Q-group: 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-group
Largest movements
- Financial fixed assets -€1.9m
down €1.9m (-9.2%), from €21.0m to €19.1m
of which Affiliated companies: -€2.4m
- Receivables within one year -€978,938
down €978,938 (-73.9%), from €1.3m to €345,831
of which Other amounts receivable: -€817,061
- Other debts -€2.1m
down €2.1m (-48.9%), from €4.3m to €2.2m
- Revaluation surpluses -€1.7m
down €1.7m (-61.8%), from €2.8m to €1.1m
- Reserves +€631,473
up €631,473 (+7.0%), from €9.1m to €9.7m
of which Distributable reserves: +€631,473
- Debts after one year +€565,000
up €565,000 (+52.0%), from €1.1m to €1.7m
- Financial income +€1.0m
up €1.0m (+791.6%), from €130,585 to €1.2m
of which Financial income: +€1.0m
- Turnover -€960,196
down €960,196 (-34.5%), from €2.8m to €1.8m
- Financial charges +€336,005
up €336,005 (+168.4%), from €199,546 to €535,551
of which Non-recurring financial charges: +€384,707
- Taxes -€274,591
down €274,591 (-100.0%), from €274,626 to €35
of which Taxes: -€274,965
- Services and other goods +€158,851
up €158,851 (+9.6%), from €1.7m to €1.8m
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 | €23,217,327 | €20,334,004 | -€2.9m | -12.4% |
| Fixed assets | 21/28 | €21,030,346 | €19,102,336 | -€1.9m | -9.2% |
| Financial fixed assets | 28 | €21,030,346 | €19,102,336 | -€1.9m | -9.2% |
| Affiliated companies | 280/1 | €21,030,346 | €18,602,336 | -€2.4m | -11.5% |
| Participating interests | 280 | €18,150,346 | €16,972,336 | -€1.2m | -6.5% |
| Amounts receivable | 281 | €2,880,000 | €1,630,000 | -€1.3m | -43.4% |
| Companies linked by participating interests | 282/3 | - | €500,000 | +€500,000 | |
| Participating interests | 282 | - | €500,000 | +€500,000 | |
| Current assets | 29/58 | €2,186,981 | €1,231,669 | -€955,312 | -43.7% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €1,324,769 | €345,831 | -€978,938 | -73.9% |
| Trade receivables | 40 | €236,897 | €75,020 | -€161,877 | -68.3% |
| Other amounts receivable | 41 | €1,087,873 | €270,811 | -€817,061 | -75.1% |
| Current investments | 50/53 | €565,000 | €565,000 | = | 0.0% |
| Own shares | 50 | €565,000 | €565,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €292,289 | €312,978 | +€20,689 | +7.1% |
| Deferred charges and accrued income | 490/1 | €4,922 | €7,859 | +€2,937 | +59.7% |
| Total equity and liabilities | 10/49 | €23,217,327 | €20,334,004 | -€2.9m | -12.4% |
| Equity | 10/15 | €16,748,781 | €15,669,227 | -€1.1m | -6.4% |
| Contributions | 10/11 | €4,900,000 | €4,900,000 | = | 0.0% |
| Capital | 10 | €4,900,000 | €4,900,000 | = | 0.0% |
| Issued capital | 100 | €4,900,000 | €4,900,000 | = | 0.0% |
| Revaluation surpluses | 12 | €2,767,372 | €1,056,345 | -€1.7m | -61.8% |
| Reserves | 13 | €9,081,409 | €9,712,882 | +€631,473 | +7.0% |
| Non-distributable reserves | 130/1 | €1,055,000 | €1,055,000 | = | 0.0% |
| Legal reserve | 130 | €490,000 | €490,000 | = | 0.0% |
| Own shares acquired | 1312 | €565,000 | €565,000 | = | 0.0% |
| Distributable reserves | 133 | €8,026,409 | €8,657,882 | +€631,473 | +7.9% |
| Amounts payable | 17/49 | €6,468,545 | €4,664,778 | -€1.8m | -27.9% |
| Amounts payable after more than one year | 17 | €1,087,500 | €1,652,500 | +€565,000 | +52.0% |
| Financial debts | 170/4 | €1,087,500 | €1,652,500 | +€565,000 | +52.0% |
| Credit institutions | 173 | €1,087,500 | €652,500 | -€435,000 | -40.0% |
| Other loans | 174 | - | €1,000,000 | +€1.0m | |
| Amounts payable within one year | 42/48 | €5,381,045 | €3,012,278 | -€2.4m | -44.0% |
| Current portion of amounts payable after more than one year | 42 | €435,000 | €435,000 | = | 0.0% |
| Trade debts | 44 | €451,430 | €394,456 | -€56,974 | -12.6% |
| Suppliers | 440/4 | €451,430 | €394,456 | -€56,974 | -12.6% |
| Taxes, remuneration and social security | 45 | €223,799 | €0 | -€223,799 | -100.0% |
| Taxes | 450/3 | €223,799 | €0 | -€223,799 | -100.0% |
| Other amounts payable | 47/48 | €4,270,817 | €2,182,822 | -€2.1m | -48.9% |
| Operating income | 70/76A | €2,806,619 | €1,824,000 | -€982,619 | -35.0% |
| Turnover | 70 | €2,784,196 | €1,824,000 | -€960,196 | -34.5% |
| Other operating income | 74 | €22,423 | €0 | -€22,423 | -100.0% |
| Operating charges | 60/66A | €1,662,298 | €1,821,192 | +€158,893 | +9.6% |
| Services and other goods | 61 | €1,661,115 | €1,819,966 | +€158,851 | +9.6% |
| Other operating charges | 640/8 | €1,183 | €1,225 | +€42 | +3.6% |
| Operating profit (loss) | 9901 | €1,144,320 | €2,808 | -€1.1m | -99.8% |
| Financial income | 75/76B | €130,585 | €1,164,251 | +€1.0m | +791.6% |
| Recurring financial income | 75 | €130,585 | €1,164,251 | +€1.0m | +791.6% |
| Income from financial fixed assets | 750 | €130,585 | €1,164,251 | +€1.0m | +791.6% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €199,546 | €535,551 | +€336,005 | +168.4% |
| Recurring financial charges | 65 | €192,270 | €143,568 | -€48,702 | -25.3% |
| Debt charges | 650 | €191,360 | €142,206 | -€49,154 | -25.7% |
| Other financial charges | 652/9 | €910 | €1,363 | +€452 | +49.7% |
| Non-recurring financial charges | 66B | €7,276 | €391,983 | +€384,707 | +5287.5% |
| Profit (loss) for the period before taxes | 9903 | €1,075,359 | €631,508 | -€443,851 | -41.3% |
| Income taxes | 67/77 | €274,626 | €35 | -€274,591 | -100.0% |
| Taxes | 670/3 | €275,000 | €35 | -€274,965 | -100.0% |
| Tax adjustments and reversals of tax provisions | 77 | €374 | €0 | -€374 | -100.0% |
| Profit (loss) for the period | 9904 | €800,733 | €631,473 | -€169,260 | -21.1% |
| Profit (loss) for the period to be appropriated | 9905 | €800,733 | €631,473 | -€169,260 | -21.1% |
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 6 October 2026 via checked.be.