LOQUAL: 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.
LOQUAL
Largest movements
- Cash +€113,713
up €113,713 (+272%), from €41,850 to €155,563
mainly Contributions, distributions and other (+€250,000) and Depreciation (+€30,236)
- Tangible fixed assets +€37,583
up €37,583 (+54.0%), from €69,584 to €107,167
of which Other tangible fixed assets: +€21,099
- Financial fixed assets +€30,470
up €30,470 (+287%), from €10,606 to €41,076
- Deferred charges and accrued income -€10,030
down €10,030 (-30.2%), from €33,231 to €23,200
- Formation expenses +€10,000
new in 2025: €10,000
- Contributions +€250,000
up €250,000 (+250,000%), from €100 to €250,100
- Profit (loss) carried forward -€60,131
down €60,131, from €20,438 to -€39,693
- Trade debts -€31,995
down €31,995 (-19.1%), from €167,156 to €135,161
- Debts after one year +€10,712
new in 2025: €10,712
- Current portion of long-term debt +€9,498
new in 2025: €9,498
- Gross operating margin -€32,961
down €32,961 (-42.7%), from €77,175 to €44,214
- Depreciation +€21,988
up €21,988 (+267%), from €8,249 to €30,236
- Staff costs +€19,264
up €19,264 (+71.0%), from €27,135 to €46,399
- Other operating charges +€9,211
up €9,211 (+72.0%), from €12,790 to €22,001
- Taxes -€7,256
down €7,256, from €5,732 to -€1,524
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €217,786 | €396,459 | +€178,673 | +82.0% |
| Formation expenses | 20 | - | €10,000 | +€10,000 | |
| Fixed assets | 21/28 | €80,190 | €148,243 | +€68,052 | +84.9% |
| Tangible fixed assets | 22/27 | €69,584 | €107,167 | +€37,583 | +54.0% |
| Plant, machinery and equipment | 23 | €8,687 | €8,211 | -€476 | -5.5% |
| Furniture and vehicles | 24 | €46,708 | €63,668 | +€16,960 | +36.3% |
| Other tangible fixed assets | 26 | €14,189 | €35,288 | +€21,099 | +149% |
| Financial fixed assets | 28 | €10,606 | €41,076 | +€30,470 | +287% |
| Current assets | 29/58 | €137,596 | €238,217 | +€100,621 | +73.1% |
| Stocks and contracts in progress | 3 | €55,002 | €57,413 | +€2,411 | +4.4% |
| Stocks | 30/36 | €55,002 | €57,413 | +€2,411 | +4.4% |
| Amounts receivable within one year | 40/41 | €7,513 | €2,040 | -€5,473 | -72.8% |
| Trade receivables | 40 | €7,513 | €2,040 | -€5,473 | -72.8% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €41,850 | €155,563 | +€113,713 | +272% |
| Deferred charges and accrued income | 490/1 | €33,231 | €23,200 | -€10,030 | -30.2% |
| Total equity and liabilities | 10/49 | €217,786 | €396,459 | +€178,673 | +82.0% |
| Equity | 10/15 | €20,538 | €210,407 | +€189,869 | +924% |
| Contributions | 10/11 | €100 | €250,100 | +€250,000 | +250,000% |
| Profit (loss) carried forward | 14 | €20,438 | -€39,693 | -€60,131 | |
| Amounts payable | 17/49 | €197,249 | €186,052 | -€11,197 | -5.7% |
| Amounts payable after more than one year | 17 | - | €10,712 | +€10,712 | |
| Financial debts | 170/4 | - | €10,712 | +€10,712 | |
| Amounts payable within one year | 42/48 | €197,249 | €175,340 | -€21,909 | -11.1% |
| Current portion of amounts payable after more than one year | 42 | - | €9,498 | +€9,498 | |
| Trade debts | 44 | €167,156 | €135,161 | -€31,995 | -19.1% |
| Suppliers | 440/4 | €167,156 | €135,161 | -€31,995 | -19.1% |
| Taxes, remuneration and social security | 45 | €17,510 | €25,459 | +€7,949 | +45.4% |
| Taxes | 450/3 | €15,946 | €21,823 | +€5,876 | +36.9% |
| Remuneration and social security | 454/9 | €1,564 | €3,637 | +€2,073 | +133% |
| Other amounts payable | 47/48 | €12,582 | €5,221 | -€7,361 | -58.5% |
| Remuneration, social security and pensions | 62 | €27,135 | €46,399 | +€19,264 | +71.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,249 | €30,236 | +€21,988 | +267% |
| Other operating charges | 640/8 | €12,790 | €22,001 | +€9,211 | +72.0% |
| Non-recurring operating charges | 66A | €785 | - | -€785 | |
| Gross operating margin | 9900 | €77,175 | €44,214 | -€32,961 | -42.7% |
| Operating profit (loss) | 9901 | €28,216 | -€54,423 | -€82,639 | |
| Financial income | 75/76B | €30 | €229 | +€199 | +660% |
| Recurring financial income | 75 | €30 | €16 | -€14 | -46.8% |
| Non-recurring financial income | 76B | - | €213 | +€213 | |
| Financial charges | 65/66B | €2,077 | €7,461 | +€5,384 | +259% |
| Recurring financial charges | 65 | €2,077 | €3,695 | +€1,618 | +77.9% |
| Non-recurring financial charges | 66B | - | €3,766 | +€3,766 | |
| Profit (loss) for the period before taxes | 9903 | €26,170 | -€61,654 | -€87,824 | |
| Income taxes | 67/77 | €5,732 | -€1,524 | -€7,256 | |
| Profit (loss) for the period | 9904 | €20,438 | -€60,131 | -€80,568 | |
| Profit (loss) for the period to be appropriated | 9905 | €20,438 | -€60,131 | -€80,568 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.