Q-FIN+: 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.
Q-FIN+
Largest movements
- Receivables within one year -€236,802
down €236,802 (-27.5%), from €860,320 to €623,518
of which Other amounts receivable: -€127,873
- Intangible fixed assets -€63,398
down €63,398 (-15.7%), from €404,793 to €341,395
- Other debts -€152,000
down €152,000 (-98.8%), from €153,832 to €1,832
- Debts after one year -€149,240
down €149,240 (-21.8%), from €683,432 to €534,192
- Accrued charges and deferred income -€40,888
down €40,888 (-63.1%), from €64,849 to €23,961
- Trade debts +€24,656
up €24,656 (+95.9%), from €25,720 to €50,376
- Current portion of long-term debt +€15,809
up €15,809 (+11.6%), from €136,085 to €151,894
- Gross operating margin -€223,524
down €223,524 (-72.3%), from €309,215 to €85,691
- Staff costs -€61,694
down €61,694 (-97.4%), from €63,371 to €1,677
- Financial charges -€21,259
down €21,259 (-49.6%), from €42,830 to €21,571
- Financial income -€4,428
down €4,428 (-31.6%), from €14,012 to €9,584
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 | €1,276,478 | €983,417 | -€293,061 | -23.0% |
| Fixed assets | 21/28 | €409,540 | €346,161 | -€63,379 | -15.5% |
| Intangible fixed assets | 21 | €404,793 | €341,395 | -€63,398 | -15.7% |
| Tangible fixed assets | 22/27 | €4,746 | €4,766 | +€20 | +0.4% |
| Furniture and vehicles | 24 | €4,746 | €2,332 | -€2,415 | -50.9% |
| Other tangible fixed assets | 26 | - | €2,434 | +€2,434 | |
| Current assets | 29/58 | €866,938 | €637,256 | -€229,683 | -26.5% |
| Amounts receivable within one year | 40/41 | €860,320 | €623,518 | -€236,802 | -27.5% |
| Trade receivables | 40 | €537,951 | €429,021 | -€108,929 | -20.2% |
| Other amounts receivable | 41 | €322,370 | €194,497 | -€127,873 | -39.7% |
| Cash at bank and in hand | 54/58 | €4,027 | €10,027 | +€6,000 | +149.0% |
| Deferred charges and accrued income | 490/1 | €2,591 | €3,710 | +€1,119 | +43.2% |
| Total equity and liabilities | 10/49 | €1,276,478 | €983,417 | -€293,061 | -23.0% |
| Equity | 10/15 | €179,043 | €179,326 | +€283 | +0.2% |
| Contributions | 10/11 | €162,000 | €162,000 | = | 0.0% |
| Capital | 10 | €162,000 | €162,000 | = | 0.0% |
| Issued capital | 100 | €162,000 | €162,000 | = | 0.0% |
| Reserves | 13 | €17,043 | €17,326 | +€283 | +1.7% |
| Non-distributable reserves | 130/1 | €16,200 | €16,200 | = | 0.0% |
| Legal reserve | 130 | €16,200 | €16,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €215 | €215 | = | 0.0% |
| Distributable reserves | 133 | €628 | €910 | +€283 | +45.0% |
| Amounts payable | 17/49 | €1,097,435 | €804,091 | -€293,344 | -26.7% |
| Amounts payable after more than one year | 17 | €683,432 | €534,192 | -€149,240 | -21.8% |
| Financial debts | 170/4 | €683,432 | €534,192 | -€149,240 | -21.8% |
| Amounts payable within one year | 42/48 | €349,154 | €245,938 | -€103,216 | -29.6% |
| Current portion of amounts payable after more than one year | 42 | €136,085 | €151,894 | +€15,809 | +11.6% |
| Financial debts | 43 | €432 | €144 | -€288 | -66.7% |
| Credit institutions | 430/8 | €432 | €144 | -€288 | -66.7% |
| Trade debts | 44 | €25,720 | €50,376 | +€24,656 | +95.9% |
| Suppliers | 440/4 | €25,720 | €50,376 | +€24,656 | +95.9% |
| Advances received on contracts in progress | 46 | €22,193 | €34,662 | +€12,469 | +56.2% |
| Taxes, remuneration and social security | 45 | €10,893 | €7,030 | -€3,863 | -35.5% |
| Taxes | 450/3 | €9,667 | €7,030 | -€2,637 | -27.3% |
| Remuneration and social security | 454/9 | €1,226 | - | -€1,226 | |
| Other amounts payable | 47/48 | €153,832 | €1,832 | -€152,000 | -98.8% |
| Accrued charges and deferred income | 492/3 | €64,849 | €23,961 | -€40,888 | -63.1% |
| Non-recurring operating income | 76A | €148,598 | €3,106 | -€145,492 | -97.9% |
| Remuneration, social security and pensions | 62 | €63,371 | €1,677 | -€61,694 | -97.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,548 | €65,945 | +€397 | +0.6% |
| Other operating charges | 640/8 | €1,436 | €2,357 | +€921 | +64.2% |
| Non-recurring operating charges | 66A | €13,089 | €171 | -€12,918 | -98.7% |
| Gross operating margin | 9900 | €309,215 | €85,691 | -€223,524 | -72.3% |
| Operating profit (loss) | 9901 | €165,771 | €15,542 | -€150,230 | -90.6% |
| Financial income | 75/76B | €14,012 | €9,584 | -€4,428 | -31.6% |
| Recurring financial income | 75 | €14,012 | €9,584 | -€4,428 | -31.6% |
| Financial charges | 65/66B | €42,830 | €21,571 | -€21,259 | -49.6% |
| Recurring financial charges | 65 | €42,830 | €21,571 | -€21,259 | -49.6% |
| Profit (loss) for the period before taxes | 9903 | €136,953 | €3,555 | -€133,398 | -97.4% |
| Income taxes | 67/77 | €3,448 | €3,272 | -€176 | -5.1% |
| Profit (loss) for the period | 9904 | €133,505 | €283 | -€133,222 | -99.8% |
| Profit (loss) for the period to be appropriated | 9905 | €133,505 | €283 | -€133,222 | -99.8% |
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 7 October 2026 via checked.be.