Q-PAINT: 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.
What changed
Q-PAINT
NACE 68.110, Buying and selling of own real estate
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€35,550
2024 · -€51,986+€16,437
Equity
-€154,086
2024 · -€118,537-€35,550
Cash
€117,769
2024 · €83,734+€34,035
Balance sheet total
€3.4m
2024 · €3.5m-€77,334
Largest movements
Assets
- Tangible fixed assets -€129,946
down €129,946 (-3.8%), from €3.4m to €3.3m
of which Land and buildings: -€105,026
Equity and liabilities
- Debts after one year -€57,504
down €57,504 (-1.6%), from €3.5m to €3.5m
of which Financial debts: -€97,707
- Profit (loss) carried forward -€35,550
down €35,550 (-24.6%), from -€144,652 to -€180,202
Income statement
- Gross operating margin +€32,308
up €32,308 (+19.8%), from €163,556 to €195,864
- Depreciation +€12,217
up €12,217 (+10.1%), from €120,929 to €133,146
- Financial income -€2,632
down €2,632 (-100.0%), from €2,632 to €0
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.
Result 2024
-€51,986
Gross operating margin
+€32,308
Depreciation
-€12,217
Other operating charges
-€710
Financial income
-€2,632
Financial charges
-€350
Taxes
+€37
Result 2025
-€35,550
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.
From operations
+€91,261
Investment
-€3,200
Financing
-€54,026
Cash 2024
€83,734
From operations (derived)
+€91,261
Net result for the year
-€35,550
Depreciation
+€133,146
Receivables within one year
-€18,532
Deferred charges and accrued income
-€45
Trade debts
+€15,329
Tax, wage and social debts
-€1,005
Other debts
-€2,083
Investment (derived)
-€3,200
Investment in fixed assets (net)
-€3,200
Financing
-€54,026
Debts after one year
-€57,504
Current portion of long-term debt
+€3,478
Cash 2025
€117,769
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,509,711 | €3,432,377 | -€77,334 | -2.2% |
| Fixed assets | 21/28 | €3,395,422 | €3,265,476 | -€129,946 | -3.8% |
| Tangible fixed assets | 22/27 | €3,385,388 | €3,255,442 | -€129,946 | -3.8% |
| Land and buildings | 22 | €3,282,408 | €3,177,383 | -€105,026 | -3.2% |
| Plant, machinery and equipment | 23 | €3,231 | €5,428 | +€2,197 | +68.0% |
| Furniture and vehicles | 24 | €99,749 | €72,632 | -€27,117 | -27.2% |
| Financial fixed assets | 28 | €10,034 | €10,034 | = | 0.0% |
| Current assets | 29/58 | €114,289 | €166,901 | +€52,612 | +46.0% |
| Stocks and contracts in progress | 3 | €7,000 | €7,000 | = | 0.0% |
| Stocks | 30/36 | €7,000 | €7,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €16,026 | €34,558 | +€18,532 | +115.6% |
| Trade receivables | 40 | €15,859 | €34,192 | +€18,333 | +115.6% |
| Other amounts receivable | 41 | €167 | €366 | +€199 | +119.3% |
| Cash at bank and in hand | 54/58 | €83,734 | €117,769 | +€34,035 | +40.6% |
| Deferred charges and accrued income | 490/1 | €7,529 | €7,574 | +€45 | +0.6% |
| Total equity and liabilities | 10/49 | €3,509,711 | €3,432,377 | -€77,334 | -2.2% |
| Equity | 10/15 | -€118,537 | -€154,086 | -€35,550 | -30.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €7,515 | €7,515 | = | 0.0% |
| Distributable reserves | 133 | €7,515 | €7,515 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€144,652 | -€180,202 | -€35,550 | -24.6% |
| Amounts payable | 17/49 | €3,628,248 | €3,586,463 | -€41,784 | -1.2% |
| Amounts payable after more than one year | 17 | €3,515,384 | €3,457,880 | -€57,504 | -1.6% |
| Financial debts | 170/4 | €1,644,823 | €1,547,116 | -€97,707 | -5.9% |
| Other amounts payable | 178/9 | €1,870,561 | €1,910,764 | +€40,203 | +2.1% |
| Amounts payable within one year | 42/48 | €112,864 | €128,583 | +€15,719 | +13.9% |
| Current portion of amounts payable after more than one year | 42 | €94,229 | €97,707 | +€3,478 | +3.7% |
| Trade debts | 44 | €1,079 | €16,408 | +€15,329 | +1421.3% |
| Suppliers | 440/4 | €1,079 | €16,408 | +€15,329 | +1421.3% |
| Taxes, remuneration and social security | 45 | €13,782 | €12,777 | -€1,005 | -7.3% |
| Taxes | 450/3 | €13,782 | €12,777 | -€1,005 | -7.3% |
| Other amounts payable | 47/48 | €3,774 | €1,691 | -€2,083 | -55.2% |
| Non-recurring operating income | 76A | €129 | €0 | -€129 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €120,929 | €133,146 | +€12,217 | +10.1% |
| Other operating charges | 640/8 | €1,250 | €1,960 | +€710 | +56.8% |
| Gross operating margin | 9900 | €163,556 | €195,864 | +€32,308 | +19.8% |
| Operating profit (loss) | 9901 | €41,376 | €60,758 | +€19,382 | +46.8% |
| Financial income | 75/76B | €2,632 | €0 | -€2,632 | -100.0% |
| Recurring financial income | 75 | €2,632 | €0 | -€2,632 | -100.0% |
| Financial charges | 65/66B | €95,567 | €95,917 | +€350 | +0.4% |
| Recurring financial charges | 65 | €95,567 | €95,917 | +€350 | +0.4% |
| Profit (loss) for the period before taxes | 9903 | -€51,558 | -€35,159 | +€16,399 | +31.8% |
| Income taxes | 67/77 | €428 | €391 | -€37 | -8.7% |
| Profit (loss) for the period | 9904 | -€51,986 | -€35,550 | +€16,437 | +31.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€51,986 | -€35,550 | +€16,437 | +31.6% |
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 8 October 2026 via checked.be.