QUADRIFINISH: 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.
QUADRIFINISH
Largest movements
- Tangible fixed assets -€58,056
down €58,056 (-44.5%), from €130,413 to €72,357
of which Leasing and similar rights: -€50,276
- Intangible fixed assets -€21,895
down €21,895 (-24.4%), from €89,915 to €68,020
- Stocks and contracts +€17,160
up €17,160 (+18.7%), from €91,961 to €109,122
of which Contracts in progress: +€9,222
- Receivables within one year -€14,041
down €14,041 (-4.9%), from €286,790 to €272,750
of which Trade receivables: -€17,405
- Cash +€6,491
up €6,491 (+217%), from €2,995 to €9,486
mainly Trade debts (+€103,234) and Depreciation (+€95,562)
- Profit (loss) carried forward -€109,722
down €109,722 (-28.0%), from -€392,369 to -€502,092
- Trade debts +€103,234
up €103,234 (+25.3%), from €408,124 to €511,358
- Current portion of long-term debt -€27,466
down €27,466 (-55.1%), from €49,815 to €22,349
- Debts after one year -€22,349
down €22,349 (-7.6%), from €293,019 to €270,670
- Tax, wage and social debts -€7,697
down €7,697 (-6.7%), from €114,517 to €106,820
of which Remuneration and social security: -€5,821
- Gross operating margin -€64,156
down €64,156 (-10.8%), from €595,372 to €531,216
- Financial charges -€10,760
down €10,760 (-66.4%), from €16,195 to €5,435
- Other operating charges +€9,034
up €9,034 (+233%), from €3,881 to €12,915
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 | €616,548 | €546,809 | -€69,740 | -11.3% |
| Fixed assets | 21/28 | €220,378 | €140,426 | -€79,951 | -36.3% |
| Intangible fixed assets | 21 | €89,915 | €68,020 | -€21,895 | -24.4% |
| Tangible fixed assets | 22/27 | €130,413 | €72,357 | -€58,056 | -44.5% |
| Plant, machinery and equipment | 23 | €17,937 | €9,719 | -€8,218 | -45.8% |
| Furniture and vehicles | 24 | €19,455 | €19,893 | +€438 | +2.3% |
| Leasing and similar rights | 25 | €93,021 | €42,745 | -€50,276 | -54.0% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €396,171 | €406,382 | +€10,211 | +2.6% |
| Stocks and contracts in progress | 3 | €91,961 | €109,122 | +€17,160 | +18.7% |
| Stocks | 30/36 | €83,755 | €91,693 | +€7,939 | +9.5% |
| Contracts in progress | 37 | €8,206 | €17,428 | +€9,222 | +112% |
| Amounts receivable within one year | 40/41 | €286,790 | €272,750 | -€14,041 | -4.9% |
| Trade receivables | 40 | €261,436 | €244,030 | -€17,405 | -6.7% |
| Other amounts receivable | 41 | €25,355 | €28,719 | +€3,365 | +13.3% |
| Cash at bank and in hand | 54/58 | €2,995 | €9,486 | +€6,491 | +217% |
| Deferred charges and accrued income | 490/1 | €14,425 | €15,025 | +€600 | +4.2% |
| Total equity and liabilities | 10/49 | €616,548 | €546,809 | -€69,740 | -11.3% |
| Equity | 10/15 | -€255,291 | -€365,013 | -€109,722 | -43.0% |
| Contributions | 10/11 | €116,510 | €116,510 | = | 0.0% |
| Capital | 10 | €116,510 | €116,510 | = | 0.0% |
| Issued capital | 100 | €116,510 | €116,510 | = | 0.0% |
| Reserves | 13 | €20,569 | €20,569 | = | 0.0% |
| Non-distributable reserves | 130/1 | €11,651 | €11,651 | = | 0.0% |
| Legal reserve | 130 | €11,651 | €11,651 | = | 0.0% |
| Distributable reserves | 133 | €8,918 | €8,918 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€392,369 | -€502,092 | -€109,722 | -28.0% |
| Amounts payable | 17/49 | €871,839 | €911,822 | +€39,983 | +4.6% |
| Amounts payable after more than one year | 17 | €293,019 | €270,670 | -€22,349 | -7.6% |
| Financial debts | 170/4 | €293,019 | €270,670 | -€22,349 | -7.6% |
| Amounts payable within one year | 42/48 | €572,456 | €640,526 | +€68,070 | +11.9% |
| Current portion of amounts payable after more than one year | 42 | €49,815 | €22,349 | -€27,466 | -55.1% |
| Trade debts | 44 | €408,124 | €511,358 | +€103,234 | +25.3% |
| Suppliers | 440/4 | €408,124 | €511,358 | +€103,234 | +25.3% |
| Taxes, remuneration and social security | 45 | €114,517 | €106,820 | -€7,697 | -6.7% |
| Taxes | 450/3 | €27,995 | €26,119 | -€1,876 | -6.7% |
| Remuneration and social security | 454/9 | €86,522 | €80,701 | -€5,821 | -6.7% |
| Accrued charges and deferred income | 492/3 | €6,364 | €625 | -€5,739 | -90.2% |
| Remuneration, social security and pensions | 62 | €528,488 | €528,079 | -€409 | -0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €98,542 | €95,562 | -€2,981 | -3.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €647 | -€1,044 | -€1,691 | |
| Other operating charges | 640/8 | €3,881 | €12,915 | +€9,034 | +233% |
| Gross operating margin | 9900 | €595,372 | €531,216 | -€64,156 | -10.8% |
| Operating profit (loss) | 9901 | -€36,186 | -€104,296 | -€68,110 | -188% |
| Financial income | 75/76B | €35 | €9 | -€27 | -75.6% |
| Recurring financial income | 75 | €35 | €9 | -€27 | -75.6% |
| Financial charges | 65/66B | €16,195 | €5,435 | -€10,760 | -66.4% |
| Recurring financial charges | 65 | €16,195 | €5,435 | -€10,760 | -66.4% |
| Profit (loss) for the period before taxes | 9903 | -€52,345 | -€109,722 | -€57,377 | -110% |
| Profit (loss) for the period | 9904 | -€52,345 | -€109,722 | -€57,377 | -110% |
| Profit (loss) for the period to be appropriated | 9905 | -€52,345 | -€109,722 | -€57,377 | -110% |
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 20 October 2026 via checked.be.