Quercus Projects: 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.
Quercus Projects
Largest movements
- Stocks and contracts +€1.5m
up €1.5m (+173%), from €873,373 to €2.4m
- Cash -€431,912
down €431,912 (-45.9%), from €940,661 to €508,749
mainly Stocks and contracts (-€1.5m) and Tax, wage and social debts (-€84,855)
- Receivables within one year -€108,406
down €108,406 (-50.2%), from €215,919 to €107,512
of which Other amounts receivable: -€63,511
- Tangible fixed assets +€43,638
new in 2025: €43,638
of which Plant, machinery and equipment: +€40,986
- Advances received +€713,792
up €713,792 (+80.2%), from €890,232 to €1.6m
- Reserves +€186,560
up €186,560 (+174%), from €107,142 to €293,702
- Trade debts +€115,012
up €115,012 (+46.2%), from €249,032 to €364,045
- Tax, wage and social debts -€84,855
down €84,855 (-74.5%), from €113,925 to €29,070
- Other debts +€39,868
up €39,868 (+24,162%), from €165 to €40,033
- Gross operating margin +€90,583
up €90,583 (+41.3%), from €219,419 to €310,001
- Taxes +€26,357
up €26,357 (+90.7%), from €29,070 to €55,427
- Financial income +€5,210
up €5,210 (+255%), from €2,045 to €7,254
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,039,849 | €3,047,437 | +€1.0m | +49.4% |
| Fixed assets | 21/28 | €200 | €43,638 | +€43,438 | +21,719% |
| Tangible fixed assets | 22/27 | - | €43,638 | +€43,638 | |
| Plant, machinery and equipment | 23 | - | €40,986 | +€40,986 | |
| Furniture and vehicles | 24 | - | €2,652 | +€2,652 | |
| Financial fixed assets | 28 | €200 | - | -€200 | |
| Current assets | 29/58 | €2,039,649 | €3,003,799 | +€964,150 | +47.3% |
| Stocks and contracts in progress | 3 | €873,373 | €2,381,703 | +€1.5m | +173% |
| Stocks | 30/36 | €873,373 | €2,381,703 | +€1.5m | +173% |
| Amounts receivable within one year | 40/41 | €215,919 | €107,512 | -€108,406 | -50.2% |
| Trade receivables | 40 | €49,363 | €4,468 | -€44,895 | -90.9% |
| Other amounts receivable | 41 | €166,556 | €103,045 | -€63,511 | -38.1% |
| Cash at bank and in hand | 54/58 | €940,661 | €508,749 | -€431,912 | -45.9% |
| Deferred charges and accrued income | 490/1 | €9,697 | €5,835 | -€3,862 | -39.8% |
| Total equity and liabilities | 10/49 | €2,039,849 | €3,047,437 | +€1.0m | +49.4% |
| Equity | 10/15 | €116,142 | €302,702 | +€186,560 | +161% |
| Contributions | 10/11 | €9,000 | €9,000 | = | 0.0% |
| Reserves | 13 | €107,142 | €293,702 | +€186,560 | +174% |
| Distributable reserves | 133 | €107,142 | €293,702 | +€186,560 | +174% |
| Amounts payable | 17/49 | €1,923,707 | €2,744,735 | +€821,029 | +42.7% |
| Amounts payable after more than one year | 17 | €630,000 | €656,544 | +€26,544 | +4.2% |
| Financial debts | 170/4 | €630,000 | €656,544 | +€26,544 | +4.2% |
| Amounts payable within one year | 42/48 | €1,253,354 | €2,050,922 | +€797,569 | +63.6% |
| Current portion of amounts payable after more than one year | 42 | - | €13,720 | +€13,720 | |
| Financial debts | 43 | - | €32 | +€32 | |
| Credit institutions | 430/8 | - | €32 | +€32 | |
| Trade debts | 44 | €249,032 | €364,045 | +€115,012 | +46.2% |
| Suppliers | 440/4 | €249,032 | €364,045 | +€115,012 | +46.2% |
| Advances received on contracts in progress | 46 | €890,232 | €1,604,023 | +€713,792 | +80.2% |
| Taxes, remuneration and social security | 45 | €113,925 | €29,070 | -€84,855 | -74.5% |
| Taxes | 450/3 | €113,925 | €29,070 | -€84,855 | -74.5% |
| Other amounts payable | 47/48 | €165 | €40,033 | +€39,868 | +24,162% |
| Accrued charges and deferred income | 492/3 | €40,353 | €37,269 | -€3,084 | -7.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €1,757 | +€1,757 | |
| Other operating charges | 640/8 | €4,321 | €1,872 | -€2,449 | -56.7% |
| Non-recurring operating charges | 66A | - | €1,300 | +€1,300 | |
| Gross operating margin | 9900 | €219,419 | €310,001 | +€90,583 | +41.3% |
| Operating profit (loss) | 9901 | €215,098 | €305,072 | +€89,974 | +41.8% |
| Financial income | 75/76B | €2,045 | €7,254 | +€5,210 | +255% |
| Recurring financial income | 75 | €2,045 | €7,254 | +€5,210 | +255% |
| Financial charges | 65/66B | €69,684 | €70,340 | +€655 | +0.9% |
| Recurring financial charges | 65 | €69,684 | €70,340 | +€655 | +0.9% |
| Profit (loss) for the period before taxes | 9903 | €147,458 | €241,987 | +€94,529 | +64.1% |
| Income taxes | 67/77 | €29,070 | €55,427 | +€26,357 | +90.7% |
| Profit (loss) for the period | 9904 | €118,388 | €186,560 | +€68,171 | +57.6% |
| Profit (loss) for the period to be appropriated | 9905 | €118,388 | €186,560 | +€68,171 | +57.6% |
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 13 October 2026 via checked.be.