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
- Current investments +€100,000
up €100,000 (+10.5%), from €950,000 to €1.1m
- Cash -€41,503
down €41,503 (-61.2%), from €67,808 to €26,305
mainly Current investments (-€100,000) and Investment in fixed assets (net) (-€10,556)
- Reserves +€35,959
up €35,959 (+6.0%), from €600,990 to €636,949
of which Distributable reserves: +€35,959
- Financial income +€21,623
up €21,623 (+172.4%), from €12,539 to €34,162
- Taxes +€9,240
up €9,240 (+124.8%), from €7,404 to €16,644
- Depreciation -€2,888
down €2,888 (-8.5%), from €34,166 to €31,278
- Gross operating margin +€1,478
up €1,478 (+2.3%), from €64,162 to €65,640
- Other operating charges -€747
down €747 (-4.6%), from €16,399 to €15,652
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 | €2,843,749 | €2,878,039 | +€34,291 | +1.2% |
| Fixed assets | 21/28 | €1,806,955 | €1,786,233 | -€20,722 | -1.1% |
| Tangible fixed assets | 22/27 | €1,020,624 | €999,902 | -€20,722 | -2.0% |
| Land and buildings | 22 | €999,237 | €979,126 | -€20,111 | -2.0% |
| Plant, machinery and equipment | 23 | €21,387 | €20,776 | -€611 | -2.9% |
| Financial fixed assets | 28 | €786,331 | €786,331 | = | 0.0% |
| Current assets | 29/58 | €1,036,794 | €1,091,807 | +€55,013 | +5.3% |
| Amounts receivable within one year | 40/41 | €7,359 | €4,261 | -€3,097 | -42.1% |
| Trade receivables | 40 | €0 | €61 | +€61 | |
| Other amounts receivable | 41 | €7,359 | €4,201 | -€3,158 | -42.9% |
| Current investments | 50/53 | €950,000 | €1,050,000 | +€100,000 | +10.5% |
| Cash at bank and in hand | 54/58 | €67,808 | €26,305 | -€41,503 | -61.2% |
| Deferred charges and accrued income | 490/1 | €11,627 | €11,240 | -€387 | -3.3% |
| Total equity and liabilities | 10/49 | €2,843,749 | €2,878,039 | +€34,291 | +1.2% |
| Equity | 10/15 | €2,837,990 | €2,873,949 | +€35,959 | +1.3% |
| Contributions | 10/11 | €2,237,000 | €2,237,000 | = | 0.0% |
| Capital | 10 | €2,237,000 | €2,237,000 | = | 0.0% |
| Issued capital | 100 | €2,237,000 | €2,237,000 | = | 0.0% |
| Reserves | 13 | €600,990 | €636,949 | +€35,959 | +6.0% |
| Non-distributable reserves | 130/1 | €30,880 | €30,880 | = | 0.0% |
| Legal reserve | 130 | €30,880 | €30,880 | = | 0.0% |
| Distributable reserves | 133 | €570,110 | €606,070 | +€35,959 | +6.3% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €5,759 | €4,090 | -€1,669 | -29.0% |
| Amounts payable within one year | 42/48 | €4,859 | €3,846 | -€1,012 | -20.8% |
| Trade debts | 44 | €1,120 | €250 | -€870 | -77.7% |
| Suppliers | 440/4 | €1,120 | €250 | -€870 | -77.7% |
| Taxes, remuneration and social security | 45 | €3,738 | €3,596 | -€142 | -3.8% |
| Taxes | 450/3 | €3,738 | €3,596 | -€142 | -3.8% |
| Accrued charges and deferred income | 492/3 | €900 | €244 | -€656 | -72.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,166 | €31,278 | -€2,888 | -8.5% |
| Other operating charges | 640/8 | €16,399 | €15,652 | -€747 | -4.6% |
| Gross operating margin | 9900 | €64,162 | €65,640 | +€1,478 | +2.3% |
| Operating profit (loss) | 9901 | €13,596 | €18,710 | +€5,113 | +37.6% |
| Financial income | 75/76B | €12,539 | €34,162 | +€21,623 | +172.4% |
| Recurring financial income | 75 | €12,539 | €34,162 | +€21,623 | +172.4% |
| Financial charges | 65/66B | €241 | €268 | +€27 | +11.4% |
| Recurring financial charges | 65 | €241 | €268 | +€27 | +11.4% |
| Profit (loss) for the period before taxes | 9903 | €25,895 | €52,603 | +€26,709 | +103.1% |
| Income taxes | 67/77 | €7,404 | €16,644 | +€9,240 | +124.8% |
| Profit (loss) for the period | 9904 | €18,490 | €35,959 | +€17,469 | +94.5% |
| Profit (loss) for the period to be appropriated | 9905 | €18,490 | €35,959 | +€17,469 | +94.5% |
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.