Q-ORTH: 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-ORTH
Largest movements
- Financial fixed assets +€198,507
up €198,507 (+24,061%), from €825 to €199,332
- Cash +€57,879
up €57,879 (+142%), from €40,709 to €98,588
mainly Net result for the year (+€193,311) and Debts after one year (+€145,890)
- Current investments -€47,290
down €47,290 (-59.1%), from €80,000 to €32,710
- Receivables after one year +€34,217
new in 2025: €34,217
- Profit (loss) carried forward +€193,311
up €193,311, from €0 to €193,311
- Debts after one year +€145,890
new in 2025: €145,890
- Reserves -€135,000
down €135,000 (-78.6%), from €171,755 to €36,755
- Current portion of long-term debt +€26,695
new in 2025: €26,695
- Tax, wage and social debts +€11,446
up €11,446 (+60.3%), from €18,988 to €30,435
of which Taxes: +€11,446
- Gross operating margin +€47,453
up €47,453 (+21.4%), from €221,498 to €268,950
- Taxes +€16,749
up €16,749 (+32.7%), from €51,299 to €68,048
- Financial charges +€5,006
up €5,006 (+159%), from €3,139 to €8,145
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 | €201,424 | €443,675 | +€242,251 | +120% |
| Fixed assets | 21/28 | €4,017 | €201,068 | +€197,051 | +4,906% |
| Tangible fixed assets | 22/27 | €3,192 | €1,736 | -€1,456 | -45.6% |
| Plant, machinery and equipment | 23 | €2,113 | €1,077 | -€1,036 | -49.0% |
| Furniture and vehicles | 24 | €1,079 | €659 | -€420 | -38.9% |
| Financial fixed assets | 28 | €825 | €199,332 | +€198,507 | +24,061% |
| Current assets | 29/58 | €197,407 | €242,607 | +€45,200 | +22.9% |
| Amounts receivable after more than one year | 29 | - | €34,217 | +€34,217 | |
| Other amounts receivable | 291 | - | €34,217 | +€34,217 | |
| Amounts receivable within one year | 40/41 | €75,737 | €76,067 | +€330 | +0.4% |
| Trade receivables | 40 | €39,794 | €48,753 | +€8,959 | +22.5% |
| Other amounts receivable | 41 | €35,943 | €27,314 | -€8,628 | -24.0% |
| Current investments | 50/53 | €80,000 | €32,710 | -€47,290 | -59.1% |
| Cash at bank and in hand | 54/58 | €40,709 | €98,588 | +€57,879 | +142% |
| Deferred charges and accrued income | 490/1 | €962 | €1,025 | +€63 | +6.6% |
| Total equity and liabilities | 10/49 | €201,424 | €443,675 | +€242,251 | +120% |
| Equity | 10/15 | €174,755 | €233,066 | +€58,311 | +33.4% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €171,755 | €36,755 | -€135,000 | -78.6% |
| Distributable reserves | 133 | €171,755 | €36,755 | -€135,000 | -78.6% |
| Profit (loss) carried forward | 14 | €0 | €193,311 | +€193,311 | |
| Amounts payable | 17/49 | €26,669 | €210,609 | +€183,940 | +690% |
| Amounts payable after more than one year | 17 | - | €145,890 | +€145,890 | |
| Financial debts | 170/4 | - | €145,890 | +€145,890 | |
| Amounts payable within one year | 42/48 | €26,669 | €64,718 | +€38,049 | +143% |
| Current portion of amounts payable after more than one year | 42 | - | €26,695 | +€26,695 | |
| Financial debts | 43 | €7,621 | €7,589 | -€32 | -0.4% |
| Credit institutions | 430/8 | €7,621 | €7,589 | -€32 | -0.4% |
| Trade debts | 44 | €60 | €0 | -€60 | -100% |
| Suppliers | 440/4 | €60 | €0 | -€60 | -100% |
| Taxes, remuneration and social security | 45 | €18,988 | €30,435 | +€11,446 | +60.3% |
| Taxes | 450/3 | €15,738 | €27,185 | +€11,446 | +72.7% |
| Remuneration and social security | 454/9 | €3,250 | €3,250 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,465 | €1,456 | -€9 | -0.6% |
| Other operating charges | 640/8 | €692 | €1,500 | +€808 | +117% |
| Non-recurring operating charges | 66A | €97 | €0 | -€97 | -100% |
| Gross operating margin | 9900 | €221,498 | €268,950 | +€47,453 | +21.4% |
| Operating profit (loss) | 9901 | €219,243 | €265,994 | +€46,751 | +21.3% |
| Financial income | 75/76B | €3,035 | €3,511 | +€476 | +15.7% |
| Recurring financial income | 75 | €3,035 | €3,511 | +€476 | +15.7% |
| Financial charges | 65/66B | €3,139 | €8,145 | +€5,006 | +159% |
| Recurring financial charges | 65 | €3,139 | €8,145 | +€5,006 | +159% |
| Profit (loss) for the period before taxes | 9903 | €219,139 | €261,360 | +€42,221 | +19.3% |
| Income taxes | 67/77 | €51,299 | €68,048 | +€16,749 | +32.7% |
| Profit (loss) for the period | 9904 | €167,840 | €193,311 | +€25,472 | +15.2% |
| Profit (loss) for the period to be appropriated | 9905 | €167,840 | €193,311 | +€25,472 | +15.2% |
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 14 October 2026 via checked.be.