QUASERVA: 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.
QUASERVA
Largest movements
- Cash -€28,263
down €28,263 (-19.0%), from €148,953 to €120,690
mainly Contributions, distributions and other (-€178,905) and Trade debts (-€18,948)
- Receivables within one year -€16,927
down €16,927 (-17.4%), from €97,124 to €80,197
of which Trade receivables: -€16,927
- Reserves -€158,944
down €158,944 (-45.9%), from €346,628 to €187,684
of which Distributable reserves: -€158,944
- Other debts +€151,592
up €151,592 (+451.9%), from €33,546 to €185,138
- Trade debts -€18,948
down €18,948 (-94.8%), from €19,979 to €1,031
- Tax, wage and social debts -€13,705
down €13,705 (-41.9%), from €32,699 to €18,995
- Gross operating margin -€93,194
down €93,194 (-67.9%), from €137,286 to €44,092
- Taxes -€26,135
down €26,135 (-72.7%), from €35,945 to €9,810
- Depreciation -€1,530
down €1,530 (-10.5%), from €14,521 to €12,992
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 | €441,975 | €399,206 | -€42,770 | -9.7% |
| Fixed assets | 21/28 | €195,899 | €198,319 | +€2,420 | +1.2% |
| Tangible fixed assets | 22/27 | €194,539 | €196,959 | +€2,420 | +1.2% |
| Land and buildings | 22 | €151,217 | €152,542 | +€1,324 | +0.9% |
| Plant, machinery and equipment | 23 | €28,111 | €28,013 | -€97 | -0.3% |
| Furniture and vehicles | 24 | €2,595 | €3,788 | +€1,193 | +46.0% |
| Other tangible fixed assets | 26 | €12,616 | €12,616 | = | 0.0% |
| Financial fixed assets | 28 | €1,360 | €1,360 | = | 0.0% |
| Current assets | 29/58 | €246,077 | €200,887 | -€45,190 | -18.4% |
| Amounts receivable within one year | 40/41 | €97,124 | €80,197 | -€16,927 | -17.4% |
| Trade receivables | 40 | €42,410 | €25,483 | -€16,927 | -39.9% |
| Other amounts receivable | 41 | €54,714 | €54,714 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €148,953 | €120,690 | -€28,263 | -19.0% |
| Total equity and liabilities | 10/49 | €441,975 | €399,206 | -€42,770 | -9.7% |
| Equity | 10/15 | €352,987 | €194,043 | -€158,944 | -45.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €346,628 | €187,684 | -€158,944 | -45.9% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €346,628 | €187,684 | -€158,944 | -45.9% |
| Profit (loss) carried forward | 14 | €158 | €158 | = | 0.0% |
| Amounts payable | 17/49 | €88,989 | €205,163 | +€116,174 | +130.5% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €88,989 | €205,163 | +€116,174 | +130.5% |
| Current portion of amounts payable after more than one year | 42 | €2,765 | €0 | -€2,765 | -100.0% |
| Trade debts | 44 | €19,979 | €1,031 | -€18,948 | -94.8% |
| Suppliers | 440/4 | €19,979 | €1,031 | -€18,948 | -94.8% |
| Taxes, remuneration and social security | 45 | €32,699 | €18,995 | -€13,705 | -41.9% |
| Taxes | 450/3 | €32,699 | €18,995 | -€13,705 | -41.9% |
| Other amounts payable | 47/48 | €33,546 | €185,138 | +€151,592 | +451.9% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,521 | €12,992 | -€1,530 | -10.5% |
| Other operating charges | 640/8 | €1,520 | €1,681 | +€161 | +10.6% |
| Gross operating margin | 9900 | €137,286 | €44,092 | -€93,194 | -67.9% |
| Operating profit (loss) | 9901 | €121,245 | €29,419 | -€91,826 | -75.7% |
| Financial income | 75/76B | €350 | €634 | +€284 | +81.1% |
| Recurring financial income | 75 | €350 | €634 | +€284 | +81.1% |
| Financial charges | 65/66B | €455 | €283 | -€172 | -37.7% |
| Recurring financial charges | 65 | €455 | €283 | -€172 | -37.7% |
| Profit (loss) for the period before taxes | 9903 | €121,140 | €29,770 | -€91,370 | -75.4% |
| Income taxes | 67/77 | €35,945 | €9,810 | -€26,135 | -72.7% |
| Profit (loss) for the period | 9904 | €85,195 | €19,961 | -€65,234 | -76.6% |
| Profit (loss) for the period to be appropriated | 9905 | €85,195 | €19,961 | -€65,234 | -76.6% |
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 5 October 2026 via checked.be.