Q.M: 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.M
Largest movements
- Tangible fixed assets -€4,018
down €4,018 (-14.0%), from €28,761 to €24,743
of which Other tangible fixed assets: -€2,941
- Receivables within one year +€1,330
up €1,330 (+31.4%), from €4,234 to €5,564
of which Trade receivables: +€1,404
- Profit (loss) carried forward -€5,786
down €5,786 (-11.3%), from -€51,058 to -€56,844
- Debts after one year -€3,604
down €3,604 (-20.0%), from €17,983 to €14,379
- Trade debts +€2,829
up €2,829 (+21761.5%), from €13 to €2,842
- Other debts +€2,500
up €2,500 (+5.1%), from €48,693 to €51,193
- Current portion of long-term debt +€1,273
up €1,273 (+36.2%), from €3,512 to €4,785
- Gross operating margin -€2,201
down €2,201 (-92.8%), from €2,371 to €170
- Depreciation -€1,009
down €1,009 (-20.1%), from €5,027 to €4,018
- Other operating charges -€452
down €452 (-22.7%), from €1,993 to €1,541
- Financial charges -€263
down €263 (-39.8%), from €660 to €397
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 | €34,996 | €32,207 | -€2,789 | -8.0% |
| Fixed assets | 21/28 | €29,361 | €25,343 | -€4,018 | -13.7% |
| Tangible fixed assets | 22/27 | €28,761 | €24,743 | -€4,018 | -14.0% |
| Land and buildings | 22 | €9,900 | €9,900 | = | 0.0% |
| Furniture and vehicles | 24 | €1,077 | - | -€1,077 | |
| Other tangible fixed assets | 26 | €17,784 | €14,843 | -€2,941 | -16.5% |
| Financial fixed assets | 28 | €600 | €600 | = | 0.0% |
| Current assets | 29/58 | €5,635 | €6,864 | +€1,229 | +21.8% |
| Amounts receivable within one year | 40/41 | €4,234 | €5,564 | +€1,330 | +31.4% |
| Trade receivables | 40 | €3,850 | €5,254 | +€1,404 | +36.5% |
| Other amounts receivable | 41 | €384 | €310 | -€74 | -19.3% |
| Cash at bank and in hand | 54/58 | €1,120 | €1,020 | -€100 | -8.9% |
| Deferred charges and accrued income | 490/1 | €281 | €280 | -€1 | -0.4% |
| Total equity and liabilities | 10/49 | €34,996 | €32,207 | -€2,789 | -8.0% |
| Equity | 10/15 | -€38,658 | -€44,444 | -€5,786 | -15.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Capital | 10 | €12,400 | €12,400 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Uncalled capital | 101 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€51,058 | -€56,844 | -€5,786 | -11.3% |
| Amounts payable | 17/49 | €73,654 | €76,651 | +€2,997 | +4.1% |
| Amounts payable after more than one year | 17 | €17,983 | €14,379 | -€3,604 | -20.0% |
| Financial debts | 170/4 | €17,983 | €14,379 | -€3,604 | -20.0% |
| Amounts payable within one year | 42/48 | €55,671 | €62,272 | +€6,601 | +11.9% |
| Current portion of amounts payable after more than one year | 42 | €3,512 | €4,785 | +€1,273 | +36.2% |
| Trade debts | 44 | €13 | €2,842 | +€2,829 | +21761.5% |
| Suppliers | 440/4 | €13 | €2,842 | +€2,829 | +21761.5% |
| Advances received on contracts in progress | 46 | €2,640 | €2,640 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €813 | €812 | -€1 | -0.1% |
| Taxes | 450/3 | €813 | €812 | -€1 | -0.1% |
| Other amounts payable | 47/48 | €48,693 | €51,193 | +€2,500 | +5.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,027 | €4,018 | -€1,009 | -20.1% |
| Other operating charges | 640/8 | €1,993 | €1,541 | -€452 | -22.7% |
| Gross operating margin | 9900 | €2,371 | €170 | -€2,201 | -92.8% |
| Operating profit (loss) | 9901 | -€4,649 | -€5,389 | -€740 | -15.9% |
| Financial charges | 65/66B | €660 | €397 | -€263 | -39.8% |
| Recurring financial charges | 65 | €660 | €397 | -€263 | -39.8% |
| Profit (loss) for the period before taxes | 9903 | -€5,309 | -€5,786 | -€477 | -9.0% |
| Profit (loss) for the period | 9904 | -€5,309 | -€5,786 | -€477 | -9.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€5,309 | -€5,786 | -€477 | -9.0% |
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 3 October 2026 via checked.be.