QUEEN TOWERS: 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 TOWERS
Largest movements
- Stocks and contracts +€3.7m
up €3.7m (+56.4%), from €6.5m to €10.1m
of which Contracts in progress: +€3.5m
- Receivables within one year +€2.3m
up €2.3m (+26.2%), from €8.9m to €11.3m
of which Other amounts receivable: +€2.6m
- Cash +€656,646
up €656,646 (+57,969%), from €1,133 to €657,779
mainly Advances received (+€3.2m) and Debts after one year (+€3.2m)
- Advances received +€3.2m
up €3.2m (+226%), from €1.4m to €4.6m
- Debts after one year +€3.2m
up €3.2m (+30.3%), from €10.5m to €13.7m
- Financial income +€428,396
up €428,396 (+664%), from €64,545 to €492,941
- Financial charges +€312,752
up €312,752 (+254%), from €122,904 to €435,656
- Gross operating margin +€120,480
up €120,480, from -€36,686 to €83,794
- Other operating charges +€1,514
up €1,514 (+140%), from €1,086 to €2,600
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 | €15,419,621 | €22,077,799 | +€6.7m | +43.2% |
| Current assets | 29/58 | €15,419,621 | €22,077,799 | +€6.7m | +43.2% |
| Stocks and contracts in progress | 3 | €6,485,149 | €10,144,319 | +€3.7m | +56.4% |
| Stocks | 30/36 | €3,750,000 | €3,942,000 | +€192,000 | +5.1% |
| Contracts in progress | 37 | €2,735,149 | €6,202,319 | +€3.5m | +127% |
| Amounts receivable within one year | 40/41 | €8,933,339 | €11,275,701 | +€2.3m | +26.2% |
| Trade receivables | 40 | €270,374 | €60,993 | -€209,381 | -77.4% |
| Other amounts receivable | 41 | €8,662,965 | €11,214,708 | +€2.6m | +29.5% |
| Cash at bank and in hand | 54/58 | €1,133 | €657,779 | +€656,646 | +57,969% |
| Total equity and liabilities | 10/49 | €15,419,621 | €22,077,799 | +€6.7m | +43.2% |
| Equity | 10/15 | €2,718,702 | €2,857,181 | +€138,479 | +5.1% |
| Contributions | 10/11 | €3,062,000 | €3,062,000 | = | 0.0% |
| Capital | 10 | €3,062,000 | €3,062,000 | = | 0.0% |
| Issued capital | 100 | €3,062,000 | €3,062,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€343,298 | -€204,819 | +€138,479 | +40.3% |
| Amounts payable | 17/49 | €12,700,919 | €19,220,618 | +€6.5m | +51.3% |
| Amounts payable after more than one year | 17 | €10,503,127 | €13,683,774 | +€3.2m | +30.3% |
| Financial debts | 170/4 | €10,503,127 | €13,683,774 | +€3.2m | +30.3% |
| Amounts payable within one year | 42/48 | €2,190,039 | €5,527,925 | +€3.3m | +152% |
| Financial debts | 43 | €27,093 | - | -€27,093 | |
| Credit institutions | 430/8 | €27,093 | - | -€27,093 | |
| Trade debts | 44 | €739,545 | €883,829 | +€144,284 | +19.5% |
| Suppliers | 440/4 | €739,545 | €883,829 | +€144,284 | +19.5% |
| Advances received on contracts in progress | 46 | €1,423,400 | €4,644,096 | +€3.2m | +226% |
| Accrued charges and deferred income | 492/3 | €7,753 | €8,919 | +€1,166 | +15.0% |
| Other operating charges | 640/8 | €1,086 | €2,600 | +€1,514 | +140% |
| Gross operating margin | 9900 | -€36,686 | €83,794 | +€120,480 | |
| Operating profit (loss) | 9901 | -€37,772 | €81,194 | +€118,965 | |
| Financial income | 75/76B | €64,545 | €492,941 | +€428,396 | +664% |
| Recurring financial income | 75 | €64,545 | €492,941 | +€428,396 | +664% |
| Financial charges | 65/66B | €122,904 | €435,656 | +€312,752 | +254% |
| Recurring financial charges | 65 | €122,904 | €435,656 | +€312,752 | +254% |
| Profit (loss) for the period before taxes | 9903 | -€96,131 | €138,479 | +€234,610 | |
| Profit (loss) for the period | 9904 | -€96,131 | €138,479 | +€234,610 | |
| Profit (loss) for the period to be appropriated | 9905 | -€96,131 | €138,479 | +€234,610 |
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 25 October 2026 via checked.be.