QUESTIM: 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.
QUESTIM
Largest movements
- Cash +€1.5m
up €1.5m (+30,339%), from €4,925 to €1.5m
mainly Net result for the year (+€1.3m) and Debts after one year (+€939,670)
- Tangible fixed assets +€806,908
up €806,908 (+108%), from €743,713 to €1.6m
of which Land and buildings: +€729,655
- Receivables within one year +€86,879
up €86,879 (+23.8%), from €365,556 to €452,435
of which Trade receivables: +€99,557
- Financial fixed assets -€52,942
down €52,942 (-11.8%), from €448,660 to €395,718
- Reserves +€1.3m
up €1.3m (+209%), from €623,907 to €1.9m
of which Distributable reserves: +€1.0m
- Debts after one year +€939,670
up €939,670 (+9,096%), from €10,330 to €950,000
of which Other amounts payable: +€950,000
- Provisions +€90,675
new in 2025: €90,675
- Gross operating margin +€1.4m
up €1.4m (+2,898%), from €49,060 to €1.5m
- Depreciation -€33,205
down €33,205 (-34.6%), from €95,876 to €62,671
- Financial charges -€29,050
down €29,050 (-91.8%), from €31,648 to €2,598
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 | €1,565,400 | €3,903,696 | +€2.3m | +149% |
| Fixed assets | 21/28 | €1,192,373 | €1,946,338 | +€753,966 | +63.2% |
| Tangible fixed assets | 22/27 | €743,713 | €1,550,621 | +€806,908 | +108% |
| Land and buildings | 22 | €682,067 | €1,411,722 | +€729,655 | +107% |
| Plant, machinery and equipment | 23 | €9,033 | €66,336 | +€57,303 | +634% |
| Furniture and vehicles | 24 | €5,223 | €44,180 | +€38,957 | +746% |
| Leasing and similar rights | 25 | €47,390 | €28,382 | -€19,008 | -40.1% |
| Financial fixed assets | 28 | €448,660 | €395,718 | -€52,942 | -11.8% |
| Current assets | 29/58 | €373,028 | €1,957,358 | +€1.6m | +425% |
| Amounts receivable within one year | 40/41 | €365,556 | €452,435 | +€86,879 | +23.8% |
| Trade receivables | 40 | €332,963 | €432,520 | +€99,557 | +29.9% |
| Other amounts receivable | 41 | €32,593 | €19,915 | -€12,679 | -38.9% |
| Cash at bank and in hand | 54/58 | €4,925 | €1,499,025 | +€1.5m | +30,339% |
| Deferred charges and accrued income | 490/1 | €2,547 | €5,898 | +€3,351 | +132% |
| Total equity and liabilities | 10/49 | €1,565,400 | €3,903,696 | +€2.3m | +149% |
| Equity | 10/15 | €630,107 | €1,936,826 | +€1.3m | +207% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €623,907 | €1,930,626 | +€1.3m | +209% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €12,000 | €284,026 | +€272,026 | +2,267% |
| Distributable reserves | 133 | €611,907 | €1,646,600 | +€1.0m | +169% |
| Provisions and deferred taxes | 16 | - | €90,675 | +€90,675 | |
| Deferred taxes | 168 | - | €90,675 | +€90,675 | |
| Amounts payable | 17/49 | €935,293 | €1,876,195 | +€940,902 | +101% |
| Amounts payable after more than one year | 17 | €10,330 | €950,000 | +€939,670 | +9,096% |
| Financial debts | 170/4 | €10,330 | €0 | -€10,330 | -100% |
| Other amounts payable | 178/9 | - | €950,000 | +€950,000 | |
| Amounts payable within one year | 42/48 | €924,963 | €926,195 | +€1,232 | +0.1% |
| Current portion of amounts payable after more than one year | 42 | €24,376 | €10,330 | -€14,046 | -57.6% |
| Trade debts | 44 | €4,359 | €31,365 | +€27,006 | +620% |
| Suppliers | 440/4 | €4,359 | €31,365 | +€27,006 | +620% |
| Taxes, remuneration and social security | 45 | €24,605 | €2,800 | -€21,805 | -88.6% |
| Taxes | 450/3 | €24,605 | €2,800 | -€21,805 | -88.6% |
| Other amounts payable | 47/48 | €871,623 | €881,700 | +€10,077 | +1.2% |
| Non-recurring operating income | 76A | - | €1,462,929 | +€1.5m | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €95,876 | €62,671 | -€33,205 | -34.6% |
| Other operating charges | 640/8 | €6,087 | €8,421 | +€2,335 | +38.4% |
| Gross operating margin | 9900 | €49,060 | €1,470,813 | +€1.4m | +2,898% |
| Operating profit (loss) | 9901 | -€52,902 | €1,399,721 | +€1.5m | |
| Financial income | 75/76B | €757 | €271 | -€486 | -64.1% |
| Recurring financial income | 75 | €757 | €271 | -€486 | -64.1% |
| Financial charges | 65/66B | €31,648 | €2,598 | -€29,050 | -91.8% |
| Recurring financial charges | 65 | €31,648 | €2,598 | -€29,050 | -91.8% |
| Profit (loss) for the period before taxes | 9903 | -€83,793 | €1,397,394 | +€1.5m | |
| Transfer from deferred taxes | 780 | - | €970 | +€970 | |
| Transfer to deferred taxes | 680 | - | €91,645 | +€91,645 | |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€83,793 | €1,306,719 | +€1.4m | |
| Transfer from tax-exempt reserves | 789 | - | €2,910 | +€2,910 | |
| Transfer to tax-exempt reserves | 689 | - | €274,935 | +€274,935 | |
| Profit (loss) for the period to be appropriated | 9905 | -€83,793 | €1,034,693 | +€1.1m |
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 14 October 2026 via checked.be.