IMMO QUERCUS: 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.
What changed
IMMO QUERCUS
NACE 68.310, Real estate agency activities
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€891,820
2024 · €1.2m-€272,428
Equity
€16.5m
2024 · €15.7m+€766,820
Cash
€11,933
2024 · €13,851-€1,918
Balance sheet total
€16.9m
2024 · €16.1m+€784,106
Largest movements
Assets
- Tangible fixed assets +€6.8m
up €6.8m (+72.4%), from €9.4m to €16.2m
of which Land and buildings: +€7.2m
- Receivables within one year -€5.8m
down €5.8m (-97.3%), from €6.0m to €158,304
- Current investments -€235,000
down €235,000 (-34.1%), from €690,000 to €455,000
Equity and liabilities
- Reserves +€766,820
up €766,820 (+5.5%), from €13.9m to €14.7m
of which Distributable reserves: +€728,234
Income statement
- Depreciation +€462,246
up €462,246 (+50.5%), from €915,080 to €1.4m
- Financial income -€194,678
down €194,678 (-82.5%), from €235,905 to €41,227
- Staff costs -€154,410
no longer reported in 2025 (was €154,410)
- Gross operating margin +€146,780
up €146,780 (+6.0%), from €2.5m to €2.6m
- Taxes -€107,078
down €107,078 (-29.6%), from €361,381 to €254,303
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.
Result 2024
€1.2m
Gross operating margin
+€146,780
Staff costs
+€154,410
Depreciation
-€462,246
Other operating charges
-€24,509
Financial income
-€194,678
Financial charges
+€737
Taxes
+€107,078
Result 2025
€891,820
raises the resultlowers the result
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.
From operations
+€8.1m
Investment
-€7.9m
Financing
-€125,000
Cash 2024
€13,851
From operations (derived)
+€8.1m
Net result for the year
+€891,820
Depreciation
+€1.4m
Receivables within one year
+€5.8m
Smaller working-capital items
-€3,212
Tax, wage and social debts
-€49,025
Other debts
+€50,000
Investment (derived)
-€7.9m
Investment in fixed assets (net)
-€8.2m
Current investments
+€235,000
Financing
-€125,000
Contributions, distributions and other
-€125,000
Cash 2025
€11,933
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €16,078,385 | €16,862,491 | +€784,106 | +4.9% |
| Fixed assets | 21/28 | €9,400,324 | €16,200,348 | +€6.8m | +72.3% |
| Intangible fixed assets | 21 | €7,541 | €5,521 | -€2,020 | -26.8% |
| Tangible fixed assets | 22/27 | €9,392,783 | €16,194,827 | +€6.8m | +72.4% |
| Land and buildings | 22 | €6,224,116 | €13,453,293 | +€7.2m | +116% |
| Plant, machinery and equipment | 23 | €3,161,024 | €2,734,745 | -€426,279 | -13.5% |
| Furniture and vehicles | 24 | €7,643 | €6,789 | -€854 | -11.2% |
| Current assets | 29/58 | €6,678,061 | €662,143 | -€6.0m | -90.1% |
| Amounts receivable within one year | 40/41 | €5,956,827 | €158,304 | -€5.8m | -97.3% |
| Trade receivables | 40 | €5,956,827 | €158,304 | -€5.8m | -97.3% |
| Current investments | 50/53 | €690,000 | €455,000 | -€235,000 | -34.1% |
| Cash at bank and in hand | 54/58 | €13,851 | €11,933 | -€1,918 | -13.8% |
| Deferred charges and accrued income | 490/1 | €17,383 | €36,906 | +€19,523 | +112% |
| Total equity and liabilities | 10/49 | €16,078,385 | €16,862,491 | +€784,106 | +4.9% |
| Equity | 10/15 | €15,708,728 | €16,475,548 | +€766,820 | +4.9% |
| Contributions | 10/11 | €1,806,355 | €1,806,355 | = | 0.0% |
| Capital | 10 | €1,806,355 | €1,806,355 | = | 0.0% |
| Issued capital | 100 | €1,806,355 | €1,806,355 | = | 0.0% |
| Reserves | 13 | €13,902,373 | €14,669,193 | +€766,820 | +5.5% |
| Non-distributable reserves | 130/1 | €182,511 | €182,511 | = | 0.0% |
| Legal reserve | 130 | €180,636 | €180,636 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,875 | €1,875 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,524,039 | €1,562,625 | +€38,586 | +2.5% |
| Distributable reserves | 133 | €12,195,823 | €12,924,057 | +€728,234 | +6.0% |
| Provisions and deferred taxes | 16 | €84,463 | €78,825 | -€5,638 | -6.7% |
| Deferred taxes | 168 | €84,463 | €78,825 | -€5,638 | -6.7% |
| Amounts payable | 17/49 | €285,194 | €308,118 | +€22,924 | +8.0% |
| Amounts payable within one year | 42/48 | €285,099 | €298,208 | +€13,109 | +4.6% |
| Trade debts | 44 | €95,648 | €107,782 | +€12,134 | +12.7% |
| Suppliers | 440/4 | €95,648 | €107,782 | +€12,134 | +12.7% |
| Taxes, remuneration and social security | 45 | €114,451 | €65,426 | -€49,025 | -42.8% |
| Taxes | 450/3 | €114,451 | €65,426 | -€49,025 | -42.8% |
| Other amounts payable | 47/48 | €75,000 | €125,000 | +€50,000 | +66.7% |
| Accrued charges and deferred income | 492/3 | €95 | €9,910 | +€9,815 | +10,332% |
| Remuneration, social security and pensions | 62 | €154,410 | - | -€154,410 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €915,080 | €1,377,326 | +€462,246 | +50.5% |
| Other operating charges | 640/8 | €98,109 | €122,618 | +€24,509 | +25.0% |
| Gross operating margin | 9900 | €2,453,235 | €2,600,015 | +€146,780 | +6.0% |
| Operating profit (loss) | 9901 | €1,285,636 | €1,100,071 | -€185,565 | -14.4% |
| Financial income | 75/76B | €235,905 | €41,227 | -€194,678 | -82.5% |
| Recurring financial income | 75 | €235,905 | €41,227 | -€194,678 | -82.5% |
| Financial charges | 65/66B | €1,550 | €813 | -€737 | -47.5% |
| Recurring financial charges | 65 | €1,550 | €813 | -€737 | -47.5% |
| Profit (loss) for the period before taxes | 9903 | €1,519,991 | €1,140,485 | -€379,506 | -25.0% |
| Transfer from deferred taxes | 780 | €5,638 | €5,638 | = | 0.0% |
| Income taxes | 67/77 | €361,381 | €254,303 | -€107,078 | -29.6% |
| Profit (loss) for the period | 9904 | €1,164,248 | €891,820 | -€272,428 | -23.4% |
| Transfer from tax-exempt reserves | 789 | €138,666 | €382,414 | +€243,748 | +176% |
| Transfer to tax-exempt reserves | 689 | €526,250 | €421,000 | -€105,250 | -20.0% |
| Profit (loss) for the period to be appropriated | 9905 | €776,664 | €853,234 | +€76,570 | +9.9% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.