QUGAR: 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.
QUGAR
Largest movements
- Receivables within one year +€201,438
up €201,438 (+44.5%), from €452,260 to €653,698
- Stocks and contracts -€82,097
down €82,097 (-46.7%), from €175,831 to €93,734
of which Stocks: -€50,097
- Profit (loss) carried forward +€126,797
up €126,797 (+45.8%), from -€276,575 to -€149,778
- Trade debts -€34,706
down €34,706 (-56.5%), from €61,434 to €26,728
- Tax, wage and social debts +€30,806
up €30,806 (+58.5%), from €52,631 to €83,437
of which Taxes: +€38,657
- Gross operating margin +€89,798
up €89,798 (+41.0%), from €218,890 to €308,688
- Staff costs +€15,071
up €15,071 (+9.7%), from €154,758 to €169,828
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.
Cash bridge derived
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 | €631,725 | €749,471 | +€117,746 | +18.6% |
| Fixed assets | 21/28 | €481 | €241 | -€241 | -50.0% |
| Tangible fixed assets | 22/27 | €481 | €241 | -€241 | -50.0% |
| Land and buildings | 22 | €481 | €241 | -€241 | -50.0% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Current assets | 29/58 | €631,244 | €749,230 | +€117,986 | +18.7% |
| Stocks and contracts in progress | 3 | €175,831 | €93,734 | -€82,097 | -46.7% |
| Stocks | 30/36 | €143,831 | €93,734 | -€50,097 | -34.8% |
| Contracts in progress | 37 | €32,000 | €0 | -€32,000 | -100.0% |
| Amounts receivable within one year | 40/41 | €452,260 | €653,698 | +€201,438 | +44.5% |
| Trade receivables | 40 | €452,260 | €653,698 | +€201,438 | +44.5% |
| Cash at bank and in hand | 54/58 | €3,011 | €1,681 | -€1,329 | -44.2% |
| Deferred charges and accrued income | 490/1 | €143 | €117 | -€26 | -18.2% |
| Total equity and liabilities | 10/49 | €631,725 | €749,471 | +€117,746 | +18.6% |
| Equity | 10/15 | €495,543 | €622,339 | +€126,797 | +25.6% |
| Contributions | 10/11 | €750,000 | €750,000 | = | 0.0% |
| Reserves | 13 | €22,118 | €22,118 | = | 0.0% |
| Distributable reserves | 133 | €22,118 | €22,118 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€276,575 | -€149,778 | +€126,797 | +45.8% |
| Amounts payable | 17/49 | €136,183 | €127,131 | -€9,051 | -6.6% |
| Amounts payable within one year | 42/48 | €136,168 | €127,131 | -€9,037 | -6.6% |
| Current portion of amounts payable after more than one year | 42 | €22,103 | €16,966 | -€5,137 | -23.2% |
| Trade debts | 44 | €61,434 | €26,728 | -€34,706 | -56.5% |
| Suppliers | 440/4 | €61,434 | €26,728 | -€34,706 | -56.5% |
| Taxes, remuneration and social security | 45 | €52,631 | €83,437 | +€30,806 | +58.5% |
| Taxes | 450/3 | €25,875 | €64,532 | +€38,657 | +149.4% |
| Remuneration and social security | 454/9 | €26,756 | €18,905 | -€7,851 | -29.3% |
| Accrued charges and deferred income | 492/3 | €14 | €0 | -€14 | -100.0% |
| Remuneration, social security and pensions | 62 | €154,758 | €169,828 | +€15,071 | +9.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,523 | €241 | -€1,283 | -84.2% |
| Other operating charges | 640/8 | €9,290 | €9,706 | +€416 | +4.5% |
| Gross operating margin | 9900 | €218,890 | €308,688 | +€89,798 | +41.0% |
| Operating profit (loss) | 9901 | €53,318 | €128,913 | +€75,594 | +141.8% |
| Financial income | 75/76B | €107 | €11 | -€96 | -90.0% |
| Recurring financial income | 75 | €107 | €11 | -€96 | -90.0% |
| Financial charges | 65/66B | €2,735 | €1,950 | -€784 | -28.7% |
| Recurring financial charges | 65 | €2,735 | €1,950 | -€784 | -28.7% |
| Profit (loss) for the period before taxes | 9903 | €50,690 | €126,973 | +€76,283 | +150.5% |
| Income taxes | 67/77 | €174 | €176 | +€2 | +1.0% |
| Profit (loss) for the period | 9904 | €50,516 | €126,797 | +€76,281 | +151.0% |
| Profit (loss) for the period to be appropriated | 9905 | €50,516 | €126,797 | +€76,281 | +151.0% |
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 10 October 2026 via checked.be.