QUARTO: 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.
QUARTO
Largest movements
- Cash +€38,249
up €38,249 (+15.2%), from €251,511 to €289,761
mainly Net result for the year (+€36,736) and Trade debts (+€25,197)
- Receivables within one year +€30,939
up €30,939 (+74.8%), from €41,360 to €72,299
of which Trade receivables: +€42,380
- Tangible fixed assets -€12,757
down €12,757 (-4.7%), from €269,185 to €256,429
of which Land and buildings: -€8,400
- Reserves +€36,600
up €36,600 (+21.9%), from €167,000 to €203,600
- Trade debts +€25,197
up €25,197 (+641%), from €3,933 to €29,130
- Gross operating margin -€188,987
down €188,987 (-72.6%), from €260,339 to €71,352
- Taxes -€59,379
down €59,379 (-75.8%), from €78,362 to €18,983
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 | €562,690 | €618,854 | +€56,164 | +10.0% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €269,223 | €256,466 | -€12,757 | -4.7% |
| Tangible fixed assets | 22/27 | €269,185 | €256,429 | -€12,757 | -4.7% |
| Land and buildings | 22 | €249,200 | €240,800 | -€8,400 | -3.4% |
| Plant, machinery and equipment | 23 | €11,023 | €9,743 | -€1,280 | -11.6% |
| Furniture and vehicles | 24 | €8,963 | €5,886 | -€3,077 | -34.3% |
| Financial fixed assets | 28 | €37 | €37 | = | 0.0% |
| Current assets | 29/58 | €293,467 | €362,388 | +€68,921 | +23.5% |
| Amounts receivable within one year | 40/41 | €41,360 | €72,299 | +€30,939 | +74.8% |
| Trade receivables | 40 | €2,420 | €44,800 | +€42,380 | +1,751% |
| Other amounts receivable | 41 | €38,940 | €27,499 | -€11,441 | -29.4% |
| Cash at bank and in hand | 54/58 | €251,511 | €289,761 | +€38,249 | +15.2% |
| Deferred charges and accrued income | 490/1 | €596 | €328 | -€268 | -44.9% |
| Total equity and liabilities | 10/49 | €562,690 | €618,854 | +€56,164 | +10.0% |
| Equity | 10/15 | €542,005 | €578,741 | +€36,736 | +6.8% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €167,000 | €203,600 | +€36,600 | +21.9% |
| Distributable reserves | 133 | €167,000 | €203,600 | +€36,600 | +21.9% |
| Profit (loss) carried forward | 14 | €354,545 | €354,681 | +€136 | 0.0% |
| Amounts payable | 17/49 | €20,684 | €40,113 | +€19,429 | +93.9% |
| Amounts payable within one year | 42/48 | €20,684 | €40,113 | +€19,429 | +93.9% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €3,933 | €29,130 | +€25,197 | +641% |
| Suppliers | 440/4 | €3,933 | €29,130 | +€25,197 | +641% |
| Taxes, remuneration and social security | 45 | €16,752 | €10,983 | -€5,768 | -34.4% |
| Taxes | 450/3 | €16,752 | €10,983 | -€5,768 | -34.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,746 | €12,757 | +€1,010 | +8.6% |
| Other operating charges | 640/8 | €2,809 | €3,623 | +€814 | +29.0% |
| Gross operating margin | 9900 | €260,339 | €71,352 | -€188,987 | -72.6% |
| Operating profit (loss) | 9901 | €245,783 | €54,972 | -€190,811 | -77.6% |
| Financial income | 75/76B | - | €1,097 | +€1,097 | |
| Recurring financial income | 75 | - | €1,097 | +€1,097 | |
| Financial charges | 65/66B | €366 | €350 | -€15 | -4.2% |
| Recurring financial charges | 65 | €366 | €350 | -€15 | -4.2% |
| Profit (loss) for the period before taxes | 9903 | €245,417 | €55,719 | -€189,698 | -77.3% |
| Income taxes | 67/77 | €78,362 | €18,983 | -€59,379 | -75.8% |
| Profit (loss) for the period | 9904 | €167,055 | €36,736 | -€130,320 | -78.0% |
| Profit (loss) for the period to be appropriated | 9905 | €167,055 | €36,736 | -€130,320 | -78.0% |
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 28 October 2026 via checked.be.