Q-CAR: 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-CAR
Largest movements
- Receivables within one year +€117,664
up €117,664 (+121%), from €97,280 to €214,945
of which Trade receivables: +€120,199
- Cash +€101,119
up €101,119 (+196%), from €51,607 to €152,726
mainly Net result for the year (+€200,015) and Provisions (+€32,500)
- Tangible fixed assets +€10,220
up €10,220 (+12.8%), from €79,868 to €90,088
of which Furniture and vehicles: +€11,876
- Reserves +€200,015
up €200,015 (+179%), from €111,648 to €311,663
of which Distributable reserves: +€102,515
- Provisions +€32,500
new in 2025: €32,500
- Trade debts +€24,150
up €24,150 (+124%), from €19,477 to €43,627
- Tax, wage and social debts -€23,338
down €23,338 (-67.1%), from €34,760 to €11,422
of which Taxes: -€27,874
- Gross operating margin +€164,920
up €164,920 (+69.4%), from €237,606 to €402,525
- Staff costs -€32,844
down €32,844 (-25.2%), from €130,423 to €97,580
- Taxes +€16,803
up €16,803 (+146%), from €11,475 to €28,278
- Write-downs +€9,825
new in 2025: €9,825
- Depreciation -€6,473
down €6,473 (-20.0%), from €32,339 to €25,866
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 | €234,194 | €463,067 | +€228,873 | +97.7% |
| Fixed assets | 21/28 | €79,868 | €90,088 | +€10,220 | +12.8% |
| Tangible fixed assets | 22/27 | €79,868 | €90,088 | +€10,220 | +12.8% |
| Plant, machinery and equipment | 23 | €9,875 | €4,351 | -€5,523 | -55.9% |
| Furniture and vehicles | 24 | €32,659 | €44,536 | +€11,876 | +36.4% |
| Leasing and similar rights | 25 | €37,334 | €41,201 | +€3,867 | +10.4% |
| Current assets | 29/58 | €154,326 | €372,979 | +€218,653 | +142% |
| Amounts receivable within one year | 40/41 | €97,280 | €214,945 | +€117,664 | +121% |
| Trade receivables | 40 | €84,984 | €205,184 | +€120,199 | +141% |
| Other amounts receivable | 41 | €12,296 | €9,761 | -€2,535 | -20.6% |
| Cash at bank and in hand | 54/58 | €51,607 | €152,726 | +€101,119 | +196% |
| Deferred charges and accrued income | 490/1 | €5,439 | €5,309 | -€130 | -2.4% |
| Total equity and liabilities | 10/49 | €234,194 | €463,067 | +€228,873 | +97.7% |
| Equity | 10/15 | €114,648 | €314,663 | +€200,015 | +174% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €111,648 | €311,663 | +€200,015 | +179% |
| Tax-exempt reserves | 132 | - | €97,500 | +€97,500 | |
| Distributable reserves | 133 | €111,648 | €214,163 | +€102,515 | +91.8% |
| Provisions and deferred taxes | 16 | - | €32,500 | +€32,500 | |
| Deferred taxes | 168 | - | €32,500 | +€32,500 | |
| Amounts payable | 17/49 | €119,546 | €115,904 | -€3,642 | -3.0% |
| Amounts payable after more than one year | 17 | €45,247 | €44,995 | -€251 | -0.6% |
| Financial debts | 170/4 | €45,247 | €44,995 | -€251 | -0.6% |
| Amounts payable within one year | 42/48 | €73,912 | €70,909 | -€3,003 | -4.1% |
| Current portion of amounts payable after more than one year | 42 | €19,372 | €15,860 | -€3,512 | -18.1% |
| Trade debts | 44 | €19,477 | €43,627 | +€24,150 | +124% |
| Suppliers | 440/4 | €19,477 | €43,627 | +€24,150 | +124% |
| Taxes, remuneration and social security | 45 | €34,760 | €11,422 | -€23,338 | -67.1% |
| Taxes | 450/3 | €27,874 | €0 | -€27,874 | -100% |
| Remuneration and social security | 454/9 | €6,886 | €11,422 | +€4,536 | +65.9% |
| Other amounts payable | 47/48 | €303 | €0 | -€303 | -100% |
| Accrued charges and deferred income | 492/3 | €387 | €0 | -€387 | -100% |
| Non-recurring operating income | 76A | - | €1,095 | +€1,095 | |
| Remuneration, social security and pensions | 62 | €130,423 | €97,580 | -€32,844 | -25.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,339 | €25,866 | -€6,473 | -20.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €9,825 | +€9,825 | |
| Other operating charges | 640/8 | €1,424 | €4,014 | +€2,590 | +182% |
| Non-recurring operating charges | 66A | €12,316 | €626 | -€11,691 | -94.9% |
| Gross operating margin | 9900 | €237,606 | €402,525 | +€164,920 | +69.4% |
| Operating profit (loss) | 9901 | €61,103 | €264,615 | +€203,513 | +333% |
| Financial income | 75/76B | €497 | €339 | -€158 | -31.9% |
| Recurring financial income | 75 | €497 | €339 | -€158 | -31.9% |
| Financial charges | 65/66B | €7,008 | €4,162 | -€2,846 | -40.6% |
| Recurring financial charges | 65 | €7,008 | €4,162 | -€2,846 | -40.6% |
| Profit (loss) for the period before taxes | 9903 | €54,592 | €260,792 | +€206,200 | +378% |
| Transfer to deferred taxes | 680 | - | €32,500 | +€32,500 | |
| Income taxes | 67/77 | €11,475 | €28,278 | +€16,803 | +146% |
| Profit (loss) for the period | 9904 | €43,117 | €200,015 | +€156,897 | +364% |
| Transfer to tax-exempt reserves | 689 | - | €97,500 | +€97,500 | |
| Profit (loss) for the period to be appropriated | 9905 | €43,117 | €102,515 | +€59,397 | +138% |
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 15 October 2026 via checked.be.