QUALITY & MATTERS: 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 & MATTERS
Largest movements
- Financial fixed assets -€312,543
down €312,543 (-46.0%), from €679,031 to €366,488
- Receivables within one year -€174,229
down €174,229 (-76.9%), from €226,649 to €52,419
of which Trade receivables: -€183,281
- Tangible fixed assets -€33,882
down €33,882 (-12.5%), from €271,491 to €237,610
of which Leasing and similar rights: -€20,623
- Profit (loss) carried forward -€200,382
down €200,382 (-126%), from -€159,517 to -€359,899
- Other debts -€163,047
down €163,047 (-35.7%), from €456,391 to €293,344
- Trade debts -€100,416
down €100,416 (-82.1%), from €122,280 to €21,864
- Accrued charges and deferred income -€43,141
down €43,141 (-100%), from €43,141 to €0
- Current portion of long-term debt -€19,386
down €19,386 (-76.8%), from €25,250 to €5,864
- Financial charges +€205,471
up €205,471 (+1,815%), from €11,321 to €216,793
of which Non-recurring financial charges: +€212,543
- Gross operating margin +€161,370
up €161,370, from -€77,862 to €83,508
- Other operating charges -€2,735
down €2,735 (-32.8%), from €8,342 to €5,607
- Depreciation -€1,635
down €1,635 (-2.1%), from €77,554 to €75,919
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 | €1,182,760 | €660,856 | -€521,904 | -44.1% |
| Fixed assets | 21/28 | €950,522 | €604,098 | -€346,425 | -36.4% |
| Tangible fixed assets | 22/27 | €271,491 | €237,610 | -€33,882 | -12.5% |
| Land and buildings | 22 | €245,055 | €233,412 | -€11,643 | -4.8% |
| Plant, machinery and equipment | 23 | €2,529 | €1,532 | -€997 | -39.4% |
| Furniture and vehicles | 24 | €3,285 | €2,666 | -€619 | -18.8% |
| Leasing and similar rights | 25 | €20,623 | €0 | -€20,623 | -100% |
| Financial fixed assets | 28 | €679,031 | €366,488 | -€312,543 | -46.0% |
| Current assets | 29/58 | €232,238 | €56,758 | -€175,480 | -75.6% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €226,649 | €52,419 | -€174,229 | -76.9% |
| Trade receivables | 40 | €216,068 | €32,787 | -€183,281 | -84.8% |
| Other amounts receivable | 41 | €10,581 | €19,632 | +€9,051 | +85.5% |
| Cash at bank and in hand | 54/58 | €858 | €1,331 | +€473 | +55.0% |
| Deferred charges and accrued income | 490/1 | €4,731 | €3,008 | -€1,723 | -36.4% |
| Total equity and liabilities | 10/49 | €1,182,760 | €660,856 | -€521,904 | -44.1% |
| Equity | 10/15 | €535,529 | €335,147 | -€200,382 | -37.4% |
| Contributions | 10/11 | €318,600 | €318,600 | = | 0.0% |
| Reserves | 13 | €376,446 | €376,446 | = | 0.0% |
| Distributable reserves | 133 | €376,446 | €376,446 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€159,517 | -€359,899 | -€200,382 | -126% |
| Amounts payable | 17/49 | €647,232 | €325,710 | -€321,522 | -49.7% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €604,090 | €325,710 | -€278,381 | -46.1% |
| Current portion of amounts payable after more than one year | 42 | €25,250 | €5,864 | -€19,386 | -76.8% |
| Financial debts | 43 | - | €186 | +€186 | |
| Credit institutions | 430/8 | - | €186 | +€186 | |
| Trade debts | 44 | €122,280 | €21,864 | -€100,416 | -82.1% |
| Suppliers | 440/4 | €122,280 | €21,864 | -€100,416 | -82.1% |
| Taxes, remuneration and social security | 45 | €170 | €4,452 | +€4,282 | +2,522% |
| Taxes | 450/3 | €170 | €4,452 | +€4,282 | +2,522% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €456,391 | €293,344 | -€163,047 | -35.7% |
| Accrued charges and deferred income | 492/3 | €43,141 | €0 | -€43,141 | -100% |
| Non-recurring operating income | 76A | €0 | €5,038 | +€5,038 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €77,554 | €75,919 | -€1,635 | -2.1% |
| Other operating charges | 640/8 | €8,342 | €5,607 | -€2,735 | -32.8% |
| Non-recurring operating charges | 66A | €2,009 | €0 | -€2,009 | -100% |
| Gross operating margin | 9900 | -€77,862 | €83,508 | +€161,370 | |
| Operating profit (loss) | 9901 | -€165,766 | €1,982 | +€167,748 | |
| Financial income | 75/76B | €15,010 | €14,719 | -€290 | -1.9% |
| Recurring financial income | 75 | €15,010 | €14,719 | -€290 | -1.9% |
| Financial charges | 65/66B | €11,321 | €216,793 | +€205,471 | +1,815% |
| Recurring financial charges | 65 | €11,321 | €4,250 | -€7,071 | -62.5% |
| Non-recurring financial charges | 66B | - | €212,543 | +€212,543 | |
| Profit (loss) for the period before taxes | 9903 | -€162,078 | -€200,091 | -€38,014 | -23.5% |
| Income taxes | 67/77 | €314 | €291 | -€23 | -7.5% |
| Profit (loss) for the period | 9904 | -€162,392 | -€200,382 | -€37,990 | -23.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€162,392 | -€200,382 | -€37,990 | -23.4% |
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 15 October 2026 via checked.be.