Quaestor: 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.
Quaestor
Largest movements
- Cash -€72,517
down €72,517 (-59.8%), from €121,267 to €48,750
mainly Receivables within one year (-€69,385) and Debts after one year (-€61,967)
- Receivables within one year +€69,385
up €69,385 (+1,461%), from €4,748 to €74,133
of which Trade receivables: +€71,093
- Tangible fixed assets -€45,566
down €45,566 (-16.6%), from €274,904 to €229,339
- Stocks and contracts +€40,976
new in 2025: €40,976
- Debts after one year -€61,967
down €61,967 (-27.7%), from €223,802 to €161,835
- Other debts +€45,807
up €45,807 (+186%), from €24,682 to €70,489
- Reserves +€20,244
up €20,244 (+6.4%), from €315,835 to €336,079
of which Distributable reserves: +€20,244
- Short-term financial debts -€11,770
down €11,770 (-100%), from €11,770 to €0
- Gross operating margin +€12,776
up €12,776 (+9.1%), from €140,254 to €153,030
- Taxes +€4,455
up €4,455 (+24.4%), from €18,292 to €22,747
- Financial charges -€3,561
down €3,561 (-23.5%), from €15,152 to €11,591
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 | €856,333 | €848,810 | -€7,523 | -0.9% |
| Fixed assets | 21/28 | €728,504 | €682,939 | -€45,566 | -6.3% |
| Tangible fixed assets | 22/27 | €274,904 | €229,339 | -€45,566 | -16.6% |
| Land and buildings | 22 | €160,505 | €143,580 | -€16,925 | -10.5% |
| Plant, machinery and equipment | 23 | €19,526 | €12,488 | -€7,038 | -36.0% |
| Furniture and vehicles | 24 | €94,873 | €73,271 | -€21,602 | -22.8% |
| Financial fixed assets | 28 | €453,600 | €453,600 | = | 0.0% |
| Current assets | 29/58 | €127,829 | €165,871 | +€38,042 | +29.8% |
| Stocks and contracts in progress | 3 | - | €40,976 | +€40,976 | |
| Stocks | 30/36 | - | €40,976 | +€40,976 | |
| Amounts receivable within one year | 40/41 | €4,748 | €74,133 | +€69,385 | +1,461% |
| Trade receivables | 40 | €3,040 | €74,133 | +€71,093 | +2,339% |
| Other amounts receivable | 41 | €1,708 | €0 | -€1,708 | -100% |
| Cash at bank and in hand | 54/58 | €121,267 | €48,750 | -€72,517 | -59.8% |
| Deferred charges and accrued income | 490/1 | €1,814 | €2,013 | +€199 | +10.9% |
| Total equity and liabilities | 10/49 | €856,333 | €848,810 | -€7,523 | -0.9% |
| Equity | 10/15 | €457,035 | €477,279 | +€20,244 | +4.4% |
| Contributions | 10/11 | €141,200 | €141,200 | = | 0.0% |
| Reserves | 13 | €315,835 | €336,079 | +€20,244 | +6.4% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €315,835 | €336,079 | +€20,244 | +6.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €50,000 | €50,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €50,000 | €50,000 | = | 0.0% |
| Pensions and similar obligations | 160 | €50,000 | €50,000 | = | 0.0% |
| Amounts payable | 17/49 | €349,299 | €321,531 | -€27,767 | -7.9% |
| Amounts payable after more than one year | 17 | €223,802 | €161,835 | -€61,967 | -27.7% |
| Financial debts | 170/4 | €223,802 | €161,835 | -€61,967 | -27.7% |
| Amounts payable within one year | 42/48 | €118,554 | €158,834 | +€40,280 | +34.0% |
| Current portion of amounts payable after more than one year | 42 | €59,844 | €61,967 | +€2,123 | +3.5% |
| Financial debts | 43 | €11,770 | €0 | -€11,770 | -100% |
| Credit institutions | 430/8 | €11,770 | €0 | -€11,770 | -100% |
| Trade debts | 44 | €550 | €663 | +€113 | +20.6% |
| Suppliers | 440/4 | €550 | €663 | +€113 | +20.6% |
| Taxes, remuneration and social security | 45 | €21,708 | €25,716 | +€4,007 | +18.5% |
| Taxes | 450/3 | €21,708 | €25,716 | +€4,007 | +18.5% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €24,682 | €70,489 | +€45,807 | +186% |
| Accrued charges and deferred income | 492/3 | €6,943 | €862 | -€6,081 | -87.6% |
| Non-recurring operating income | 76A | €4,072 | €0 | -€4,072 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,657 | €56,442 | +€785 | +1.4% |
| Other operating charges | 640/8 | €4,201 | €3,521 | -€680 | -16.2% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €140,254 | €153,030 | +€12,776 | +9.1% |
| Operating profit (loss) | 9901 | €80,396 | €93,067 | +€12,671 | +15.8% |
| Financial income | 75/76B | €205 | €535 | +€330 | +161% |
| Recurring financial income | 75 | €205 | €535 | +€330 | +161% |
| Financial charges | 65/66B | €15,152 | €11,591 | -€3,561 | -23.5% |
| Recurring financial charges | 65 | €15,152 | €11,591 | -€3,561 | -23.5% |
| Profit (loss) for the period before taxes | 9903 | €65,449 | €82,010 | +€16,562 | +25.3% |
| Income taxes | 67/77 | €18,292 | €22,747 | +€4,455 | +24.4% |
| Profit (loss) for the period | 9904 | €47,157 | €59,263 | +€12,106 | +25.7% |
| Profit (loss) for the period to be appropriated | 9905 | €47,157 | €59,263 | +€12,106 | +25.7% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.