QRT: 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.
QRT
Largest movements
- Cash +€23,472
up €23,472 (+15.9%), from €147,499 to €170,971
mainly Net result for the year (+€71,189) and Deferred charges and accrued income (+€7,374)
- Deferred charges and accrued income -€7,374
down €7,374 (-81.0%), from €9,104 to €1,730
- Tangible fixed assets -€4,894
down €4,894 (-28.4%), from €17,234 to €12,341
of which Furniture and vehicles: -€3,077
- Receivables within one year -€3,749
down €3,749 (-50.0%), from €7,492 to €3,743
of which Trade receivables: -€4,709
- Profit (loss) carried forward +€15,645
no longer reported in 2025 (was -€15,645)
- Tax, wage and social debts -€10,878
down €10,878 (-79.0%), from €13,768 to €2,890
of which Taxes: -€10,791
- Trade debts +€3,794
up €3,794 (+58.9%), from €6,437 to €10,231
- Other debts -€2,315
down €2,315 (-29.7%), from €7,787 to €5,472
- Gross operating margin +€42,893
up €42,893 (+32.4%), from €132,281 to €175,174
- Staff costs +€8,310
up €8,310 (+14.2%), from €58,607 to €66,916
- Taxes +€7,081
up €7,081 (+35.5%), from €19,955 to €27,037
- Write-downs -€3,048
no longer reported in 2025 (was €3,048)
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 | €181,934 | €189,389 | +€7,455 | +4.1% |
| Fixed assets | 21/28 | €17,839 | €12,946 | -€4,894 | -27.4% |
| Tangible fixed assets | 22/27 | €17,234 | €12,341 | -€4,894 | -28.4% |
| Plant, machinery and equipment | 23 | €4,136 | €2,319 | -€1,817 | -43.9% |
| Furniture and vehicles | 24 | €13,099 | €10,022 | -€3,077 | -23.5% |
| Financial fixed assets | 28 | €605 | €605 | = | 0.0% |
| Current assets | 29/58 | €164,095 | €176,443 | +€12,349 | +7.5% |
| Amounts receivable within one year | 40/41 | €7,492 | €3,743 | -€3,749 | -50.0% |
| Trade receivables | 40 | €4,709 | - | -€4,709 | |
| Other amounts receivable | 41 | €2,783 | €3,743 | +€960 | +34.5% |
| Cash at bank and in hand | 54/58 | €147,499 | €170,971 | +€23,472 | +15.9% |
| Deferred charges and accrued income | 490/1 | €9,104 | €1,730 | -€7,374 | -81.0% |
| Total equity and liabilities | 10/49 | €181,934 | €189,389 | +€7,455 | +4.1% |
| Equity | 10/15 | €151,823 | €168,013 | +€16,189 | +10.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €148,868 | €149,413 | +€545 | +0.4% |
| 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 | €147,008 | €147,553 | +€545 | +0.4% |
| Profit (loss) carried forward | 14 | -€15,645 | - | +€15,645 | |
| Amounts payable | 17/49 | €30,111 | €21,376 | -€8,735 | -29.0% |
| Amounts payable within one year | 42/48 | €29,658 | €20,260 | -€9,398 | -31.7% |
| Current portion of amounts payable after more than one year | 42 | €1,667 | €1,667 | = | 0.0% |
| Trade debts | 44 | €6,437 | €10,231 | +€3,794 | +58.9% |
| Suppliers | 440/4 | €6,437 | €10,231 | +€3,794 | +58.9% |
| Taxes, remuneration and social security | 45 | €13,768 | €2,890 | -€10,878 | -79.0% |
| Taxes | 450/3 | €13,681 | €2,890 | -€10,791 | -78.9% |
| Remuneration and social security | 454/9 | €87 | - | -€87 | |
| Other amounts payable | 47/48 | €7,787 | €5,472 | -€2,315 | -29.7% |
| Accrued charges and deferred income | 492/3 | €453 | €1,116 | +€663 | +147% |
| Remuneration, social security and pensions | 62 | €58,607 | €66,916 | +€8,310 | +14.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,574 | €6,670 | +€95 | +1.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,048 | - | -€3,048 | |
| Other operating charges | 640/8 | €1,425 | €1,703 | +€279 | +19.5% |
| Gross operating margin | 9900 | €132,281 | €175,174 | +€42,893 | +32.4% |
| Operating profit (loss) | 9901 | €62,627 | €99,884 | +€37,257 | +59.5% |
| Financial income | 75/76B | €195 | €356 | +€161 | +82.9% |
| Recurring financial income | 75 | €195 | €356 | +€161 | +82.9% |
| Financial charges | 65/66B | €2,227 | €2,015 | -€213 | -9.6% |
| Recurring financial charges | 65 | €2,227 | €2,015 | -€213 | -9.6% |
| Profit (loss) for the period before taxes | 9903 | €60,595 | €98,226 | +€37,631 | +62.1% |
| Income taxes | 67/77 | €19,955 | €27,037 | +€7,081 | +35.5% |
| Profit (loss) for the period | 9904 | €40,639 | €71,189 | +€30,550 | +75.2% |
| Profit (loss) for the period to be appropriated | 9905 | €40,639 | €71,189 | +€30,550 | +75.2% |
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 26 October 2026 via checked.be.