QUALITY ESTATE: 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.
QUALITY ESTATE
Largest movements
- Stocks and contracts +€291,912
new in 2025: €291,912
- Deferred charges and accrued income +€243,947
up €243,947 (+1,779%), from €13,713 to €257,660
- Receivables within one year -€220,698
down €220,698 (-76.4%), from €288,988 to €68,289
of which Other amounts receivable: -€177,696
- Cash -€43,936
down €43,936 (-46.1%), from €95,377 to €51,441
mainly Stocks and contracts (-€291,912) and Deferred charges and accrued income (-€243,947)
- Receivables after one year -€40,000
down €40,000 (-50.0%), from €80,000 to €40,000
- Short-term financial debts +€283,294
new in 2025: €283,294
- Other debts +€221,080
up €221,080 (+4,456%), from €4,961 to €226,041
- Reserves -€221,042
down €221,042 (-24.9%), from €888,561 to €667,518
of which Distributable reserves: -€221,042
- Debts after one year -€27,568
down €27,568 (-12.8%), from €215,845 to €188,277
- Gross operating margin +€279,494
up €279,494 (+286%), from €97,691 to €377,184
- Other operating charges +€34,882
up €34,882 (+170%), from €20,466 to €55,348
- Depreciation +€20,633
up €20,633 (+27.4%), from €75,303 to €95,936
- Taxes +€17,464
up €17,464 (+3,854%), from €453 to €17,917
- Staff costs +€16,908
up €16,908 (+10.2%), from €166,115 to €183,023
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 | €1,208,854 | €1,464,873 | +€256,018 | +21.2% |
| Fixed assets | 21/28 | €730,776 | €755,569 | +€24,793 | +3.4% |
| Tangible fixed assets | 22/27 | €729,098 | €753,957 | +€24,858 | +3.4% |
| Land and buildings | 22 | €156,015 | €122,973 | -€33,042 | -21.2% |
| Plant, machinery and equipment | 23 | €161,302 | €144,109 | -€17,193 | -10.7% |
| Furniture and vehicles | 24 | €1,965 | €48,516 | +€46,551 | +2,369% |
| Other tangible fixed assets | 26 | €409,816 | €438,359 | +€28,542 | +7.0% |
| Financial fixed assets | 28 | €1,678 | €1,613 | -€65 | -3.9% |
| Current assets | 29/58 | €478,078 | €709,303 | +€231,225 | +48.4% |
| Amounts receivable after more than one year | 29 | €80,000 | €40,000 | -€40,000 | -50.0% |
| Other amounts receivable | 291 | €80,000 | €40,000 | -€40,000 | -50.0% |
| Stocks and contracts in progress | 3 | - | €291,912 | +€291,912 | |
| Stocks | 30/36 | - | €291,912 | +€291,912 | |
| Amounts receivable within one year | 40/41 | €288,988 | €68,289 | -€220,698 | -76.4% |
| Trade receivables | 40 | €83,112 | €40,110 | -€43,002 | -51.7% |
| Other amounts receivable | 41 | €205,876 | €28,179 | -€177,696 | -86.3% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €95,377 | €51,441 | -€43,936 | -46.1% |
| Deferred charges and accrued income | 490/1 | €13,713 | €257,660 | +€243,947 | +1,779% |
| Total equity and liabilities | 10/49 | €1,208,854 | €1,464,873 | +€256,018 | +21.2% |
| Equity | 10/15 | €898,261 | €676,718 | -€221,542 | -24.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €888,561 | €667,518 | -€221,042 | -24.9% |
| Tax-exempt reserves | 132 | €0 | - | = | |
| Distributable reserves | 133 | €888,561 | €667,518 | -€221,042 | -24.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Investment grants | 15 | €3,500 | €3,000 | -€500 | -14.3% |
| Provisions and deferred taxes | 16 | €1,167 | €1,000 | -€167 | -14.3% |
| Deferred taxes | 168 | €1,167 | €1,000 | -€167 | -14.3% |
| Amounts payable | 17/49 | €309,427 | €787,154 | +€477,727 | +154% |
| Amounts payable after more than one year | 17 | €215,845 | €188,277 | -€27,568 | -12.8% |
| Financial debts | 170/4 | €215,845 | €188,277 | -€27,568 | -12.8% |
| Amounts payable within one year | 42/48 | €93,519 | €595,051 | +€501,532 | +536% |
| Current portion of amounts payable after more than one year | 42 | €25,551 | €27,568 | +€2,017 | +7.9% |
| Financial debts | 43 | - | €283,294 | +€283,294 | |
| Credit institutions | 430/8 | - | €283,294 | +€283,294 | |
| Trade debts | 44 | €14,426 | €14,962 | +€536 | +3.7% |
| Suppliers | 440/4 | €14,426 | €14,962 | +€536 | +3.7% |
| Taxes, remuneration and social security | 45 | €48,580 | €43,185 | -€5,395 | -11.1% |
| Taxes | 450/3 | €15,931 | €12,183 | -€3,748 | -23.5% |
| Remuneration and social security | 454/9 | €32,649 | €31,002 | -€1,648 | -5.0% |
| Other amounts payable | 47/48 | €4,961 | €226,041 | +€221,080 | +4,456% |
| Accrued charges and deferred income | 492/3 | €63 | €3,827 | +€3,763 | +5,946% |
| Non-recurring operating income | 76A | €213,568 | €126,373 | -€87,195 | -40.8% |
| Remuneration, social security and pensions | 62 | €166,115 | €183,023 | +€16,908 | +10.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €75,303 | €95,936 | +€20,633 | +27.4% |
| Other operating charges | 640/8 | €20,466 | €55,348 | +€34,882 | +170% |
| Non-recurring operating charges | 66A | €0 | €1,335 | +€1,335 | |
| Gross operating margin | 9900 | €97,691 | €377,184 | +€279,494 | +286% |
| Operating profit (loss) | 9901 | -€164,193 | €41,543 | +€205,736 | |
| Financial income | 75/76B | €13,156 | €10,375 | -€2,781 | -21.1% |
| Recurring financial income | 75 | €13,156 | €10,375 | -€2,781 | -21.1% |
| Financial charges | 65/66B | €8,040 | €24,871 | +€16,831 | +209% |
| Recurring financial charges | 65 | €8,040 | €24,871 | +€16,831 | +209% |
| Profit (loss) for the period before taxes | 9903 | -€159,077 | €27,047 | +€186,124 | |
| Transfer from deferred taxes | 780 | €167 | €167 | = | 0.0% |
| Income taxes | 67/77 | €453 | €17,917 | +€17,464 | +3,854% |
| Profit (loss) for the period | 9904 | -€159,363 | €9,297 | +€168,660 | |
| Transfer from tax-exempt reserves | 789 | €153,466 | €0 | -€153,466 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | -€5,897 | €9,297 | +€15,193 |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.