Q&CIE: 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&CIE
Largest movements
- Tangible fixed assets +€508,244
up €508,244 (+57.0%), from €891,351 to €1.4m
of which Land and buildings: +€509,201
- Receivables within one year +€19,364
up €19,364 (+37.4%), from €51,766 to €71,130
of which Trade receivables: +€19,314
- Debts after one year +€475,799
up €475,799 (+59.2%), from €804,224 to €1.3m
- Other debts -€63,524
down €63,524 (-46.4%), from €136,837 to €73,313
- Investment grants +€47,489
new in 2025: €47,489
- Profit (loss) carried forward +€33,192
up €33,192 (+3.7%), from -€905,463 to -€872,271
- Current portion of long-term debt +€17,767
up €17,767 (+29.6%), from €59,947 to €77,714
- Staff costs +€14,750
new in 2025: €14,750
- Financial income +€9,720
up €9,720, from €0 to €9,720
- Depreciation +€6,162
up €6,162 (+9.7%), from €63,334 to €69,497
- Financial charges +€2,807
up €2,807 (+11.5%), from €24,458 to €27,266
- Other operating charges +€1,527
up €1,527 (+42.6%), from €3,579 to €5,106
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 | €990,358 | €1,518,779 | +€528,421 | +53.4% |
| Formation expenses | 20 | €3,158 | €2,189 | -€969 | -30.7% |
| Fixed assets | 21/28 | €914,370 | €1,425,898 | +€511,527 | +55.9% |
| Intangible fixed assets | 21 | €23,019 | €26,302 | +€3,283 | +14.3% |
| Tangible fixed assets | 22/27 | €891,351 | €1,399,595 | +€508,244 | +57.0% |
| Land and buildings | 22 | €795,958 | €1,305,158 | +€509,201 | +64.0% |
| Furniture and vehicles | 24 | €95,393 | €94,437 | -€957 | -1.0% |
| Current assets | 29/58 | €72,830 | €90,692 | +€17,863 | +24.5% |
| Stocks and contracts in progress | 3 | €0 | €3,685 | +€3,685 | |
| Stocks | 30/36 | €0 | €3,685 | +€3,685 | |
| Amounts receivable within one year | 40/41 | €51,766 | €71,130 | +€19,364 | +37.4% |
| Trade receivables | 40 | €51,766 | €71,080 | +€19,314 | +37.3% |
| Other amounts receivable | 41 | €0 | €50 | +€50 | |
| Cash at bank and in hand | 54/58 | €15,729 | €6,938 | -€8,791 | -55.9% |
| Deferred charges and accrued income | 490/1 | €5,335 | €8,939 | +€3,604 | +67.6% |
| Total equity and liabilities | 10/49 | €990,358 | €1,518,779 | +€528,421 | +53.4% |
| Equity | 10/15 | -€32,963 | €47,718 | +€80,681 | |
| Contributions | 10/11 | €872,500 | €872,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€905,463 | -€872,271 | +€33,192 | +3.7% |
| Investment grants | 15 | - | €47,489 | +€47,489 | |
| Amounts payable | 17/49 | €1,023,321 | €1,471,061 | +€447,740 | +43.8% |
| Amounts payable after more than one year | 17 | €804,224 | €1,280,023 | +€475,799 | +59.2% |
| Financial debts | 170/4 | €804,224 | €1,280,023 | +€475,799 | +59.2% |
| Amounts payable within one year | 42/48 | €217,021 | €191,038 | -€25,983 | -12.0% |
| Current portion of amounts payable after more than one year | 42 | €59,947 | €77,714 | +€17,767 | +29.6% |
| Trade debts | 44 | €18,509 | €27,655 | +€9,146 | +49.4% |
| Suppliers | 440/4 | €18,509 | €27,655 | +€9,146 | +49.4% |
| Taxes, remuneration and social security | 45 | €1,727 | €12,356 | +€10,629 | +616% |
| Taxes | 450/3 | €1,727 | €8,987 | +€7,260 | +420% |
| Remuneration and social security | 454/9 | - | €3,369 | +€3,369 | |
| Other amounts payable | 47/48 | €136,837 | €73,313 | -€63,524 | -46.4% |
| Accrued charges and deferred income | 492/3 | €2,077 | €0 | -€2,077 | -100% |
| Remuneration, social security and pensions | 62 | - | €14,750 | +€14,750 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €63,334 | €69,497 | +€6,162 | +9.7% |
| Other operating charges | 640/8 | €3,579 | €5,106 | +€1,527 | +42.6% |
| Gross operating margin | 9900 | €139,369 | €140,091 | +€722 | +0.5% |
| Operating profit (loss) | 9901 | €72,455 | €50,738 | -€21,717 | -30.0% |
| Financial income | 75/76B | €0 | €9,720 | +€9,720 | |
| Recurring financial income | 75 | €0 | €9,720 | +€9,720 | |
| Financial charges | 65/66B | €24,458 | €27,266 | +€2,807 | +11.5% |
| Recurring financial charges | 65 | €24,458 | €27,266 | +€2,807 | +11.5% |
| Profit (loss) for the period before taxes | 9903 | €47,996 | €33,192 | -€14,804 | -30.8% |
| Profit (loss) for the period | 9904 | €47,996 | €33,192 | -€14,804 | -30.8% |
| Profit (loss) for the period to be appropriated | 9905 | €47,996 | €33,192 | -€14,804 | -30.8% |
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 25 October 2026 via checked.be.