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
- Cash +€187,586
up €187,586 (+5144.6%), from €3,646 to €191,232
mainly Current investments (+€114,302) and Other debts (+€108,562)
- Current investments -€114,302
down €114,302 (-100.0%), from €114,302 to €0
- Receivables within one year -€8,856
down €8,856 (-9.1%), from €96,866 to €88,010
of which Other amounts receivable: -€35,671
- Other debts +€108,562
up €108,562 (+10172.4%), from €1,067 to €109,629
- Reserves -€75,895
down €75,895 (-31.6%), from €240,258 to €164,363
- Tax, wage and social debts +€31,051
up €31,051 (+203.3%), from €15,273 to €46,324
of which Taxes: +€28,834
- Debts after one year -€5,843
down €5,843 (-8.1%), from €71,837 to €65,994
- Gross operating margin +€42,833
up €42,833 (+59.7%), from €71,804 to €114,638
- Taxes +€13,606
up €13,606 (+83.6%), from €16,280 to €29,886
- Financial income +€2,245
up €2,245 (+317.2%), from €708 to €2,953
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 | €338,390 | €395,639 | +€57,249 | +16.9% |
| Fixed assets | 21/28 | €105,416 | €101,523 | -€3,893 | -3.7% |
| Tangible fixed assets | 22/27 | €105,416 | €101,523 | -€3,893 | -3.7% |
| Land and buildings | 22 | €99,898 | €93,576 | -€6,322 | -6.3% |
| Plant, machinery and equipment | 23 | €3,544 | €2,338 | -€1,206 | -34.0% |
| Furniture and vehicles | 24 | €1,974 | €5,610 | +€3,635 | +184.1% |
| Current assets | 29/58 | €232,973 | €294,116 | +€61,143 | +26.2% |
| Amounts receivable within one year | 40/41 | €96,866 | €88,010 | -€8,856 | -9.1% |
| Trade receivables | 40 | €54,450 | €81,266 | +€26,816 | +49.2% |
| Other amounts receivable | 41 | €42,416 | €6,745 | -€35,671 | -84.1% |
| Current investments | 50/53 | €114,302 | €0 | -€114,302 | -100.0% |
| Cash at bank and in hand | 54/58 | €3,646 | €191,232 | +€187,586 | +5144.6% |
| Deferred charges and accrued income | 490/1 | €18,159 | €14,873 | -€3,286 | -18.1% |
| Total equity and liabilities | 10/49 | €338,390 | €395,639 | +€57,249 | +16.9% |
| Equity | 10/15 | €242,566 | €164,363 | -€78,203 | -32.2% |
| Reserves | 13 | €240,258 | €164,363 | -€75,895 | -31.6% |
| Distributable reserves | 133 | €240,258 | €164,363 | -€75,895 | -31.6% |
| Profit (loss) carried forward | 14 | €2,308 | €0 | -€2,308 | -100.0% |
| Amounts payable | 17/49 | €95,824 | €231,276 | +€135,452 | +141.4% |
| Amounts payable after more than one year | 17 | €71,837 | €65,994 | -€5,843 | -8.1% |
| Financial debts | 170/4 | €71,837 | €65,994 | -€5,843 | -8.1% |
| Amounts payable within one year | 42/48 | €23,987 | €165,282 | +€141,295 | +589.0% |
| Current portion of amounts payable after more than one year | 42 | €5,753 | €5,843 | +€90 | +1.6% |
| Trade debts | 44 | €1,894 | €3,486 | +€1,592 | +84.0% |
| Suppliers | 440/4 | €1,894 | €3,486 | +€1,592 | +84.0% |
| Taxes, remuneration and social security | 45 | €15,273 | €46,324 | +€31,051 | +203.3% |
| Taxes | 450/3 | €15,273 | €44,106 | +€28,834 | +188.8% |
| Remuneration and social security | 454/9 | - | €2,217 | +€2,217 | |
| Other amounts payable | 47/48 | €1,067 | €109,629 | +€108,562 | +10172.4% |
| Non-recurring operating income | 76A | €13,630 | €0 | -€13,630 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,173 | €9,231 | +€58 | +0.6% |
| Other operating charges | 640/8 | €1,939 | €1,047 | -€891 | -46.0% |
| Gross operating margin | 9900 | €71,804 | €114,638 | +€42,833 | +59.7% |
| Operating profit (loss) | 9901 | €60,693 | €104,359 | +€43,666 | +71.9% |
| Financial income | 75/76B | €708 | €2,953 | +€2,245 | +317.2% |
| Recurring financial income | 75 | €708 | €2,953 | +€2,245 | +317.2% |
| Financial charges | 65/66B | €1,444 | €2,565 | +€1,122 | +77.7% |
| Recurring financial charges | 65 | €1,444 | €2,565 | +€1,122 | +77.7% |
| Profit (loss) for the period before taxes | 9903 | €59,957 | €104,747 | +€44,790 | +74.7% |
| Income taxes | 67/77 | €16,280 | €29,886 | +€13,606 | +83.6% |
| Profit (loss) for the period | 9904 | €43,677 | €74,861 | +€31,184 | +71.4% |
| Profit (loss) for the period to be appropriated | 9905 | €43,677 | €74,861 | +€31,184 | +71.4% |
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.