QUERCUS: what changed
Two fiscal 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.
QUERCUS
Largest movements
- Tangible fixed assets +€361,408
up €361,408 (+18.8%), from €1.9m to €2.3m
of which Land and buildings: +€368,526
- Cash -€333,741
down €333,741 (-84.4%), from €395,234 to €61,493
mainly Investment in fixed assets (net) (-€468,795) and Receivables within one year (-€74,260)
- Receivables within one year +€74,260
up €74,260 (+124.8%), from €59,480 to €133,740
- Debts after one year +€153,913
up €153,913 (+22.6%), from €680,203 to €834,116
of which Financial debts: +€152,273
- Tax, wage and social debts -€72,440
down €72,440 (-77.1%), from €93,913 to €21,473
- Profit (loss) carried forward +€51,669
up €51,669 (+33.5%), from €154,121 to €205,790
- Reserves -€26,292
down €26,292 (-3.1%), from €844,324 to €818,032
of which Tax-exempt reserves: -€26,292
- Gross operating margin +€42,468
up €42,468 (+31.8%), from €133,686 to €176,154
- Taxes +€10,570
up €10,570 (+96.9%), from €10,906 to €21,476
- Depreciation +€6,210
up €6,210 (+6.1%), from €101,177 to €107,387
- Financial income +€2,423
up €2,423 (+328.8%), from €737 to €3,160
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,398,033 | €2,500,859 | +€102,826 | +4.3% |
| Fixed assets | 21/28 | €1,937,713 | €2,299,121 | +€361,408 | +18.7% |
| Tangible fixed assets | 22/27 | €1,921,305 | €2,282,713 | +€361,408 | +18.8% |
| Land and buildings | 22 | €1,904,935 | €2,273,461 | +€368,526 | +19.3% |
| Plant, machinery and equipment | 23 | €12,820 | €9,252 | -€3,568 | -27.8% |
| Furniture and vehicles | 24 | €3,550 | - | -€3,550 | |
| Financial fixed assets | 28 | €16,408 | €16,408 | = | 0.0% |
| Current assets | 29/58 | €460,320 | €201,738 | -€258,582 | -56.2% |
| Amounts receivable within one year | 40/41 | €59,480 | €133,740 | +€74,260 | +124.8% |
| Other amounts receivable | 41 | €59,480 | €133,740 | +€74,260 | +124.8% |
| Cash at bank and in hand | 54/58 | €395,234 | €61,493 | -€333,741 | -84.4% |
| Deferred charges and accrued income | 490/1 | €5,606 | €6,505 | +€899 | +16.0% |
| Total equity and liabilities | 10/49 | €2,398,033 | €2,500,859 | +€102,826 | +4.3% |
| Equity | 10/15 | €1,123,135 | €1,148,512 | +€25,377 | +2.3% |
| Contributions | 10/11 | €124,690 | €124,690 | = | 0.0% |
| Capital | 10 | €124,690 | €124,690 | = | 0.0% |
| Issued capital | 100 | €124,690 | €124,690 | = | 0.0% |
| Reserves | 13 | €844,324 | €818,032 | -€26,292 | -3.1% |
| Non-distributable reserves | 130/1 | €12,469 | €12,469 | = | 0.0% |
| Legal reserve | 130 | €12,469 | €12,469 | = | 0.0% |
| Tax-exempt reserves | 132 | €831,855 | €805,563 | -€26,292 | -3.2% |
| Profit (loss) carried forward | 14 | €154,121 | €205,790 | +€51,669 | +33.5% |
| Provisions and deferred taxes | 16 | €349,355 | €337,139 | -€12,216 | -3.5% |
| Deferred taxes | 168 | €349,355 | €337,139 | -€12,216 | -3.5% |
| Amounts payable | 17/49 | €925,543 | €1,015,208 | +€89,665 | +9.7% |
| Amounts payable after more than one year | 17 | €680,203 | €834,116 | +€153,913 | +22.6% |
| Financial debts | 170/4 | €642,845 | €795,118 | +€152,273 | +23.7% |
| Other amounts payable | 178/9 | €37,358 | €38,998 | +€1,640 | +4.4% |
| Amounts payable within one year | 42/48 | €202,300 | €133,092 | -€69,208 | -34.2% |
| Current portion of amounts payable after more than one year | 42 | €81,305 | €87,312 | +€6,007 | +7.4% |
| Trade debts | 44 | €13,928 | €12,153 | -€1,775 | -12.7% |
| Suppliers | 440/4 | €13,928 | €12,153 | -€1,775 | -12.7% |
| Taxes, remuneration and social security | 45 | €93,913 | €21,473 | -€72,440 | -77.1% |
| Taxes | 450/3 | €93,913 | €21,473 | -€72,440 | -77.1% |
| Other amounts payable | 47/48 | €13,154 | €12,154 | -€1,000 | -7.6% |
| Accrued charges and deferred income | 492/3 | €43,040 | €48,000 | +€4,960 | +11.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €101,177 | €107,387 | +€6,210 | +6.1% |
| Other operating charges | 640/8 | €25,111 | €25,602 | +€491 | +2.0% |
| Gross operating margin | 9900 | €133,686 | €176,154 | +€42,468 | +31.8% |
| Operating profit (loss) | 9901 | €7,398 | €43,165 | +€35,767 | +483.5% |
| Financial income | 75/76B | €737 | €3,160 | +€2,423 | +328.8% |
| Recurring financial income | 75 | €737 | €3,160 | +€2,423 | +328.8% |
| Financial charges | 65/66B | €11,106 | €11,687 | +€581 | +5.2% |
| Recurring financial charges | 65 | €11,106 | €11,687 | +€581 | +5.2% |
| Profit (loss) for the period before taxes | 9903 | -€2,971 | €34,638 | +€37,609 | |
| Transfer from deferred taxes | 780 | €10,501 | €12,216 | +€1,715 | +16.3% |
| Income taxes | 67/77 | €10,906 | €21,476 | +€10,570 | +96.9% |
| Profit (loss) for the period | 9904 | -€3,376 | €25,378 | +€28,754 | |
| Transfer from tax-exempt reserves | 789 | €21,148 | €26,291 | +€5,143 | +24.3% |
| Profit (loss) for the period to be appropriated | 9905 | €17,772 | €51,669 | +€33,897 | +190.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.