McQueen: 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.
McQueen
Largest movements
- Tangible fixed assets +€22,672
up €22,672 (+51.8%), from €43,778 to €66,449
of which Furniture and vehicles: +€30,354
- Cash +€21,017
up €21,017 (+14.4%), from €145,649 to €166,666
mainly Other debts (+€52,837) and Debts after one year (+€26,328)
- Receivables within one year -€19,809
down €19,809 (-71.5%), from €27,711 to €7,902
of which Trade receivables: -€16,661
- Stocks and contracts +€3,150
up €3,150 (+22.9%), from €13,757 to €16,907
- Other debts +€52,837
new in 2025: €52,837
- Reserves -€47,933
down €47,933 (-42.3%), from €113,416 to €65,483
of which Distributable reserves: -€47,933
- Debts after one year +€26,328
new in 2025: €26,328
- Tax, wage and social debts -€9,088
down €9,088 (-14.0%), from €64,740 to €55,652
of which Remuneration and social security: -€9,169
- Current portion of long-term debt +€5,033
up €5,033 (+86.8%), from €5,795 to €10,828
- Staff costs -€26,856
down €26,856 (-8.7%), from €308,173 to €281,317
- Gross operating margin -€23,580
down €23,580 (-7.0%), from €339,111 to €315,531
- Depreciation +€6,352
up €6,352 (+45.3%), from €14,017 to €20,368
- Financial income -€5,307
down €5,307 (-56.4%), from €9,401 to €4,094
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 | €231,678 | €257,924 | +€26,246 | +11.3% |
| Fixed assets | 21/28 | €43,778 | €66,449 | +€22,672 | +51.8% |
| Tangible fixed assets | 22/27 | €43,778 | €66,449 | +€22,672 | +51.8% |
| Land and buildings | 22 | €1,619 | €1,472 | -€147 | -9.1% |
| Plant, machinery and equipment | 23 | €29,126 | €22,057 | -€7,068 | -24.3% |
| Furniture and vehicles | 24 | €11,968 | €42,322 | +€30,354 | +254% |
| Other tangible fixed assets | 26 | €1,065 | €598 | -€467 | -43.8% |
| Current assets | 29/58 | €187,900 | €191,475 | +€3,575 | +1.9% |
| Stocks and contracts in progress | 3 | €13,757 | €16,907 | +€3,150 | +22.9% |
| Stocks | 30/36 | €13,757 | €16,907 | +€3,150 | +22.9% |
| Amounts receivable within one year | 40/41 | €27,711 | €7,902 | -€19,809 | -71.5% |
| Trade receivables | 40 | €21,794 | €5,133 | -€16,661 | -76.4% |
| Other amounts receivable | 41 | €5,916 | €2,768 | -€3,148 | -53.2% |
| Cash at bank and in hand | 54/58 | €145,649 | €166,666 | +€21,017 | +14.4% |
| Deferred charges and accrued income | 490/1 | €783 | - | -€783 | |
| Total equity and liabilities | 10/49 | €231,678 | €257,924 | +€26,246 | +11.3% |
| Equity | 10/15 | €84,651 | €36,718 | -€47,933 | -56.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €113,416 | €65,483 | -€47,933 | -42.3% |
| Tax-exempt reserves | 132 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €111,416 | €63,483 | -€47,933 | -43.0% |
| Profit (loss) carried forward | 14 | -€47,365 | -€47,365 | = | 0.0% |
| Amounts payable | 17/49 | €147,027 | €221,206 | +€74,179 | +50.5% |
| Amounts payable after more than one year | 17 | - | €26,328 | +€26,328 | |
| Financial debts | 170/4 | - | €26,328 | +€26,328 | |
| Amounts payable within one year | 42/48 | €147,027 | €194,878 | +€47,851 | +32.5% |
| Current portion of amounts payable after more than one year | 42 | €5,795 | €10,828 | +€5,033 | +86.8% |
| Trade debts | 44 | €47,707 | €44,351 | -€3,356 | -7.0% |
| Suppliers | 440/4 | €47,707 | €44,351 | -€3,356 | -7.0% |
| Advances received on contracts in progress | 46 | €28,785 | €31,210 | +€2,425 | +8.4% |
| Taxes, remuneration and social security | 45 | €64,740 | €55,652 | -€9,088 | -14.0% |
| Taxes | 450/3 | €23,516 | €23,597 | +€82 | +0.3% |
| Remuneration and social security | 454/9 | €41,224 | €32,055 | -€9,169 | -22.2% |
| Other amounts payable | 47/48 | - | €52,837 | +€52,837 | |
| Remuneration, social security and pensions | 62 | €308,173 | €281,317 | -€26,856 | -8.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,017 | €20,368 | +€6,352 | +45.3% |
| Other operating charges | 640/8 | €4,085 | €5,124 | +€1,039 | +25.4% |
| Gross operating margin | 9900 | €339,111 | €315,531 | -€23,580 | -7.0% |
| Operating profit (loss) | 9901 | €12,837 | €8,722 | -€4,115 | -32.1% |
| Financial income | 75/76B | €9,401 | €4,094 | -€5,307 | -56.4% |
| Recurring financial income | 75 | €9,401 | €4,094 | -€5,307 | -56.4% |
| Financial charges | 65/66B | €3,803 | €6,441 | +€2,638 | +69.4% |
| Recurring financial charges | 65 | €3,803 | €6,441 | +€2,638 | +69.4% |
| Profit (loss) for the period before taxes | 9903 | €18,435 | €6,376 | -€12,059 | -65.4% |
| Income taxes | 67/77 | €2,473 | €4,309 | +€1,835 | +74.2% |
| Profit (loss) for the period | 9904 | €15,962 | €2,067 | -€13,895 | -87.1% |
| Profit (loss) for the period to be appropriated | 9905 | €15,962 | €2,067 | -€13,895 | -87.1% |
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 16 October 2026 via checked.be.