QORs: 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.
QORs
Largest movements
- Cash +€17,575
up €17,575 (+30.4%), from €57,783 to €75,358
mainly Net result for the year (+€60,027) and Other debts (+€15,165)
- Receivables within one year +€3,163
up €3,163 (+10.4%), from €30,549 to €33,711
of which Trade receivables: +€3,163
- Tangible fixed assets -€1,916
down €1,916 (-46.8%), from €4,099 to €2,182
- Other debts +€15,165
up €15,165 (+26.3%), from €57,629 to €72,794
- Trade debts +€2,540
up €2,540, from €0 to €2,540
- Short-term financial debts +€1,689
new in 2025: €1,689
- Tax, wage and social debts -€1,402
down €1,402 (-8.5%), from €16,583 to €15,180
- Taxes +€4,681
up €4,681 (+26.8%), from €17,488 to €22,168
- Gross operating margin -€3,285
down €3,285 (-3.6%), from €90,758 to €87,473
- Staff costs -€1,824
down €1,824 (-100%), from €1,824 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.
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 | €92,812 | €111,252 | +€18,440 | +19.9% |
| Fixed assets | 21/28 | €4,099 | €2,182 | -€1,916 | -46.8% |
| Tangible fixed assets | 22/27 | €4,099 | €2,182 | -€1,916 | -46.8% |
| Furniture and vehicles | 24 | €4,099 | €2,182 | -€1,916 | -46.8% |
| Current assets | 29/58 | €88,713 | €109,070 | +€20,356 | +22.9% |
| Amounts receivable within one year | 40/41 | €30,549 | €33,711 | +€3,163 | +10.4% |
| Trade receivables | 40 | €25,290 | €28,453 | +€3,163 | +12.5% |
| Other amounts receivable | 41 | €5,258 | €5,258 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €57,783 | €75,358 | +€17,575 | +30.4% |
| Deferred charges and accrued income | 490/1 | €382 | €0 | -€382 | -100% |
| Total equity and liabilities | 10/49 | €92,812 | €111,252 | +€18,440 | +19.9% |
| Equity | 10/15 | €18,600 | €18,600 | = | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €74,212 | €92,652 | +€18,440 | +24.8% |
| Amounts payable within one year | 42/48 | €74,212 | €92,204 | +€17,992 | +24.2% |
| Financial debts | 43 | - | €1,689 | +€1,689 | |
| Other loans | 439 | - | €1,689 | +€1,689 | |
| Trade debts | 44 | €0 | €2,540 | +€2,540 | |
| Suppliers | 440/4 | €0 | €2,540 | +€2,540 | |
| Taxes, remuneration and social security | 45 | €16,583 | €15,180 | -€1,402 | -8.5% |
| Taxes | 450/3 | €16,583 | €15,180 | -€1,402 | -8.5% |
| Other amounts payable | 47/48 | €57,629 | €72,794 | +€15,165 | +26.3% |
| Accrued charges and deferred income | 492/3 | - | €448 | +€448 | |
| Remuneration, social security and pensions | 62 | €1,824 | €0 | -€1,824 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,869 | €1,916 | +€47 | +2.5% |
| Other operating charges | 640/8 | €851 | €673 | -€178 | -20.9% |
| Gross operating margin | 9900 | €90,758 | €87,473 | -€3,285 | -3.6% |
| Operating profit (loss) | 9901 | €86,214 | €84,883 | -€1,331 | -1.5% |
| Financial charges | 65/66B | €2,519 | €2,688 | +€168 | +6.7% |
| Recurring financial charges | 65 | €2,519 | €2,688 | +€168 | +6.7% |
| Profit (loss) for the period before taxes | 9903 | €83,695 | €82,196 | -€1,499 | -1.8% |
| Income taxes | 67/77 | €17,488 | €22,168 | +€4,681 | +26.8% |
| Profit (loss) for the period | 9904 | €66,208 | €60,027 | -€6,180 | -9.3% |
| Profit (loss) for the period to be appropriated | 9905 | €66,208 | €60,027 | -€6,180 | -9.3% |
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 16 October 2026 via checked.be.