QUEL PAIN: 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.
QUEL PAIN
Largest movements
- Receivables within one year +€14,674
up €14,674 (+8.6%), from €171,174 to €185,848
of which Other amounts receivable: +€18,381
- Tangible fixed assets -€9,027
down €9,027 (-32.6%), from €27,663 to €18,636
of which Other tangible fixed assets: -€7,824
- Cash -€5,229
down €5,229 (-43.6%), from €12,000 to €6,771
mainly Other debts (-€30,445) and Trade debts (-€26,900)
- Deferred charges and accrued income -€3,395
down €3,395 (-97.1%), from €3,496 to €101
- Profit (loss) carried forward +€43,070
up €43,070 (+397.8%), from €10,827 to €53,896
- Other debts -€30,445
no longer reported in 2025 (was €30,445)
- Trade debts -€26,900
down €26,900 (-33.3%), from €80,715 to €53,815
- Current portion of long-term debt +€16,061
up €16,061 (+105.3%), from €15,250 to €31,311
- Debts after one year -€13,927
down €13,927 (-47.7%), from €29,220 to €15,293
- Gross operating margin +€8,627
up €8,627 (+9.6%), from €89,412 to €98,038
- Staff costs +€7,340
up €7,340 (+27.2%), from €26,983 to €34,323
- Financial income +€3,509
up €3,509 (+45.6%), from €7,694 to €11,204
- Other operating charges -€3,373
no longer reported in 2025 (was €3,373)
- Taxes +€2,106
up €2,106 (+14.8%), from €14,215 to €16,321
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 | €219,883 | €216,907 | -€2,977 | -1.4% |
| Fixed assets | 21/28 | €27,663 | €18,636 | -€9,027 | -32.6% |
| Tangible fixed assets | 22/27 | €27,663 | €18,636 | -€9,027 | -32.6% |
| Plant, machinery and equipment | 23 | €10 | - | -€10 | |
| Furniture and vehicles | 24 | €2,319 | €1,125 | -€1,193 | -51.5% |
| Other tangible fixed assets | 26 | €25,334 | €17,511 | -€7,824 | -30.9% |
| Current assets | 29/58 | €192,220 | €198,271 | +€6,051 | +3.1% |
| Stocks and contracts in progress | 3 | €5,550 | €5,550 | = | 0.0% |
| Stocks | 30/36 | €5,550 | €5,550 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €171,174 | €185,848 | +€14,674 | +8.6% |
| Trade receivables | 40 | €4,747 | €1,040 | -€3,707 | -78.1% |
| Other amounts receivable | 41 | €166,427 | €184,808 | +€18,381 | +11.0% |
| Cash at bank and in hand | 54/58 | €12,000 | €6,771 | -€5,229 | -43.6% |
| Deferred charges and accrued income | 490/1 | €3,496 | €101 | -€3,395 | -97.1% |
| Total equity and liabilities | 10/49 | €219,883 | €216,907 | -€2,977 | -1.4% |
| Equity | 10/15 | €23,227 | €66,296 | +€43,070 | +185.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | €10,827 | €53,896 | +€43,070 | +397.8% |
| Amounts payable | 17/49 | €196,657 | €150,610 | -€46,046 | -23.4% |
| Amounts payable after more than one year | 17 | €29,220 | €15,293 | -€13,927 | -47.7% |
| Financial debts | 170/4 | €29,220 | €15,293 | -€13,927 | -47.7% |
| Amounts payable within one year | 42/48 | €167,437 | €128,562 | -€38,875 | -23.2% |
| Current portion of amounts payable after more than one year | 42 | €15,250 | €31,311 | +€16,061 | +105.3% |
| Financial debts | 43 | €7,773 | €9,969 | +€2,196 | +28.3% |
| Credit institutions | 430/8 | €7,773 | €9,969 | +€2,196 | +28.3% |
| Trade debts | 44 | €80,715 | €53,815 | -€26,900 | -33.3% |
| Suppliers | 440/4 | €80,715 | €53,815 | -€26,900 | -33.3% |
| Taxes, remuneration and social security | 45 | €33,254 | €33,467 | +€213 | +0.6% |
| Taxes | 450/3 | €30,166 | €29,831 | -€335 | -1.1% |
| Remuneration and social security | 454/9 | €3,088 | €3,636 | +€548 | +17.7% |
| Other amounts payable | 47/48 | €30,445 | - | -€30,445 | |
| Accrued charges and deferred income | 492/3 | - | €6,756 | +€6,756 | |
| Remuneration, social security and pensions | 62 | €26,983 | €34,323 | +€7,340 | +27.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,387 | €9,027 | +€641 | +7.6% |
| Other operating charges | 640/8 | €3,373 | - | -€3,373 | |
| Operating charges capitalised as restructuring costs | 649 | €0 | - | = | |
| Gross operating margin | 9900 | €89,412 | €98,038 | +€8,627 | +9.6% |
| Operating profit (loss) | 9901 | €50,669 | €54,688 | +€4,019 | +7.9% |
| Financial income | 75/76B | €7,694 | €11,204 | +€3,509 | +45.6% |
| Recurring financial income | 75 | €7,694 | €11,204 | +€3,509 | +45.6% |
| Financial charges | 65/66B | €8,331 | €6,501 | -€1,830 | -22.0% |
| Recurring financial charges | 65 | €8,331 | €6,501 | -€1,830 | -22.0% |
| Profit (loss) for the period before taxes | 9903 | €50,032 | €59,391 | +€9,359 | +18.7% |
| Income taxes | 67/77 | €14,215 | €16,321 | +€2,106 | +14.8% |
| Profit (loss) for the period | 9904 | €35,817 | €43,070 | +€7,252 | +20.2% |
| Profit (loss) for the period to be appropriated | 9905 | €35,817 | €43,070 | +€7,252 | +20.2% |
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 9 October 2026 via checked.be.