QUERCUS: what changed
QUERCUS
Largest movements
- Cash +€86,185
up €86,185 (+21.6%), from €398,236 to €484,420
mainly Net result for the year (+€147,874) and Receivables within one year (+€41,539)
- Receivables within one year -€41,539
down €41,539 (-29.9%), from €138,695 to €97,157
of which Trade receivables: -€27,139
- Reserves +€75,233
up €75,233 (+11.7%), from €640,446 to €715,679
- Tax, wage and social debts -€34,685
down €34,685 (-35.4%), from €97,861 to €63,176
- Debts after one year -€18,581
down €18,581 (-11.2%), from €166,587 to €148,006
- Trade debts +€13,271
up €13,271 (+210%), from €6,319 to €19,590
- Gross operating margin -€117,213
down €117,213 (-33.2%), from €353,233 to €236,020
- Depreciation -€29,101
down €29,101 (-62.7%), from €46,443 to €17,343
- Taxes -€29,079
down €29,079 (-30.1%), from €96,731 to €67,652
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €934,380 | €968,718 | +€34,338 | +3.7% |
| Fixed assets | 21/28 | €392,212 | €384,331 | -€7,881 | -2.0% |
| Tangible fixed assets | 22/27 | €392,212 | €384,331 | -€7,881 | -2.0% |
| Land and buildings | 22 | €377,857 | €369,170 | -€8,686 | -2.3% |
| Plant, machinery and equipment | 23 | €1,983 | €1,259 | -€724 | -36.5% |
| Furniture and vehicles | 24 | €11,564 | €13,901 | +€2,337 | +20.2% |
| Other tangible fixed assets | 26 | €808 | - | -€808 | |
| Current assets | 29/58 | €542,168 | €584,387 | +€42,219 | +7.8% |
| Amounts receivable within one year | 40/41 | €138,695 | €97,157 | -€41,539 | -29.9% |
| Trade receivables | 40 | €69,828 | €42,689 | -€27,139 | -38.9% |
| Other amounts receivable | 41 | €68,867 | €54,468 | -€14,399 | -20.9% |
| Cash at bank and in hand | 54/58 | €398,236 | €484,420 | +€86,185 | +21.6% |
| Deferred charges and accrued income | 490/1 | €5,237 | €2,810 | -€2,427 | -46.3% |
| Total equity and liabilities | 10/49 | €934,380 | €968,718 | +€34,338 | +3.7% |
| Equity | 10/15 | €652,846 | €728,079 | +€75,233 | +11.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €640,446 | €715,679 | +€75,233 | +11.7% |
| Distributable reserves | 133 | €640,446 | €715,679 | +€75,233 | +11.7% |
| Amounts payable | 17/49 | €281,534 | €240,639 | -€40,895 | -14.5% |
| Amounts payable after more than one year | 17 | €166,587 | €148,006 | -€18,581 | -11.2% |
| Financial debts | 170/4 | €166,587 | €148,006 | -€18,581 | -11.2% |
| Amounts payable within one year | 42/48 | €114,947 | €92,633 | -€22,314 | -19.4% |
| Current portion of amounts payable after more than one year | 42 | €10,767 | €9,866 | -€900 | -8.4% |
| Trade debts | 44 | €6,319 | €19,590 | +€13,271 | +210% |
| Suppliers | 440/4 | €6,319 | €19,590 | +€13,271 | +210% |
| Taxes, remuneration and social security | 45 | €97,861 | €63,176 | -€34,685 | -35.4% |
| Taxes | 450/3 | €97,861 | €63,176 | -€34,685 | -35.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,443 | €17,343 | -€29,101 | -62.7% |
| Other operating charges | 640/8 | €2,099 | €2,740 | +€641 | +30.6% |
| Gross operating margin | 9900 | €353,233 | €236,020 | -€117,213 | -33.2% |
| Operating profit (loss) | 9901 | €304,691 | €215,937 | -€88,753 | -29.1% |
| Financial income | 75/76B | €2,830 | €6,070 | +€3,240 | +114% |
| Recurring financial income | 75 | €2,830 | €6,070 | +€3,240 | +114% |
| Financial charges | 65/66B | €4,053 | €6,481 | +€2,428 | +59.9% |
| Recurring financial charges | 65 | €4,053 | €6,481 | +€2,428 | +59.9% |
| Profit (loss) for the period before taxes | 9903 | €303,468 | €215,527 | -€87,941 | -29.0% |
| Income taxes | 67/77 | €96,731 | €67,652 | -€29,079 | -30.1% |
| Profit (loss) for the period | 9904 | €206,737 | €147,874 | -€58,863 | -28.5% |
| Profit (loss) for the period to be appropriated | 9905 | €206,737 | €147,874 | -€58,863 | -28.5% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.