Cash +€12,805
up €12,805 (+64.3%), from €19,908 to €32,713
mainly Net result for the year (+€30,104) and Depreciation (+€18,442)
- Receivables within one year +€11,695
up €11,695 (+18.7%), from €62,525 to €74,220
of which Trade receivables: +€20,558
- Stocks and contracts +€2,100
up €2,100 (+37.0%), from €5,683 to €7,783
- Reserves +€15,000
up €15,000 (+806.5%), from €1,860 to €16,860
of which Distributable reserves: +€15,000
- Debts after one year -€10,626
down €10,626 (-48.0%), from €22,138 to €11,512
- Other debts +€6,342
up €6,342 (+150.5%), from €4,213 to €10,555
- Profit (loss) carried forward +€5,104
up €5,104 (+7.3%), from €70,346 to €75,449
- Trade debts -€3,179
down €3,179 (-17.4%), from €18,243 to €15,064
- Gross operating margin +€26,572
up €26,572 (+62.7%), from €42,364 to €68,936
- Staff costs -€9,687
down €9,687 (-63.5%), from €15,244 to €5,557
- Taxes +€9,467
up €9,467, from -€612 to €8,855
- Depreciation +€1,857
up €1,857 (+11.2%), from €16,586 to €18,442
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 | €150,020 | €161,086 | +€11,067 | +7.4% |
| Fixed assets | 21/28 | €54,114 | €40,158 | -€13,956 | -25.8% |
| Tangible fixed assets | 22/27 | €53,054 | €39,098 | -€13,956 | -26.3% |
| Plant, machinery and equipment | 23 | €1,218 | €968 | -€250 | -20.5% |
| Furniture and vehicles | 24 | €4,463 | €5,806 | +€1,343 | +30.1% |
| Leasing and similar rights | 25 | €47,373 | €32,325 | -€15,049 | -31.8% |
| Financial fixed assets | 28 | €1,060 | €1,060 | = | 0.0% |
| Current assets | 29/58 | €95,906 | €120,928 | +€25,023 | +26.1% |
| Stocks and contracts in progress | 3 | €5,683 | €7,783 | +€2,100 | +37.0% |
| Stocks | 30/36 | €5,683 | €7,783 | +€2,100 | +37.0% |
| Amounts receivable within one year | 40/41 | €62,525 | €74,220 | +€11,695 | +18.7% |
| Trade receivables | 40 | €37,722 | €58,280 | +€20,558 | +54.5% |
| Other amounts receivable | 41 | €24,803 | €15,940 | -€8,863 | -35.7% |
| Cash at bank and in hand | 54/58 | €19,908 | €32,713 | +€12,805 | +64.3% |
| Deferred charges and accrued income | 490/1 | €7,790 | €6,212 | -€1,577 | -20.2% |
| Total equity and liabilities | 10/49 | €150,020 | €161,086 | +€11,067 | +7.4% |
| Equity | 10/15 | €90,806 | €110,909 | +€20,104 | +22.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €16,860 | +€15,000 | +806.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | - | €15,000 | +€15,000 | |
| Profit (loss) carried forward | 14 | €70,346 | €75,449 | +€5,104 | +7.3% |
| Amounts payable | 17/49 | €59,214 | €50,177 | -€9,037 | -15.3% |
| Amounts payable after more than one year | 17 | €22,138 | €11,512 | -€10,626 | -48.0% |
| Financial debts | 170/4 | €22,138 | €11,512 | -€10,626 | -48.0% |
| Amounts payable within one year | 42/48 | €37,076 | €38,665 | +€1,589 | +4.3% |
| Current portion of amounts payable after more than one year | 42 | €12,897 | €10,626 | -€2,271 | -17.6% |
| Trade debts | 44 | €18,243 | €15,064 | -€3,179 | -17.4% |
| Suppliers | 440/4 | €18,243 | €15,064 | -€3,179 | -17.4% |
| Taxes, remuneration and social security | 45 | €1,723 | €2,420 | +€697 | +40.4% |
| Taxes | 450/3 | €902 | €1,275 | +€373 | +41.3% |
| Remuneration and social security | 454/9 | €822 | €1,146 | +€324 | +39.5% |
| Other amounts payable | 47/48 | €4,213 | €10,555 | +€6,342 | +150.5% |
| Remuneration, social security and pensions | 62 | €15,244 | €5,557 | -€9,687 | -63.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,586 | €18,442 | +€1,857 | +11.2% |
| Other operating charges | 640/8 | €160 | €267 | +€107 | +67.2% |
| Gross operating margin | 9900 | €42,364 | €68,936 | +€26,572 | +62.7% |
| Operating profit (loss) | 9901 | €10,374 | €44,669 | +€34,295 | +330.6% |
| Financial income | 75/76B | €34 | - | -€34 | |
| Recurring financial income | 75 | €34 | - | -€34 | |
| Financial charges | 65/66B | €5,925 | €5,711 | -€213 | -3.6% |
| Recurring financial charges | 65 | €5,925 | €5,711 | -€213 | -3.6% |
| Profit (loss) for the period before taxes | 9903 | €4,484 | €38,958 | +€34,475 | +768.9% |
| Income taxes | 67/77 | -€612 | €8,855 | +€9,467 | |
| Profit (loss) for the period | 9904 | €5,096 | €30,104 | +€25,008 | +490.7% |
| Profit (loss) for the period to be appropriated | 9905 | €5,096 | €30,104 | +€25,008 | +490.7% |
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.