Quicksand: 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.
Quicksand
Largest movements
- Cash +€169,827
up €169,827 (+29.2%), from €581,348 to €751,175
mainly Net result for the year (+€436,744) and Depreciation (+€88,568)
- Receivables within one year +€91,974
up €91,974 (+81.9%), from €112,246 to €204,220
of which Trade receivables: +€80,014
- Current investments +€49,571
up €49,571 (+28.7%), from €172,495 to €222,066
- Tangible fixed assets -€20,210
down €20,210 (-2.5%), from €821,066 to €800,857
of which Land and buildings: -€27,766
- Reserves +€436,133
up €436,133 (+45.0%), from €970,070 to €1.4m
of which Distributable reserves: +€436,133
- Other debts -€131,030
down €131,030 (-99.7%), from €131,460 to €431
- Debts after one year -€48,284
down €48,284 (-10.4%), from €463,801 to €415,517
- Tax, wage and social debts +€38,829
up €38,829 (+92.3%), from €42,084 to €80,912
of which Taxes: +€31,274
- Gross operating margin +€630,485
up €630,485 (+172%), from €366,165 to €996,650
- Staff costs +€153,620
up €153,620 (+71.5%), from €214,947 to €368,567
- Financial charges +€60,497
up €60,497 (+1,004%), from €6,025 to €66,522
- Taxes +€38,162
up €38,162 (+604%), from €6,316 to €44,478
- Depreciation +€10,369
up €10,369 (+13.3%), from €78,199 to €88,568
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 | €1,693,407 | €1,990,114 | +€296,707 | +17.5% |
| Fixed assets | 21/28 | €821,066 | €803,607 | -€17,460 | -2.1% |
| Tangible fixed assets | 22/27 | €821,066 | €800,857 | -€20,210 | -2.5% |
| Land and buildings | 22 | €666,973 | €639,207 | -€27,766 | -4.2% |
| Plant, machinery and equipment | 23 | €49,290 | €54,168 | +€4,878 | +9.9% |
| Furniture and vehicles | 24 | €104,804 | €107,482 | +€2,679 | +2.6% |
| Financial fixed assets | 28 | - | €2,750 | +€2,750 | |
| Current assets | 29/58 | €872,340 | €1,186,507 | +€314,167 | +36.0% |
| Amounts receivable within one year | 40/41 | €112,246 | €204,220 | +€91,974 | +81.9% |
| Trade receivables | 40 | €66,778 | €146,792 | +€80,014 | +120% |
| Other amounts receivable | 41 | €45,468 | €57,428 | +€11,960 | +26.3% |
| Current investments | 50/53 | €172,495 | €222,066 | +€49,571 | +28.7% |
| Cash at bank and in hand | 54/58 | €581,348 | €751,175 | +€169,827 | +29.2% |
| Deferred charges and accrued income | 490/1 | €6,252 | €9,046 | +€2,794 | +44.7% |
| Total equity and liabilities | 10/49 | €1,693,407 | €1,990,114 | +€296,707 | +17.5% |
| Equity | 10/15 | €988,670 | €1,424,803 | +€436,133 | +44.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €970,070 | €1,406,203 | +€436,133 | +45.0% |
| 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 | €968,210 | €1,404,343 | +€436,133 | +45.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €704,736 | €565,311 | -€139,425 | -19.8% |
| Amounts payable after more than one year | 17 | €463,801 | €415,517 | -€48,284 | -10.4% |
| Financial debts | 170/4 | €463,801 | €415,517 | -€48,284 | -10.4% |
| Amounts payable within one year | 42/48 | €230,781 | €149,794 | -€80,987 | -35.1% |
| Current portion of amounts payable after more than one year | 42 | €54,170 | €48,284 | -€5,887 | -10.9% |
| Trade debts | 44 | €3,066 | €20,167 | +€17,101 | +558% |
| Suppliers | 440/4 | €3,066 | €20,167 | +€17,101 | +558% |
| Taxes, remuneration and social security | 45 | €42,084 | €80,912 | +€38,829 | +92.3% |
| Taxes | 450/3 | €36,516 | €67,790 | +€31,274 | +85.6% |
| Remuneration and social security | 454/9 | €5,567 | €13,122 | +€7,555 | +136% |
| Other amounts payable | 47/48 | €131,460 | €431 | -€131,030 | -99.7% |
| Accrued charges and deferred income | 492/3 | €10,154 | €0 | -€10,154 | -100% |
| Remuneration, social security and pensions | 62 | €214,947 | €368,567 | +€153,620 | +71.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €78,199 | €88,568 | +€10,369 | +13.3% |
| Other operating charges | 640/8 | €8,287 | €7,850 | -€436 | -5.3% |
| Gross operating margin | 9900 | €366,165 | €996,650 | +€630,485 | +172% |
| Operating profit (loss) | 9901 | €64,733 | €531,664 | +€466,932 | +721% |
| Financial income | 75/76B | €6,825 | €16,079 | +€9,255 | +136% |
| Recurring financial income | 75 | €6,825 | €16,079 | +€9,255 | +136% |
| Financial charges | 65/66B | €6,025 | €66,522 | +€60,497 | +1,004% |
| Recurring financial charges | 65 | €6,025 | €66,522 | +€60,497 | +1,004% |
| Profit (loss) for the period before taxes | 9903 | €65,533 | €481,222 | +€415,689 | +634% |
| Income taxes | 67/77 | €6,316 | €44,478 | +€38,162 | +604% |
| Profit (loss) for the period | 9904 | €59,217 | €436,744 | +€377,527 | +638% |
| Profit (loss) for the period to be appropriated | 9905 | €59,217 | €436,744 | +€377,527 | +638% |
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.