QUADRIMASTER: 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.
QUADRIMASTER
Largest movements
- Receivables within one year +€50,108
up €50,108 (+31.1%), from €160,978 to €211,086
of which Other amounts receivable: +€49,195
- Reserves +€34,495
up €34,495 (+17.2%), from €200,395 to €234,890
- Trade debts +€7,450
up €7,450 (+240.0%), from €3,104 to €10,554
- Accrued charges and deferred income +€4,937
new in 2025: €4,937
- Depreciation -€5,697
down €5,697 (-38.3%), from €14,875 to €9,178
- Gross operating margin +€3,742
up €3,742 (+6.7%), from €55,759 to €59,500
- Taxes +€2,367
up €2,367 (+21.1%), from €11,237 to €13,604
- Financial income +€1,157
up €1,157 (+26.1%), from €4,440 to €5,597
- Other operating charges +€1,138
up €1,138 (+31.1%), from €3,653 to €4,791
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €316,221 | €363,400 | +€47,178 | +14.9% |
| Fixed assets | 21/28 | €154,914 | €152,314 | -€2,600 | -1.7% |
| Tangible fixed assets | 22/27 | €154,895 | €152,295 | -€2,600 | -1.7% |
| Land and buildings | 22 | €154,895 | €152,295 | -€2,600 | -1.7% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Financial fixed assets | 28 | €19 | €19 | = | 0.0% |
| Current assets | 29/58 | €161,308 | €211,086 | +€49,778 | +30.9% |
| Amounts receivable within one year | 40/41 | €160,978 | €211,086 | +€50,108 | +31.1% |
| Trade receivables | 40 | €0 | €912 | +€912 | |
| Other amounts receivable | 41 | €160,978 | €210,173 | +€49,195 | +30.6% |
| Deferred charges and accrued income | 490/1 | €330 | - | -€330 | |
| Total equity and liabilities | 10/49 | €316,221 | €363,400 | +€47,178 | +14.9% |
| Equity | 10/15 | €207,395 | €241,890 | +€34,495 | +16.6% |
| Contributions | 10/11 | €7,000 | €7,000 | = | 0.0% |
| Reserves | 13 | €200,395 | €234,890 | +€34,495 | +17.2% |
| Distributable reserves | 133 | €200,395 | €234,890 | +€34,495 | +17.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €108,826 | €121,509 | +€12,683 | +11.7% |
| Amounts payable within one year | 42/48 | €108,826 | €116,573 | +€7,746 | +7.1% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | €50,000 | €50,000 | = | 0.0% |
| Credit institutions | 430/8 | €50,000 | €50,000 | = | 0.0% |
| Trade debts | 44 | €3,104 | €10,554 | +€7,450 | +240.0% |
| Suppliers | 440/4 | €3,104 | €10,554 | +€7,450 | +240.0% |
| Taxes, remuneration and social security | 45 | €30,052 | €30,420 | +€368 | +1.2% |
| Taxes | 450/3 | €30,052 | €30,420 | +€368 | +1.2% |
| Other amounts payable | 47/48 | €25,670 | €25,598 | -€72 | -0.3% |
| Accrued charges and deferred income | 492/3 | - | €4,937 | +€4,937 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,875 | €9,178 | -€5,697 | -38.3% |
| Other operating charges | 640/8 | €3,653 | €4,791 | +€1,138 | +31.1% |
| Gross operating margin | 9900 | €55,759 | €59,500 | +€3,742 | +6.7% |
| Operating profit (loss) | 9901 | €37,230 | €45,531 | +€8,300 | +22.3% |
| Financial income | 75/76B | €4,440 | €5,597 | +€1,157 | +26.1% |
| Recurring financial income | 75 | €4,440 | €5,597 | +€1,157 | +26.1% |
| Financial charges | 65/66B | €3,267 | €3,029 | -€238 | -7.3% |
| Recurring financial charges | 65 | €3,267 | €3,029 | -€238 | -7.3% |
| Profit (loss) for the period before taxes | 9903 | €38,404 | €48,099 | +€9,695 | +25.2% |
| Income taxes | 67/77 | €11,237 | €13,604 | +€2,367 | +21.1% |
| Profit (loss) for the period | 9904 | €27,167 | €34,495 | +€7,328 | +27.0% |
| Profit (loss) for the period to be appropriated | 9905 | €27,167 | €34,495 | +€7,328 | +27.0% |
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 9 October 2026 via checked.be.