Q-HORSE: 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-HORSE
Largest movements
- Tangible fixed assets -€12,778
down €12,778 (-3.6%), from €355,483 to €342,705
- Other debts -€11,615
down €11,615 (-25.1%), from €46,282 to €34,667
- Reserves +€11,121
up €11,121 (+6.7%), from €164,956 to €176,077
of which Distributable reserves: +€11,121
- Debts after one year -€7,970
down €7,970 (-8.3%), from €96,419 to €88,449
- Tax, wage and social debts -€4,323
down €4,323 (-35.9%), from €12,045 to €7,722
- Other operating charges -€8,643
down €8,643 (-73.8%), from €11,716 to €3,073
- Gross operating margin -€3,752
down €3,752 (-9.6%), from €38,977 to €35,224
- Taxes +€1,373
up €1,373 (+46.5%), from €2,956 to €4,329
- Depreciation +€449
up €449 (+3.6%), from €12,329 to €12,778
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 | €363,291 | €350,940 | -€12,351 | -3.4% |
| Fixed assets | 21/28 | €355,483 | €342,705 | -€12,778 | -3.6% |
| Tangible fixed assets | 22/27 | €355,483 | €342,705 | -€12,778 | -3.6% |
| Land and buildings | 22 | €277,165 | €272,261 | -€4,904 | -1.8% |
| Plant, machinery and equipment | 23 | €12,616 | €8,785 | -€3,832 | -30.4% |
| Furniture and vehicles | 24 | €515 | €20 | -€495 | -96.1% |
| Other tangible fixed assets | 26 | €65,186 | €61,639 | -€3,548 | -5.4% |
| Current assets | 29/58 | €7,808 | €8,235 | +€427 | +5.5% |
| Amounts receivable within one year | 40/41 | €6,899 | €6,309 | -€590 | -8.6% |
| Trade receivables | 40 | €5,511 | €5,444 | -€67 | -1.2% |
| Other amounts receivable | 41 | €1,389 | €865 | -€524 | -37.7% |
| Cash at bank and in hand | 54/58 | €909 | €1,926 | +€1,017 | +112% |
| Total equity and liabilities | 10/49 | €363,291 | €350,940 | -€12,351 | -3.4% |
| Equity | 10/15 | €194,956 | €206,077 | +€11,121 | +5.7% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Contributions outside capital | 11 | €30,000 | €30,000 | = | 0.0% |
| Other | 1109/19 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €164,956 | €176,077 | +€11,121 | +6.7% |
| Non-distributable reserves | 130/1 | €3,000 | €3,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,000 | €3,000 | = | 0.0% |
| Distributable reserves | 133 | €161,956 | €173,077 | +€11,121 | +6.9% |
| Amounts payable | 17/49 | €168,335 | €144,863 | -€23,472 | -13.9% |
| Amounts payable after more than one year | 17 | €96,419 | €88,449 | -€7,970 | -8.3% |
| Financial debts | 170/4 | €96,419 | €88,449 | -€7,970 | -8.3% |
| Amounts payable within one year | 42/48 | €71,916 | €56,414 | -€15,502 | -21.6% |
| Current portion of amounts payable after more than one year | 42 | €7,728 | €7,970 | +€242 | +3.1% |
| Trade debts | 44 | €5,861 | €6,055 | +€194 | +3.3% |
| Suppliers | 440/4 | €5,861 | €6,055 | +€194 | +3.3% |
| Taxes, remuneration and social security | 45 | €12,045 | €7,722 | -€4,323 | -35.9% |
| Taxes | 450/3 | €12,045 | €7,722 | -€4,323 | -35.9% |
| Other amounts payable | 47/48 | €46,282 | €34,667 | -€11,615 | -25.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,329 | €12,778 | +€449 | +3.6% |
| Other operating charges | 640/8 | €11,716 | €3,073 | -€8,643 | -73.8% |
| Gross operating margin | 9900 | €38,977 | €35,224 | -€3,752 | -9.6% |
| Operating profit (loss) | 9901 | €14,931 | €19,373 | +€4,442 | +29.7% |
| Financial charges | 65/66B | €3,642 | €3,923 | +€282 | +7.7% |
| Recurring financial charges | 65 | €3,642 | €3,923 | +€282 | +7.7% |
| Profit (loss) for the period before taxes | 9903 | €11,290 | €15,450 | +€4,160 | +36.8% |
| Income taxes | 67/77 | €2,956 | €4,329 | +€1,373 | +46.5% |
| Profit (loss) for the period | 9904 | €8,334 | €11,121 | +€2,787 | +33.4% |
| Profit (loss) for the period to be appropriated | 9905 | €8,334 | €11,121 | +€2,787 | +33.4% |
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 31 October 2026 via checked.be.