Q Z: 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 Z
Largest movements
- Receivables after one year +€110,000
new in 2025: €110,000
- Cash -€66,483
down €66,483 (-42.2%), from €157,446 to €90,963
mainly Receivables after one year (-€110,000) and Trade debts (-€66,372)
- Financial fixed assets -€40,000
down €40,000 (-58.3%), from €68,659 to €28,659
- Trade debts -€66,372
down €66,372 (-11.7%), from €566,631 to €500,259
- Reserves +€63,445
up €63,445 (+16.8%), from €376,782 to €440,227
of which Distributable reserves: +€63,445
- Tax, wage and social debts +€32,488
up €32,488 (+29.6%), from €109,895 to €142,382
of which Remuneration and social security: +€26,641
- Other debts -€14,686
down €14,686 (-30.7%), from €47,801 to €33,115
- Debts after one year -€13,542
down €13,542 (-28.8%), from €47,066 to €33,525
- Gross operating margin +€17,962
up €17,962 (+1.7%), from €1.1m to €1.1m
- Provisions +€12,500
no longer reported in 2025 (was -€12,500)
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 | €1,199,019 | €1,199,501 | +€483 | 0.0% |
| Fixed assets | 21/28 | €137,240 | €93,022 | -€44,218 | -32.2% |
| Tangible fixed assets | 22/27 | €68,582 | €64,363 | -€4,218 | -6.2% |
| Furniture and vehicles | 24 | €68,582 | €64,363 | -€4,218 | -6.2% |
| Financial fixed assets | 28 | €68,659 | €28,659 | -€40,000 | -58.3% |
| Current assets | 29/58 | €1,061,779 | €1,106,480 | +€44,701 | +4.2% |
| Amounts receivable after more than one year | 29 | - | €110,000 | +€110,000 | |
| Other amounts receivable | 291 | - | €110,000 | +€110,000 | |
| Amounts receivable within one year | 40/41 | €775,075 | €779,553 | +€4,479 | +0.6% |
| Trade receivables | 40 | €723,976 | €666,072 | -€57,905 | -8.0% |
| Other amounts receivable | 41 | €51,099 | €113,482 | +€62,383 | +122% |
| Current investments | 50/53 | €73,000 | €73,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €157,446 | €90,963 | -€66,483 | -42.2% |
| Deferred charges and accrued income | 490/1 | €56,258 | €52,964 | -€3,294 | -5.9% |
| Total equity and liabilities | 10/49 | €1,199,019 | €1,199,501 | +€483 | 0.0% |
| Equity | 10/15 | €382,982 | €446,427 | +€63,445 | +16.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €376,782 | €440,227 | +€63,445 | +16.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €374,922 | €438,367 | +€63,445 | +16.9% |
| Amounts payable | 17/49 | €816,036 | €753,075 | -€62,962 | -7.7% |
| Amounts payable after more than one year | 17 | €47,066 | €33,525 | -€13,542 | -28.8% |
| Financial debts | 170/4 | €47,066 | €33,525 | -€13,542 | -28.8% |
| Amounts payable within one year | 42/48 | €764,055 | €716,231 | -€47,824 | -6.3% |
| Current portion of amounts payable after more than one year | 42 | €12,657 | €13,542 | +€885 | +7.0% |
| Financial debts | 43 | €27,072 | €26,933 | -€138 | -0.5% |
| Credit institutions | 430/8 | €27,072 | €26,933 | -€138 | -0.5% |
| Trade debts | 44 | €566,631 | €500,259 | -€66,372 | -11.7% |
| Suppliers | 440/4 | €566,631 | €500,259 | -€66,372 | -11.7% |
| Taxes, remuneration and social security | 45 | €109,895 | €142,382 | +€32,488 | +29.6% |
| Taxes | 450/3 | €21,268 | €27,115 | +€5,847 | +27.5% |
| Remuneration and social security | 454/9 | €88,627 | €115,268 | +€26,641 | +30.1% |
| Other amounts payable | 47/48 | €47,801 | €33,115 | -€14,686 | -30.7% |
| Accrued charges and deferred income | 492/3 | €4,915 | €3,319 | -€1,596 | -32.5% |
| Remuneration, social security and pensions | 62 | €901,977 | €905,728 | +€3,752 | +0.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,241 | €36,766 | -€2,475 | -6.3% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€12,500 | - | +€12,500 | |
| Other operating charges | 640/8 | €20,136 | €16,454 | -€3,683 | -18.3% |
| Gross operating margin | 9900 | €1,055,814 | €1,073,777 | +€17,962 | +1.7% |
| Operating profit (loss) | 9901 | €106,960 | €114,829 | +€7,869 | +7.4% |
| Financial income | 75/76B | €87 | €2,223 | +€2,137 | +2,467% |
| Recurring financial income | 75 | €87 | €2,223 | +€2,137 | +2,467% |
| Financial charges | 65/66B | €14,910 | €13,165 | -€1,744 | -11.7% |
| Recurring financial charges | 65 | €14,910 | €13,165 | -€1,744 | -11.7% |
| Profit (loss) for the period before taxes | 9903 | €92,137 | €103,887 | +€11,750 | +12.8% |
| Income taxes | 67/77 | €38,604 | €40,443 | +€1,839 | +4.8% |
| Profit (loss) for the period | 9904 | €53,533 | €63,445 | +€9,911 | +18.5% |
| Profit (loss) for the period to be appropriated | 9905 | €53,533 | €63,445 | +€9,911 | +18.5% |
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 21 October 2026 via checked.be.