QUADRUS: 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.
QUADRUS
Largest movements
- Cash +€439,382
up €439,382 (+1688.5%), from €26,022 to €465,404
mainly Other debts (+€595,937) and Depreciation (+€87,028)
- Tangible fixed assets -€81,510
down €81,510 (-16.8%), from €484,982 to €403,472
of which Land and buildings: -€75,458
- Receivables within one year +€45,125
up €45,125 (+20.1%), from €224,124 to €269,249
of which Trade receivables: +€147,125
- Other debts +€595,937
up €595,937 (+156.4%), from €381,035 to €976,972
- Trade debts -€134,594
down €134,594 (-86.8%), from €155,062 to €20,468
- Current portion of long-term debt -€26,787
no longer reported in 2025 (was €26,787)
- Profit (loss) carried forward -€24,401
down €24,401 (-30.3%), from -€80,503 to -€104,904
- Gross operating margin +€184,859
up €184,859 (+59.2%), from €312,050 to €496,909
- Staff costs -€12,110
down €12,110 (-3.1%), from €396,266 to €384,156
- Financial charges +€11,738
up €11,738 (+95.4%), from €12,303 to €24,041
- Other operating charges +€8,950
up €8,950 (+44.8%), from €19,993 to €28,943
- Depreciation -€7,445
down €7,445 (-7.9%), from €94,473 to €87,028
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 | €736,106 | €1,139,054 | +€402,948 | +54.7% |
| Fixed assets | 21/28 | €484,982 | €403,472 | -€81,510 | -16.8% |
| Tangible fixed assets | 22/27 | €484,982 | €403,472 | -€81,510 | -16.8% |
| Land and buildings | 22 | €461,967 | €386,509 | -€75,458 | -16.3% |
| Plant, machinery and equipment | 23 | €3,152 | €2,465 | -€687 | -21.8% |
| Other tangible fixed assets | 26 | €19,864 | €14,498 | -€5,365 | -27.0% |
| Current assets | 29/58 | €251,124 | €735,582 | +€484,458 | +192.9% |
| Amounts receivable within one year | 40/41 | €224,124 | €269,249 | +€45,125 | +20.1% |
| Trade receivables | 40 | €122,124 | €269,249 | +€147,125 | +120.5% |
| Other amounts receivable | 41 | €102,000 | - | -€102,000 | |
| Cash at bank and in hand | 54/58 | €26,022 | €465,404 | +€439,382 | +1688.5% |
| Deferred charges and accrued income | 490/1 | €978 | €929 | -€49 | -5.0% |
| Total equity and liabilities | 10/49 | €736,106 | €1,139,054 | +€402,948 | +54.7% |
| Equity | 10/15 | €83,107 | €58,706 | -€24,401 | -29.4% |
| Contributions | 10/11 | €148,736 | €148,736 | = | 0.0% |
| Capital | 10 | €148,736 | €148,736 | = | 0.0% |
| Issued capital | 100 | €148,736 | €148,736 | = | 0.0% |
| Reserves | 13 | €14,874 | €14,874 | = | 0.0% |
| Non-distributable reserves | 130/1 | €14,874 | €14,874 | = | 0.0% |
| Legal reserve | 130 | €14,874 | €14,874 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€80,503 | -€104,904 | -€24,401 | -30.3% |
| Amounts payable | 17/49 | €652,999 | €1,080,348 | +€427,349 | +65.4% |
| Amounts payable within one year | 42/48 | €648,576 | €1,074,187 | +€425,612 | +65.6% |
| Current portion of amounts payable after more than one year | 42 | €26,787 | - | -€26,787 | |
| Trade debts | 44 | €155,062 | €20,468 | -€134,594 | -86.8% |
| Suppliers | 440/4 | €155,062 | €20,468 | -€134,594 | -86.8% |
| Taxes, remuneration and social security | 45 | €85,692 | €76,748 | -€8,945 | -10.4% |
| Taxes | 450/3 | €24,033 | €18,806 | -€5,227 | -21.7% |
| Remuneration and social security | 454/9 | €61,660 | €57,942 | -€3,718 | -6.0% |
| Other amounts payable | 47/48 | €381,035 | €976,972 | +€595,937 | +156.4% |
| Accrued charges and deferred income | 492/3 | €4,424 | €6,161 | +€1,737 | +39.3% |
| Non-recurring operating income | 76A | €200 | - | -€200 | |
| Remuneration, social security and pensions | 62 | €396,266 | €384,156 | -€12,110 | -3.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €94,473 | €87,028 | -€7,445 | -7.9% |
| Other operating charges | 640/8 | €19,993 | €28,943 | +€8,950 | +44.8% |
| Gross operating margin | 9900 | €312,050 | €496,909 | +€184,859 | +59.2% |
| Operating profit (loss) | 9901 | -€198,682 | -€3,219 | +€195,464 | +98.4% |
| Financial income | 75/76B | €550 | €3,436 | +€2,886 | +524.4% |
| Recurring financial income | 75 | €550 | €3,436 | +€2,886 | +524.4% |
| Financial charges | 65/66B | €12,303 | €24,041 | +€11,738 | +95.4% |
| Recurring financial charges | 65 | €12,303 | €24,041 | +€11,738 | +95.4% |
| Profit (loss) for the period before taxes | 9903 | -€210,435 | -€23,824 | +€186,611 | +88.7% |
| Transfer from deferred taxes | 780 | €2,415 | - | -€2,415 | |
| Income taxes | 67/77 | €302 | €578 | +€276 | +91.3% |
| Profit (loss) for the period | 9904 | -€208,322 | -€24,401 | +€183,921 | +88.3% |
| Transfer from tax-exempt reserves | 789 | €7,244 | - | -€7,244 | |
| Profit (loss) for the period to be appropriated | 9905 | -€201,078 | -€24,401 | +€176,677 | +87.9% |
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.