QUETSCH GUIDO: 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.
QUETSCH GUIDO
Largest movements
- Financial fixed assets +€562,297
up €562,297 (+140%), from €402,957 to €965,254
- Cash +€380,391
up €380,391 (+45.6%), from €834,791 to €1.2m
mainly Net result for the year (+€776,681) and Current investments (+€150,585)
- Current investments -€150,585
down €150,585 (-74.0%), from €203,422 to €52,838
- Tangible fixed assets -€59,613
down €59,613 (-12.1%), from €494,461 to €434,848
of which Land and buildings: -€43,311
- Reserves +€676,364
up €676,364 (+38.1%), from €1.8m to €2.5m
of which Distributable reserves: +€677,900
- Tax, wage and social debts +€49,267
up €49,267 (+384%), from €12,832 to €62,099
- Financial income +€421,289
up €421,289 (+161%), from €261,670 to €682,959
- Gross operating margin +€82,511
up €82,511 (+37.6%), from €219,222 to €301,733
- Taxes +€65,209
up €65,209 (+87.9%), from €74,148 to €139,357
- Depreciation -€4,194
down €4,194 (-6.6%), from €63,806 to €59,613
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 | €1,952,437 | €2,671,609 | +€719,172 | +36.8% |
| Fixed assets | 21/28 | €897,418 | €1,400,102 | +€502,684 | +56.0% |
| Tangible fixed assets | 22/27 | €494,461 | €434,848 | -€59,613 | -12.1% |
| Land and buildings | 22 | €460,511 | €417,200 | -€43,311 | -9.4% |
| Plant, machinery and equipment | 23 | €29,220 | €16,952 | -€12,268 | -42.0% |
| Furniture and vehicles | 24 | €4,729 | €696 | -€4,033 | -85.3% |
| Financial fixed assets | 28 | €402,957 | €965,254 | +€562,297 | +140% |
| Current assets | 29/58 | €1,055,019 | €1,271,507 | +€216,488 | +20.5% |
| Amounts receivable within one year | 40/41 | €6,132 | €167 | -€5,965 | -97.3% |
| Trade receivables | 40 | €6,000 | - | -€6,000 | |
| Other amounts receivable | 41 | €132 | €167 | +€35 | +26.7% |
| Current investments | 50/53 | €203,422 | €52,838 | -€150,585 | -74.0% |
| Cash at bank and in hand | 54/58 | €834,791 | €1,215,182 | +€380,391 | +45.6% |
| Deferred charges and accrued income | 490/1 | €10,674 | €3,320 | -€7,353 | -68.9% |
| Total equity and liabilities | 10/49 | €1,952,437 | €2,671,609 | +€719,172 | +36.8% |
| Equity | 10/15 | €1,820,974 | €2,496,004 | +€675,029 | +37.1% |
| Contributions | 10/11 | €36,860 | €36,860 | = | 0.0% |
| Reserves | 13 | €1,775,829 | €2,452,194 | +€676,364 | +38.1% |
| Tax-exempt reserves | 132 | €12,764 | €11,229 | -€1,536 | -12.0% |
| Distributable reserves | 133 | €1,763,065 | €2,440,965 | +€677,900 | +38.5% |
| Profit (loss) carried forward | 14 | €4,018 | €4,334 | +€316 | +7.9% |
| Investment grants | 15 | €4,267 | €2,616 | -€1,651 | -38.7% |
| Provisions and deferred taxes | 16 | €4,255 | €3,743 | -€512 | -12.0% |
| Deferred taxes | 168 | €4,255 | €3,743 | -€512 | -12.0% |
| Amounts payable | 17/49 | €127,208 | €171,863 | +€44,655 | +35.1% |
| Amounts payable within one year | 42/48 | €126,110 | €171,297 | +€45,187 | +35.8% |
| Trade debts | 44 | €1,925 | €3,520 | +€1,596 | +82.9% |
| Suppliers | 440/4 | €1,925 | €3,520 | +€1,596 | +82.9% |
| Taxes, remuneration and social security | 45 | €12,832 | €62,099 | +€49,267 | +384% |
| Taxes | 450/3 | €12,832 | €62,099 | +€49,267 | +384% |
| Other amounts payable | 47/48 | €111,353 | €105,678 | -€5,675 | -5.1% |
| Accrued charges and deferred income | 492/3 | €1,098 | €566 | -€533 | -48.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €63,806 | €59,613 | -€4,194 | -6.6% |
| Other operating charges | 640/8 | €8,026 | €8,396 | +€371 | +4.6% |
| Gross operating margin | 9900 | €219,222 | €301,733 | +€82,511 | +37.6% |
| Operating profit (loss) | 9901 | €147,391 | €233,724 | +€86,334 | +58.6% |
| Financial income | 75/76B | €261,670 | €682,959 | +€421,289 | +161% |
| Recurring financial income | 75 | €261,670 | €682,959 | +€421,289 | +161% |
| Financial charges | 65/66B | €1,070 | €1,157 | +€88 | +8.2% |
| Recurring financial charges | 65 | €1,070 | €1,157 | +€88 | +8.2% |
| Profit (loss) for the period before taxes | 9903 | €407,991 | €915,526 | +€507,534 | +124% |
| Transfer from deferred taxes | 780 | €541 | €512 | -€29 | -5.4% |
| Income taxes | 67/77 | €74,148 | €139,357 | +€65,209 | +87.9% |
| Profit (loss) for the period | 9904 | €334,385 | €776,681 | +€442,296 | +132% |
| Transfer from tax-exempt reserves | 789 | €1,624 | €1,536 | -€88 | -5.4% |
| Profit (loss) for the period to be appropriated | 9905 | €336,009 | €778,216 | +€442,208 | +132% |
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 28 October 2026 via checked.be.