HQI: 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.
HQI
Largest movements
- Stocks and contracts +€18,175
up €18,175 (+4.1%), from €445,287 to €463,462
- Tangible fixed assets -€14,213
down €14,213 (-21.0%), from €67,665 to €53,452
of which Plant, machinery and equipment: -€7,842
- Receivables within one year +€11,651
up €11,651 (+8.7%), from €134,349 to €146,000
of which Trade receivables: +€11,059
- Other debts +€43,478
up €43,478 (+27.2%), from €159,910 to €203,387
- Advances received -€33,269
down €33,269 (-100.0%), from €33,269 to €0
- Trade debts +€15,886
up €15,886 (+4.3%), from €372,430 to €388,317
- Debts after one year -€10,013
down €10,013 (-18.7%), from €53,488 to €43,475
- Tax, wage and social debts -€8,258
down €8,258 (-29.4%), from €28,108 to €19,850
of which Remuneration and social security: -€5,849
- Gross operating margin -€48,155
down €48,155 (-39.3%), from €122,586 to €74,431
- Staff costs -€8,063
down €8,063 (-16.4%), from €49,246 to €41,184
- Depreciation +€3,150
up €3,150 (+25.7%), from €12,275 to €15,425
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 | €659,386 | €676,040 | +€16,653 | +2.5% |
| Fixed assets | 21/28 | €76,318 | €60,554 | -€15,763 | -20.7% |
| Intangible fixed assets | 21 | €8,652 | €7,102 | -€1,550 | -17.9% |
| Tangible fixed assets | 22/27 | €67,665 | €53,452 | -€14,213 | -21.0% |
| Land and buildings | 22 | €4,204 | €619 | -€3,585 | -85.3% |
| Plant, machinery and equipment | 23 | €55,190 | €47,348 | -€7,842 | -14.2% |
| Furniture and vehicles | 24 | €8,271 | €5,486 | -€2,786 | -33.7% |
| Current assets | 29/58 | €583,069 | €615,485 | +€32,417 | +5.6% |
| Stocks and contracts in progress | 3 | €445,287 | €463,462 | +€18,175 | +4.1% |
| Stocks | 30/36 | €445,287 | €463,462 | +€18,175 | +4.1% |
| Amounts receivable within one year | 40/41 | €134,349 | €146,000 | +€11,651 | +8.7% |
| Trade receivables | 40 | €87,439 | €98,498 | +€11,059 | +12.6% |
| Other amounts receivable | 41 | €46,910 | €47,502 | +€592 | +1.3% |
| Cash at bank and in hand | 54/58 | €2,869 | €2,989 | +€120 | +4.2% |
| Deferred charges and accrued income | 490/1 | €563 | €3,034 | +€2,471 | +438.7% |
| Total equity and liabilities | 10/49 | €659,386 | €676,040 | +€16,653 | +2.5% |
| Equity | 10/15 | €2,304 | €5,998 | +€3,694 | +160.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €36,227 | €36,227 | = | 0.0% |
| Tax-exempt reserves | 132 | €14,000 | €14,000 | = | 0.0% |
| Distributable reserves | 133 | €22,227 | €22,227 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€52,523 | -€48,829 | +€3,694 | +7.0% |
| Amounts payable | 17/49 | €657,082 | €670,042 | +€12,959 | +2.0% |
| Amounts payable after more than one year | 17 | €53,488 | €43,475 | -€10,013 | -18.7% |
| Financial debts | 170/4 | €53,488 | €43,475 | -€10,013 | -18.7% |
| Amounts payable within one year | 42/48 | €603,594 | €626,567 | +€22,972 | +3.8% |
| Current portion of amounts payable after more than one year | 42 | €9,877 | €10,013 | +€136 | +1.4% |
| Financial debts | 43 | - | €5,000 | +€5,000 | |
| Credit institutions | 430/8 | - | €5,000 | +€5,000 | |
| Trade debts | 44 | €372,430 | €388,317 | +€15,886 | +4.3% |
| Suppliers | 440/4 | €372,430 | €388,317 | +€15,886 | +4.3% |
| Advances received on contracts in progress | 46 | €33,269 | €0 | -€33,269 | -100.0% |
| Taxes, remuneration and social security | 45 | €28,108 | €19,850 | -€8,258 | -29.4% |
| Taxes | 450/3 | €19,394 | €16,985 | -€2,409 | -12.4% |
| Remuneration and social security | 454/9 | €8,714 | €2,865 | -€5,849 | -67.1% |
| Other amounts payable | 47/48 | €159,910 | €203,387 | +€43,478 | +27.2% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €49,246 | €41,184 | -€8,063 | -16.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,275 | €15,425 | +€3,150 | +25.7% |
| Other operating charges | 640/8 | €9,933 | €9,223 | -€710 | -7.2% |
| Gross operating margin | 9900 | €122,586 | €74,431 | -€48,155 | -39.3% |
| Operating profit (loss) | 9901 | €51,132 | €8,600 | -€42,532 | -83.2% |
| Financial income | 75/76B | €2,006 | €1,984 | -€22 | -1.1% |
| Recurring financial income | 75 | €2,006 | €1,984 | -€22 | -1.1% |
| Financial charges | 65/66B | €4,080 | €4,636 | +€556 | +13.6% |
| Recurring financial charges | 65 | €4,080 | €4,636 | +€556 | +13.6% |
| Profit (loss) for the period before taxes | 9903 | €49,057 | €5,947 | -€43,110 | -87.9% |
| Income taxes | 67/77 | €3,330 | €2,253 | -€1,077 | -32.3% |
| Profit (loss) for the period | 9904 | €45,727 | €3,694 | -€42,033 | -91.9% |
| Profit (loss) for the period to be appropriated | 9905 | €45,727 | €3,694 | -€42,033 | -91.9% |
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 12 October 2026 via checked.be.