QSOLUTION: what changed
Two fiscal 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.
QSOLUTION
Largest movements
- Tangible fixed assets +€228,555
up €228,555 (+13.1%), from €1.7m to €2.0m
of which Land and buildings: +€1.3m
- Cash -€184,582
down €184,582 (-87.4%), from €211,098 to €26,516
mainly Investment in fixed assets (net) (-€296,036) and Other debts (-€167,246)
- Receivables within one year -€46,653
down €46,653 (-40.5%), from €115,102 to €68,449
of which Trade receivables: -€46,055
- Debts after one year +€215,465
up €215,465 (+21.5%), from €1.0m to €1.2m
of which Other amounts payable: +€290,103
- Other debts -€167,246
down €167,246 (-91.3%), from €183,184 to €15,938
- Trade debts -€77,114
down €77,114 (-79.3%), from €97,220 to €20,106
- Reserves +€27,300
up €27,300 (+4.0%), from €679,754 to €707,054
- Depreciation +€21,963
up €21,963 (+48.3%), from €45,518 to €67,481
- Gross operating margin +€21,109
up €21,109 (+17.4%), from €121,024 to €142,133
- Other operating charges +€4,344
up €4,344 (+350.2%), from €1,241 to €5,585
- Staff costs +€3,774
up €3,774 (+52.6%), from €7,170 to €10,945
- Taxes -€2,667
down €2,667 (-27.8%), from €9,596 to €6,930
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 | €2,072,286 | €2,070,577 | -€1,709 | -0.1% |
| Fixed assets | 21/28 | €1,742,571 | €1,971,126 | +€228,555 | +13.1% |
| Tangible fixed assets | 22/27 | €1,742,571 | €1,971,126 | +€228,555 | +13.1% |
| Land and buildings | 22 | €572,400 | €1,879,051 | +€1.3m | +228.3% |
| Plant, machinery and equipment | 23 | €0 | €10,519 | +€10,519 | |
| Furniture and vehicles | 24 | €8,504 | €31,771 | +€23,268 | +273.6% |
| Other tangible fixed assets | 26 | €50,272 | €48,609 | -€1,663 | -3.3% |
| Assets under construction and advance payments | 27 | €1,111,395 | €1,176 | -€1.1m | -99.9% |
| Current assets | 29/58 | €329,714 | €99,451 | -€230,263 | -69.8% |
| Stocks and contracts in progress | 3 | - | €1,559 | +€1,559 | |
| Stocks | 30/36 | - | €1,559 | +€1,559 | |
| Amounts receivable within one year | 40/41 | €115,102 | €68,449 | -€46,653 | -40.5% |
| Trade receivables | 40 | €109,505 | €63,449 | -€46,055 | -42.1% |
| Other amounts receivable | 41 | €5,597 | €5,000 | -€597 | -10.7% |
| Cash at bank and in hand | 54/58 | €211,098 | €26,516 | -€184,582 | -87.4% |
| Deferred charges and accrued income | 490/1 | €3,515 | €2,927 | -€588 | -16.7% |
| Total equity and liabilities | 10/49 | €2,072,286 | €2,070,577 | -€1,709 | -0.1% |
| Equity | 10/15 | €687,814 | €715,114 | +€27,300 | +4.0% |
| Contributions | 10/11 | €8,060 | €8,060 | = | 0.0% |
| Reserves | 13 | €679,754 | €707,054 | +€27,300 | +4.0% |
| Distributable reserves | 133 | €679,754 | €707,054 | +€27,300 | +4.0% |
| Amounts payable | 17/49 | €1,384,472 | €1,355,463 | -€29,008 | -2.1% |
| Amounts payable after more than one year | 17 | €1,000,170 | €1,215,635 | +€215,465 | +21.5% |
| Financial debts | 170/4 | €1,000,170 | €925,532 | -€74,638 | -7.5% |
| Other amounts payable | 178/9 | - | €290,103 | +€290,103 | |
| Amounts payable within one year | 42/48 | €384,302 | €139,828 | -€244,473 | -63.6% |
| Current portion of amounts payable after more than one year | 42 | €73,467 | €74,638 | +€1,170 | +1.6% |
| Financial debts | 43 | €388 | €0 | -€388 | -100.0% |
| Credit institutions | 430/8 | €388 | €0 | -€388 | -100.0% |
| Trade debts | 44 | €97,220 | €20,106 | -€77,114 | -79.3% |
| Suppliers | 440/4 | €97,220 | €20,106 | -€77,114 | -79.3% |
| Taxes, remuneration and social security | 45 | €30,043 | €29,148 | -€895 | -3.0% |
| Taxes | 450/3 | €27,117 | €26,483 | -€635 | -2.3% |
| Remuneration and social security | 454/9 | €2,926 | €2,665 | -€261 | -8.9% |
| Other amounts payable | 47/48 | €183,184 | €15,938 | -€167,246 | -91.3% |
| Remuneration, social security and pensions | 62 | €7,170 | €10,945 | +€3,774 | +52.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,518 | €67,481 | +€21,963 | +48.3% |
| Other operating charges | 640/8 | €1,241 | €5,585 | +€4,344 | +350.2% |
| Gross operating margin | 9900 | €121,024 | €142,133 | +€21,109 | +17.4% |
| Operating profit (loss) | 9901 | €67,095 | €58,123 | -€8,972 | -13.4% |
| Financial income | 75/76B | €1,129 | €595 | -€534 | -47.3% |
| Recurring financial income | 75 | €1,129 | €595 | -€534 | -47.3% |
| Financial charges | 65/66B | €24,610 | €24,488 | -€121 | -0.5% |
| Recurring financial charges | 65 | €24,610 | €24,488 | -€121 | -0.5% |
| Profit (loss) for the period before taxes | 9903 | €43,614 | €34,229 | -€9,385 | -21.5% |
| Income taxes | 67/77 | €9,596 | €6,930 | -€2,667 | -27.8% |
| Profit (loss) for the period | 9904 | €34,018 | €27,300 | -€6,718 | -19.7% |
| Profit (loss) for the period to be appropriated | 9905 | €34,018 | €27,300 | -€6,718 | -19.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.