HQE: 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.
HQE
Largest movements
- Tangible fixed assets -€358
down €358 (-67.5%), from €530 to €172
- Cash -€49
down €49 (-44.3%), from €111 to €62
mainly Net result for the year (-€508)
- Profit (loss) carried forward -€508
down €508 (-3.6%), from -€14,057 to -€14,565
- Debts after one year +€101
up €101 (+6.6%), from €1,523 to €1,624
- Gross operating margin +€1,185
no longer reported in 2025 (was -€1,185)
- Other operating charges -€330
no longer reported in 2025 (was €330)
- Financial charges -€87
down €87 (-36.6%), from €238 to €151
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 | €2,466 | €2,059 | -€407 | -16.5% |
| Fixed assets | 21/28 | €530 | €172 | -€358 | -67.5% |
| Tangible fixed assets | 22/27 | €530 | €172 | -€358 | -67.5% |
| Plant, machinery and equipment | 23 | €530 | €172 | -€358 | -67.5% |
| Current assets | 29/58 | €1,936 | €1,887 | -€49 | -2.5% |
| Amounts receivable within one year | 40/41 | €1,825 | €1,825 | = | 0.0% |
| Trade receivables | 40 | €1,825 | €1,825 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €111 | €62 | -€49 | -44.3% |
| Total equity and liabilities | 10/49 | €2,466 | €2,059 | -€407 | -16.5% |
| Equity | 10/15 | €943 | €435 | -€508 | -53.9% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€14,057 | -€14,565 | -€508 | -3.6% |
| Amounts payable | 17/49 | €1,523 | €1,624 | +€101 | +6.6% |
| Amounts payable after more than one year | 17 | €1,523 | €1,624 | +€101 | +6.6% |
| Other amounts payable | 178/9 | €1,523 | €1,624 | +€101 | +6.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €358 | €358 | = | 0.0% |
| Other operating charges | 640/8 | €330 | - | -€330 | |
| Gross operating margin | 9900 | -€1,185 | - | +€1,185 | |
| Operating profit (loss) | 9901 | -€1,873 | -€358 | +€1,515 | +80.9% |
| Financial charges | 65/66B | €238 | €151 | -€87 | -36.6% |
| Recurring financial charges | 65 | €238 | €151 | -€87 | -36.6% |
| Profit (loss) for the period before taxes | 9903 | -€2,110 | -€508 | +€1,602 | +75.9% |
| Profit (loss) for the period | 9904 | -€2,110 | -€508 | +€1,602 | +75.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,110 | -€508 | +€1,602 | +75.9% |
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 1 October 2026 via checked.be.