LQ: 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.
LQ
Largest movements
- Current investments +€121,261
up €121,261 (+150.6%), from €80,500 to €201,761
- Cash -€95,471
down €95,471 (-30.0%), from €318,410 to €222,939
mainly Investment in fixed assets (net) (-€131,445) and Current investments (-€121,261)
- Intangible fixed assets +€74,764
up €74,764 (+42.7%), from €174,924 to €249,688
- Receivables within one year +€56,650
up €56,650 (+16.8%), from €336,925 to €393,575
of which Trade receivables: +€130,854
- Deferred charges and accrued income +€13,216
up €13,216 (+50.2%), from €26,327 to €39,543
- Profit (loss) carried forward -€256,446
no longer reported in 2025 (was €256,446)
- Reserves +€184,918
up €184,918 (+128.1%), from €144,405 to €329,323
of which Distributable reserves: +€105,468
- Other debts +€180,950
up €180,950, from €0 to €180,950
- Accrued charges and deferred income +€144,250
new in 2025: €144,250
- Trade debts -€90,943
down €90,943 (-31.9%), from €284,850 to €193,907
- Gross operating margin -€121,370
down €121,370 (-60.2%), from €201,499 to €80,130
- Taxes -€31,224
down €31,224 (-81.0%), from €38,545 to €7,320
- Depreciation +€25,567
up €25,567 (+83.0%), from €30,802 to €56,369
- Staff costs -€15,277
no longer reported in 2025 (was €15,277)
- Other operating charges +€4,482
up €4,482 (+463.3%), from €968 to €5,450
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 | €947,514 | €1,118,246 | +€170,732 | +18.0% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €185,352 | €260,428 | +€75,076 | +40.5% |
| Intangible fixed assets | 21 | €174,924 | €249,688 | +€74,764 | +42.7% |
| Tangible fixed assets | 22/27 | €1,428 | €1,740 | +€311 | +21.8% |
| Furniture and vehicles | 24 | €1,428 | €1,740 | +€311 | +21.8% |
| Financial fixed assets | 28 | €9,000 | €9,000 | = | 0.0% |
| Current assets | 29/58 | €762,162 | €857,818 | +€95,656 | +12.6% |
| Amounts receivable within one year | 40/41 | €336,925 | €393,575 | +€56,650 | +16.8% |
| Trade receivables | 40 | €201,185 | €332,039 | +€130,854 | +65.0% |
| Other amounts receivable | 41 | €135,740 | €61,536 | -€74,204 | -54.7% |
| Current investments | 50/53 | €80,500 | €201,761 | +€121,261 | +150.6% |
| Cash at bank and in hand | 54/58 | €318,410 | €222,939 | -€95,471 | -30.0% |
| Deferred charges and accrued income | 490/1 | €26,327 | €39,543 | +€13,216 | +50.2% |
| Total equity and liabilities | 10/49 | €947,514 | €1,118,246 | +€170,732 | +18.0% |
| Equity | 10/15 | €650,851 | €579,323 | -€71,528 | -11.0% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Reserves | 13 | €144,405 | €329,323 | +€184,918 | +128.1% |
| Non-distributable reserves | 130/1 | €115,000 | €194,450 | +€79,450 | +69.1% |
| Own shares acquired | 1312 | €115,000 | €194,450 | +€79,450 | +69.1% |
| Distributable reserves | 133 | €29,405 | €134,873 | +€105,468 | +358.7% |
| Profit (loss) carried forward | 14 | €256,446 | - | -€256,446 | |
| Amounts payable | 17/49 | €296,663 | €538,923 | +€242,260 | +81.7% |
| Amounts payable within one year | 42/48 | €296,663 | €394,673 | +€98,010 | +33.0% |
| Financial debts | 43 | €24 | €1,815 | +€1,791 | +7346.5% |
| Credit institutions | 430/8 | €24 | €1,815 | +€1,791 | +7346.5% |
| Trade debts | 44 | €284,850 | €193,907 | -€90,943 | -31.9% |
| Suppliers | 440/4 | €284,850 | €193,907 | -€90,943 | -31.9% |
| Taxes, remuneration and social security | 45 | €11,789 | €18,000 | +€6,211 | +52.7% |
| Taxes | 450/3 | €11,789 | €18,000 | +€6,211 | +52.7% |
| Other amounts payable | 47/48 | €0 | €180,950 | +€180,950 | |
| Accrued charges and deferred income | 492/3 | - | €144,250 | +€144,250 | |
| Remuneration, social security and pensions | 62 | €15,277 | - | -€15,277 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,802 | €56,369 | +€25,567 | +83.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | -€3,146 | -€3,146 | |
| Other operating charges | 640/8 | €968 | €5,450 | +€4,482 | +463.3% |
| Gross operating margin | 9900 | €201,499 | €80,130 | -€121,370 | -60.2% |
| Operating profit (loss) | 9901 | €154,453 | €21,457 | -€132,996 | -86.1% |
| Financial income | 75/76B | €12 | €297 | +€285 | +2307.6% |
| Recurring financial income | 75 | €12 | €297 | +€285 | +2307.6% |
| Financial charges | 65/66B | €1,748 | €961 | -€786 | -45.0% |
| Recurring financial charges | 65 | €1,748 | €961 | -€786 | -45.0% |
| Profit (loss) for the period before taxes | 9903 | €152,718 | €20,793 | -€131,925 | -86.4% |
| Income taxes | 67/77 | €38,545 | €7,320 | -€31,224 | -81.0% |
| Profit (loss) for the period | 9904 | €114,173 | €13,472 | -€100,701 | -88.2% |
| Profit (loss) for the period to be appropriated | 9905 | €114,173 | €13,472 | -€100,701 | -88.2% |
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 10 October 2026 via checked.be.