QUALITY FIRST: what changed
Two fiscal 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 FIRST
Largest movements
- Receivables within one year -€16,357
down €16,357 (-55.5%), from €29,448 to €13,092
of which Other amounts receivable: -€11,986
- Tangible fixed assets -€1,912
down €1,912 (-12.5%), from €15,262 to €13,351
of which Land and buildings: -€4,613
- Reserves -€13,056
down €13,056 (-15.2%), from €85,934 to €72,878
- Trade debts -€4,410
down €4,410 (-62.2%), from €7,086 to €2,676
- Gross operating margin +€4,546
up €4,546 (+37.4%), from €12,170 to €16,716
- Depreciation +€3,058
up €3,058 (+69.6%), from €4,393 to €7,451
- Financial income -€733
down €733 (-100.0%), from €733 to €0
- Taxes +€294
up €294 (+11.2%), from €2,619 to €2,913
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 | €115,509 | €97,892 | -€17,617 | -15.3% |
| Fixed assets | 21/28 | €15,262 | €13,351 | -€1,912 | -12.5% |
| Tangible fixed assets | 22/27 | €15,262 | €13,351 | -€1,912 | -12.5% |
| Land and buildings | 22 | €15,262 | €10,650 | -€4,613 | -30.2% |
| Furniture and vehicles | 24 | - | €2,701 | +€2,701 | |
| Current assets | 29/58 | €100,247 | €84,541 | -€15,706 | -15.7% |
| Stocks and contracts in progress | 3 | €2,062 | €2,232 | +€170 | +8.2% |
| Stocks | 30/36 | €2,062 | €2,232 | +€170 | +8.2% |
| Amounts receivable within one year | 40/41 | €29,448 | €13,092 | -€16,357 | -55.5% |
| Trade receivables | 40 | €10,995 | €6,624 | -€4,371 | -39.8% |
| Other amounts receivable | 41 | €18,453 | €6,468 | -€11,986 | -65.0% |
| Cash at bank and in hand | 54/58 | €68,554 | €68,856 | +€303 | +0.4% |
| Deferred charges and accrued income | 490/1 | €183 | €361 | +€179 | +97.7% |
| Total equity and liabilities | 10/49 | €115,509 | €97,892 | -€17,617 | -15.3% |
| Equity | 10/15 | €104,526 | €91,470 | -€13,056 | -12.5% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €85,934 | €72,878 | -€13,056 | -15.2% |
| Distributable reserves | 133 | €85,934 | €72,878 | -€13,056 | -15.2% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €10,983 | €6,422 | -€4,561 | -41.5% |
| Amounts payable within one year | 42/48 | €10,983 | €5,672 | -€5,311 | -48.4% |
| Trade debts | 44 | €7,086 | €2,676 | -€4,410 | -62.2% |
| Suppliers | 440/4 | €7,086 | €2,676 | -€4,410 | -62.2% |
| Taxes, remuneration and social security | 45 | €3,897 | €2,996 | -€901 | -23.1% |
| Taxes | 450/3 | €3,897 | €2,996 | -€901 | -23.1% |
| Accrued charges and deferred income | 492/3 | - | €750 | +€750 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,393 | €7,451 | +€3,058 | +69.6% |
| Other operating charges | 640/8 | €1,178 | €1,043 | -€135 | -11.4% |
| Gross operating margin | 9900 | €12,170 | €16,716 | +€4,546 | +37.4% |
| Operating profit (loss) | 9901 | €6,599 | €8,222 | +€1,623 | +24.6% |
| Financial income | 75/76B | €733 | €0 | -€733 | -100.0% |
| Recurring financial income | 75 | €733 | €0 | -€733 | -100.0% |
| Financial charges | 65/66B | €423 | €460 | +€37 | +8.8% |
| Recurring financial charges | 65 | €423 | €460 | +€37 | +8.8% |
| Profit (loss) for the period before taxes | 9903 | €6,909 | €7,762 | +€853 | +12.4% |
| Income taxes | 67/77 | €2,619 | €2,913 | +€294 | +11.2% |
| Profit (loss) for the period | 9904 | €4,289 | €4,849 | +€559 | +13.0% |
| Profit (loss) for the period to be appropriated | 9905 | €4,289 | €4,849 | +€559 | +13.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.