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
- Receivables within one year +€175,165
up €175,165 (+32.1%), from €545,794 to €720,959
of which Other amounts receivable: +€88,218
- Cash -€31,794
down €31,794 (-99.1%), from €32,088 to €294
mainly Receivables within one year (-€175,165) and Debts after one year (-€27,711)
- Tangible fixed assets -€27,895
down €27,895 (-2.7%), from €1.0m to €1.0m
of which Land and buildings: -€26,881
- Reserves +€150,000
up €150,000 (+8064.5%), from €1,860 to €151,860
of which Distributable reserves: +€150,000
- Debts after one year -€27,711
down €27,711 (-8.4%), from €330,502 to €302,791
- Other debts -€24,702
down €24,702 (-5.2%), from €477,853 to €453,151
- Gross operating margin +€75,813
up €75,813 (+37.5%), from €201,987 to €277,800
- Taxes +€36,679
up €36,679 (+94.0%), from €39,036 to €75,715
- Financial income +€5,698
up €5,698 (+51.1%), from €11,154 to €16,852
- Other operating charges +€4,992
up €4,992 (+96.6%), from €5,166 to €10,158
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 | €1,654,400 | €1,767,506 | +€113,106 | +6.8% |
| Fixed assets | 21/28 | €1,029,491 | €1,001,596 | -€27,895 | -2.7% |
| Tangible fixed assets | 22/27 | €1,028,635 | €1,000,740 | -€27,895 | -2.7% |
| Land and buildings | 22 | €1,026,702 | €999,821 | -€26,881 | -2.6% |
| Furniture and vehicles | 24 | €1,933 | €919 | -€1,014 | -52.5% |
| Financial fixed assets | 28 | €856 | €856 | = | 0.0% |
| Current assets | 29/58 | €624,909 | €765,910 | +€141,001 | +22.6% |
| Amounts receivable after more than one year | 29 | €47,027 | €43,668 | -€3,359 | -7.1% |
| Other amounts receivable | 291 | €47,027 | €43,668 | -€3,359 | -7.1% |
| Amounts receivable within one year | 40/41 | €545,794 | €720,959 | +€175,165 | +32.1% |
| Trade receivables | 40 | €66,489 | €153,436 | +€86,947 | +130.8% |
| Other amounts receivable | 41 | €479,305 | €567,523 | +€88,218 | +18.4% |
| Cash at bank and in hand | 54/58 | €32,088 | €294 | -€31,794 | -99.1% |
| Deferred charges and accrued income | 490/1 | - | €989 | +€989 | |
| Total equity and liabilities | 10/49 | €1,654,400 | €1,767,506 | +€113,106 | +6.8% |
| Equity | 10/15 | €760,350 | €910,799 | +€150,449 | +19.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €151,860 | +€150,000 | +8064.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | - | €150,000 | +€150,000 | |
| Profit (loss) carried forward | 14 | €739,890 | €740,339 | +€449 | +0.1% |
| Amounts payable | 17/49 | €894,050 | €856,707 | -€37,343 | -4.2% |
| Amounts payable after more than one year | 17 | €330,502 | €302,791 | -€27,711 | -8.4% |
| Financial debts | 170/4 | €330,502 | €302,791 | -€27,711 | -8.4% |
| Amounts payable within one year | 42/48 | €562,357 | €548,786 | -€13,571 | -2.4% |
| Current portion of amounts payable after more than one year | 42 | €27,460 | €27,711 | +€251 | +0.9% |
| Financial debts | 43 | - | €226 | +€226 | |
| Credit institutions | 430/8 | - | €226 | +€226 | |
| Trade debts | 44 | €82 | €71 | -€11 | -13.4% |
| Suppliers | 440/4 | €82 | €71 | -€11 | -13.4% |
| Taxes, remuneration and social security | 45 | €56,962 | €67,627 | +€10,665 | +18.7% |
| Taxes | 450/3 | €56,962 | €67,627 | +€10,665 | +18.7% |
| Other amounts payable | 47/48 | €477,853 | €453,151 | -€24,702 | -5.2% |
| Accrued charges and deferred income | 492/3 | €1,191 | €5,130 | +€3,939 | +330.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,957 | €29,703 | +€746 | +2.6% |
| Other operating charges | 640/8 | €5,166 | €10,158 | +€4,992 | +96.6% |
| Gross operating margin | 9900 | €201,987 | €277,800 | +€75,813 | +37.5% |
| Operating profit (loss) | 9901 | €167,864 | €237,939 | +€70,075 | +41.7% |
| Financial income | 75/76B | €11,154 | €16,852 | +€5,698 | +51.1% |
| Recurring financial income | 75 | €11,154 | €16,852 | +€5,698 | +51.1% |
| Financial charges | 65/66B | €11,243 | €10,494 | -€749 | -6.7% |
| Recurring financial charges | 65 | €11,243 | €10,494 | -€749 | -6.7% |
| Profit (loss) for the period before taxes | 9903 | €167,775 | €244,297 | +€76,522 | +45.6% |
| Income taxes | 67/77 | €39,036 | €75,715 | +€36,679 | +94.0% |
| Profit (loss) for the period | 9904 | €128,739 | €168,582 | +€39,843 | +30.9% |
| Profit (loss) for the period to be appropriated | 9905 | €128,739 | €168,582 | +€39,843 | +30.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.