QUAEROQ: 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.
What changed
QUAEROQ
NACE 64.310, Financial service activities, except insurance and pension funding
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€13.9m
2024 · -€752,847+€14.7m
Equity
€55.9m
2024 · €62.0m-€6.1m
Cash
€1.4m
2024 · €53,705+€1.4m
Balance sheet total
€86.1m
2024 · €127.0m-€40.9m
Largest movements
Assets
- Financial fixed assets -€39.2m
down €39.2m (-45.9%), from €85.5m to €46.2m
of which Affiliated companies: -€30.3m
- Current investments -€2.5m
down €2.5m (-6.2%), from €40.2m to €37.7m
- Cash +€1.4m
up €1.4m (+2,544%), from €53,705 to €1.4m
mainly Investment in fixed assets (net) (+€39.2m) and Net result for the year (+€13.9m)
Equity and liabilities
- Other debts -€29.8m
down €29.8m (-59.7%), from €50.0m to €20.2m
- Profit (loss) carried forward -€6.1m
down €6.1m (-10.9%), from €55.7m to €49.6m
- Short-term financial debts -€5.0m
down €5.0m (-33.3%), from €15.0m to €10.0m
Income statement
- Financial charges -€7.4m
down €7.4m (-69.8%), from €10.6m to €3.2m
of which Financial charges: -€5.8m
- Financial income +€7.3m
up €7.3m (+70.8%), from €10.3m to €17.6m
of which Non-recurring financial income: +€12.0m
- Taxes -€97,116
down €97,116 (-43.0%), from €225,676 to €128,560
- Services and other goods +€81,672
up €81,672 (+35.6%), from €229,300 to €310,972
- Other operating charges -€23,051
down €23,051 (-43.6%), from €52,846 to €29,795
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.
Result 2024
-€752,847
Turnover
+€55
Services and other goods
-€81,672
Other operating charges
+€23,051
Financial income
+€7.3m
Financial charges
+€7.4m
Taxes
+€97,116
Result 2025
€13.9m
raises the resultlowers the result
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.
From operations
-€15.4m
Investment
+€41.7m
Financing
-€25.0m
Cash 2024
€53,705
From operations (derived)
-€15.4m
Net result for the year
+€13.9m
Receivables within one year
+€625,616
Smaller working-capital items
-€93,135
Other debts
-€29.8m
Investment (derived)
+€41.7m
Investment in fixed assets (net)
+€39.2m
Current investments
+€2.5m
Financing
-€25.0m
Short-term financial debts
-€5.0m
Contributions, distributions and other
-€20.0m
Cash 2025
€1.4m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €127,028,543 | €86,085,844 | -€40.9m | -32.2% |
| Fixed assets | 21/28 | €85,466,739 | €46,235,059 | -€39.2m | -45.9% |
| Financial fixed assets | 28 | €85,466,739 | €46,235,059 | -€39.2m | -45.9% |
| Affiliated companies | 280/1 | €59,396,608 | €29,098,636 | -€30.3m | -51.0% |
| Participating interests | 280 | €1,800,803 | - | -€1.8m | |
| Amounts receivable | 281 | €57,595,804 | €29,098,636 | -€28.5m | -49.5% |
| Companies linked by participating interests | 282/3 | €4,345,944 | €4,334,807 | -€11,137 | -0.3% |
| Participating interests | 282 | €4,345,944 | €4,334,807 | -€11,137 | -0.3% |
| Amounts receivable | 283 | €0 | - | = | |
| Other financial fixed assets | 284/8 | €21,724,188 | €12,801,617 | -€8.9m | -41.1% |
| Shares | 284 | €19,424,281 | €10,079,125 | -€9.3m | -48.1% |
| Amounts receivable and cash guarantees | 285/8 | €2,299,907 | €2,722,491 | +€422,584 | +18.4% |
| Current assets | 29/58 | €41,561,803 | €39,850,784 | -€1.7m | -4.1% |
| Amounts receivable within one year | 40/41 | €1,338,494 | €712,878 | -€625,616 | -46.7% |
| Trade receivables | 40 | €5,147 | €5,528 | +€380 | +7.4% |
| Other amounts receivable | 41 | €1,333,346 | €707,350 | -€625,997 | -46.9% |
| Current investments | 50/53 | €40,169,604 | €37,667,887 | -€2.5m | -6.2% |
| Other investments | 51/53 | €40,169,604 | €37,667,887 | -€2.5m | -6.2% |
| Cash at bank and in hand | 54/58 | €53,705 | €1,419,988 | +€1.4m | +2,544% |
| Deferred charges and accrued income | 490/1 | - | €50,032 | +€50,032 | |
| Total equity and liabilities | 10/49 | €127,028,543 | €86,085,844 | -€40.9m | -32.2% |
| Equity | 10/15 | €61,960,441 | €55,904,205 | -€6.1m | -9.8% |
| Contributions | 10/11 | €3,337,147 | €3,337,147 | = | 0.0% |
| Capital | 10 | €3,337,147 | €3,337,147 | = | 0.0% |
| Issued capital | 100 | €3,337,147 | €3,337,147 | = | 0.0% |
| Reserves | 13 | €2,953,820 | €2,953,820 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,953,820 | €2,953,820 | = | 0.0% |
| Legal reserve | 130 | €2,953,820 | €2,953,820 | = | 0.0% |
| Profit (loss) carried forward | 14 | €55,669,474 | €49,613,237 | -€6.1m | -10.9% |
| Amounts payable | 17/49 | €65,068,101 | €30,181,639 | -€34.9m | -53.6% |
| Amounts payable within one year | 42/48 | €65,014,026 | €30,162,657 | -€34.9m | -53.6% |
| Financial debts | 43 | €15,000,000 | €10,000,000 | -€5.0m | -33.3% |
| Credit institutions | 430/8 | €15,000,000 | €10,000,000 | -€5.0m | -33.3% |
| Trade debts | 44 | €13,333 | €4,400 | -€8,933 | -67.0% |
| Suppliers | 440/4 | €13,333 | €4,400 | -€8,933 | -67.0% |
| Taxes, remuneration and social security | 45 | €693 | €1,617 | +€924 | +133% |
| Taxes | 450/3 | €693 | €1,617 | +€924 | +133% |
| Other amounts payable | 47/48 | €50,000,000 | €20,156,640 | -€29.8m | -59.7% |
| Accrued charges and deferred income | 492/3 | €54,076 | €18,982 | -€35,094 | -64.9% |
| Operating income | 70/76A | €16,170 | €16,225 | +€55 | +0.3% |
| Turnover | 70 | €16,170 | €16,225 | +€55 | +0.3% |
| Operating charges | 60/66A | €282,146 | €340,767 | +€58,621 | +20.8% |
| Services and other goods | 61 | €229,300 | €310,972 | +€81,672 | +35.6% |
| Other operating charges | 640/8 | €52,846 | €29,795 | -€23,051 | -43.6% |
| Operating profit (loss) | 9901 | -€265,976 | -€324,542 | -€58,566 | -22.0% |
| Financial income | 75/76B | €10,290,871 | €17,580,562 | +€7.3m | +70.8% |
| Recurring financial income | 75 | €7,943,315 | €3,221,570 | -€4.7m | -59.4% |
| Income from financial fixed assets | 750 | €2,130,446 | €1,284,562 | -€845,884 | -39.7% |
| Income from current assets | 751 | €2,262,136 | €1,933,394 | -€328,742 | -14.5% |
| Other financial income | 752/9 | €3,550,733 | €3,614 | -€3.5m | -99.9% |
| Non-recurring financial income | 76B | €2,347,556 | €14,358,992 | +€12.0m | +512% |
| Financial charges | 65/66B | €10,552,066 | €3,183,696 | -€7.4m | -69.8% |
| Recurring financial charges | 65 | €8,708,051 | €2,935,468 | -€5.8m | -66.3% |
| Debt charges | 650 | €743,031 | €308,961 | -€434,070 | -58.4% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | €5,819,252 | €1,847,796 | -€4.0m | -68.2% |
| Other financial charges | 652/9 | €2,145,769 | €778,711 | -€1.4m | -63.7% |
| Non-recurring financial charges | 66B | €1,844,015 | €248,229 | -€1.6m | -86.5% |
| Profit (loss) for the period before taxes | 9903 | -€527,171 | €14,072,323 | +€14.6m | |
| Income taxes | 67/77 | €225,676 | €128,560 | -€97,116 | -43.0% |
| Taxes | 670/3 | €225,676 | €195,528 | -€30,148 | -13.4% |
| Tax adjustments and reversals of tax provisions | 77 | - | €66,968 | +€66,968 | |
| Profit (loss) for the period | 9904 | -€752,847 | €13,943,764 | +€14.7m | |
| Profit (loss) for the period to be appropriated | 9905 | -€752,847 | €13,943,764 | +€14.7m |
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 21 October 2026 via checked.be.