Q-MER: 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-MER
Largest movements
- Tangible fixed assets -€21,151
down €21,151 (-7.9%), from €267,946 to €246,795
of which Land and buildings: -€13,829
- Cash +€10,887
up €10,887 (+131.7%), from €8,268 to €19,155
mainly Depreciation (+€25,703) and Short-term financial debts (+€6,028)
- Debts after one year -€20,043
down €20,043 (-30.9%), from €64,783 to €44,740
of which Financial debts: -€20,043
- Current portion of long-term debt -€6,342
down €6,342 (-19.8%), from €31,953 to €25,611
- Short-term financial debts +€6,028
up €6,028 (+27.9%), from €21,609 to €27,637
- Trade debts +€4,245
up €4,245 (+11.1%), from €38,303 to €42,548
of which Bills of exchange payable: +€2,317
- Gross operating margin +€21,168
up €21,168 (+11.1%), from €190,397 to €211,565
- Other operating charges -€5,182
down €5,182 (-43.2%), from €11,982 to €6,801
- Staff costs -€4,755
down €4,755 (-2.8%), from €172,066 to €167,311
- Financial charges +€3,210
up €3,210 (+39.6%), from €8,103 to €11,313
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €309,872 | €296,513 | -€13,359 | -4.3% |
| Fixed assets | 21/28 | €268,285 | €247,134 | -€21,151 | -7.9% |
| Tangible fixed assets | 22/27 | €267,946 | €246,795 | -€21,151 | -7.9% |
| Land and buildings | 22 | €216,005 | €202,176 | -€13,829 | -6.4% |
| Plant, machinery and equipment | 23 | €50,560 | €43,671 | -€6,889 | -13.6% |
| Furniture and vehicles | 24 | €1,381 | €948 | -€433 | -31.4% |
| Financial fixed assets | 28 | €339 | €339 | = | 0.0% |
| Current assets | 29/58 | €41,588 | €49,379 | +€7,791 | +18.7% |
| Stocks and contracts in progress | 3 | €24,653 | €22,881 | -€1,773 | -7.2% |
| Stocks | 30/36 | €24,653 | €22,881 | -€1,773 | -7.2% |
| Amounts receivable within one year | 40/41 | €7,434 | €6,090 | -€1,344 | -18.1% |
| Trade receivables | 40 | €1,132 | - | -€1,132 | |
| Other amounts receivable | 41 | €6,302 | €6,090 | -€212 | -3.4% |
| Cash at bank and in hand | 54/58 | €8,268 | €19,155 | +€10,887 | +131.7% |
| Deferred charges and accrued income | 490/1 | €1,233 | €1,253 | +€20 | +1.6% |
| Total equity and liabilities | 10/49 | €309,872 | €296,513 | -€13,359 | -4.3% |
| Equity | 10/15 | €110,764 | €111,259 | +€495 | +0.4% |
| Contributions | 10/11 | €62,500 | €62,500 | = | 0.0% |
| Capital | 10 | €62,500 | €62,500 | = | 0.0% |
| Issued capital | 100 | €62,500 | €62,500 | = | 0.0% |
| Reserves | 13 | €16,634 | €16,634 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,250 | €6,250 | = | 0.0% |
| Legal reserve | 130 | €6,250 | €6,250 | = | 0.0% |
| Tax-exempt reserves | 132 | €10,384 | €10,384 | = | 0.0% |
| Profit (loss) carried forward | 14 | €31,631 | €32,125 | +€495 | +1.6% |
| Amounts payable | 17/49 | €199,108 | €185,254 | -€13,854 | -7.0% |
| Amounts payable after more than one year | 17 | €64,783 | €44,740 | -€20,043 | -30.9% |
| Financial debts | 170/4 | €55,060 | €35,017 | -€20,043 | -36.4% |
| Other amounts payable | 178/9 | €9,723 | €9,723 | = | 0.0% |
| Amounts payable within one year | 42/48 | €133,638 | €139,828 | +€6,190 | +4.6% |
| Current portion of amounts payable after more than one year | 42 | €31,953 | €25,611 | -€6,342 | -19.8% |
| Financial debts | 43 | €21,609 | €27,637 | +€6,028 | +27.9% |
| Credit institutions | 430/8 | €21,609 | €27,637 | +€6,028 | +27.9% |
| Trade debts | 44 | €38,303 | €42,548 | +€4,245 | +11.1% |
| Suppliers | 440/4 | €38,303 | €40,231 | +€1,928 | +5.0% |
| Bills of exchange payable | 441 | - | €2,317 | +€2,317 | |
| Taxes, remuneration and social security | 45 | €25,566 | €28,437 | +€2,871 | +11.2% |
| Taxes | 450/3 | €6,852 | €9,223 | +€2,371 | +34.6% |
| Remuneration and social security | 454/9 | €18,714 | €19,214 | +€500 | +2.7% |
| Other amounts payable | 47/48 | €16,208 | €15,596 | -€612 | -3.8% |
| Accrued charges and deferred income | 492/3 | €687 | €686 | -€1 | -0.1% |
| Non-recurring operating income | 76A | €900 | - | -€900 | |
| Remuneration, social security and pensions | 62 | €172,066 | €167,311 | -€4,755 | -2.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,345 | €25,703 | -€642 | -2.4% |
| Other operating charges | 640/8 | €11,982 | €6,801 | -€5,182 | -43.2% |
| Gross operating margin | 9900 | €190,397 | €211,565 | +€21,168 | +11.1% |
| Operating profit (loss) | 9901 | -€19,996 | €11,751 | +€31,747 | |
| Financial income | 75/76B | €1 | €56 | +€56 | +9001.6% |
| Recurring financial income | 75 | €1 | €56 | +€56 | +9001.6% |
| Financial charges | 65/66B | €8,103 | €11,313 | +€3,210 | +39.6% |
| Recurring financial charges | 65 | €8,103 | €11,313 | +€3,210 | +39.6% |
| Profit (loss) for the period before taxes | 9903 | -€28,098 | €495 | +€28,593 | |
| Income taxes | 67/77 | €118 | - | -€118 | |
| Profit (loss) for the period | 9904 | -€28,216 | €495 | +€28,711 | |
| Profit (loss) for the period to be appropriated | 9905 | -€28,216 | €495 | +€28,711 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.