QUE PASA: 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.
QUE PASA
Largest movements
- Cash -€43,309
down €43,309 (-34.3%), from €126,206 to €82,897
mainly Receivables within one year (-€36,569) and Net result for the year (-€30,269)
- Receivables within one year +€36,569
up €36,569 (+57.6%), from €63,471 to €100,040
of which Other amounts receivable: +€25,573
- Stocks and contracts -€31,765
down €31,765 (-31.9%), from €99,578 to €67,812
- Tangible fixed assets -€9,716
down €9,716 (-18.3%), from €53,106 to €43,390
of which Leasing and similar rights: -€6,942
- Current investments -€3,741
down €3,741 (-68.9%), from €5,431 to €1,690
- Profit (loss) carried forward -€30,269
down €30,269 (-102%), from -€29,595 to -€59,864
- Current portion of long-term debt -€20,528
down €20,528 (-31.6%), from €64,919 to €44,392
- Debts after one year -€20,043
down €20,043 (-13.0%), from €153,966 to €133,923
- Trade debts +€11,528
up €11,528 (+14.4%), from €80,282 to €91,811
- Tax, wage and social debts +€3,940
up €3,940 (+20.7%), from €19,061 to €23,001
of which Remuneration and social security: +€13,888
- Gross operating margin +€20,612
up €20,612 (+45.3%), from €45,546 to €66,158
- Staff costs +€18,408
up €18,408 (+33.7%), from €54,617 to €73,024
- Financial charges +€1,530
up €1,530 (+16.9%), from €9,046 to €10,576
- Depreciation +€1,152
up €1,152 (+10.3%), from €11,232 to €12,384
- Financial income -€858
down €858 (-72.1%), from €1,191 to €333
of which Financial income: -€438
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 | €359,179 | €306,270 | -€52,909 | -14.7% |
| Fixed assets | 21/28 | €57,379 | €47,663 | -€9,716 | -16.9% |
| Intangible fixed assets | 21 | €1 | €1 | = | 0.0% |
| Tangible fixed assets | 22/27 | €53,106 | €43,390 | -€9,716 | -18.3% |
| Land and buildings | 22 | €102 | - | -€102 | |
| Plant, machinery and equipment | 23 | €6,497 | €4,300 | -€2,197 | -33.8% |
| Furniture and vehicles | 24 | €3,894 | €5,150 | +€1,256 | +32.3% |
| Leasing and similar rights | 25 | €28,926 | €21,983 | -€6,942 | -24.0% |
| Other tangible fixed assets | 26 | €13,688 | €11,957 | -€1,731 | -12.6% |
| Financial fixed assets | 28 | €4,272 | €4,272 | = | 0.0% |
| Current assets | 29/58 | €301,800 | €258,607 | -€43,193 | -14.3% |
| Stocks and contracts in progress | 3 | €99,578 | €67,812 | -€31,765 | -31.9% |
| Stocks | 30/36 | €99,578 | €67,812 | -€31,765 | -31.9% |
| Amounts receivable within one year | 40/41 | €63,471 | €100,040 | +€36,569 | +57.6% |
| Trade receivables | 40 | €42,034 | €53,030 | +€10,995 | +26.2% |
| Other amounts receivable | 41 | €21,437 | €47,010 | +€25,573 | +119% |
| Current investments | 50/53 | €5,431 | €1,690 | -€3,741 | -68.9% |
| Cash at bank and in hand | 54/58 | €126,206 | €82,897 | -€43,309 | -34.3% |
| Deferred charges and accrued income | 490/1 | €7,116 | €6,168 | -€947 | -13.3% |
| Total equity and liabilities | 10/49 | €359,179 | €306,270 | -€52,909 | -14.7% |
| Equity | 10/15 | €40,950 | €10,681 | -€30,269 | -73.9% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €68,546 | €68,546 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,443 | €1,443 | = | 0.0% |
| Distributable reserves | 133 | €67,103 | €67,103 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€29,595 | -€59,864 | -€30,269 | -102% |
| Amounts payable | 17/49 | €318,229 | €295,589 | -€22,640 | -7.1% |
| Amounts payable after more than one year | 17 | €153,966 | €133,923 | -€20,043 | -13.0% |
| Financial debts | 170/4 | €153,966 | €133,923 | -€20,043 | -13.0% |
| Amounts payable within one year | 42/48 | €164,263 | €159,203 | -€5,059 | -3.1% |
| Current portion of amounts payable after more than one year | 42 | €64,919 | €44,392 | -€20,528 | -31.6% |
| Trade debts | 44 | €80,282 | €91,811 | +€11,528 | +14.4% |
| Suppliers | 440/4 | €80,282 | €91,811 | +€11,528 | +14.4% |
| Taxes, remuneration and social security | 45 | €19,061 | €23,001 | +€3,940 | +20.7% |
| Taxes | 450/3 | €11,944 | €1,995 | -€9,948 | -83.3% |
| Remuneration and social security | 454/9 | €7,117 | €21,006 | +€13,888 | +195% |
| Accrued charges and deferred income | 492/3 | - | €2,462 | +€2,462 | |
| Non-recurring operating income | 76A | €21,281 | - | -€21,281 | |
| Remuneration, social security and pensions | 62 | €54,617 | €73,024 | +€18,408 | +33.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,232 | €12,384 | +€1,152 | +10.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €675 | - | -€675 | |
| Other operating charges | 640/8 | €622 | €644 | +€22 | +3.6% |
| Gross operating margin | 9900 | €45,546 | €66,158 | +€20,612 | +45.3% |
| Operating profit (loss) | 9901 | -€21,600 | -€19,894 | +€1,706 | +7.9% |
| Financial income | 75/76B | €1,191 | €333 | -€858 | -72.1% |
| Recurring financial income | 75 | €771 | €333 | -€438 | -56.8% |
| Non-recurring financial income | 76B | €420 | - | -€420 | |
| Financial charges | 65/66B | €9,046 | €10,576 | +€1,530 | +16.9% |
| Recurring financial charges | 65 | €9,046 | €10,576 | +€1,530 | +16.9% |
| Profit (loss) for the period before taxes | 9903 | -€29,455 | -€30,137 | -€682 | -2.3% |
| Income taxes | 67/77 | €140 | €132 | -€8 | -6.0% |
| Profit (loss) for the period | 9904 | -€29,595 | -€30,269 | -€673 | -2.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€29,595 | -€30,269 | -€673 | -2.3% |
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 14 October 2026 via checked.be.