QUATRO: 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.
What changed
QUATRO
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€136,225
2024 · €111,783+€24,442
Equity
€2.5m
2024 · €2.4m+€87,896
Cash
€291,753
2024 · €174,772+€116,981
Balance sheet total
€3.9m
2024 · €3.9m+€26,971
Largest movements
Assets
- Cash +€116,981
up €116,981 (+66.9%), from €174,772 to €291,753
mainly Depreciation (+€152,228) and Net result for the year (+€136,225)
- Tangible fixed assets -€112,896
down €112,896 (-3.1%), from €3.7m to €3.6m
of which Land and buildings: -€79,606
Equity and liabilities
- Debts after one year -€101,014
down €101,014 (-12.0%), from €840,235 to €739,221
- Reserves +€87,896
up €87,896 (+4.9%), from €1.8m to €1.9m
of which Distributable reserves: +€199,100
Income statement
- Depreciation -€51,715
down €51,715 (-25.4%), from €203,943 to €152,228
- Taxes +€11,081
up €11,081 (+13.2%), from €83,794 to €94,876
- Gross operating margin -€10,292
down €10,292 (-2.3%), from €456,382 to €446,090
- Financial income -€5,778
down €5,778 (-99.9%), from €5,784 to €6
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.
Result 2024
€111,783
Gross operating margin
-€10,292
Depreciation
+€51,715
Other operating charges
-€592
Financial income
-€5,778
Financial charges
+€471
Taxes
-€11,081
Result 2025
€136,225
raises the resultlowers the result
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.
From operations
+€304,033
Investment
-€39,332
Financing
-€147,720
Cash 2024
€174,772
From operations (derived)
+€304,033
Net result for the year
+€136,225
Depreciation
+€152,228
Receivables within one year
-€2,566
Deferred charges and accrued income
-€20,320
Provisions
-€16,018
Trade debts
+€21,852
Tax, wage and social debts
+€30,635
Other debts
+€1,413
Accrued charges and deferred income
+€584
Investment (derived)
-€39,332
Investment in fixed assets (net)
-€39,332
Financing
-€147,720
Debts after one year
-€101,014
Current portion of long-term debt
+€1,622
Contributions, distributions and other
-€48,328
Cash 2025
€291,753
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,903,479 | €3,930,450 | +€26,971 | +0.7% |
| Fixed assets | 21/28 | €3,675,863 | €3,562,967 | -€112,896 | -3.1% |
| Tangible fixed assets | 22/27 | €3,675,863 | €3,562,967 | -€112,896 | -3.1% |
| Land and buildings | 22 | €3,489,107 | €3,409,502 | -€79,606 | -2.3% |
| Plant, machinery and equipment | 23 | €139,571 | €125,352 | -€14,219 | -10.2% |
| Furniture and vehicles | 24 | €47,185 | €28,113 | -€19,072 | -40.4% |
| Current assets | 29/58 | €227,616 | €367,483 | +€139,867 | +61.4% |
| Amounts receivable within one year | 40/41 | €25,885 | €28,451 | +€2,566 | +9.9% |
| Trade receivables | 40 | €25,885 | €28,451 | +€2,566 | +9.9% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €174,772 | €291,753 | +€116,981 | +66.9% |
| Deferred charges and accrued income | 490/1 | €26,959 | €47,279 | +€20,320 | +75.4% |
| Total equity and liabilities | 10/49 | €3,903,479 | €3,930,450 | +€26,971 | +0.7% |
| Equity | 10/15 | €2,446,372 | €2,534,269 | +€87,896 | +3.6% |
| Contributions | 10/11 | €651,906 | €651,906 | = | 0.0% |
| Capital | 10 | €650,000 | €650,000 | = | 0.0% |
| Issued capital | 100 | €650,000 | €650,000 | = | 0.0% |
| Contributions outside capital | 11 | €1,906 | €1,906 | = | 0.0% |
| Share premium | 1100/10 | €1,906 | €1,906 | = | 0.0% |
| Reserves | 13 | €1,794,466 | €1,882,362 | +€87,896 | +4.9% |
| Non-distributable reserves | 130/1 | €65,000 | €65,000 | = | 0.0% |
| Legal reserve | 130 | €65,000 | €65,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €852,606 | €741,402 | -€111,204 | -13.0% |
| Distributable reserves | 133 | €876,861 | €1,075,961 | +€199,100 | +22.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €360,473 | €344,455 | -€16,018 | -4.4% |
| Deferred taxes | 168 | €360,473 | €344,455 | -€16,018 | -4.4% |
| Amounts payable | 17/49 | €1,096,634 | €1,051,726 | -€44,908 | -4.1% |
| Amounts payable after more than one year | 17 | €840,235 | €739,221 | -€101,014 | -12.0% |
| Financial debts | 170/4 | €840,235 | €739,221 | -€101,014 | -12.0% |
| Amounts payable within one year | 42/48 | €249,543 | €305,065 | +€55,522 | +22.2% |
| Current portion of amounts payable after more than one year | 42 | €99,392 | €101,014 | +€1,622 | +1.6% |
| Trade debts | 44 | €630 | €22,483 | +€21,852 | +3,466% |
| Suppliers | 440/4 | €630 | €22,483 | +€21,852 | +3,466% |
| Taxes, remuneration and social security | 45 | €18,811 | €49,447 | +€30,635 | +163% |
| Taxes | 450/3 | €18,811 | €49,447 | +€30,635 | +163% |
| Other amounts payable | 47/48 | €130,709 | €132,122 | +€1,413 | +1.1% |
| Accrued charges and deferred income | 492/3 | €6,856 | €7,440 | +€584 | +8.5% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €203,943 | €152,228 | -€51,715 | -25.4% |
| Other operating charges | 640/8 | €49,636 | €50,228 | +€592 | +1.2% |
| Gross operating margin | 9900 | €456,382 | €446,090 | -€10,292 | -2.3% |
| Operating profit (loss) | 9901 | €202,803 | €243,634 | +€40,831 | +20.1% |
| Financial income | 75/76B | €5,784 | €6 | -€5,778 | -99.9% |
| Recurring financial income | 75 | €5,784 | €6 | -€5,778 | -99.9% |
| Financial charges | 65/66B | €29,028 | €28,558 | -€471 | -1.6% |
| Recurring financial charges | 65 | €29,028 | €28,558 | -€471 | -1.6% |
| Profit (loss) for the period before taxes | 9903 | €179,559 | €215,082 | +€35,524 | +19.8% |
| Transfer from deferred taxes | 780 | €16,018 | €16,018 | = | 0.0% |
| Income taxes | 67/77 | €83,794 | €94,876 | +€11,081 | +13.2% |
| Profit (loss) for the period | 9904 | €111,783 | €136,225 | +€24,442 | +21.9% |
| Transfer from tax-exempt reserves | 789 | €98,574 | €111,204 | +€12,630 | +12.8% |
| Profit (loss) for the period to be appropriated | 9905 | €210,357 | €247,429 | +€37,072 | +17.6% |
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.