F. QRINUS INVEST: what changed
What changed
F. QRINUS INVEST
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
€33,305
2024 · €32,454+€851
Equity
€86,270
2024 · €62,966+€23,305
Cash
€35,739
2024 · €19,543+€16,196
Balance sheet total
€635,191
2024 · €817,164-€181,973
Largest movements
Assets
- Receivables within one year -€187,439
down €187,439 (-97.9%), from €191,540 to €4,101
of which Other amounts receivable: -€151,439
- Cash +€16,196
up €16,196 (+82.9%), from €19,543 to €35,739
mainly Receivables within one year (+€187,439) and Net result for the year (+€33,305)
Equity and liabilities
- Debts after one year -€164,000
down €164,000 (-33.9%), from €484,000 to €320,000
- Other debts -€52,007
down €52,007 (-20.8%), from €249,794 to €197,788
- Reserves +€23,305
up €23,305 (+54.2%), from €42,966 to €66,270
of which Distributable reserves: +€66,270
- Short-term financial debts +€15,000
new in 2025: €15,000
Income statement
- Purchases and services -€117,185
down €117,185 (-62.3%), from €187,995 to €70,810
- Turnover -€40,278
down €40,278 (-17.2%), from €233,752 to €193,474
- Gross operating margin +€35,152
up €35,152 (+72.5%), from €48,454 to €83,606
- Depreciation +€15,193
up €15,193 (+1,339%), from €1,135 to €16,327
- Financial income -€11,781
down €11,781 (-99.4%), from €11,852 to €71
of which Financial income: -€11,781
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€32,454
Gross operating margin
+€35,152
Staff costs
-€5,423
Depreciation
-€15,193
Other operating charges
-€2,108
Financial income
-€11,781
Financial charges
+€2,704
Taxes
-€2,500
Result 2025
€33,305
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€185,624
Investment
-€10,428
Financing
-€159,000
Cash 2024
€19,543
From operations (derived)
+€185,624
Net result for the year
+€33,305
Depreciation
+€16,327
Stocks and contracts
+€4,831
Receivables within one year
+€187,439
Trade debts
+€644
Tax, wage and social debts
-€4,429
Other debts
-€52,007
Accrued charges and deferred income
-€486
Investment (derived)
-€10,428
Investment in fixed assets (net)
-€10,428
Financing
-€159,000
Debts after one year
-€164,000
Short-term financial debts
+€15,000
Contributions, distributions and other
-€10,000
Cash 2025
€35,739
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €817,164 | €635,191 | -€181,973 | -22.3% |
| Fixed assets | 21/28 | €453,452 | €447,553 | -€5,899 | -1.3% |
| Tangible fixed assets | 22/27 | €453,452 | €447,553 | -€5,899 | -1.3% |
| Land and buildings | 22 | €437,863 | €426,267 | -€11,595 | -2.6% |
| Plant, machinery and equipment | 23 | €8,335 | €9,571 | +€1,236 | +14.8% |
| Furniture and vehicles | 24 | €7,254 | €8,715 | +€1,461 | +20.1% |
| Other tangible fixed assets | 26 | - | €3,000 | +€3,000 | |
| Current assets | 29/58 | €363,711 | €187,638 | -€176,074 | -48.4% |
| Stocks and contracts in progress | 3 | €152,629 | €147,798 | -€4,831 | -3.2% |
| Stocks | 30/36 | €152,629 | €147,798 | -€4,831 | -3.2% |
| Amounts receivable within one year | 40/41 | €191,540 | €4,101 | -€187,439 | -97.9% |
| Trade receivables | 40 | €36,000 | - | -€36,000 | |
| Other amounts receivable | 41 | €155,540 | €4,101 | -€151,439 | -97.4% |
| Cash at bank and in hand | 54/58 | €19,543 | €35,739 | +€16,196 | +82.9% |
| Total equity and liabilities | 10/49 | €817,164 | €635,191 | -€181,973 | -22.3% |
| Equity | 10/15 | €62,966 | €86,270 | +€23,305 | +37.0% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Capital | 10 | €20,000 | €20,000 | = | 0.0% |
| Issued capital | 100 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €42,966 | €66,270 | +€23,305 | +54.2% |
| Non-distributable reserves | 130/1 | €42,966 | - | -€42,966 | |
| Legal reserve | 130 | €42,966 | - | -€42,966 | |
| Distributable reserves | 133 | - | €66,270 | +€66,270 | |
| Amounts payable | 17/49 | €754,198 | €548,921 | -€205,277 | -27.2% |
| Amounts payable after more than one year | 17 | €484,000 | €320,000 | -€164,000 | -33.9% |
| Financial debts | 170/4 | €484,000 | €320,000 | -€164,000 | -33.9% |
| Amounts payable within one year | 42/48 | €266,592 | €225,801 | -€40,792 | -15.3% |
| Financial debts | 43 | - | €15,000 | +€15,000 | |
| Credit institutions | 430/8 | - | €15,000 | +€15,000 | |
| Trade debts | 44 | €10,055 | €10,699 | +€644 | +6.4% |
| Suppliers | 440/4 | €10,055 | €10,699 | +€644 | +6.4% |
| Taxes, remuneration and social security | 45 | €6,743 | €2,314 | -€4,429 | -65.7% |
| Taxes | 450/3 | €6,333 | €1,958 | -€4,375 | -69.1% |
| Remuneration and social security | 454/9 | €410 | €356 | -€54 | -13.2% |
| Other amounts payable | 47/48 | €249,794 | €197,788 | -€52,007 | -20.8% |
| Accrued charges and deferred income | 492/3 | €3,606 | €3,120 | -€486 | -13.5% |
| Turnover | 70 | €233,752 | €193,474 | -€40,278 | -17.2% |
| Goods, raw materials, services and sundry goods | 60/61 | €187,995 | €70,810 | -€117,185 | -62.3% |
| Remuneration, social security and pensions | 62 | €2,682 | €8,105 | +€5,423 | +202% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,135 | €16,327 | +€15,193 | +1,339% |
| Other operating charges | 640/8 | €1,265 | €3,373 | +€2,108 | +167% |
| Gross operating margin | 9900 | €48,454 | €83,606 | +€35,152 | +72.5% |
| Operating profit (loss) | 9901 | €43,372 | €55,800 | +€12,428 | +28.7% |
| Financial income | 75/76B | €11,852 | €71 | -€11,781 | -99.4% |
| Recurring financial income | 75 | €11,852 | €71 | -€11,781 | -99.4% |
| Non-recurring financial income | 76B | - | €71 | +€71 | |
| Financial charges | 65/66B | €22,771 | €20,067 | -€2,704 | -11.9% |
| Recurring financial charges | 65 | €22,771 | €20,067 | -€2,704 | -11.9% |
| Profit (loss) for the period before taxes | 9903 | €32,454 | €35,805 | +€3,351 | +10.3% |
| Income taxes | 67/77 | - | €2,500 | +€2,500 | |
| Profit (loss) for the period | 9904 | €32,454 | €33,305 | +€851 | +2.6% |
| Profit (loss) for the period to be appropriated | 9905 | €32,454 | €33,305 | +€851 | +2.6% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.