QUEEN-K: 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.
QUEEN-K
Largest movements
- Receivables within one year +€66,320
up €66,320 (+252.0%), from €26,319 to €92,639
- Tangible fixed assets -€56,910
down €56,910 (-3.2%), from €1.8m to €1.7m
of which Furniture and vehicles: -€38,519
- Cash +€40,287
up €40,287 (+32.6%), from €123,537 to €163,824
mainly Net result for the year (+€232,996) and Depreciation (+€97,189)
- Reserves +€232,996
up €232,996 (+28.3%), from €824,672 to €1.1m
of which Distributable reserves: +€235,669
- Debts after one year -€150,584
down €150,584 (-16.6%), from €905,248 to €754,664
of which Other amounts payable: -€80,000
- Other debts -€33,148
no longer reported in 2025 (was €33,148)
- Tax, wage and social debts +€21,140
up €21,140 (+78.6%), from €26,909 to €48,049
of which Taxes: +€21,106
- Gross operating margin +€170,813
up €170,813 (+56.2%), from €304,177 to €474,990
- Taxes +€36,041
up €36,041 (+73.2%), from €49,231 to €85,273
- Financial charges -€9,070
down €9,070 (-33.0%), from €27,483 to €18,413
- Staff costs +€6,657
up €6,657 (+22.1%), from €30,174 to €36,831
- Other operating charges +€5,707
up €5,707 (+282.9%), from €2,017 to €7,724
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 | €1,952,900 | €2,002,597 | +€49,697 | +2.5% |
| Fixed assets | 21/28 | €1,770,794 | €1,713,884 | -€56,910 | -3.2% |
| Tangible fixed assets | 22/27 | €1,770,794 | €1,713,884 | -€56,910 | -3.2% |
| Land and buildings | 22 | €1,542,019 | €1,527,463 | -€14,557 | -0.9% |
| Plant, machinery and equipment | 23 | €106,866 | €103,031 | -€3,835 | -3.6% |
| Furniture and vehicles | 24 | €121,909 | €83,390 | -€38,519 | -31.6% |
| Current assets | 29/58 | €182,106 | €288,713 | +€106,607 | +58.5% |
| Stocks and contracts in progress | 3 | €20,000 | €20,000 | = | 0.0% |
| Stocks | 30/36 | €20,000 | €20,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €26,319 | €92,639 | +€66,320 | +252.0% |
| Other amounts receivable | 41 | €26,319 | €92,639 | +€66,320 | +252.0% |
| Current investments | 50/53 | €12,250 | €12,250 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €123,537 | €163,824 | +€40,287 | +32.6% |
| Total equity and liabilities | 10/49 | €1,952,900 | €2,002,597 | +€49,697 | +2.5% |
| Equity | 10/15 | €849,834 | €1,082,829 | +€232,996 | +27.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €824,672 | €1,057,668 | +€232,996 | +28.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €71,226 | €68,553 | -€2,673 | -3.8% |
| Distributable reserves | 133 | €751,586 | €987,255 | +€235,669 | +31.4% |
| Profit (loss) carried forward | 14 | €6,562 | €6,562 | +€0 | 0.0% |
| Provisions and deferred taxes | 16 | €23,742 | €22,851 | -€891 | -3.8% |
| Deferred taxes | 168 | €23,742 | €22,851 | -€891 | -3.8% |
| Amounts payable | 17/49 | €1,079,324 | €896,917 | -€182,407 | -16.9% |
| Amounts payable after more than one year | 17 | €905,248 | €754,664 | -€150,584 | -16.6% |
| Financial debts | 170/4 | €825,248 | €754,664 | -€70,584 | -8.6% |
| Other amounts payable | 178/9 | €80,000 | - | -€80,000 | |
| Amounts payable within one year | 42/48 | €166,380 | €139,721 | -€26,659 | -16.0% |
| Current portion of amounts payable after more than one year | 42 | €69,002 | €70,584 | +€1,582 | +2.3% |
| Trade debts | 44 | €37,321 | €21,088 | -€16,233 | -43.5% |
| Suppliers | 440/4 | €37,321 | €21,088 | -€16,233 | -43.5% |
| Taxes, remuneration and social security | 45 | €26,909 | €48,049 | +€21,140 | +78.6% |
| Taxes | 450/3 | €18,373 | €39,480 | +€21,106 | +114.9% |
| Remuneration and social security | 454/9 | €8,536 | €8,569 | +€33 | +0.4% |
| Other amounts payable | 47/48 | €33,148 | - | -€33,148 | |
| Accrued charges and deferred income | 492/3 | €7,696 | €2,532 | -€5,165 | -67.1% |
| Non-recurring operating income | 76A | - | €82,676 | +€82,676 | |
| Remuneration, social security and pensions | 62 | €30,174 | €36,831 | +€6,657 | +22.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €95,691 | €97,189 | +€1,498 | +1.6% |
| Other operating charges | 640/8 | €2,017 | €7,724 | +€5,707 | +282.9% |
| Gross operating margin | 9900 | €304,177 | €474,990 | +€170,813 | +56.2% |
| Operating profit (loss) | 9901 | €176,296 | €333,247 | +€156,951 | +89.0% |
| Financial income | 75/76B | €1,823 | €2,543 | +€720 | +39.5% |
| Recurring financial income | 75 | €1,823 | €2,543 | +€720 | +39.5% |
| Financial charges | 65/66B | €27,483 | €18,413 | -€9,070 | -33.0% |
| Recurring financial charges | 65 | €27,483 | €18,413 | -€9,070 | -33.0% |
| Profit (loss) for the period before taxes | 9903 | €150,636 | €317,377 | +€166,742 | +110.7% |
| Transfer from deferred taxes | 780 | €999 | €891 | -€109 | -10.9% |
| Income taxes | 67/77 | €49,231 | €85,273 | +€36,041 | +73.2% |
| Profit (loss) for the period | 9904 | €102,404 | €232,996 | +€130,592 | +127.5% |
| Transfer from tax-exempt reserves | 789 | €2,998 | €2,673 | -€326 | -10.9% |
| Profit (loss) for the period to be appropriated | 9905 | €105,402 | €235,669 | +€130,267 | +123.6% |
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 4 October 2026 via checked.be.