Kwartz: 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.
Kwartz
Largest movements
- Tangible fixed assets -€13,113
down €13,113 (-36.0%), from €36,440 to €23,328
- Intangible fixed assets -€7,000
down €7,000 (-11.3%), from €62,015 to €55,015
- Receivables within one year +€2,978
up €2,978 (+31.5%), from €9,445 to €12,422
- Debts after one year -€62,286
down €62,286 (-100.0%), from €62,286 to €0
of which Other amounts payable: -€58,171
- Other debts +€37,520
new in 2025: €37,520
- Tax, wage and social debts +€8,807
up €8,807 (+83.9%), from €10,492 to €19,299
- Profit (loss) carried forward -€4,572
down €4,572, from €619 to -€3,953
- Current portion of long-term debt +€2,889
up €2,889 (+27.2%), from €10,635 to €13,523
- Gross operating margin -€41,362
down €41,362 (-62.4%), from €66,332 to €24,969
- Taxes -€7,731
down €7,731 (-90.9%), from €8,500 to €770
- Financial charges +€2,775
up €2,775 (+145.4%), from €1,909 to €4,684
- Depreciation -€2,577
down €2,577 (-10.8%), from €23,760 to €21,184
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 | €118,333 | €102,982 | -€15,351 | -13.0% |
| Fixed assets | 21/28 | €98,455 | €78,343 | -€20,113 | -20.4% |
| Intangible fixed assets | 21 | €62,015 | €55,015 | -€7,000 | -11.3% |
| Tangible fixed assets | 22/27 | €36,440 | €23,328 | -€13,113 | -36.0% |
| Land and buildings | 22 | €9,947 | €8,147 | -€1,800 | -18.1% |
| Plant, machinery and equipment | 23 | €9,823 | €6,543 | -€3,281 | -33.4% |
| Furniture and vehicles | 24 | €6,891 | €4,452 | -€2,439 | -35.4% |
| Leasing and similar rights | 25 | €9,780 | €4,187 | -€5,593 | -57.2% |
| Current assets | 29/58 | €19,877 | €24,639 | +€4,762 | +24.0% |
| Amounts receivable within one year | 40/41 | €9,445 | €12,422 | +€2,978 | +31.5% |
| Trade receivables | 40 | €9,445 | €12,422 | +€2,978 | +31.5% |
| Cash at bank and in hand | 54/58 | €9,165 | €10,103 | +€937 | +10.2% |
| Deferred charges and accrued income | 490/1 | €1,267 | €2,114 | +€847 | +66.8% |
| Total equity and liabilities | 10/49 | €118,333 | €102,982 | -€15,351 | -13.0% |
| Equity | 10/15 | €31,619 | €27,047 | -€4,572 | -14.5% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €28,000 | €28,000 | = | 0.0% |
| Distributable reserves | 133 | €28,000 | €28,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €619 | -€3,953 | -€4,572 | |
| Amounts payable | 17/49 | €86,714 | €75,935 | -€10,778 | -12.4% |
| Amounts payable after more than one year | 17 | €62,286 | €0 | -€62,286 | -100.0% |
| Financial debts | 170/4 | €4,115 | €0 | -€4,115 | -100.0% |
| Other amounts payable | 178/9 | €58,171 | - | -€58,171 | |
| Amounts payable within one year | 42/48 | €24,428 | €74,394 | +€49,966 | +204.5% |
| Current portion of amounts payable after more than one year | 42 | €10,635 | €13,523 | +€2,889 | +27.2% |
| Trade debts | 44 | €3,301 | €4,052 | +€751 | +22.7% |
| Suppliers | 440/4 | €3,301 | €4,052 | +€751 | +22.7% |
| Taxes, remuneration and social security | 45 | €10,492 | €19,299 | +€8,807 | +83.9% |
| Taxes | 450/3 | €10,492 | €19,299 | +€8,807 | +83.9% |
| Other amounts payable | 47/48 | - | €37,520 | +€37,520 | |
| Accrued charges and deferred income | 492/3 | - | €1,541 | +€1,541 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,760 | €21,184 | -€2,577 | -10.8% |
| Other operating charges | 640/8 | €3,556 | €2,951 | -€605 | -17.0% |
| Gross operating margin | 9900 | €66,332 | €24,969 | -€41,362 | -62.4% |
| Operating profit (loss) | 9901 | €39,015 | €835 | -€38,180 | -97.9% |
| Financial income | 75/76B | €13 | €47 | +€34 | +253.5% |
| Recurring financial income | 75 | €13 | €47 | +€34 | +253.5% |
| Financial charges | 65/66B | €1,909 | €4,684 | +€2,775 | +145.4% |
| Recurring financial charges | 65 | €1,909 | €4,684 | +€2,775 | +145.4% |
| Profit (loss) for the period before taxes | 9903 | €37,119 | -€3,803 | -€40,922 | |
| Income taxes | 67/77 | €8,500 | €770 | -€7,731 | -90.9% |
| Profit (loss) for the period | 9904 | €28,619 | -€4,572 | -€33,191 | |
| Profit (loss) for the period to be appropriated | 9905 | €28,619 | -€4,572 | -€33,191 |
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 29 September 2026 via checked.be.