QUADERNO: 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.
QUADERNO
Largest movements
- Tangible fixed assets -€29,504
down €29,504 (-7.4%), from €400,939 to €371,436
of which Land and buildings: -€21,627
- Cash +€17,057
up €17,057 (+3,027%), from €563 to €17,620
mainly Tax, wage and social debts (+€58,007) and Depreciation (+€29,504)
- Receivables within one year -€11,989
down €11,989 (-59.7%), from €20,085 to €8,096
of which Trade receivables: -€10,435
- Profit (loss) carried forward +€170,997
up €170,997 (+63.8%), from €267,911 to €438,908
- Reserves -€164,644
down €164,644 (-97.8%), from €168,363 to €3,718
of which Tax-exempt reserves: -€164,644
- Tax, wage and social debts +€58,007
up €58,007 (+225%), from €25,834 to €83,841
- Provisions -€54,881
no longer reported in 2025 (was €54,881)
- Debts after one year -€20,285
down €20,285 (-68.1%), from €29,785 to €9,500
- Turnover -€134,988
no longer reported in 2025 (was €134,988)
- Purchases and services -€59,291
no longer reported in 2025 (was €59,291)
- Taxes +€51,263
up €51,263 (+341%), from €15,033 to €66,297
- Gross operating margin -€34,858
down €34,858 (-40.4%), from €86,225 to €51,366
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 | €636,606 | €612,170 | -€24,436 | -3.8% |
| Fixed assets | 21/28 | €555,939 | €526,436 | -€29,504 | -5.3% |
| Tangible fixed assets | 22/27 | €400,939 | €371,436 | -€29,504 | -7.4% |
| Land and buildings | 22 | €372,374 | €350,747 | -€21,627 | -5.8% |
| Furniture and vehicles | 24 | €28,565 | €20,689 | -€7,877 | -27.6% |
| Financial fixed assets | 28 | €155,000 | €155,000 | = | 0.0% |
| Current assets | 29/58 | €80,667 | €85,734 | +€5,067 | +6.3% |
| Amounts receivable after more than one year | 29 | €60,000 | €60,000 | = | 0.0% |
| Other amounts receivable | 291 | €60,000 | €60,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €20,085 | €8,096 | -€11,989 | -59.7% |
| Trade receivables | 40 | €18,531 | €8,096 | -€10,435 | -56.3% |
| Other amounts receivable | 41 | €1,554 | - | -€1,554 | |
| Current investments | 50/53 | €18 | €18 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €563 | €17,620 | +€17,057 | +3,027% |
| Total equity and liabilities | 10/49 | €636,606 | €612,170 | -€24,436 | -3.8% |
| Equity | 10/15 | €473,457 | €479,810 | +€6,353 | +1.3% |
| Contributions | 10/11 | €37,184 | €37,184 | = | 0.0% |
| Reserves | 13 | €168,363 | €3,718 | -€164,644 | -97.8% |
| Non-distributable reserves | 130/1 | €3,718 | €3,718 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,718 | €3,718 | = | 0.0% |
| Tax-exempt reserves | 132 | €164,644 | - | -€164,644 | |
| Profit (loss) carried forward | 14 | €267,911 | €438,908 | +€170,997 | +63.8% |
| Provisions and deferred taxes | 16 | €54,881 | - | -€54,881 | |
| Deferred taxes | 168 | €54,881 | - | -€54,881 | |
| Amounts payable | 17/49 | €108,267 | €132,360 | +€24,092 | +22.3% |
| Amounts payable after more than one year | 17 | €29,785 | €9,500 | -€20,285 | -68.1% |
| Financial debts | 170/4 | €29,785 | €9,500 | -€20,285 | -68.1% |
| Amounts payable within one year | 42/48 | €78,483 | €122,860 | +€44,377 | +56.5% |
| Current portion of amounts payable after more than one year | 42 | €35,777 | €20,285 | -€15,493 | -43.3% |
| Financial debts | 43 | €3,435 | - | -€3,435 | |
| Credit institutions | 430/8 | €3,435 | - | -€3,435 | |
| Trade debts | 44 | - | €3,686 | +€3,686 | |
| Suppliers | 440/4 | - | €3,686 | +€3,686 | |
| Taxes, remuneration and social security | 45 | €25,834 | €83,841 | +€58,007 | +225% |
| Taxes | 450/3 | €25,834 | €83,841 | +€58,007 | +225% |
| Other amounts payable | 47/48 | €13,436 | €15,048 | +€1,612 | +12.0% |
| Turnover | 70 | €134,988 | - | -€134,988 | |
| Goods, raw materials, services and sundry goods | 60/61 | €59,291 | - | -€59,291 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,504 | €29,504 | -€0 | 0.0% |
| Other operating charges | 640/8 | €1,276 | €1,436 | +€160 | +12.5% |
| Gross operating margin | 9900 | €86,225 | €51,366 | -€34,858 | -40.4% |
| Operating profit (loss) | 9901 | €55,445 | €20,427 | -€35,018 | -63.2% |
| Financial income | 75/76B | €936 | €938 | +€2 | +0.2% |
| Recurring financial income | 75 | €936 | €938 | +€2 | +0.2% |
| Financial charges | 65/66B | €3,606 | €3,597 | -€9 | -0.3% |
| Recurring financial charges | 65 | €3,606 | €3,597 | -€9 | -0.3% |
| Profit (loss) for the period before taxes | 9903 | €52,775 | €17,768 | -€35,007 | -66.3% |
| Transfer from deferred taxes | 780 | - | €54,881 | +€54,881 | |
| Income taxes | 67/77 | €15,033 | €66,297 | +€51,263 | +341% |
| Profit (loss) for the period | 9904 | €37,742 | €6,353 | -€31,389 | -83.2% |
| Transfer from tax-exempt reserves | 789 | - | €164,644 | +€164,644 | |
| Profit (loss) for the period to be appropriated | 9905 | €37,742 | €170,997 | +€133,255 | +353% |
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 22 October 2026 via checked.be.