QSOURCES: 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.
QSOURCES
Largest movements
- Cash -€418,990
down €418,990 (-47.8%), from €876,595 to €457,605
mainly Other debts (-€532,304) and Receivables within one year (-€68,492)
- Receivables within one year +€68,492
up €68,492 (+179.3%), from €38,199 to €106,691
of which Other amounts receivable: +€37,143
- Stocks and contracts +€13,553
up €13,553 (+12.5%), from €108,563 to €122,116
- Other debts -€532,304
down €532,304 (-99.3%), from €536,130 to €3,826
- Reserves +€203,967
up €203,967 (+54.4%), from €374,853 to €578,820
- Trade debts -€27,956
down €27,956 (-36.2%), from €77,272 to €49,316
- Tax, wage and social debts +€12,527
up €12,527 (+20.9%), from €60,013 to €72,540
of which Remuneration and social security: +€17,550
- Gross operating margin -€112,101
down €112,101 (-14.0%), from €801,063 to €688,962
- Taxes -€33,254
down €33,254 (-55.4%), from €60,049 to €26,796
- Financial charges -€28,379
down €28,379 (-69.5%), from €40,806 to €12,427
- Staff costs +€22,394
up €22,394 (+5.5%), from €408,264 to €430,658
- Depreciation -€8,900
down €8,900 (-35.8%), from €24,849 to €15,949
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 | €1,066,869 | €723,103 | -€343,766 | -32.2% |
| Fixed assets | 21/28 | €40,127 | €33,028 | -€7,099 | -17.7% |
| Intangible fixed assets | 21 | €8,592 | €3,517 | -€5,075 | -59.1% |
| Tangible fixed assets | 22/27 | €31,535 | €29,511 | -€2,024 | -6.4% |
| Plant, machinery and equipment | 23 | €10,703 | €8,292 | -€2,411 | -22.5% |
| Furniture and vehicles | 24 | €926 | €3,937 | +€3,010 | +324.9% |
| Other tangible fixed assets | 26 | €19,905 | €17,282 | -€2,623 | -13.2% |
| Current assets | 29/58 | €1,026,742 | €690,075 | -€336,668 | -32.8% |
| Stocks and contracts in progress | 3 | €108,563 | €122,116 | +€13,553 | +12.5% |
| Stocks | 30/36 | €108,563 | €122,116 | +€13,553 | +12.5% |
| Amounts receivable within one year | 40/41 | €38,199 | €106,691 | +€68,492 | +179.3% |
| Trade receivables | 40 | €14,913 | €46,262 | +€31,349 | +210.2% |
| Other amounts receivable | 41 | €23,286 | €60,429 | +€37,143 | +159.5% |
| Cash at bank and in hand | 54/58 | €876,595 | €457,605 | -€418,990 | -47.8% |
| Deferred charges and accrued income | 490/1 | €3,386 | €3,663 | +€277 | +8.2% |
| Total equity and liabilities | 10/49 | €1,066,869 | €723,103 | -€343,766 | -32.2% |
| Equity | 10/15 | €393,453 | €597,420 | +€203,967 | +51.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €374,853 | €578,820 | +€203,967 | +54.4% |
| Distributable reserves | 133 | €374,853 | €578,820 | +€203,967 | +54.4% |
| Amounts payable | 17/49 | €673,416 | €125,683 | -€547,733 | -81.3% |
| Amounts payable within one year | 42/48 | €673,416 | €125,683 | -€547,733 | -81.3% |
| Trade debts | 44 | €77,272 | €49,316 | -€27,956 | -36.2% |
| Suppliers | 440/4 | €77,272 | €49,316 | -€27,956 | -36.2% |
| Taxes, remuneration and social security | 45 | €60,013 | €72,540 | +€12,527 | +20.9% |
| Taxes | 450/3 | €17,266 | €12,243 | -€5,023 | -29.1% |
| Remuneration and social security | 454/9 | €42,747 | €60,297 | +€17,550 | +41.1% |
| Other amounts payable | 47/48 | €536,130 | €3,826 | -€532,304 | -99.3% |
| Remuneration, social security and pensions | 62 | €408,264 | €430,658 | +€22,394 | +5.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,849 | €15,949 | -€8,900 | -35.8% |
| Other operating charges | 640/8 | €1,962 | €3,885 | +€1,923 | +98.0% |
| Gross operating margin | 9900 | €801,063 | €688,962 | -€112,101 | -14.0% |
| Operating profit (loss) | 9901 | €365,988 | €238,471 | -€127,518 | -34.8% |
| Financial income | 75/76B | €3,362 | €4,719 | +€1,357 | +40.4% |
| Recurring financial income | 75 | €3,362 | €4,712 | +€1,350 | +40.1% |
| Non-recurring financial income | 76B | - | €7 | +€7 | |
| Financial charges | 65/66B | €40,806 | €12,427 | -€28,379 | -69.5% |
| Recurring financial charges | 65 | €40,806 | €12,427 | -€28,379 | -69.5% |
| Profit (loss) for the period before taxes | 9903 | €328,545 | €230,763 | -€97,782 | -29.8% |
| Income taxes | 67/77 | €60,049 | €26,796 | -€33,254 | -55.4% |
| Profit (loss) for the period | 9904 | €268,495 | €203,967 | -€64,529 | -24.0% |
| Profit (loss) for the period to be appropriated | 9905 | €268,495 | €203,967 | -€64,529 | -24.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.