Q.O.D: 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.O.D
Largest movements
- Receivables within one year -€18,937
down €18,937 (-30.2%), from €62,790 to €43,853
of which Trade receivables: -€18,263
- Stocks and contracts +€18,150
up €18,150 (+75.3%), from €24,100 to €42,250
of which Contracts in progress: +€21,450
- Tangible fixed assets -€17,330
down €17,330 (-23.1%), from €74,892 to €57,561
of which Furniture and vehicles: -€14,629
- Deferred charges and accrued income +€4,394
up €4,394 (+103%), from €4,276 to €8,671
- Debts after one year -€26,122
down €26,122 (-49.4%), from €52,932 to €26,810
of which Financial debts: -€17,319
- Other debts +€20,077
up €20,077 (+2,410%), from €833 to €20,910
- Trade debts -€7,253
down €7,253 (-35.9%), from €20,215 to €12,961
- Tax, wage and social debts +€2,357
up €2,357 (+14.1%), from €16,667 to €19,024
of which Remuneration and social security: +€1,826
- Gross operating margin +€12,403
up €12,403 (+16.4%), from €75,747 to €88,150
- Staff costs +€4,367
up €4,367 (+12.8%), from €34,149 to €38,517
- Taxes +€2,074
up €2,074 (+80.6%), from €2,574 to €4,648
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 | €182,248 | €170,057 | -€12,191 | -6.7% |
| Fixed assets | 21/28 | €74,942 | €57,611 | -€17,330 | -23.1% |
| Tangible fixed assets | 22/27 | €74,892 | €57,561 | -€17,330 | -23.1% |
| Plant, machinery and equipment | 23 | €1,383 | €451 | -€932 | -67.4% |
| Furniture and vehicles | 24 | €57,136 | €42,506 | -€14,629 | -25.6% |
| Other tangible fixed assets | 26 | €16,373 | €14,604 | -€1,769 | -10.8% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €107,306 | €112,446 | +€5,140 | +4.8% |
| Stocks and contracts in progress | 3 | €24,100 | €42,250 | +€18,150 | +75.3% |
| Stocks | 30/36 | €4,100 | €800 | -€3,300 | -80.5% |
| Contracts in progress | 37 | €20,000 | €41,450 | +€21,450 | +107% |
| Amounts receivable within one year | 40/41 | €62,790 | €43,853 | -€18,937 | -30.2% |
| Trade receivables | 40 | €61,787 | €43,524 | -€18,263 | -29.6% |
| Other amounts receivable | 41 | €1,003 | €329 | -€674 | -67.2% |
| Cash at bank and in hand | 54/58 | €16,140 | €17,673 | +€1,533 | +9.5% |
| Deferred charges and accrued income | 490/1 | €4,276 | €8,671 | +€4,394 | +103% |
| Total equity and liabilities | 10/49 | €182,248 | €170,057 | -€12,191 | -6.7% |
| Equity | 10/15 | €73,258 | €73,033 | -€225 | -0.3% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €71,258 | €71,033 | -€225 | -0.3% |
| Distributable reserves | 133 | €71,258 | €71,033 | -€225 | -0.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €108,990 | €97,024 | -€11,966 | -11.0% |
| Amounts payable after more than one year | 17 | €52,932 | €26,810 | -€26,122 | -49.4% |
| Financial debts | 170/4 | €41,271 | €23,952 | -€17,319 | -42.0% |
| Other amounts payable | 178/9 | €11,661 | €2,858 | -€8,803 | -75.5% |
| Amounts payable within one year | 42/48 | €54,433 | €70,214 | +€15,781 | +29.0% |
| Current portion of amounts payable after more than one year | 42 | €16,719 | €17,319 | +€600 | +3.6% |
| Trade debts | 44 | €20,215 | €12,961 | -€7,253 | -35.9% |
| Suppliers | 440/4 | €20,215 | €12,961 | -€7,253 | -35.9% |
| Taxes, remuneration and social security | 45 | €16,667 | €19,024 | +€2,357 | +14.1% |
| Taxes | 450/3 | €11,481 | €12,012 | +€531 | +4.6% |
| Remuneration and social security | 454/9 | €5,186 | €7,012 | +€1,826 | +35.2% |
| Other amounts payable | 47/48 | €833 | €20,910 | +€20,077 | +2,410% |
| Accrued charges and deferred income | 492/3 | €1,624 | €0 | -€1,624 | -100% |
| Remuneration, social security and pensions | 62 | €34,149 | €38,517 | +€4,367 | +12.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,388 | €20,955 | +€568 | +2.8% |
| Other operating charges | 640/8 | €596 | €807 | +€211 | +35.5% |
| Gross operating margin | 9900 | €75,747 | €88,150 | +€12,403 | +16.4% |
| Operating profit (loss) | 9901 | €20,613 | €27,871 | +€7,257 | +35.2% |
| Financial income | 75/76B | €21 | €0 | -€21 | -100% |
| Recurring financial income | 75 | €21 | €0 | -€21 | -100% |
| Financial charges | 65/66B | €2,788 | €2,538 | -€250 | -9.0% |
| Recurring financial charges | 65 | €2,788 | €2,538 | -€250 | -9.0% |
| Profit (loss) for the period before taxes | 9903 | €17,847 | €25,333 | +€7,486 | +41.9% |
| Income taxes | 67/77 | €2,574 | €4,648 | +€2,074 | +80.6% |
| Profit (loss) for the period | 9904 | €15,273 | €20,685 | +€5,412 | +35.4% |
| Profit (loss) for the period to be appropriated | 9905 | €15,273 | €20,685 | +€5,412 | +35.4% |
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 25 October 2026 via checked.be.