Quarante Cinq: 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.
Quarante Cinq
Largest movements
- Tangible fixed assets +€61,688
up €61,688 (+147.8%), from €41,726 to €103,414
of which Furniture and vehicles: +€54,293
- Receivables within one year -€26,064
down €26,064 (-66.1%), from €39,409 to €13,344
of which Trade receivables: -€26,109
- Cash +€4,133
up €4,133 (+9.6%), from €42,923 to €47,056
mainly Debts after one year (+€33,773) and Depreciation (+€27,625)
- Debts after one year +€33,773
up €33,773 (+143.7%), from €23,495 to €57,268
- Trade debts +€10,760
up €10,760 (+2862.8%), from €376 to €11,136
- Profit (loss) carried forward -€9,598
new in 2025: -€9,598
- Current portion of long-term debt +€9,524
up €9,524 (+100.8%), from €9,450 to €18,974
- Tax, wage and social debts -€5,408
down €5,408 (-14.4%), from €37,592 to €32,184
- Gross operating margin -€57,426
down €57,426 (-70.8%), from €81,062 to €23,636
- Taxes -€22,945
down €22,945 (-95.1%), from €24,118 to €1,174
- Depreciation +€18,177
up €18,177 (+192.4%), from €9,448 to €27,625
- Financial charges +€1,769
up €1,769 (+152.1%), from €1,163 to €2,932
- Other operating charges +€1,265
up €1,265 (+142.6%), from €887 to €2,153
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 | €132,866 | €171,917 | +€39,051 | +29.4% |
| Fixed assets | 21/28 | €41,726 | €103,414 | +€61,688 | +147.8% |
| Tangible fixed assets | 22/27 | €41,726 | €103,414 | +€61,688 | +147.8% |
| Land and buildings | 22 | - | €2,795 | +€2,795 | |
| Plant, machinery and equipment | 23 | €10,933 | €15,534 | +€4,601 | +42.1% |
| Furniture and vehicles | 24 | €30,793 | €85,085 | +€54,293 | +176.3% |
| Current assets | 29/58 | €91,140 | €68,503 | -€22,637 | -24.8% |
| Stocks and contracts in progress | 3 | €6,169 | €6,754 | +€585 | +9.5% |
| Stocks | 30/36 | €6,169 | €6,754 | +€585 | +9.5% |
| Amounts receivable within one year | 40/41 | €39,409 | €13,344 | -€26,064 | -66.1% |
| Trade receivables | 40 | €28,094 | €1,985 | -€26,109 | -92.9% |
| Other amounts receivable | 41 | €11,315 | €11,359 | +€44 | +0.4% |
| Cash at bank and in hand | 54/58 | €42,923 | €47,056 | +€4,133 | +9.6% |
| Deferred charges and accrued income | 490/1 | €2,640 | €1,349 | -€1,291 | -48.9% |
| Total equity and liabilities | 10/49 | €132,866 | €171,917 | +€39,051 | +29.4% |
| Equity | 10/15 | €61,954 | €52,356 | -€9,598 | -15.5% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €57,954 | €57,954 | = | 0.0% |
| Distributable reserves | 133 | €57,954 | €57,954 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€9,598 | -€9,598 | |
| Amounts payable | 17/49 | €70,912 | €119,562 | +€48,649 | +68.6% |
| Amounts payable after more than one year | 17 | €23,495 | €57,268 | +€33,773 | +143.7% |
| Financial debts | 170/4 | €23,495 | €57,268 | +€33,773 | +143.7% |
| Amounts payable within one year | 42/48 | €47,418 | €62,294 | +€14,876 | +31.4% |
| Current portion of amounts payable after more than one year | 42 | €9,450 | €18,974 | +€9,524 | +100.8% |
| Trade debts | 44 | €376 | €11,136 | +€10,760 | +2862.8% |
| Suppliers | 440/4 | €376 | €11,136 | +€10,760 | +2862.8% |
| Taxes, remuneration and social security | 45 | €37,592 | €32,184 | -€5,408 | -14.4% |
| Taxes | 450/3 | €37,592 | €32,184 | -€5,408 | -14.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,448 | €27,625 | +€18,177 | +192.4% |
| Other operating charges | 640/8 | €887 | €2,153 | +€1,265 | +142.6% |
| Gross operating margin | 9900 | €81,062 | €23,636 | -€57,426 | -70.8% |
| Operating profit (loss) | 9901 | €70,727 | -€6,142 | -€76,869 | |
| Financial income | 75/76B | €530 | €649 | +€119 | +22.5% |
| Recurring financial income | 75 | €530 | €649 | +€119 | +22.5% |
| Financial charges | 65/66B | €1,163 | €2,932 | +€1,769 | +152.1% |
| Recurring financial charges | 65 | €1,163 | €2,932 | +€1,769 | +152.1% |
| Profit (loss) for the period before taxes | 9903 | €70,094 | -€8,425 | -€78,518 | |
| Income taxes | 67/77 | €24,118 | €1,174 | -€22,945 | -95.1% |
| Profit (loss) for the period | 9904 | €45,975 | -€9,598 | -€55,573 | |
| Profit (loss) for the period to be appropriated | 9905 | €45,975 | -€9,598 | -€55,573 |
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 8 October 2026 via checked.be.