QUEST FOR ZEAL: 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.
QUEST FOR ZEAL
Largest movements
- Cash +€48,547
up €48,547 (+54.1%), from €89,675 to €138,222
mainly Receivables within one year (+€17,359) and Trade debts (+€16,632)
- Receivables within one year -€17,359
down €17,359 (-75.4%), from €23,014 to €5,655
of which Trade receivables: -€23,014
- Tangible fixed assets -€9,151
down €9,151 (-9.0%), from €101,135 to €91,984
of which Land and buildings: -€8,548
- Trade debts +€16,632
up €16,632 (+91.4%), from €18,194 to €34,826
- Other debts +€14,278
up €14,278 (+181%), from €7,900 to €22,178
- Accrued charges and deferred income -€11,794
down €11,794 (-99.4%), from €11,862 to €68
- Gross operating margin -€8,662
down €8,662 (-32.6%), from €26,582 to €17,920
- Financial charges -€2,545
down €2,545 (-49.1%), from €5,180 to €2,636
- Taxes -€1,818
down €1,818 (-51.6%), from €3,522 to €1,704
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 | €216,125 | €238,100 | +€21,975 | +10.2% |
| Fixed assets | 21/28 | €101,335 | €92,184 | -€9,151 | -9.0% |
| Tangible fixed assets | 22/27 | €101,135 | €91,984 | -€9,151 | -9.0% |
| Land and buildings | 22 | €98,983 | €90,435 | -€8,548 | -8.6% |
| Furniture and vehicles | 24 | €2,153 | €1,549 | -€604 | -28.0% |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €114,789 | €145,915 | +€31,126 | +27.1% |
| Amounts receivable within one year | 40/41 | €23,014 | €5,655 | -€17,359 | -75.4% |
| Trade receivables | 40 | €23,014 | €0 | -€23,014 | -100% |
| Other amounts receivable | 41 | - | €5,655 | +€5,655 | |
| Cash at bank and in hand | 54/58 | €89,675 | €138,222 | +€48,547 | +54.1% |
| Deferred charges and accrued income | 490/1 | €2,101 | €2,039 | -€61 | -2.9% |
| Total equity and liabilities | 10/49 | €216,125 | €238,100 | +€21,975 | +10.2% |
| Equity | 10/15 | €91,498 | €93,337 | +€1,839 | +2.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €33,488 | €35,327 | +€1,839 | +5.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €31,628 | €33,467 | +€1,839 | +5.8% |
| Profit (loss) carried forward | 14 | €39,410 | €39,410 | = | 0.0% |
| Amounts payable | 17/49 | €124,627 | €144,762 | +€20,136 | +16.2% |
| Amounts payable after more than one year | 17 | €73,500 | €73,500 | = | 0.0% |
| Other amounts payable | 178/9 | €73,500 | €73,500 | = | 0.0% |
| Amounts payable within one year | 42/48 | €39,265 | €71,194 | +€31,929 | +81.3% |
| Trade debts | 44 | €18,194 | €34,826 | +€16,632 | +91.4% |
| Suppliers | 440/4 | €18,194 | €34,826 | +€16,632 | +91.4% |
| Advances received on contracts in progress | 46 | €9,365 | €9,365 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €3,806 | €4,825 | +€1,019 | +26.8% |
| Taxes | 450/3 | €3,806 | €3,432 | -€374 | -9.8% |
| Remuneration and social security | 454/9 | - | €1,393 | +€1,393 | |
| Other amounts payable | 47/48 | €7,900 | €22,178 | +€14,278 | +181% |
| Accrued charges and deferred income | 492/3 | €11,862 | €68 | -€11,794 | -99.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,903 | €9,151 | +€249 | +2.8% |
| Other operating charges | 640/8 | €2,525 | €2,665 | +€140 | +5.5% |
| Gross operating margin | 9900 | €26,582 | €17,920 | -€8,662 | -32.6% |
| Operating profit (loss) | 9901 | €15,154 | €6,105 | -€9,050 | -59.7% |
| Financial income | 75/76B | €301 | €75 | -€226 | -75.1% |
| Recurring financial income | 75 | €301 | €75 | -€226 | -75.1% |
| Financial charges | 65/66B | €5,180 | €2,636 | -€2,545 | -49.1% |
| Recurring financial charges | 65 | €5,180 | €2,636 | -€2,545 | -49.1% |
| Profit (loss) for the period before taxes | 9903 | €10,275 | €3,544 | -€6,732 | -65.5% |
| Income taxes | 67/77 | €3,522 | €1,704 | -€1,818 | -51.6% |
| Profit (loss) for the period | 9904 | €6,753 | €1,839 | -€4,914 | -72.8% |
| Profit (loss) for the period to be appropriated | 9905 | €6,753 | €1,839 | -€4,914 | -72.8% |
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 1 November 2026 via checked.be.