QUARTERMASTER INSPECTOR: 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.
QUARTERMASTER INSPECTOR
Largest movements
- Stocks and contracts -€141,100
down €141,100 (-12.9%), from €1.1m to €956,400
- Tangible fixed assets -€20,505
down €20,505 (-12.3%), from €166,613 to €146,108
of which Land and buildings: -€19,101
- Trade debts -€173,647
down €173,647 (-44.5%), from €390,595 to €216,949
- Short-term financial debts +€101,098
up €101,098 (+71.9%), from €140,617 to €241,715
- Other debts -€40,107
down €40,107 (-15.1%), from €266,218 to €226,111
- Accrued charges and deferred income -€28,508
down €28,508 (-100%), from €28,508 to €0
- Debts after one year -€26,705
down €26,705 (-19.5%), from €137,186 to €110,481
- Depreciation -€11,489
down €11,489 (-35.9%), from €31,994 to €20,505
- Gross operating margin -€10,042
down €10,042 (-5.3%), from €188,526 to €178,484
- Staff costs +€5,359
up €5,359 (+5.4%), from €98,813 to €104,172
- Financial charges -€4,104
down €4,104 (-11.6%), from €35,522 to €31,417
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 | €1,311,483 | €1,143,594 | -€167,888 | -12.8% |
| Fixed assets | 21/28 | €166,613 | €146,108 | -€20,505 | -12.3% |
| Tangible fixed assets | 22/27 | €166,613 | €146,108 | -€20,505 | -12.3% |
| Land and buildings | 22 | €163,795 | €144,694 | -€19,101 | -11.7% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €2,819 | €1,414 | -€1,405 | -49.8% |
| Current assets | 29/58 | €1,144,869 | €997,486 | -€147,383 | -12.9% |
| Stocks and contracts in progress | 3 | €1,097,500 | €956,400 | -€141,100 | -12.9% |
| Stocks | 30/36 | €1,097,500 | €956,400 | -€141,100 | -12.9% |
| Amounts receivable within one year | 40/41 | €20,590 | €22,373 | +€1,783 | +8.7% |
| Trade receivables | 40 | €3,310 | €6,000 | +€2,690 | +81.3% |
| Other amounts receivable | 41 | €17,280 | €16,373 | -€906 | -5.2% |
| Current investments | 50/53 | €57 | €0 | -€57 | -100% |
| Cash at bank and in hand | 54/58 | €26,723 | €18,713 | -€8,010 | -30.0% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €1,311,483 | €1,143,594 | -€167,888 | -12.8% |
| Equity | 10/15 | €268,220 | €280,442 | +€12,222 | +4.6% |
| Contributions | 10/11 | €44,000 | €44,000 | = | 0.0% |
| Reserves | 13 | €62,900 | €74,900 | +€12,000 | +19.1% |
| Non-distributable reserves | 130/1 | €4,400 | €4,400 | = | 0.0% |
| Reserves not available under the articles | 1311 | €4,400 | €4,400 | = | 0.0% |
| Distributable reserves | 133 | €58,500 | €70,500 | +€12,000 | +20.5% |
| Profit (loss) carried forward | 14 | €161,320 | €161,542 | +€222 | +0.1% |
| Amounts payable | 17/49 | €1,043,263 | €863,152 | -€180,111 | -17.3% |
| Amounts payable after more than one year | 17 | €137,186 | €110,481 | -€26,705 | -19.5% |
| Financial debts | 170/4 | €137,186 | €110,481 | -€26,705 | -19.5% |
| Amounts payable within one year | 42/48 | €877,568 | €752,671 | -€124,897 | -14.2% |
| Current portion of amounts payable after more than one year | 42 | €26,479 | €26,705 | +€227 | +0.9% |
| Financial debts | 43 | €140,617 | €241,715 | +€101,098 | +71.9% |
| Credit institutions | 430/8 | €140,617 | €241,715 | +€101,098 | +71.9% |
| Trade debts | 44 | €390,595 | €216,949 | -€173,647 | -44.5% |
| Suppliers | 440/4 | €390,595 | €216,949 | -€173,647 | -44.5% |
| Taxes, remuneration and social security | 45 | €53,659 | €41,191 | -€12,468 | -23.2% |
| Taxes | 450/3 | €41,157 | €25,746 | -€15,411 | -37.4% |
| Remuneration and social security | 454/9 | €12,503 | €15,445 | +€2,942 | +23.5% |
| Other amounts payable | 47/48 | €266,218 | €226,111 | -€40,107 | -15.1% |
| Accrued charges and deferred income | 492/3 | €28,508 | €0 | -€28,508 | -100% |
| Remuneration, social security and pensions | 62 | €98,813 | €104,172 | +€5,359 | +5.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,994 | €20,505 | -€11,489 | -35.9% |
| Other operating charges | 640/8 | €1,025 | €1,571 | +€546 | +53.3% |
| Gross operating margin | 9900 | €188,526 | €178,484 | -€10,042 | -5.3% |
| Operating profit (loss) | 9901 | €56,693 | €52,236 | -€4,457 | -7.9% |
| Financial income | 75/76B | €542 | €81 | -€461 | -85.0% |
| Recurring financial income | 75 | €542 | €81 | -€461 | -85.0% |
| Financial charges | 65/66B | €35,522 | €31,417 | -€4,104 | -11.6% |
| Recurring financial charges | 65 | €35,522 | €31,417 | -€4,104 | -11.6% |
| Profit (loss) for the period before taxes | 9903 | €21,714 | €20,900 | -€814 | -3.7% |
| Income taxes | 67/77 | €7,376 | €8,678 | +€1,301 | +17.6% |
| Profit (loss) for the period | 9904 | €14,338 | €12,222 | -€2,115 | -14.8% |
| Profit (loss) for the period to be appropriated | 9905 | €14,338 | €12,222 | -€2,115 | -14.8% |
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 22 October 2026 via checked.be.