QRN BRUSSELS: 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.
QRN BRUSSELS
Largest movements
- Receivables within one year +€73,411
up €73,411 (+41.4%), from €177,476 to €250,887
of which Other amounts receivable: +€99,893
- Cash +€65,537
up €65,537 (+44.1%), from €148,593 to €214,131
mainly Trade debts (+€156,436) and Short-term financial debts (+€25,000)
- Tangible fixed assets -€20,410
down €20,410 (-50.5%), from €40,386 to €19,976
of which Land and buildings: -€10,659
- Stocks and contracts +€14,671
up €14,671 (+59.7%), from €24,587 to €39,258
- Trade debts +€156,436
up €156,436 (+45.4%), from €344,485 to €500,921
- Short-term financial debts +€25,000
new in 2025: €25,000
- Profit (loss) carried forward -€23,953
down €23,953 (-35.6%), from -€67,351 to -€91,304
- Other debts -€20,000
down €20,000 (-61.8%), from €32,374 to €12,374
- Gross operating margin -€137,172
down €137,172 (-25.3%), from €541,540 to €404,368
- Staff costs -€45,048
down €45,048 (-10.1%), from €445,784 to €400,736
- Financial income +€5,989
up €5,989 (+272%), from €2,199 to €8,188
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €398,307 | €532,775 | +€134,468 | +33.8% |
| Fixed assets | 21/28 | €40,815 | €20,405 | -€20,410 | -50.0% |
| Tangible fixed assets | 22/27 | €40,386 | €19,976 | -€20,410 | -50.5% |
| Land and buildings | 22 | €21,119 | €10,460 | -€10,659 | -50.5% |
| Plant, machinery and equipment | 23 | €17,261 | €9,516 | -€7,745 | -44.9% |
| Furniture and vehicles | 24 | €2,006 | - | -€2,006 | |
| Financial fixed assets | 28 | €429 | €429 | = | 0.0% |
| Current assets | 29/58 | €357,492 | €512,370 | +€154,878 | +43.3% |
| Stocks and contracts in progress | 3 | €24,587 | €39,258 | +€14,671 | +59.7% |
| Stocks | 30/36 | €24,587 | €39,258 | +€14,671 | +59.7% |
| Amounts receivable within one year | 40/41 | €177,476 | €250,887 | +€73,411 | +41.4% |
| Trade receivables | 40 | €49,135 | €22,653 | -€26,482 | -53.9% |
| Other amounts receivable | 41 | €128,341 | €228,234 | +€99,893 | +77.8% |
| Cash at bank and in hand | 54/58 | €148,593 | €214,131 | +€65,537 | +44.1% |
| Deferred charges and accrued income | 490/1 | €6,835 | €8,094 | +€1,259 | +18.4% |
| Total equity and liabilities | 10/49 | €398,307 | €532,775 | +€134,468 | +33.8% |
| Equity | 10/15 | -€47,551 | -€71,504 | -€23,953 | -50.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,200 | €1,200 | = | 0.0% |
| Distributable reserves | 133 | €1,200 | €1,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€67,351 | -€91,304 | -€23,953 | -35.6% |
| Amounts payable | 17/49 | €445,858 | €604,279 | +€158,421 | +35.5% |
| Amounts payable within one year | 42/48 | €445,858 | €604,279 | +€158,421 | +35.5% |
| Current portion of amounts payable after more than one year | 42 | €4,971 | €5,000 | +€29 | +0.6% |
| Financial debts | 43 | - | €25,000 | +€25,000 | |
| Credit institutions | 430/8 | - | €25,000 | +€25,000 | |
| Trade debts | 44 | €344,485 | €500,921 | +€156,436 | +45.4% |
| Suppliers | 440/4 | €344,485 | €500,921 | +€156,436 | +45.4% |
| Taxes, remuneration and social security | 45 | €64,029 | €60,985 | -€3,044 | -4.8% |
| Taxes | 450/3 | €67 | €3,267 | +€3,200 | +4,797% |
| Remuneration and social security | 454/9 | €63,962 | €57,718 | -€6,244 | -9.8% |
| Other amounts payable | 47/48 | €32,374 | €12,374 | -€20,000 | -61.8% |
| Remuneration, social security and pensions | 62 | €445,784 | €400,736 | -€45,048 | -10.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,944 | €18,404 | -€4,540 | -19.8% |
| Other operating charges | 640/8 | €3,526 | €7,814 | +€4,288 | +122% |
| Gross operating margin | 9900 | €541,540 | €404,368 | -€137,172 | -25.3% |
| Operating profit (loss) | 9901 | €69,287 | -€22,585 | -€91,872 | |
| Financial income | 75/76B | €2,199 | €8,188 | +€5,989 | +272% |
| Recurring financial income | 75 | €2,199 | €8,188 | +€5,989 | +272% |
| Financial charges | 65/66B | €8,529 | €9,007 | +€479 | +5.6% |
| Recurring financial charges | 65 | €8,529 | €9,007 | +€479 | +5.6% |
| Profit (loss) for the period before taxes | 9903 | €62,957 | -€23,404 | -€86,361 | |
| Income taxes | 67/77 | €731 | €549 | -€182 | -24.9% |
| Profit (loss) for the period | 9904 | €62,226 | -€23,953 | -€86,179 | |
| Profit (loss) for the period to be appropriated | 9905 | €62,226 | -€23,953 | -€86,179 |
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 17 October 2026 via checked.be.