Proxy Quetin: 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.
Proxy Quetin
Largest movements
- Stocks and contracts -€151,939
no longer reported in 2025 (was €151,939)
- Receivables within one year +€125,646
up €125,646 (+145%), from €86,940 to €212,586
of which Trade receivables: +€131,442
- Cash -€99,404
down €99,404 (-69.7%), from €142,638 to €43,234
mainly Trade debts (-€177,205) and Receivables within one year (-€125,646)
- Tangible fixed assets -€30,890
down €30,890 (-99.7%), from €30,982 to €92
of which Plant, machinery and equipment: -€29,541
- Trade debts -€177,205
down €177,205 (-51.9%), from €341,630 to €164,425
- Profit (loss) carried forward +€32,695
up €32,695 (+16.1%), from -€202,448 to -€169,753
- Tax, wage and social debts -€30,855
down €30,855 (-91.7%), from €33,643 to €2,788
of which Remuneration and social security: -€31,011
- Other debts +€13,455
new in 2025: €13,455
- Accrued charges and deferred income +€9,910
new in 2025: €9,910
- Gross operating margin +€53,780
up €53,780 (+38.3%), from €140,296 to €194,076
- Staff costs -€22,705
down €22,705 (-13.0%), from €174,667 to €151,962
- Depreciation -€6,741
no longer reported in 2025 (was €6,741)
- Financial charges -€2,213
down €2,213 (-24.8%), from €8,911 to €6,698
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 | €418,099 | €257,995 | -€160,104 | -38.3% |
| Fixed assets | 21/28 | €30,982 | €92 | -€30,890 | -99.7% |
| Tangible fixed assets | 22/27 | €30,982 | €92 | -€30,890 | -99.7% |
| Plant, machinery and equipment | 23 | €29,541 | - | -€29,541 | |
| Furniture and vehicles | 24 | €1,441 | €92 | -€1,349 | -93.6% |
| Current assets | 29/58 | €387,117 | €257,903 | -€129,214 | -33.4% |
| Stocks and contracts in progress | 3 | €151,939 | - | -€151,939 | |
| Stocks | 30/36 | €151,939 | - | -€151,939 | |
| Amounts receivable within one year | 40/41 | €86,940 | €212,586 | +€125,646 | +145% |
| Trade receivables | 40 | €1,829 | €133,271 | +€131,442 | +7,187% |
| Other amounts receivable | 41 | €85,111 | €79,315 | -€5,796 | -6.8% |
| Cash at bank and in hand | 54/58 | €142,638 | €43,234 | -€99,404 | -69.7% |
| Deferred charges and accrued income | 490/1 | €5,600 | €2,083 | -€3,517 | -62.8% |
| Total equity and liabilities | 10/49 | €418,099 | €257,995 | -€160,104 | -38.3% |
| Equity | 10/15 | €34,722 | €67,417 | +€32,695 | +94.2% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €137,170 | €137,170 | = | 0.0% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €10,000 | €10,000 | = | 0.0% |
| Distributable reserves | 133 | €127,170 | €127,170 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€202,448 | -€169,753 | +€32,695 | +16.1% |
| Amounts payable | 17/49 | €383,377 | €190,578 | -€192,799 | -50.3% |
| Amounts payable within one year | 42/48 | €383,377 | €180,668 | -€202,709 | -52.9% |
| Current portion of amounts payable after more than one year | 42 | €8,104 | - | -€8,104 | |
| Trade debts | 44 | €341,630 | €164,425 | -€177,205 | -51.9% |
| Suppliers | 440/4 | €341,630 | €164,425 | -€177,205 | -51.9% |
| Taxes, remuneration and social security | 45 | €33,643 | €2,788 | -€30,855 | -91.7% |
| Taxes | 450/3 | €478 | €634 | +€156 | +32.6% |
| Remuneration and social security | 454/9 | €33,165 | €2,154 | -€31,011 | -93.5% |
| Other amounts payable | 47/48 | - | €13,455 | +€13,455 | |
| Accrued charges and deferred income | 492/3 | - | €9,910 | +€9,910 | |
| Non-recurring operating income | 76A | €1,500 | €103,380 | +€101,880 | +6,792% |
| Remuneration, social security and pensions | 62 | €174,667 | €151,962 | -€22,705 | -13.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,741 | - | -€6,741 | |
| Other operating charges | 640/8 | €1,055 | €2,608 | +€1,553 | +147% |
| Gross operating margin | 9900 | €140,296 | €194,076 | +€53,780 | +38.3% |
| Operating profit (loss) | 9901 | -€42,167 | €39,506 | +€81,673 | |
| Financial income | 75/76B | - | €62 | +€62 | |
| Recurring financial income | 75 | - | €62 | +€62 | |
| Financial charges | 65/66B | €8,911 | €6,698 | -€2,213 | -24.8% |
| Recurring financial charges | 65 | €8,911 | €6,698 | -€2,213 | -24.8% |
| Profit (loss) for the period before taxes | 9903 | -€51,078 | €32,870 | +€83,948 | |
| Income taxes | 67/77 | €478 | €175 | -€303 | -63.4% |
| Profit (loss) for the period | 9904 | -€51,556 | €32,695 | +€84,251 | |
| Profit (loss) for the period to be appropriated | 9905 | -€51,556 | €32,695 | +€84,251 |
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 13 October 2026 via checked.be.