Q.A.P.: 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.
Q.A.P.
Largest movements
- Tangible fixed assets +€449,091
up €449,091 (+25.9%), from €1.7m to €2.2m
of which Land and buildings: +€438,225
- Cash -€34,472
down €34,472 (-69.5%), from €49,621 to €15,149
mainly Investment in fixed assets (net) (-€564,498) and Net result for the year (-€22,783)
- Debts after one year +€278,016
up €278,016 (+27.1%), from €1.0m to €1.3m
of which Financial debts: +€273,741
- Other debts +€121,189
up €121,189 (+26.0%), from €466,284 to €587,473
- Profit (loss) carried forward -€22,783
down €22,783 (-32.3%), from -€70,529 to -€93,312
- Depreciation +€32,937
up €32,937 (+39.9%), from €82,470 to €115,407
- Gross operating margin +€10,058
up €10,058 (+6.9%), from €145,095 to €155,153
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 | €1,793,185 | €2,210,670 | +€417,485 | +23.3% |
| Fixed assets | 21/28 | €1,736,710 | €2,185,801 | +€449,091 | +25.9% |
| Tangible fixed assets | 22/27 | €1,736,710 | €2,185,801 | +€449,091 | +25.9% |
| Land and buildings | 22 | €1,736,710 | €2,174,935 | +€438,225 | +25.2% |
| Plant, machinery and equipment | 23 | - | €10,866 | +€10,866 | |
| Current assets | 29/58 | €56,475 | €24,869 | -€31,606 | -56.0% |
| Amounts receivable within one year | 40/41 | €2,891 | €6,515 | +€3,623 | +125% |
| Trade receivables | 40 | €2,891 | €6,515 | +€3,623 | +125% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €49,621 | €15,149 | -€34,472 | -69.5% |
| Deferred charges and accrued income | 490/1 | €3,963 | €3,206 | -€757 | -19.1% |
| Total equity and liabilities | 10/49 | €1,793,185 | €2,210,670 | +€417,485 | +23.3% |
| Equity | 10/15 | €110,271 | €87,488 | -€22,783 | -20.7% |
| Contributions | 10/11 | €180,800 | €180,800 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€70,529 | -€93,312 | -€22,783 | -32.3% |
| Amounts payable | 17/49 | €1,682,914 | €2,123,182 | +€440,268 | +26.2% |
| Amounts payable after more than one year | 17 | €1,025,589 | €1,303,605 | +€278,016 | +27.1% |
| Financial debts | 170/4 | €1,002,129 | €1,275,870 | +€273,741 | +27.3% |
| Other amounts payable | 178/9 | €23,460 | €27,735 | +€4,275 | +18.2% |
| Amounts payable within one year | 42/48 | €651,521 | €810,525 | +€159,004 | +24.4% |
| Current portion of amounts payable after more than one year | 42 | €78,145 | €95,045 | +€16,899 | +21.6% |
| Trade debts | 44 | €100,907 | €119,347 | +€18,440 | +18.3% |
| Suppliers | 440/4 | €100,907 | €119,347 | +€18,440 | +18.3% |
| Advances received on contracts in progress | 46 | €3,775 | €3,775 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €2,410 | €4,885 | +€2,476 | +103% |
| Taxes | 450/3 | €2,410 | €4,885 | +€2,476 | +103% |
| Other amounts payable | 47/48 | €466,284 | €587,473 | +€121,189 | +26.0% |
| Accrued charges and deferred income | 492/3 | €5,804 | €9,053 | +€3,249 | +56.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €82,470 | €115,407 | +€32,937 | +39.9% |
| Other operating charges | 640/8 | €7,085 | €6,652 | -€433 | -6.1% |
| Gross operating margin | 9900 | €145,095 | €155,153 | +€10,058 | +6.9% |
| Operating profit (loss) | 9901 | €55,540 | €33,094 | -€22,446 | -40.4% |
| Financial income | 75/76B | €18 | €0 | -€18 | -100% |
| Recurring financial income | 75 | €18 | €0 | -€18 | -100% |
| Financial charges | 65/66B | €55,496 | €55,877 | +€382 | +0.7% |
| Recurring financial charges | 65 | €55,496 | €55,877 | +€382 | +0.7% |
| Profit (loss) for the period before taxes | 9903 | €62 | -€22,783 | -€22,846 | |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | €62 | -€22,783 | -€22,846 | |
| Profit (loss) for the period to be appropriated | 9905 | €62 | -€22,783 | -€22,846 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.