QR Project: 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.
QR Project
Largest movements
- Tangible fixed assets -€16,243
down €16,243 (-29.0%), from €55,985 to €39,742
of which Furniture and vehicles: -€19,262
- Receivables within one year -€4,946
down €4,946 (-8.3%), from €59,853 to €54,907
of which Other amounts receivable: -€5,008
- Receivables after one year -€4,310
down €4,310 (-51.7%), from €8,335 to €4,025
- Cash +€3,561
up €3,561 (+29.3%), from €12,163 to €15,724
mainly Net result for the year (+€38,511) and Other debts (+€37,065)
- Reserves -€39,671
down €39,671 (-25.1%), from €157,902 to €118,230
- Other debts +€37,065
up €37,065 (+138.4%), from €26,772 to €63,836
- Current portion of long-term debt -€14,366
no longer reported in 2025 (was €14,366)
- Accrued charges and deferred income -€9,310
down €9,310 (-76.7%), from €12,143 to €2,833
- Tax, wage and social debts +€2,795
up €2,795 (+22.9%), from €12,187 to €14,982
of which Taxes: +€2,946
- Gross operating margin +€9,793
up €9,793 (+12.7%), from €77,284 to €87,078
- Taxes +€3,238
up €3,238 (+35.7%), from €9,066 to €12,305
- Staff costs -€1,649
down €1,649 (-5.4%), from €30,672 to €29,023
- Depreciation +€1,013
up €1,013 (+4.7%), from €21,772 to €22,785
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 | €245,463 | €223,099 | -€22,365 | -9.1% |
| Fixed assets | 21/28 | €161,362 | €145,119 | -€16,243 | -10.1% |
| Tangible fixed assets | 22/27 | €55,985 | €39,742 | -€16,243 | -29.0% |
| Plant, machinery and equipment | 23 | €398 | €130 | -€268 | -67.4% |
| Furniture and vehicles | 24 | €33,475 | €14,213 | -€19,262 | -57.5% |
| Other tangible fixed assets | 26 | €22,111 | €25,399 | +€3,288 | +14.9% |
| Financial fixed assets | 28 | €105,377 | €105,377 | = | 0.0% |
| Current assets | 29/58 | €84,102 | €77,980 | -€6,122 | -7.3% |
| Amounts receivable after more than one year | 29 | €8,335 | €4,025 | -€4,310 | -51.7% |
| Other amounts receivable | 291 | €8,335 | €4,025 | -€4,310 | -51.7% |
| Amounts receivable within one year | 40/41 | €59,853 | €54,907 | -€4,946 | -8.3% |
| Trade receivables | 40 | €30,613 | €30,675 | +€62 | +0.2% |
| Other amounts receivable | 41 | €29,240 | €24,232 | -€5,008 | -17.1% |
| Cash at bank and in hand | 54/58 | €12,163 | €15,724 | +€3,561 | +29.3% |
| Deferred charges and accrued income | 490/1 | €3,751 | €3,325 | -€426 | -11.3% |
| Total equity and liabilities | 10/49 | €245,463 | €223,099 | -€22,365 | -9.1% |
| Equity | 10/15 | €178,362 | €138,690 | -€39,671 | -22.2% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €157,902 | €118,230 | -€39,671 | -25.1% |
| Distributable reserves | 133 | €157,902 | €118,230 | -€39,671 | -25.1% |
| Amounts payable | 17/49 | €67,101 | €84,408 | +€17,307 | +25.8% |
| Amounts payable within one year | 42/48 | €54,959 | €81,576 | +€26,617 | +48.4% |
| Current portion of amounts payable after more than one year | 42 | €14,366 | - | -€14,366 | |
| Trade debts | 44 | €1,634 | €2,758 | +€1,124 | +68.8% |
| Suppliers | 440/4 | €1,634 | €2,758 | +€1,124 | +68.8% |
| Taxes, remuneration and social security | 45 | €12,187 | €14,982 | +€2,795 | +22.9% |
| Taxes | 450/3 | €8,529 | €11,475 | +€2,946 | +34.5% |
| Remuneration and social security | 454/9 | €3,659 | €3,507 | -€151 | -4.1% |
| Other amounts payable | 47/48 | €26,772 | €63,836 | +€37,065 | +138.4% |
| Accrued charges and deferred income | 492/3 | €12,143 | €2,833 | -€9,310 | -76.7% |
| Remuneration, social security and pensions | 62 | €30,672 | €29,023 | -€1,649 | -5.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,772 | €22,785 | +€1,013 | +4.7% |
| Other operating charges | 640/8 | €1,160 | €1,196 | +€36 | +3.1% |
| Non-recurring operating charges | 66A | €45 | €1,070 | +€1,025 | +2277.0% |
| Gross operating margin | 9900 | €77,284 | €87,078 | +€9,793 | +12.7% |
| Operating profit (loss) | 9901 | €23,635 | €33,004 | +€9,369 | +39.6% |
| Financial income | 75/76B | €17,356 | €18,054 | +€698 | +4.0% |
| Recurring financial income | 75 | €17,356 | €18,054 | +€698 | +4.0% |
| Financial charges | 65/66B | €392 | €243 | -€149 | -38.0% |
| Recurring financial charges | 65 | €392 | €243 | -€149 | -38.0% |
| Profit (loss) for the period before taxes | 9903 | €40,599 | €50,815 | +€10,216 | +25.2% |
| Income taxes | 67/77 | €9,066 | €12,305 | +€3,238 | +35.7% |
| Profit (loss) for the period | 9904 | €31,533 | €38,511 | +€6,978 | +22.1% |
| Profit (loss) for the period to be appropriated | 9905 | €31,533 | €38,511 | +€6,978 | +22.1% |
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 10 October 2026 via checked.be.