QARDEA: 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.
QARDEA
Largest movements
- Tangible fixed assets +€298,361
up €298,361 (+29.1%), from €1.0m to €1.3m
of which Land and buildings: +€303,771
- Cash -€45,015
down €45,015 (-25.4%), from €177,163 to €132,149
mainly Investment in fixed assets (net) (-€409,739) and Contributions, distributions and other (-€139,362)
- Debts after one year +€206,519
up €206,519 (+100.1%), from €206,338 to €412,858
- Other debts +€113,123
up €113,123 (+44.8%), from €252,265 to €365,388
- Reserves -€58,850
down €58,850 (-7.3%), from €805,305 to €746,455
of which Distributable reserves: -€58,850
- Gross operating margin -€57,621
down €57,621 (-13.9%), from €415,410 to €357,789
- Depreciation +€39,465
up €39,465 (+54.9%), from €71,912 to €111,378
- Taxes -€31,520
down €31,520 (-44.6%), from €70,713 to €39,193
- Staff costs +€12,063
up €12,063 (+14.9%), from €80,804 to €92,867
- Financial charges +€8,921
up €8,921 (+41.1%), from €21,712 to €30,633
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 | €1,558,038 | €1,808,204 | +€250,166 | +16.1% |
| Fixed assets | 21/28 | €1,226,245 | €1,524,607 | +€298,361 | +24.3% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €1,025,990 | €1,324,352 | +€298,361 | +29.1% |
| Land and buildings | 22 | €991,619 | €1,295,390 | +€303,771 | +30.6% |
| Plant, machinery and equipment | 23 | €34,372 | €28,962 | -€5,410 | -15.7% |
| Financial fixed assets | 28 | €200,255 | €200,255 | = | 0.0% |
| Current assets | 29/58 | €331,793 | €283,597 | -€48,195 | -14.5% |
| Stocks and contracts in progress | 3 | €77,297 | €75,561 | -€1,737 | -2.2% |
| Stocks | 30/36 | €77,297 | €75,561 | -€1,737 | -2.2% |
| Amounts receivable within one year | 40/41 | €75,092 | €73,720 | -€1,372 | -1.8% |
| Trade receivables | 40 | €64,950 | €54,003 | -€10,947 | -16.9% |
| Other amounts receivable | 41 | €10,141 | €19,717 | +€9,576 | +94.4% |
| Cash at bank and in hand | 54/58 | €177,163 | €132,149 | -€45,015 | -25.4% |
| Deferred charges and accrued income | 490/1 | €2,240 | €2,168 | -€72 | -3.2% |
| Total equity and liabilities | 10/49 | €1,558,038 | €1,808,204 | +€250,166 | +16.1% |
| Equity | 10/15 | €811,505 | €752,655 | -€58,850 | -7.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €805,305 | €746,455 | -€58,850 | -7.3% |
| 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 | €803,445 | €744,595 | -€58,850 | -7.3% |
| Provisions and deferred taxes | 16 | €37,566 | €37,566 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €37,566 | €37,566 | = | 0.0% |
| Pensions and similar obligations | 160 | €37,566 | €37,566 | = | 0.0% |
| Amounts payable | 17/49 | €708,967 | €1,017,983 | +€309,016 | +43.6% |
| Amounts payable after more than one year | 17 | €206,338 | €412,858 | +€206,519 | +100.1% |
| Financial debts | 170/4 | €206,338 | €412,858 | +€206,519 | +100.1% |
| Amounts payable within one year | 42/48 | €494,865 | €595,117 | +€100,252 | +20.3% |
| Current portion of amounts payable after more than one year | 42 | €88,618 | €83,028 | -€5,590 | -6.3% |
| Financial debts | 43 | €84,400 | €84,400 | = | 0.0% |
| Other loans | 439 | €84,400 | €84,400 | = | 0.0% |
| Trade debts | 44 | €13,865 | €19,479 | +€5,614 | +40.5% |
| Suppliers | 440/4 | €13,865 | €19,479 | +€5,614 | +40.5% |
| Taxes, remuneration and social security | 45 | €55,718 | €42,822 | -€12,895 | -23.1% |
| Taxes | 450/3 | €49,016 | €32,031 | -€16,984 | -34.7% |
| Remuneration and social security | 454/9 | €6,702 | €10,791 | +€4,089 | +61.0% |
| Other amounts payable | 47/48 | €252,265 | €365,388 | +€113,123 | +44.8% |
| Accrued charges and deferred income | 492/3 | €7,764 | €10,008 | +€2,245 | +28.9% |
| Non-recurring operating income | 76A | - | €1,364 | +€1,364 | |
| Remuneration, social security and pensions | 62 | €80,804 | €92,867 | +€12,063 | +14.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €71,912 | €111,378 | +€39,465 | +54.9% |
| Other operating charges | 640/8 | €7,781 | €8,223 | +€442 | +5.7% |
| Non-recurring operating charges | 66A | €4,944 | - | -€4,944 | |
| Gross operating margin | 9900 | €415,410 | €357,789 | -€57,621 | -13.9% |
| Operating profit (loss) | 9901 | €249,969 | €145,321 | -€104,648 | -41.9% |
| Financial income | 75/76B | €3,359 | €5,017 | +€1,659 | +49.4% |
| Recurring financial income | 75 | €3,359 | €5,017 | +€1,659 | +49.4% |
| Financial charges | 65/66B | €21,712 | €30,633 | +€8,921 | +41.1% |
| Recurring financial charges | 65 | €21,712 | €30,633 | +€8,921 | +41.1% |
| Profit (loss) for the period before taxes | 9903 | €231,616 | €119,706 | -€111,910 | -48.3% |
| Income taxes | 67/77 | €70,713 | €39,193 | -€31,520 | -44.6% |
| Profit (loss) for the period | 9904 | €160,902 | €80,513 | -€80,390 | -50.0% |
| Profit (loss) for the period to be appropriated | 9905 | €160,902 | €80,513 | -€80,390 | -50.0% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.