Q R S: 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.
What changed
Q R S
NACE 68.110, Buying and selling of own real estate
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€1.5m
2024 · €3.2m-€1.7m
Equity
€24.6m
2024 · €27.0m-€2.4m
Cash
€3.9m
2024 · €1.3m+€2.6m
Balance sheet total
€31.2m
2024 · €31.2m+€25,640
Largest movements
Assets
- Cash +€2.6m
up €2.6m (+205%), from €1.3m to €3.9m
mainly Other debts (+€2.7m) and Depreciation (+€2.4m)
- Current investments -€2.0m
no longer reported in 2025 (was €2.0m)
- Tangible fixed assets -€535,523
down €535,523 (-2.0%), from €26.2m to €25.7m
of which Land and buildings: -€534,599
Equity and liabilities
- Other debts +€2.7m
new in 2025: €2.7m
- Reserves -€2.4m
down €2.4m (-14.1%), from €17.0m to €14.6m
of which Distributable reserves: -€2.1m
Income statement
- Gross operating margin -€2.2m
down €2.2m (-32.7%), from €6.8m to €4.6m
- Depreciation +€137,459
up €137,459 (+6.2%), from €2.2m to €2.4m
- Taxes -€136,759
down €136,759 (-13.8%), from €989,190 to €852,431
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
€3.2m
Gross operating margin
-€2.2m
Staff costs
-€628
Depreciation
-€137,459
Other operating charges
-€8,622
Financial income
+€5,229
Financial charges
+€68,134
Taxes
+€136,759
Deferred taxes and other
+€475,726
Result 2025
€1.5m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€6.3m
Investment
+€173,908
Financing
-€3.9m
Cash 2024
€1.3m
From operations (derived)
+€6.3m
Net result for the year
+€1.5m
Depreciation
+€2.4m
Receivables within one year
+€43,333
Smaller working-capital items
+€8,527
Provisions
-€108,598
Trade debts
-€47,692
Tax, wage and social debts
-€108,423
Advances received
+€25,966
Other debts
+€2.7m
Investment (derived)
+€173,908
Investment in fixed assets (net)
-€1.8m
Current investments
+€2.0m
Financing
-€3.9m
Contributions, distributions and other
-€3.9m
Cash 2025
€3.9m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €31,158,557 | €31,184,196 | +€25,640 | +0.1% |
| Fixed assets | 21/28 | €26,245,955 | €25,710,432 | -€535,523 | -2.0% |
| Tangible fixed assets | 22/27 | €26,245,955 | €25,710,432 | -€535,523 | -2.0% |
| Land and buildings | 22 | €26,243,880 | €25,709,281 | -€534,599 | -2.0% |
| Furniture and vehicles | 24 | €2,075 | €1,151 | -€924 | -44.5% |
| Current assets | 29/58 | €4,912,602 | €5,473,764 | +€561,162 | +11.4% |
| Amounts receivable within one year | 40/41 | €1,637,331 | €1,593,998 | -€43,333 | -2.6% |
| Trade receivables | 40 | €1,375,480 | €1,371,393 | -€4,087 | -0.3% |
| Other amounts receivable | 41 | €261,852 | €222,606 | -€39,246 | -15.0% |
| Current investments | 50/53 | €2,000,000 | - | -€2.0m | |
| Cash at bank and in hand | 54/58 | €1,272,004 | €3,879,766 | +€2.6m | +205% |
| Deferred charges and accrued income | 490/1 | €3,267 | - | -€3,267 | |
| Total equity and liabilities | 10/49 | €31,158,557 | €31,184,196 | +€25,640 | +0.1% |
| Equity | 10/15 | €27,019,717 | €24,615,568 | -€2.4m | -8.9% |
| Contributions | 10/11 | €10,000,000 | €10,000,000 | = | 0.0% |
| Capital | 10 | €10,000,000 | €10,000,000 | = | 0.0% |
| Issued capital | 100 | €10,000,000 | €10,000,000 | = | 0.0% |
| Reserves | 13 | €17,019,717 | €14,615,568 | -€2.4m | -14.1% |
| Non-distributable reserves | 130/1 | €2,579,257 | €2,579,257 | = | 0.0% |
| Legal reserve | 130 | €2,487,283 | €2,487,283 | = | 0.0% |
| Reserves not available under the articles | 1311 | €91,974 | €91,974 | = | 0.0% |
| Tax-exempt reserves | 132 | €5,223,918 | €4,898,124 | -€325,794 | -6.2% |
| Distributable reserves | 133 | €9,216,541 | €7,138,187 | -€2.1m | -22.6% |
| Provisions and deferred taxes | 16 | €1,741,306 | €1,632,708 | -€108,598 | -6.2% |
| Deferred taxes | 168 | €1,741,306 | €1,632,708 | -€108,598 | -6.2% |
| Amounts payable | 17/49 | €2,397,534 | €4,935,920 | +€2.5m | +106% |
| Amounts payable within one year | 42/48 | €1,074,755 | €3,607,881 | +€2.5m | +236% |
| Financial debts | 43 | €334,000 | €334,000 | = | 0.0% |
| Credit institutions | 430/8 | €334,000 | €334,000 | = | 0.0% |
| Trade debts | 44 | €463,723 | €416,031 | -€47,692 | -10.3% |
| Suppliers | 440/4 | €463,723 | €416,031 | -€47,692 | -10.3% |
| Advances received on contracts in progress | 46 | €94,565 | €120,531 | +€25,966 | +27.5% |
| Taxes, remuneration and social security | 45 | €182,467 | €74,044 | -€108,423 | -59.4% |
| Taxes | 450/3 | €182,467 | €74,044 | -€108,423 | -59.4% |
| Other amounts payable | 47/48 | - | €2,663,275 | +€2.7m | |
| Accrued charges and deferred income | 492/3 | €1,322,779 | €1,328,040 | +€5,260 | +0.4% |
| Non-recurring operating income | 76A | €1,838,455 | €16,822 | -€1.8m | -99.1% |
| Remuneration, social security and pensions | 62 | -€628 | - | +€628 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,224,156 | €2,361,615 | +€137,459 | +6.2% |
| Other operating charges | 640/8 | €34,110 | €42,732 | +€8,622 | +25.3% |
| Gross operating margin | 9900 | €6,834,171 | €4,600,188 | -€2.2m | -32.7% |
| Operating profit (loss) | 9901 | €4,576,533 | €2,195,841 | -€2.4m | -52.0% |
| Financial income | 75/76B | €48,218 | €53,447 | +€5,229 | +10.8% |
| Recurring financial income | 75 | €48,218 | €53,033 | +€4,816 | +10.0% |
| Non-recurring financial income | 76B | - | €413 | +€413 | |
| Financial charges | 65/66B | €85,283 | €17,148 | -€68,134 | -79.9% |
| Recurring financial charges | 65 | €85,283 | €17,148 | -€68,134 | -79.9% |
| Profit (loss) for the period before taxes | 9903 | €4,539,468 | €2,232,140 | -€2.3m | -50.8% |
| Transfer from deferred taxes | 780 | €92,485 | €108,598 | +€16,113 | +17.4% |
| Transfer to deferred taxes | 680 | €459,614 | - | -€459,614 | |
| Income taxes | 67/77 | €989,190 | €852,431 | -€136,759 | -13.8% |
| Profit (loss) for the period | 9904 | €3,183,150 | €1,488,307 | -€1.7m | -53.2% |
| Transfer from tax-exempt reserves | 789 | €277,456 | €325,794 | +€48,338 | +17.4% |
| Transfer to tax-exempt reserves | 689 | €1,378,841 | - | -€1.4m | |
| Profit (loss) for the period to be appropriated | 9905 | €2,081,765 | €1,814,101 | -€267,664 | -12.9% |
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 29 October 2026 via checked.be.