QUARTET: 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.
QUARTET
Largest movements
- Tangible fixed assets -€25,283
down €25,283 (-3.4%), from €751,342 to €726,060
- Receivables within one year +€24,000
up €24,000 (+36.7%), from €65,463 to €89,463
- Debts after one year -€18,091
down €18,091 (-8.0%), from €226,904 to €208,813
- Profit (loss) carried forward +€9,663
up €9,663 (+4.2%), from -€231,068 to -€221,405
- Other debts +€9,554
up €9,554 (+3.4%), from €279,278 to €288,832
- Gross operating margin -€2,014
down €2,014 (-4.4%), from €45,961 to €43,946
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 | €819,035 | €818,093 | -€942 | -0.1% |
| Fixed assets | 21/28 | €753,477 | €728,612 | -€24,865 | -3.3% |
| Tangible fixed assets | 22/27 | €751,342 | €726,060 | -€25,283 | -3.4% |
| Land and buildings | 22 | €751,342 | €726,060 | -€25,283 | -3.4% |
| Financial fixed assets | 28 | €2,134 | €2,552 | +€418 | +19.6% |
| Current assets | 29/58 | €65,558 | €89,482 | +€23,924 | +36.5% |
| Amounts receivable within one year | 40/41 | €65,463 | €89,463 | +€24,000 | +36.7% |
| Other amounts receivable | 41 | €65,463 | €89,463 | +€24,000 | +36.7% |
| Cash at bank and in hand | 54/58 | €95 | €19 | -€76 | -80.1% |
| Total equity and liabilities | 10/49 | €819,035 | €818,093 | -€942 | -0.1% |
| Equity | 10/15 | €285,132 | €294,795 | +€9,663 | +3.4% |
| Contributions | 10/11 | €516,200 | €516,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€231,068 | -€221,405 | +€9,663 | +4.2% |
| Amounts payable | 17/49 | €533,903 | €523,298 | -€10,605 | -2.0% |
| Amounts payable after more than one year | 17 | €226,904 | €208,813 | -€18,091 | -8.0% |
| Financial debts | 170/4 | €226,904 | €208,813 | -€18,091 | -8.0% |
| Amounts payable within one year | 42/48 | €306,519 | €314,046 | +€7,527 | +2.5% |
| Current portion of amounts payable after more than one year | 42 | €19,060 | €19,577 | +€517 | +2.7% |
| Trade debts | 44 | €3,333 | €5,636 | +€2,304 | +69.1% |
| Suppliers | 440/4 | €3,333 | €5,636 | +€2,304 | +69.1% |
| Taxes, remuneration and social security | 45 | €4,849 | - | -€4,849 | |
| Taxes | 450/3 | €4,849 | - | -€4,849 | |
| Other amounts payable | 47/48 | €279,278 | €288,832 | +€9,554 | +3.4% |
| Accrued charges and deferred income | 492/3 | €479 | €439 | -€41 | -8.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,283 | €25,283 | = | 0.0% |
| Other operating charges | 640/8 | €1,554 | €1,880 | +€325 | +20.9% |
| Gross operating margin | 9900 | €45,961 | €43,946 | -€2,014 | -4.4% |
| Operating profit (loss) | 9901 | €19,123 | €16,783 | -€2,340 | -12.2% |
| Financial charges | 65/66B | €6,669 | €7,120 | +€451 | +6.8% |
| Recurring financial charges | 65 | €6,669 | €7,120 | +€451 | +6.8% |
| Profit (loss) for the period before taxes | 9903 | €12,455 | €9,663 | -€2,791 | -22.4% |
| Profit (loss) for the period | 9904 | €12,455 | €9,663 | -€2,791 | -22.4% |
| Profit (loss) for the period to be appropriated | 9905 | €12,455 | €9,663 | -€2,791 | -22.4% |
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 7 October 2026 via checked.be.