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
- Receivables within one year +€585,913
up €585,913 (+375%), from €156,076 to €741,988
of which Trade receivables: +€466,101
- Tangible fixed assets -€254,976
down €254,976 (-26.4%), from €967,250 to €712,275
of which Land and buildings: -€262,432
- Cash +€83,891
up €83,891 (+23.4%), from €358,036 to €441,927
mainly Net result for the year (+€345,042) and Investment in fixed assets (net) (+€154,315)
- Reserves +€298,233
up €298,233 (+42.1%), from €709,097 to €1.0m
of which Distributable reserves: +€195,704
- Current portion of long-term debt +€74,052
up €74,052 (+98.9%), from €74,911 to €148,963
- Tax, wage and social debts -€60,550
down €60,550 (-74.9%), from €80,839 to €20,289
of which Taxes: -€67,751
- Other debts +€44,046
up €44,046 (+270%), from €16,310 to €60,357
- Debts after one year +€37,823
up €37,823 (+7.2%), from €523,527 to €561,350
- Gross operating margin +€203,890
up €203,890 (+43.1%), from €472,672 to €676,562
- Staff costs +€37,538
up €37,538 (+1,150%), from €3,264 to €40,802
- Financial charges +€12,601
up €12,601 (+30.5%), from €41,344 to €53,945
of which Non-recurring financial charges: +€13,000
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 | €1,485,188 | €1,911,613 | +€426,425 | +28.7% |
| Fixed assets | 21/28 | €967,250 | €712,275 | -€254,976 | -26.4% |
| Tangible fixed assets | 22/27 | €967,250 | €712,275 | -€254,976 | -26.4% |
| Land and buildings | 22 | €867,571 | €605,138 | -€262,432 | -30.2% |
| Plant, machinery and equipment | 23 | €44,586 | €48,536 | +€3,951 | +8.9% |
| Furniture and vehicles | 24 | €55,094 | €40,391 | -€14,703 | -26.7% |
| Other tangible fixed assets | 26 | - | €18,209 | +€18,209 | |
| Current assets | 29/58 | €517,937 | €1,199,338 | +€681,401 | +132% |
| Stocks and contracts in progress | 3 | €3,825 | €3,825 | = | 0.0% |
| Stocks | 30/36 | €3,825 | €3,825 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €156,076 | €741,988 | +€585,913 | +375% |
| Trade receivables | 40 | €142,405 | €608,507 | +€466,101 | +327% |
| Other amounts receivable | 41 | €13,671 | €133,482 | +€119,811 | +876% |
| Cash at bank and in hand | 54/58 | €358,036 | €441,927 | +€83,891 | +23.4% |
| Deferred charges and accrued income | 490/1 | - | €11,597 | +€11,597 | |
| Total equity and liabilities | 10/49 | €1,485,188 | €1,911,613 | +€426,425 | +28.7% |
| Equity | 10/15 | €727,697 | €1,025,930 | +€298,233 | +41.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €709,097 | €1,007,330 | +€298,233 | +42.1% |
| Tax-exempt reserves | 132 | €142,177 | €244,705 | +€102,528 | +72.1% |
| Distributable reserves | 133 | €566,920 | €762,625 | +€195,704 | +34.5% |
| Provisions and deferred taxes | 16 | €27,542 | €53,174 | +€25,632 | +93.1% |
| Deferred taxes | 168 | €27,542 | €53,174 | +€25,632 | +93.1% |
| Amounts payable | 17/49 | €729,949 | €832,509 | +€102,560 | +14.1% |
| Amounts payable after more than one year | 17 | €523,527 | €561,350 | +€37,823 | +7.2% |
| Financial debts | 170/4 | €523,527 | €561,350 | +€37,823 | +7.2% |
| Amounts payable within one year | 42/48 | €206,422 | €271,159 | +€64,737 | +31.4% |
| Current portion of amounts payable after more than one year | 42 | €74,911 | €148,963 | +€74,052 | +98.9% |
| Trade debts | 44 | €34,362 | €41,550 | +€7,189 | +20.9% |
| Suppliers | 440/4 | €34,362 | €41,550 | +€7,189 | +20.9% |
| Taxes, remuneration and social security | 45 | €80,839 | €20,289 | -€60,550 | -74.9% |
| Taxes | 450/3 | €80,839 | €13,088 | -€67,751 | -83.8% |
| Remuneration and social security | 454/9 | - | €7,201 | +€7,201 | |
| Other amounts payable | 47/48 | €16,310 | €60,357 | +€44,046 | +270% |
| Non-recurring operating income | 76A | - | €141,297 | +€141,297 | |
| Remuneration, social security and pensions | 62 | €3,264 | €40,802 | +€37,538 | +1,150% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €98,083 | €100,661 | +€2,578 | +2.6% |
| Other operating charges | 640/8 | €7,889 | €6,554 | -€1,335 | -16.9% |
| Gross operating margin | 9900 | €472,672 | €676,562 | +€203,890 | +43.1% |
| Operating profit (loss) | 9901 | €363,437 | €528,546 | +€165,109 | +45.4% |
| Financial income | 75/76B | €5 | €3,837 | +€3,832 | +82,589% |
| Recurring financial income | 75 | €5 | €3,837 | +€3,832 | +82,589% |
| Financial charges | 65/66B | €41,344 | €53,945 | +€12,601 | +30.5% |
| Recurring financial charges | 65 | €41,344 | €40,945 | -€399 | -1.0% |
| Non-recurring financial charges | 66B | - | €13,000 | +€13,000 | |
| Profit (loss) for the period before taxes | 9903 | €322,097 | €478,438 | +€156,341 | +48.5% |
| Transfer from deferred taxes | 780 | €2,295 | €2,295 | = | 0.0% |
| Transfer to deferred taxes | 680 | - | €27,927 | +€27,927 | |
| Income taxes | 67/77 | €103,369 | €107,764 | +€4,395 | +4.3% |
| Profit (loss) for the period | 9904 | €221,023 | €345,042 | +€124,019 | +56.1% |
| Transfer from tax-exempt reserves | 789 | €9,181 | €9,181 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | - | €111,709 | +€111,709 | |
| Profit (loss) for the period to be appropriated | 9905 | €230,204 | €242,514 | +€12,310 | +5.3% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.