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.
What changed
QUERCUS
NACE 46.180, Agents specialised in the wholesale of other particular products
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€34,895
2024 · -€40,428+€5,534
Equity
-€317,136
2024 · -€282,242-€34,895
Cash
€46,226
2024 · €3,283+€42,943
Balance sheet total
€5.4m
2024 · €1.6m+€3.9m
Largest movements
Assets
- Tangible fixed assets +€3.8m
up €3.8m (+247.3%), from €1.5m to €5.3m
of which Land and buildings: +€3.7m
Equity and liabilities
- Debts after one year +€3.1m
up €3.1m (+370.6%), from €827,641 to €3.9m
- Other debts +€762,003
up €762,003 (+82.0%), from €928,961 to €1.7m
- Current portion of long-term debt +€67,277
up €67,277 (+120.8%), from €55,712 to €122,989
Income statement
- Gross operating margin +€65,249
up €65,249 (+130.9%), from €49,830 to €115,079
- Depreciation +€29,275
up €29,275 (+42.9%), from €68,227 to €97,502
- Financial charges +€27,904
up €27,904 (+196.2%), from €14,224 to €42,129
- Other operating charges +€3,229
up €3,229 (+52.5%), from €6,151 to €9,380
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.
Result 2024
-€40,428
Gross operating margin
+€65,249
Staff costs
-€72
Depreciation
-€29,275
Other operating charges
-€3,229
Financial income
-€0
Financial charges
-€27,904
Taxes
+€765
Result 2025
-€34,895
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.
From operations
+€806,380
Investment
-€3.9m
Financing
+€3.1m
Cash 2024
€3,283
From operations (derived)
+€806,380
Net result for the year
-€34,895
Depreciation
+€97,502
Smaller working-capital items
-€12,612
Deferred charges and accrued income
-€36,945
Trade debts
+€31,327
Other debts
+€762,003
Investment (derived)
-€3.9m
Investment in fixed assets (net)
-€3.9m
Financing
+€3.1m
Debts after one year
+€3.1m
Current portion of long-term debt
+€67,277
Cash 2025
€46,226
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,555,367 | €5,439,767 | +€3.9m | +249.7% |
| Fixed assets | 21/28 | €1,536,813 | €5,337,373 | +€3.8m | +247.3% |
| Tangible fixed assets | 22/27 | €1,536,813 | €5,337,373 | +€3.8m | +247.3% |
| Land and buildings | 22 | €1,507,314 | €5,221,295 | +€3.7m | +246.4% |
| Plant, machinery and equipment | 23 | €4,702 | €3,556 | -€1,146 | -24.4% |
| Furniture and vehicles | 24 | €13,358 | €106,606 | +€93,248 | +698.1% |
| Leasing and similar rights | 25 | €11,440 | €5,917 | -€5,523 | -48.3% |
| Current assets | 29/58 | €18,554 | €102,394 | +€83,840 | +451.9% |
| Amounts receivable within one year | 40/41 | €10,165 | €14,117 | +€3,952 | +38.9% |
| Trade receivables | 40 | €8,030 | €13,462 | +€5,432 | +67.6% |
| Other amounts receivable | 41 | €2,135 | €655 | -€1,480 | -69.3% |
| Cash at bank and in hand | 54/58 | €3,283 | €46,226 | +€42,943 | +1308.2% |
| Deferred charges and accrued income | 490/1 | €5,106 | €42,051 | +€36,945 | +723.5% |
| Total equity and liabilities | 10/49 | €1,555,367 | €5,439,767 | +€3.9m | +249.7% |
| Equity | 10/15 | -€282,242 | -€317,136 | -€34,895 | -12.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €2,390 | €2,390 | = | 0.0% |
| Distributable reserves | 133 | €2,390 | €2,390 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€290,832 | -€325,726 | -€34,895 | -12.0% |
| Amounts payable | 17/49 | €1,837,609 | €5,756,903 | +€3.9m | +213.3% |
| Amounts payable after more than one year | 17 | €827,641 | €3,894,988 | +€3.1m | +370.6% |
| Financial debts | 170/4 | €827,641 | €3,894,988 | +€3.1m | +370.6% |
| Amounts payable within one year | 42/48 | €1,005,507 | €1,861,914 | +€856,407 | +85.2% |
| Current portion of amounts payable after more than one year | 42 | €55,712 | €122,989 | +€67,277 | +120.8% |
| Trade debts | 44 | €10,764 | €42,091 | +€31,327 | +291.0% |
| Suppliers | 440/4 | €10,764 | €42,091 | +€31,327 | +291.0% |
| Taxes, remuneration and social security | 45 | €10,071 | €5,870 | -€4,200 | -41.7% |
| Taxes | 450/3 | €9,971 | €5,770 | -€4,200 | -42.1% |
| Remuneration and social security | 454/9 | €100 | €100 | = | 0.0% |
| Other amounts payable | 47/48 | €928,961 | €1,690,964 | +€762,003 | +82.0% |
| Accrued charges and deferred income | 492/3 | €4,460 | - | -€4,460 | |
| Non-recurring operating income | 76A | - | €33,210 | +€33,210 | |
| Remuneration, social security and pensions | 62 | €256 | €328 | +€72 | +28.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €68,227 | €97,502 | +€29,275 | +42.9% |
| Other operating charges | 640/8 | €6,151 | €9,380 | +€3,229 | +52.5% |
| Gross operating margin | 9900 | €49,830 | €115,079 | +€65,249 | +130.9% |
| Operating profit (loss) | 9901 | -€24,804 | €7,869 | +€32,673 | |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €14,224 | €42,129 | +€27,904 | +196.2% |
| Recurring financial charges | 65 | €14,224 | €42,129 | +€27,904 | +196.2% |
| Profit (loss) for the period before taxes | 9903 | -€39,028 | -€34,260 | +€4,769 | +12.2% |
| Income taxes | 67/77 | €1,400 | €635 | -€765 | -54.7% |
| Profit (loss) for the period | 9904 | -€40,428 | -€34,895 | +€5,534 | +13.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€40,428 | -€34,895 | +€5,534 | +13.7% |
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 6 October 2026 via checked.be.