QUEPAQ: 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.
QUEPAQ
Largest movements
- Current investments -€150,000
no longer reported in 2025 (was €150,000)
- Cash +€97,181
up €97,181 (+79.5%), from €122,186 to €219,367
mainly Current investments (+€150,000) and Net result for the year (+€143,214)
- Receivables within one year +€81,841
up €81,841 (+248%), from €32,964 to €114,805
of which Trade receivables: +€81,791
- Deferred charges and accrued income -€5,287
down €5,287 (-88.9%), from €5,946 to €660
- Tangible fixed assets +€4,879
up €4,879 (+50.8%), from €9,610 to €14,489
of which Furniture and vehicles: +€5,946
- Other debts +€72,575
up €72,575 (+30.8%), from €235,301 to €307,876
- Tax, wage and social debts -€35,806
down €35,806 (-51.3%), from €69,766 to €33,960
- Trade debts -€9,203
down €9,203 (-62.2%), from €14,787 to €5,584
- Gross operating margin +€124,244
up €124,244 (+186%), from €66,795 to €191,039
- Taxes +€29,071
up €29,071 (+197%), from €14,749 to €43,820
- Financial income -€2,268
down €2,268 (-81.8%), from €2,772 to €504
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 | €322,853 | €350,420 | +€27,567 | +8.5% |
| Fixed assets | 21/28 | €9,610 | €14,489 | +€4,879 | +50.8% |
| Tangible fixed assets | 22/27 | €9,610 | €14,489 | +€4,879 | +50.8% |
| Plant, machinery and equipment | 23 | €2,723 | €1,657 | -€1,066 | -39.2% |
| Furniture and vehicles | 24 | €6,887 | €12,832 | +€5,946 | +86.3% |
| Current assets | 29/58 | €313,244 | €335,931 | +€22,688 | +7.2% |
| Amounts receivable after more than one year | 29 | €2,147 | €1,100 | -€1,048 | -48.8% |
| Other amounts receivable | 291 | €2,147 | €1,100 | -€1,048 | -48.8% |
| Amounts receivable within one year | 40/41 | €32,964 | €114,805 | +€81,841 | +248% |
| Trade receivables | 40 | €21,099 | €102,890 | +€81,791 | +388% |
| Other amounts receivable | 41 | €11,865 | €11,915 | +€50 | +0.4% |
| Current investments | 50/53 | €150,000 | - | -€150,000 | |
| Cash at bank and in hand | 54/58 | €122,186 | €219,367 | +€97,181 | +79.5% |
| Deferred charges and accrued income | 490/1 | €5,946 | €660 | -€5,287 | -88.9% |
| Total equity and liabilities | 10/49 | €322,853 | €350,420 | +€27,567 | +8.5% |
| Equity | 10/15 | €3,000 | €3,000 | = | 0.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Amounts payable | 17/49 | €319,853 | €347,420 | +€27,567 | +8.6% |
| Amounts payable within one year | 42/48 | €319,853 | €347,420 | +€27,567 | +8.6% |
| Trade debts | 44 | €14,787 | €5,584 | -€9,203 | -62.2% |
| Suppliers | 440/4 | €14,787 | €5,584 | -€9,203 | -62.2% |
| Taxes, remuneration and social security | 45 | €69,766 | €33,960 | -€35,806 | -51.3% |
| Taxes | 450/3 | €69,766 | €33,960 | -€35,806 | -51.3% |
| Other amounts payable | 47/48 | €235,301 | €307,876 | +€72,575 | +30.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,954 | €4,098 | +€1,145 | +38.8% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €66,795 | €191,039 | +€124,244 | +186% |
| Operating profit (loss) | 9901 | €63,454 | €186,541 | +€123,087 | +194% |
| Financial income | 75/76B | €2,772 | €504 | -€2,268 | -81.8% |
| Recurring financial income | 75 | €2,772 | €504 | -€2,268 | -81.8% |
| Financial charges | 65/66B | €36 | €12 | -€24 | -67.4% |
| Recurring financial charges | 65 | €36 | €12 | -€24 | -67.4% |
| Profit (loss) for the period before taxes | 9903 | €66,190 | €187,033 | +€120,843 | +183% |
| Income taxes | 67/77 | €14,749 | €43,820 | +€29,071 | +197% |
| Profit (loss) for the period | 9904 | €51,441 | €143,214 | +€91,772 | +178% |
| Profit (loss) for the period to be appropriated | 9905 | €51,441 | €143,214 | +€91,772 | +178% |
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 13 October 2026 via checked.be.