MQB: 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.
MQB
Largest movements
- Tangible fixed assets -€56,967
down €56,967 (-47.1%), from €121,042 to €64,074
of which Furniture and vehicles: -€48,027
- Cash +€39,065
up €39,065 (+86.8%), from €44,980 to €84,045
mainly Depreciation (+€56,967) and Net result for the year (+€14,743)
- Receivables within one year -€8,842
down €8,842 (-13.9%), from €63,688 to €54,847
of which Trade receivables: -€10,332
- Debts after one year -€27,619
down €27,619 (-85.6%), from €32,281 to €4,662
- Reserves +€14,743
up €14,743 (+39.9%), from €36,912 to €51,655
of which Distributable reserves: +€14,743
- Trade debts -€13,855
down €13,855 (-70.6%), from €19,610 to €5,756
- Gross operating margin +€25,094
up €25,094 (+46.0%), from €54,521 to €79,615
- Taxes +€3,919
up €3,919 (+257.7%), from €1,521 to €5,440
- Depreciation -€1,858
down €1,858 (-3.2%), from €58,826 to €56,967
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 | €230,270 | €203,535 | -€26,735 | -11.6% |
| Fixed assets | 21/28 | €121,042 | €64,074 | -€56,967 | -47.1% |
| Tangible fixed assets | 22/27 | €121,042 | €64,074 | -€56,967 | -47.1% |
| Plant, machinery and equipment | 23 | €20,035 | €11,095 | -€8,940 | -44.6% |
| Furniture and vehicles | 24 | €101,006 | €52,979 | -€48,027 | -47.5% |
| Current assets | 29/58 | €109,228 | €139,460 | +€30,232 | +27.7% |
| Amounts receivable within one year | 40/41 | €63,688 | €54,847 | -€8,842 | -13.9% |
| Trade receivables | 40 | €22,996 | €12,664 | -€10,332 | -44.9% |
| Other amounts receivable | 41 | €40,692 | €42,183 | +€1,491 | +3.7% |
| Cash at bank and in hand | 54/58 | €44,980 | €84,045 | +€39,065 | +86.8% |
| Deferred charges and accrued income | 490/1 | €560 | €569 | +€9 | +1.6% |
| Total equity and liabilities | 10/49 | €230,270 | €203,535 | -€26,735 | -11.6% |
| Equity | 10/15 | €43,112 | €57,855 | +€14,743 | +34.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €36,912 | €51,655 | +€14,743 | +39.9% |
| Non-distributable reserves | 130/1 | €462 | €462 | = | 0.0% |
| Reserves not available under the articles | 1311 | €462 | €462 | = | 0.0% |
| Distributable reserves | 133 | €36,450 | €51,193 | +€14,743 | +40.4% |
| Amounts payable | 17/49 | €187,158 | €145,679 | -€41,478 | -22.2% |
| Amounts payable after more than one year | 17 | €32,281 | €4,662 | -€27,619 | -85.6% |
| Financial debts | 170/4 | €32,281 | €4,662 | -€27,619 | -85.6% |
| Amounts payable within one year | 42/48 | €154,877 | €141,018 | -€13,859 | -8.9% |
| Current portion of amounts payable after more than one year | 42 | €29,256 | €29,894 | +€638 | +2.2% |
| Trade debts | 44 | €19,610 | €5,756 | -€13,855 | -70.6% |
| Suppliers | 440/4 | €19,610 | €5,756 | -€13,855 | -70.6% |
| Taxes, remuneration and social security | 45 | €13,878 | €13,295 | -€583 | -4.2% |
| Taxes | 450/3 | €13,878 | €13,295 | -€583 | -4.2% |
| Other amounts payable | 47/48 | €92,133 | €92,073 | -€60 | -0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,826 | €56,967 | -€1,858 | -3.2% |
| Other operating charges | 640/8 | €1,180 | €1,004 | -€177 | -15.0% |
| Gross operating margin | 9900 | €54,521 | €79,615 | +€25,094 | +46.0% |
| Operating profit (loss) | 9901 | -€5,484 | €21,645 | +€27,129 | |
| Financial income | 75/76B | €3 | €0 | -€3 | -97.6% |
| Recurring financial income | 75 | €3 | €0 | -€3 | -97.6% |
| Financial charges | 65/66B | €2,208 | €1,462 | -€747 | -33.8% |
| Recurring financial charges | 65 | €2,208 | €1,462 | -€747 | -33.8% |
| Profit (loss) for the period before taxes | 9903 | -€7,689 | €20,183 | +€27,872 | |
| Income taxes | 67/77 | €1,521 | €5,440 | +€3,919 | +257.7% |
| Profit (loss) for the period | 9904 | -€9,210 | €14,743 | +€23,953 | |
| Profit (loss) for the period to be appropriated | 9905 | -€9,210 | €14,743 | +€23,953 |
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 1 October 2026 via checked.be.