QUAY: 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.
QUAY
Largest movements
- Cash +€9.9m
up €9.9m (+382.5%), from €2.6m to €12.5m
mainly Investment in fixed assets (net) (+€8.7m) and Receivables within one year (+€2.6m)
- Financial fixed assets -€8.8m
down €8.8m (-66.2%), from €13.3m to €4.5m
- Receivables within one year -€2.6m
down €2.6m (-93.1%), from €2.8m to €195,503
of which Other amounts receivable: -€2.6m
- Receivables after one year +€1.0m
new in 2025: €1.0m
- Current investments +€938,385
up €938,385 (+36.1%), from €2.6m to €3.5m
- Reserves +€414,951
up €414,951 (+4.7%), from €8.9m to €9.3m
- Financial income +€634,760
up €634,760 (+607.9%), from €104,422 to €739,182
of which Non-recurring financial income: +€604,110
- Gross operating margin -€442,117
down €442,117, from €273,815 to -€168,302
- Taxes +€44,994
up €44,994 (+269.0%), from €16,723 to €61,717
- Depreciation +€6,581
up €6,581 (+8.7%), from €75,878 to €82,459
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 | €23,635,161 | €24,088,141 | +€452,980 | +1.9% |
| Fixed assets | 21/28 | €15,615,277 | €6,817,215 | -€8.8m | -56.3% |
| Tangible fixed assets | 22/27 | €2,282,386 | €2,317,215 | +€34,829 | +1.5% |
| Land and buildings | 22 | €2,215,927 | €2,145,928 | -€69,999 | -3.2% |
| Plant, machinery and equipment | 23 | - | €45,562 | +€45,562 | |
| Furniture and vehicles | 24 | €66,460 | €125,726 | +€59,266 | +89.2% |
| Financial fixed assets | 28 | €13,332,890 | €4,500,000 | -€8.8m | -66.2% |
| Current assets | 29/58 | €8,019,885 | €17,270,926 | +€9.3m | +115.4% |
| Amounts receivable after more than one year | 29 | - | €1,000,000 | +€1.0m | |
| Other amounts receivable | 291 | - | €1,000,000 | +€1.0m | |
| Amounts receivable within one year | 40/41 | €2,830,639 | €195,503 | -€2.6m | -93.1% |
| Trade receivables | 40 | €20,167 | €24,200 | +€4,033 | +20.0% |
| Other amounts receivable | 41 | €2,810,472 | €171,303 | -€2.6m | -93.9% |
| Current investments | 50/53 | €2,601,498 | €3,539,883 | +€938,385 | +36.1% |
| Cash at bank and in hand | 54/58 | €2,585,242 | €12,472,758 | +€9.9m | +382.5% |
| Deferred charges and accrued income | 490/1 | €2,506 | €62,782 | +€60,275 | +2405.0% |
| Total equity and liabilities | 10/49 | €23,635,161 | €24,088,141 | +€452,980 | +1.9% |
| Equity | 10/15 | €23,552,143 | €23,967,094 | +€414,951 | +1.8% |
| Contributions | 10/11 | €14,682,500 | €14,682,500 | = | 0.0% |
| Reserves | 13 | €8,869,643 | €9,284,594 | +€414,951 | +4.7% |
| Distributable reserves | 133 | €8,869,643 | €9,284,594 | +€414,951 | +4.7% |
| Amounts payable | 17/49 | €83,018 | €121,047 | +€38,029 | +45.8% |
| Amounts payable within one year | 42/48 | €83,018 | €117,842 | +€34,823 | +41.9% |
| Trade debts | 44 | €765 | €45,392 | +€44,627 | +5833.5% |
| Suppliers | 440/4 | €765 | €45,392 | +€44,627 | +5833.5% |
| Taxes, remuneration and social security | 45 | €60,593 | €68,417 | +€7,824 | +12.9% |
| Taxes | 450/3 | €60,593 | €68,417 | +€7,824 | +12.9% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €21,660 | €4,033 | -€17,627 | -81.4% |
| Accrued charges and deferred income | 492/3 | €0 | €3,205 | +€3,205 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €75,878 | €82,459 | +€6,581 | +8.7% |
| Other operating charges | 640/8 | €8,393 | €9,405 | +€1,012 | +12.1% |
| Gross operating margin | 9900 | €273,815 | -€168,302 | -€442,117 | |
| Operating profit (loss) | 9901 | €189,544 | -€260,166 | -€449,710 | |
| Financial income | 75/76B | €104,422 | €739,182 | +€634,760 | +607.9% |
| Recurring financial income | 75 | €104,422 | €135,073 | +€30,651 | +29.4% |
| Non-recurring financial income | 76B | - | €604,110 | +€604,110 | |
| Financial charges | 65/66B | €843 | €2,348 | +€1,506 | +178.7% |
| Recurring financial charges | 65 | €843 | €2,348 | +€1,506 | +178.7% |
| Profit (loss) for the period before taxes | 9903 | €293,123 | €476,668 | +€183,545 | +62.6% |
| Income taxes | 67/77 | €16,723 | €61,717 | +€44,994 | +269.0% |
| Profit (loss) for the period | 9904 | €276,400 | €414,951 | +€138,551 | +50.1% |
| Profit (loss) for the period to be appropriated | 9905 | €276,400 | €414,951 | +€138,551 | +50.1% |
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.