QUEEN SEVEN: 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.
QUEEN SEVEN
Largest movements
- Tangible fixed assets -€24,160
down €24,160 (-19.9%), from €121,566 to €97,406
of which Plant, machinery and equipment: -€29,997
- Cash -€13,066
down €13,066 (-64.2%), from €20,338 to €7,272
mainly Net result for the year (-€19,982) and Trade debts (-€19,040)
- Stocks and contracts +€9,734
up €9,734 (+21.4%), from €45,490 to €55,224
- Receivables within one year +€5,837
new in 2025: €5,837
- Profit (loss) carried forward -€19,982
down €19,982 (-95.1%), from -€21,014 to -€40,995
- Trade debts -€19,040
down €19,040 (-73.1%), from €26,036 to €6,996
- Other debts +€7,812
up €7,812 (+7.5%), from €104,538 to €112,350
- Debts after one year +€6,198
up €6,198 (+17.0%), from €36,471 to €42,670
- Tax, wage and social debts +€1,987
up €1,987 (+19.8%), from €10,028 to €12,015
of which Taxes: +€1,710
- Gross operating margin -€6,678
down €6,678 (-8.5%), from €78,753 to €72,075
- Staff costs +€4,459
up €4,459 (+11.9%), from €37,458 to €41,916
- Financial charges +€4,341
up €4,341 (+68.8%), from €6,309 to €10,650
- Depreciation -€3,317
down €3,317 (-8.0%), from €41,441 to €38,124
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 | €188,752 | €165,923 | -€22,829 | -12.1% |
| Fixed assets | 21/28 | €122,749 | €97,590 | -€25,160 | -20.5% |
| Intangible fixed assets | 21 | €1,184 | €184 | -€1,000 | -84.5% |
| Tangible fixed assets | 22/27 | €121,566 | €97,406 | -€24,160 | -19.9% |
| Land and buildings | 22 | €1,426 | €577 | -€849 | -59.5% |
| Plant, machinery and equipment | 23 | €67,861 | €37,863 | -€29,997 | -44.2% |
| Furniture and vehicles | 24 | €5,657 | €239 | -€5,419 | -95.8% |
| Leasing and similar rights | 25 | €44,094 | €58,019 | +€13,925 | +31.6% |
| Other tangible fixed assets | 26 | €2,528 | €708 | -€1,820 | -72.0% |
| Current assets | 29/58 | €66,003 | €68,333 | +€2,330 | +3.5% |
| Stocks and contracts in progress | 3 | €45,490 | €55,224 | +€9,734 | +21.4% |
| Stocks | 30/36 | €45,490 | €55,224 | +€9,734 | +21.4% |
| Amounts receivable within one year | 40/41 | - | €5,837 | +€5,837 | |
| Trade receivables | 40 | - | €5,837 | +€5,837 | |
| Cash at bank and in hand | 54/58 | €20,338 | €7,272 | -€13,066 | -64.2% |
| Deferred charges and accrued income | 490/1 | €175 | - | -€175 | |
| Total equity and liabilities | 10/49 | €188,752 | €165,923 | -€22,829 | -12.1% |
| Equity | 10/15 | -€8,614 | -€28,595 | -€19,982 | -232% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€21,014 | -€40,995 | -€19,982 | -95.1% |
| Amounts payable | 17/49 | €197,366 | €194,518 | -€2,848 | -1.4% |
| Amounts payable after more than one year | 17 | €36,471 | €42,670 | +€6,198 | +17.0% |
| Financial debts | 170/4 | €36,471 | €42,670 | +€6,198 | +17.0% |
| Amounts payable within one year | 42/48 | €160,895 | €151,779 | -€9,116 | -5.7% |
| Current portion of amounts payable after more than one year | 42 | €20,293 | €20,418 | +€126 | +0.6% |
| Trade debts | 44 | €26,036 | €6,996 | -€19,040 | -73.1% |
| Suppliers | 440/4 | €26,036 | €6,996 | -€19,040 | -73.1% |
| Taxes, remuneration and social security | 45 | €10,028 | €12,015 | +€1,987 | +19.8% |
| Taxes | 450/3 | €3,427 | €5,137 | +€1,710 | +49.9% |
| Remuneration and social security | 454/9 | €6,601 | €6,877 | +€277 | +4.2% |
| Other amounts payable | 47/48 | €104,538 | €112,350 | +€7,812 | +7.5% |
| Accrued charges and deferred income | 492/3 | - | €69 | +€69 | |
| Remuneration, social security and pensions | 62 | €37,458 | €41,916 | +€4,459 | +11.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,441 | €38,124 | -€3,317 | -8.0% |
| Other operating charges | 640/8 | €1,659 | €1,092 | -€568 | -34.2% |
| Gross operating margin | 9900 | €78,753 | €72,075 | -€6,678 | -8.5% |
| Operating profit (loss) | 9901 | -€1,805 | -€9,057 | -€7,253 | -402% |
| Financial income | 75/76B | €2 | €32 | +€30 | +1,274% |
| Recurring financial income | 75 | €2 | €32 | +€30 | +1,274% |
| Financial charges | 65/66B | €6,309 | €10,650 | +€4,341 | +68.8% |
| Recurring financial charges | 65 | €6,309 | €10,650 | +€4,341 | +68.8% |
| Profit (loss) for the period before taxes | 9903 | -€8,112 | -€19,675 | -€11,564 | -143% |
| Income taxes | 67/77 | €190 | €306 | +€116 | +61.1% |
| Profit (loss) for the period | 9904 | -€8,302 | -€19,982 | -€11,680 | -141% |
| Profit (loss) for the period to be appropriated | 9905 | -€8,302 | -€19,982 | -€11,680 | -141% |
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 16 October 2026 via checked.be.