Q2C: 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.
Q2C
Largest movements
- Receivables within one year +€654,932
up €654,932 (+21.3%), from €3.1m to €3.7m
of which Other amounts receivable: +€599,458
- Cash +€116,240
up €116,240 (+80.3%), from €144,838 to €261,078
mainly Net result for the year (+€555,477) and Other debts (+€283,261)
- Reserves +€555,477
up €555,477 (+88.4%), from €628,243 to €1.2m
of which Distributable reserves: +€555,477
- Other debts +€283,261
up €283,261 (+14.8%), from €1.9m to €2.2m
- Tax, wage and social debts -€57,737
down €57,737 (-10.6%), from €544,032 to €486,295
of which Taxes: -€35,702
- Gross operating margin +€363,867
up €363,867 (+14.0%), from €2.6m to €3.0m
- Taxes +€108,791
up €108,791 (+95.3%), from €114,154 to €222,944
- Staff costs -€69,221
down €69,221 (-3.2%), from €2.2m to €2.1m
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,308,432 | €4,045,341 | +€736,909 | +22.3% |
| Fixed assets | 21/28 | €87,265 | €53,003 | -€34,262 | -39.3% |
| Tangible fixed assets | 22/27 | €64,115 | €29,853 | -€34,262 | -53.4% |
| Plant, machinery and equipment | 23 | €57,277 | €18,191 | -€39,087 | -68.2% |
| Other tangible fixed assets | 26 | €6,838 | €11,662 | +€4,824 | +70.5% |
| Financial fixed assets | 28 | €23,150 | €23,150 | = | 0.0% |
| Current assets | 29/58 | €3,221,167 | €3,992,338 | +€771,171 | +23.9% |
| Amounts receivable within one year | 40/41 | €3,076,329 | €3,731,261 | +€654,932 | +21.3% |
| Trade receivables | 40 | €383,127 | €438,601 | +€55,474 | +14.5% |
| Other amounts receivable | 41 | €2,693,203 | €3,292,660 | +€599,458 | +22.3% |
| Cash at bank and in hand | 54/58 | €144,838 | €261,078 | +€116,240 | +80.3% |
| Total equity and liabilities | 10/49 | €3,308,432 | €4,045,341 | +€736,909 | +22.3% |
| Equity | 10/15 | €690,216 | €1,245,694 | +€555,477 | +80.5% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €628,243 | €1,183,720 | +€555,477 | +88.4% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Distributable reserves | 133 | €622,046 | €1,177,523 | +€555,477 | +89.3% |
| Amounts payable | 17/49 | €2,618,216 | €2,799,647 | +€181,431 | +6.9% |
| Amounts payable within one year | 42/48 | €2,479,013 | €2,699,909 | +€220,896 | +8.9% |
| Trade debts | 44 | €27,163 | €22,535 | -€4,628 | -17.0% |
| Suppliers | 440/4 | €27,163 | €22,535 | -€4,628 | -17.0% |
| Taxes, remuneration and social security | 45 | €544,032 | €486,295 | -€57,737 | -10.6% |
| Taxes | 450/3 | €138,987 | €103,285 | -€35,702 | -25.7% |
| Remuneration and social security | 454/9 | €405,046 | €383,011 | -€22,035 | -5.4% |
| Other amounts payable | 47/48 | €1,907,818 | €2,191,080 | +€283,261 | +14.8% |
| Accrued charges and deferred income | 492/3 | €139,203 | €99,738 | -€39,465 | -28.4% |
| Non-recurring operating income | 76A | €1,240 | - | -€1,240 | |
| Remuneration, social security and pensions | 62 | €2,195,153 | €2,125,932 | -€69,221 | -3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,267 | €49,844 | -€15,423 | -23.6% |
| Other operating charges | 640/8 | €6,871 | €4,258 | -€2,613 | -38.0% |
| Non-recurring operating charges | 66A | - | €26 | +€26 | |
| Gross operating margin | 9900 | €2,595,623 | €2,959,490 | +€363,867 | +14.0% |
| Operating profit (loss) | 9901 | €328,332 | €779,430 | +€451,098 | +137.4% |
| Financial income | 75/76B | €2,913 | €1,054 | -€1,859 | -63.8% |
| Recurring financial income | 75 | €2,913 | €1,054 | -€1,859 | -63.8% |
| Financial charges | 65/66B | €2,545 | €2,062 | -€483 | -19.0% |
| Recurring financial charges | 65 | €2,545 | €2,062 | -€483 | -19.0% |
| Non-recurring financial charges | 66B | -€0 | - | +€0 | |
| Profit (loss) for the period before taxes | 9903 | €328,700 | €778,422 | +€449,722 | +136.8% |
| Income taxes | 67/77 | €114,154 | €222,944 | +€108,791 | +95.3% |
| Profit (loss) for the period | 9904 | €214,546 | €555,477 | +€340,932 | +158.9% |
| Profit (loss) for the period to be appropriated | 9905 | €214,546 | €555,477 | +€340,932 | +158.9% |
Source: filed annual accounts (NBB), financial years ended 31 October 2024 and 31 October 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.