QUERCUS CONSULT: what changed
Two financial 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 CONSULT
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€21,711
2024 · €1.5m-€1.5m
Equity
€1.6m
2024 · €1.7m-€21,711
Cash
€40,387
2024 · €1.5m-€1.4m
Balance sheet total
€2.2m
2024 · €2.3m-€104,874
Largest movements
Assets
- Cash -€1.4m
down €1.4m (-97.3%), from €1.5m to €40,387
mainly Current investments (-€1.3m) and Trade debts (-€56,366)
- Current investments +€1.3m
up €1.3m (+12,434%), from €10,475 to €1.3m
- Receivables within one year +€25,598
up €25,598 (+110%), from €23,213 to €48,811
of which Other amounts receivable: +€21,863
Equity and liabilities
- Trade debts -€56,366
down €56,366 (-56.8%), from €99,268 to €42,902
- Debts after one year -€36,547
down €36,547 (-12.1%), from €302,431 to €265,884
Income statement
- Gross operating margin -€2.0m
down €2.0m (-97.8%), from €2.1m to €45,392
- Taxes -€515,308
down €515,308 (-99.9%), from €516,025 to €717
- Financial income +€34,103
up €34,103 (+1,388%), from €2,457 to €36,560
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
€1.5m
Gross operating margin
-€2.0m
Staff costs
+€2,660
Depreciation
-€8,033
Other operating charges
-€3
Financial income
+€34,103
Financial charges
-€1,921
Taxes
+€515,308
Deferred taxes and other
+€32,340
Result 2025
-€21,711
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
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
-€65,887
Investment
-€1.3m
Financing
-€22,414
Cash 2024
€1.5m
From operations (derived)
-€65,887
Net result for the year
-€21,711
Depreciation
+€36,518
Receivables within one year
-€25,598
Deferred charges and accrued income
+€5,652
Smaller working-capital items
-€4,383
Trade debts
-€56,366
Investment (derived)
-€1.3m
Investment in fixed assets (net)
-€40,329
Current investments
-€1.3m
Financing
-€22,414
Debts after one year
-€36,547
Current portion of long-term debt
+€13,318
Short-term financial debts
+€815
Cash 2025
€40,387
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,293,791 | €2,188,917 | -€104,874 | -4.6% |
| Fixed assets | 21/28 | €687,398 | €691,209 | +€3,811 | +0.6% |
| Tangible fixed assets | 22/27 | €610,489 | €614,300 | +€3,811 | +0.6% |
| Land and buildings | 22 | €547,790 | €530,484 | -€17,306 | -3.2% |
| Furniture and vehicles | 24 | €41,022 | €52,526 | +€11,505 | +28.0% |
| Other tangible fixed assets | 26 | €21,677 | €31,290 | +€9,613 | +44.3% |
| Financial fixed assets | 28 | €76,909 | €76,909 | = | 0.0% |
| Current assets | 29/58 | €1,606,393 | €1,497,708 | -€108,685 | -6.8% |
| Amounts receivable after more than one year | 29 | €75,000 | €75,000 | = | 0.0% |
| Other amounts receivable | 291 | €75,000 | €75,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €23,213 | €48,811 | +€25,598 | +110% |
| Trade receivables | 40 | €6,392 | €10,127 | +€3,735 | +58.4% |
| Other amounts receivable | 41 | €16,822 | €38,684 | +€21,863 | +130% |
| Current investments | 50/53 | €10,475 | €1,312,901 | +€1.3m | +12,434% |
| Cash at bank and in hand | 54/58 | €1,471,444 | €40,387 | -€1.4m | -97.3% |
| Deferred charges and accrued income | 490/1 | €26,261 | €20,609 | -€5,652 | -21.5% |
| Total equity and liabilities | 10/49 | €2,293,791 | €2,188,917 | -€104,874 | -4.6% |
| Equity | 10/15 | €1,657,509 | €1,635,798 | -€21,711 | -1.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,651,309 | €1,629,598 | -€21,711 | -1.3% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €862,185 | €858,262 | -€3,923 | -0.5% |
| Distributable reserves | 133 | €789,124 | €771,337 | -€17,787 | -2.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €31,359 | €30,378 | -€981 | -3.1% |
| Deferred taxes | 168 | €31,359 | €30,378 | -€981 | -3.1% |
| Amounts payable | 17/49 | €604,923 | €522,741 | -€82,182 | -13.6% |
| Amounts payable after more than one year | 17 | €302,431 | €265,884 | -€36,547 | -12.1% |
| Financial debts | 170/4 | €302,431 | €265,884 | -€36,547 | -12.1% |
| Amounts payable within one year | 42/48 | €302,193 | €256,857 | -€45,336 | -15.0% |
| Current portion of amounts payable after more than one year | 42 | €51,916 | €65,234 | +€13,318 | +25.7% |
| Financial debts | 43 | €102,945 | €103,760 | +€815 | +0.8% |
| Credit institutions | 430/8 | €102,945 | €103,760 | +€815 | +0.8% |
| Other loans | 439 | €0 | - | = | |
| Trade debts | 44 | €99,268 | €42,902 | -€56,366 | -56.8% |
| Suppliers | 440/4 | €99,268 | €42,902 | -€56,366 | -56.8% |
| Taxes, remuneration and social security | 45 | €47,064 | €44,962 | -€2,102 | -4.5% |
| Taxes | 450/3 | €37,983 | €39,325 | +€1,343 | +3.5% |
| Remuneration and social security | 454/9 | €9,082 | €5,636 | -€3,445 | -37.9% |
| Other amounts payable | 47/48 | €1,000 | €0 | -€1,000 | -100% |
| Accrued charges and deferred income | 492/3 | €300 | €0 | -€300 | -100% |
| Non-recurring operating income | 76A | €161,832 | €0 | -€161,832 | -100% |
| Remuneration, social security and pensions | 62 | €30,831 | €28,171 | -€2,660 | -8.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,485 | €36,518 | +€8,033 | +28.2% |
| Other operating charges | 640/8 | €6,082 | €6,084 | +€3 | 0.0% |
| Gross operating margin | 9900 | €2,094,114 | €45,392 | -€2.0m | -97.8% |
| Operating profit (loss) | 9901 | €2,028,716 | -€25,382 | -€2.1m | |
| Financial income | 75/76B | €2,457 | €36,560 | +€34,103 | +1,388% |
| Recurring financial income | 75 | €2,457 | €36,560 | +€34,103 | +1,388% |
| Financial charges | 65/66B | €31,231 | €33,152 | +€1,921 | +6.2% |
| Recurring financial charges | 65 | €31,231 | €33,152 | +€1,921 | +6.2% |
| Profit (loss) for the period before taxes | 9903 | €1,999,943 | -€21,974 | -€2.0m | |
| Transfer from deferred taxes | 780 | €1,008 | €981 | -€27 | -2.7% |
| Transfer to deferred taxes | 680 | €32,366 | €0 | -€32,366 | -100% |
| Income taxes | 67/77 | €516,025 | €717 | -€515,308 | -99.9% |
| Profit (loss) for the period | 9904 | €1,452,560 | -€21,711 | -€1.5m | |
| Transfer from tax-exempt reserves | 789 | €4,031 | €3,923 | -€107 | -2.7% |
| Transfer to tax-exempt reserves | 689 | €866,216 | €0 | -€866,216 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €590,375 | -€17,787 | -€608,162 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.