QUEEN'S PIANO: what changed
QUEEN'S PIANO
Largest movements
- Cash +€172,523
up €172,523 (+38.9%), from €443,810 to €616,332
mainly Net result for the year (+€461,793) and Receivables within one year (+€141,731)
- Stocks and contracts +€150,837
up €150,837 (+22.0%), from €685,431 to €836,268
- Receivables within one year -€141,731
down €141,731 (-39.9%), from €354,861 to €213,131
of which Other amounts receivable: -€125,126
- Deferred charges and accrued income -€58,925
down €58,925 (-93.5%), from €63,000 to €4,075
- Tax, wage and social debts +€106,334
up €106,334 (+121%), from €87,895 to €194,229
of which Taxes: +€112,071
- Reserves +€19,350
up €19,350 (+1.5%), from €1.3m to €1.3m
of which Distributable reserves: +€19,350
- Gross operating margin -€239,247
down €239,247 (-20.8%), from €1.1m to €909,023
- Staff costs -€172,159
down €172,159 (-38.2%), from €450,802 to €278,643
- Financial charges -€59,712
down €59,712 (-66.0%), from €90,461 to €30,749
- Financial income -€44,110
down €44,110 (-54.7%), from €80,684 to €36,574
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,547,102 | €1,669,807 | +€122,704 | +7.9% |
| Current assets | 29/58 | €1,547,102 | €1,669,807 | +€122,704 | +7.9% |
| Stocks and contracts in progress | 3 | €685,431 | €836,268 | +€150,837 | +22.0% |
| Stocks | 30/36 | €685,431 | €836,268 | +€150,837 | +22.0% |
| Amounts receivable within one year | 40/41 | €354,861 | €213,131 | -€141,731 | -39.9% |
| Trade receivables | 40 | €212,129 | €195,524 | -€16,605 | -7.8% |
| Other amounts receivable | 41 | €142,732 | €17,606 | -€125,126 | -87.7% |
| Cash at bank and in hand | 54/58 | €443,810 | €616,332 | +€172,523 | +38.9% |
| Deferred charges and accrued income | 490/1 | €63,000 | €4,075 | -€58,925 | -93.5% |
| Total equity and liabilities | 10/49 | €1,547,102 | €1,669,807 | +€122,704 | +7.9% |
| Equity | 10/15 | €1,443,972 | €1,463,322 | +€19,350 | +1.3% |
| Contributions | 10/11 | €164,394 | €164,394 | = | 0.0% |
| Reserves | 13 | €1,279,578 | €1,298,928 | +€19,350 | +1.5% |
| Non-distributable reserves | 130/1 | €16,439 | €16,439 | = | 0.0% |
| Reserves not available under the articles | 1311 | €16,439 | €16,439 | = | 0.0% |
| Distributable reserves | 133 | €1,263,139 | €1,282,489 | +€19,350 | +1.5% |
| Amounts payable | 17/49 | €103,130 | €206,485 | +€103,355 | +100% |
| Amounts payable within one year | 42/48 | €103,130 | €206,485 | +€103,355 | +100% |
| Trade debts | 44 | €15,235 | - | -€15,235 | |
| Suppliers | 440/4 | €15,235 | - | -€15,235 | |
| Taxes, remuneration and social security | 45 | €87,895 | €194,229 | +€106,334 | +121% |
| Taxes | 450/3 | €66,216 | €178,287 | +€112,071 | +169% |
| Remuneration and social security | 454/9 | €21,679 | €15,942 | -€5,737 | -26.5% |
| Other amounts payable | 47/48 | - | €12,256 | +€12,256 | |
| Remuneration, social security and pensions | 62 | €450,802 | €278,643 | -€172,159 | -38.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €800 | - | -€800 | |
| Other operating charges | 640/8 | €2,218 | €5,758 | +€3,541 | +160% |
| Gross operating margin | 9900 | €1,148,270 | €909,023 | -€239,247 | -20.8% |
| Operating profit (loss) | 9901 | €694,451 | €624,622 | -€69,829 | -10.1% |
| Financial income | 75/76B | €80,684 | €36,574 | -€44,110 | -54.7% |
| Recurring financial income | 75 | €80,684 | €36,574 | -€44,110 | -54.7% |
| Financial charges | 65/66B | €90,461 | €30,749 | -€59,712 | -66.0% |
| Recurring financial charges | 65 | €90,461 | €30,749 | -€59,712 | -66.0% |
| Profit (loss) for the period before taxes | 9903 | €684,675 | €630,448 | -€54,228 | -7.9% |
| Income taxes | 67/77 | €162,109 | €168,654 | +€6,545 | +4.0% |
| Profit (loss) for the period | 9904 | €522,566 | €461,793 | -€60,773 | -11.6% |
| Transfer from tax-exempt reserves | 789 | €76,081 | - | -€76,081 | |
| Profit (loss) for the period to be appropriated | 9905 | €598,647 | €461,793 | -€136,854 | -22.9% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.