QUATRE D: 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.
QUATRE D
Largest movements
- Receivables after one year +€40,937
new in 2025: €40,937
- Receivables within one year -€14,588
down €14,588 (-41.7%), from €34,976 to €20,388
of which Other amounts receivable: -€13,643
- Cash -€13,259
down €13,259 (-91.3%), from €14,528 to €1,269
mainly Receivables after one year (-€40,937) and Other debts (-€5,566)
- Tangible fixed assets -€2,316
down €2,316 (-43.5%), from €5,325 to €3,009
- Reserves +€13,600
up €13,600 (+18.5%), from €73,437 to €87,037
of which Distributable reserves: +€80,840
- Other debts -€5,566
down €5,566 (-43.4%), from €12,837 to €7,271
- Gross operating margin +€2,814
up €2,814 (+14.0%), from €20,044 to €22,858
- Taxes +€2,408
up €2,408 (+52.3%), from €4,605 to €7,014
- Financial income +€937
new in 2025: €937
- Depreciation -€661
down €661 (-22.2%), from €2,977 to €2,316
- Other operating charges -€549
down €549 (-58.5%), from €939 to €390
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 | €204,829 | €215,603 | +€10,774 | +5.3% |
| Fixed assets | 21/28 | €155,325 | €153,009 | -€2,316 | -1.5% |
| Tangible fixed assets | 22/27 | €5,325 | €3,009 | -€2,316 | -43.5% |
| Furniture and vehicles | 24 | €5,325 | €3,009 | -€2,316 | -43.5% |
| Financial fixed assets | 28 | €150,000 | €150,000 | = | 0.0% |
| Current assets | 29/58 | €49,504 | €62,594 | +€13,090 | +26.4% |
| Amounts receivable after more than one year | 29 | - | €40,937 | +€40,937 | |
| Other amounts receivable | 291 | - | €40,937 | +€40,937 | |
| Amounts receivable within one year | 40/41 | €34,976 | €20,388 | -€14,588 | -41.7% |
| Trade receivables | 40 | €14,038 | €13,093 | -€945 | -6.7% |
| Other amounts receivable | 41 | €20,938 | €7,295 | -€13,643 | -65.2% |
| Cash at bank and in hand | 54/58 | €14,528 | €1,269 | -€13,259 | -91.3% |
| Total equity and liabilities | 10/49 | €204,829 | €215,603 | +€10,774 | +5.3% |
| Equity | 10/15 | €171,147 | €184,802 | +€13,655 | +8.0% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €73,437 | €87,037 | +€13,600 | +18.5% |
| Non-distributable reserves | 130/1 | €73,437 | €6,197 | -€67,240 | -91.6% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Other | 1319 | €67,240 | €0 | -€67,240 | -100% |
| Distributable reserves | 133 | - | €80,840 | +€80,840 | |
| Profit (loss) carried forward | 14 | €35,736 | €35,792 | +€55 | +0.2% |
| Amounts payable | 17/49 | €33,682 | €30,801 | -€2,881 | -8.6% |
| Amounts payable within one year | 42/48 | €33,682 | €30,801 | -€2,881 | -8.6% |
| Trade debts | 44 | €4,245 | €4,821 | +€576 | +13.6% |
| Suppliers | 440/4 | €4,245 | €4,821 | +€576 | +13.6% |
| Taxes, remuneration and social security | 45 | €16,601 | €18,710 | +€2,109 | +12.7% |
| Taxes | 450/3 | €9,257 | €16,354 | +€7,098 | +76.7% |
| Remuneration and social security | 454/9 | €7,344 | €2,355 | -€4,989 | -67.9% |
| Other amounts payable | 47/48 | €12,837 | €7,271 | -€5,566 | -43.4% |
| Remuneration, social security and pensions | 62 | - | €21 | +€21 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,977 | €2,316 | -€661 | -22.2% |
| Other operating charges | 640/8 | €939 | €390 | -€549 | -58.5% |
| Gross operating margin | 9900 | €20,044 | €22,858 | +€2,814 | +14.0% |
| Operating profit (loss) | 9901 | €16,128 | €20,130 | +€4,002 | +24.8% |
| Financial income | 75/76B | - | €937 | +€937 | |
| Recurring financial income | 75 | - | €937 | +€937 | |
| Financial charges | 65/66B | €152 | €398 | +€247 | +163% |
| Recurring financial charges | 65 | €152 | €398 | +€247 | +163% |
| Profit (loss) for the period before taxes | 9903 | €15,977 | €20,669 | +€4,692 | +29.4% |
| Income taxes | 67/77 | €4,605 | €7,014 | +€2,408 | +52.3% |
| Profit (loss) for the period | 9904 | €11,371 | €13,655 | +€2,284 | +20.1% |
| Profit (loss) for the period to be appropriated | 9905 | €11,371 | €13,655 | +€2,284 | +20.1% |
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 26 October 2026 via checked.be.