Q-Finance: 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-Finance
Largest movements
- Cash +€137,939
up €137,939 (+22.8%), from €605,338 to €743,276
mainly Net result for the year (+€133,033) and Depreciation (+€42,311)
- Tangible fixed assets -€17,720
down €17,720 (-4.6%), from €383,210 to €365,490
of which Furniture and vehicles: -€16,324
- Receivables within one year +€12,101
up €12,101 (+46.3%), from €26,138 to €38,240
of which Trade receivables: +€33,204
- Reserves +€133,033
up €133,033 (+15.3%), from €869,118 to €1.0m
of which Distributable reserves: +€147,768
- Gross operating margin +€25,278
up €25,278 (+13.0%), from €193,768 to €219,046
- Taxes +€7,556
up €7,556 (+18.8%), from €40,149 to €47,705
- Financial income -€5,010
down €5,010 (-28.2%), from €17,768 to €12,757
- Financial charges -€2,848
down €2,848 (-29.8%), from €9,564 to €6,716
- Depreciation +€2,258
up €2,258 (+5.6%), from €40,053 to €42,311
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 | €1,021,240 | €1,149,149 | +€127,908 | +12.5% |
| Fixed assets | 21/28 | €383,210 | €365,490 | -€17,720 | -4.6% |
| Tangible fixed assets | 22/27 | €383,210 | €365,490 | -€17,720 | -4.6% |
| Land and buildings | 22 | €231,495 | €231,495 | = | 0.0% |
| Plant, machinery and equipment | 23 | €25,868 | €23,289 | -€2,578 | -10.0% |
| Furniture and vehicles | 24 | €125,848 | €109,524 | -€16,324 | -13.0% |
| Assets under construction and advance payments | 27 | - | €1,182 | +€1,182 | |
| Current assets | 29/58 | €638,030 | €783,658 | +€145,628 | +22.8% |
| Amounts receivable within one year | 40/41 | €26,138 | €38,240 | +€12,101 | +46.3% |
| Trade receivables | 40 | €469 | €33,673 | +€33,204 | +7084.2% |
| Other amounts receivable | 41 | €25,670 | €4,567 | -€21,103 | -82.2% |
| Cash at bank and in hand | 54/58 | €605,338 | €743,276 | +€137,939 | +22.8% |
| Deferred charges and accrued income | 490/1 | €6,554 | €2,142 | -€4,412 | -67.3% |
| Total equity and liabilities | 10/49 | €1,021,240 | €1,149,149 | +€127,908 | +12.5% |
| Equity | 10/15 | €887,718 | €1,020,751 | +€133,033 | +15.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €869,118 | €1,002,151 | +€133,033 | +15.3% |
| Tax-exempt reserves | 132 | €199,975 | €185,240 | -€14,735 | -7.4% |
| Distributable reserves | 133 | €669,143 | €816,911 | +€147,768 | +22.1% |
| Amounts payable | 17/49 | €133,522 | €128,397 | -€5,125 | -3.8% |
| Amounts payable within one year | 42/48 | €122,169 | €121,843 | -€326 | -0.3% |
| Trade debts | 44 | €13,080 | €16,803 | +€3,724 | +28.5% |
| Suppliers | 440/4 | €13,080 | €16,803 | +€3,724 | +28.5% |
| Taxes, remuneration and social security | 45 | €12,059 | €16,928 | +€4,869 | +40.4% |
| Taxes | 450/3 | €7,484 | €12,353 | +€4,869 | +65.1% |
| Remuneration and social security | 454/9 | €4,575 | €4,575 | = | 0.0% |
| Other amounts payable | 47/48 | €97,031 | €88,112 | -€8,919 | -9.2% |
| Accrued charges and deferred income | 492/3 | €11,353 | €6,554 | -€4,799 | -42.3% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,053 | €42,311 | +€2,258 | +5.6% |
| Other operating charges | 640/8 | €341 | €2,038 | +€1,697 | +497.2% |
| Non-recurring operating charges | 66A | €3,234 | €0 | -€3,234 | -100.0% |
| Gross operating margin | 9900 | €193,768 | €219,046 | +€25,278 | +13.0% |
| Operating profit (loss) | 9901 | €150,139 | €174,697 | +€24,557 | +16.4% |
| Financial income | 75/76B | €17,768 | €12,757 | -€5,010 | -28.2% |
| Recurring financial income | 75 | €17,768 | €12,757 | -€5,010 | -28.2% |
| Financial charges | 65/66B | €9,564 | €6,716 | -€2,848 | -29.8% |
| Recurring financial charges | 65 | €9,564 | €6,716 | -€2,848 | -29.8% |
| Profit (loss) for the period before taxes | 9903 | €158,343 | €180,738 | +€22,395 | +14.1% |
| Income taxes | 67/77 | €40,149 | €47,705 | +€7,556 | +18.8% |
| Profit (loss) for the period | 9904 | €118,194 | €133,033 | +€14,839 | +12.6% |
| Transfer from tax-exempt reserves | 789 | - | €84,200 | +€84,200 | |
| Transfer to tax-exempt reserves | 689 | €63,150 | €69,465 | +€6,315 | +10.0% |
| Profit (loss) for the period to be appropriated | 9905 | €55,044 | €147,768 | +€92,724 | +168.5% |
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.