QUIRINALE: 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.
What changed
QUIRINALE
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€841,406
2024 · €1.1m-€292,148
Equity
€20.6m
2024 · €19.7m+€841,406
Cash
€601,449
2024 · €252,461+€348,988
Balance sheet total
€21.1m
2024 · €20.5m+€625,356
Largest movements
Assets
- Financial fixed assets +€2.5m
up €2.5m (+1,064%), from €238,497 to €2.8m
- Tangible fixed assets -€1.1m
down €1.1m (-17.5%), from €6.6m to €5.4m
- Current investments -€1.1m
down €1.1m (-8.4%), from €13.0m to €11.9m
- Cash +€348,988
up €348,988 (+138%), from €252,461 to €601,449
mainly Current investments (+€1.1m) and Net result for the year (+€841,406)
Equity and liabilities
- Reserves +€841,406
up €841,406 (+4.3%), from €19.6m to €20.4m
of which Distributable reserves: +€876,887
Income statement
- Financial income -€870,059
down €870,059 (-70.5%), from €1.2m to €363,754
- Gross operating margin +€740,889
up €740,889 (+604%), from €122,669 to €863,558
- Taxes +€158,268
up €158,268 (+235%), from €67,359 to €225,627
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.
Result 2024
€1.1m
Gross operating margin
+€740,889
Depreciation
+€15
Other operating charges
-€2,096
Financial income
-€870,059
Financial charges
-€2,630
Taxes
-€158,268
Result 2025
€841,406
raises the resultlowers the result
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.
From operations
+€806,455
Investment
-€428,896
Financing
-€28,571
Cash 2024
€252,461
From operations (derived)
+€806,455
Net result for the year
+€841,406
Depreciation
+€127,058
Receivables within one year
+€18,492
Deferred charges and accrued income
+€6,977
Provisions
-€11,827
Trade debts
+€5,173
Smaller working-capital items
-€824
Other debts
-€180,000
Investment (derived)
-€428,896
Investment in fixed assets (net)
-€1.5m
Current investments
+€1.1m
Financing
-€28,571
Debts after one year
-€28,571
Cash 2025
€601,449
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €20,508,830 | €21,134,187 | +€625,356 | +3.0% |
| Fixed assets | 21/28 | €6,790,087 | €8,180,832 | +€1.4m | +20.5% |
| Tangible fixed assets | 22/27 | €6,551,590 | €5,404,956 | -€1.1m | -17.5% |
| Land and buildings | 22 | €6,551,590 | €5,404,956 | -€1.1m | -17.5% |
| Financial fixed assets | 28 | €238,497 | €2,775,876 | +€2.5m | +1,064% |
| Current assets | 29/58 | €13,718,744 | €12,953,355 | -€765,389 | -5.6% |
| Amounts receivable within one year | 40/41 | €482,043 | €463,551 | -€18,492 | -3.8% |
| Trade receivables | 40 | €33,476 | €68,983 | +€35,507 | +106% |
| Other amounts receivable | 41 | €448,567 | €394,568 | -€54,000 | -12.0% |
| Current investments | 50/53 | €12,977,263 | €11,888,355 | -€1.1m | -8.4% |
| Cash at bank and in hand | 54/58 | €252,461 | €601,449 | +€348,988 | +138% |
| Deferred charges and accrued income | 490/1 | €6,977 | - | -€6,977 | |
| Total equity and liabilities | 10/49 | €20,508,830 | €21,134,187 | +€625,356 | +3.0% |
| Equity | 10/15 | €19,708,736 | €20,550,141 | +€841,406 | +4.3% |
| Contributions | 10/11 | €114,005 | €114,005 | = | 0.0% |
| Capital | 10 | €114,005 | €114,005 | = | 0.0% |
| Issued capital | 100 | €114,005 | €114,005 | = | 0.0% |
| Reserves | 13 | €19,594,731 | €20,436,137 | +€841,406 | +4.3% |
| Non-distributable reserves | 130/1 | €249,925 | €249,925 | = | 0.0% |
| Legal reserve | 130 | €249,925 | €249,925 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,477,004 | €1,441,523 | -€35,481 | -2.4% |
| Distributable reserves | 133 | €17,867,802 | €18,744,689 | +€876,887 | +4.9% |
| Provisions and deferred taxes | 16 | €492,335 | €480,508 | -€11,827 | -2.4% |
| Deferred taxes | 168 | €492,335 | €480,508 | -€11,827 | -2.4% |
| Amounts payable | 17/49 | €307,760 | €103,538 | -€204,223 | -66.4% |
| Amounts payable after more than one year | 17 | €85,714 | €57,143 | -€28,571 | -33.3% |
| Financial debts | 170/4 | €85,714 | €57,143 | -€28,571 | -33.3% |
| Amounts payable within one year | 42/48 | €221,920 | €45,700 | -€176,220 | -79.4% |
| Current portion of amounts payable after more than one year | 42 | €28,571 | €28,571 | = | 0.0% |
| Trade debts | 44 | €662 | €5,835 | +€5,173 | +781% |
| Suppliers | 440/4 | €662 | €5,835 | +€5,173 | +781% |
| Taxes, remuneration and social security | 45 | €4,623 | €3,231 | -€1,392 | -30.1% |
| Taxes | 450/3 | €4,623 | €3,231 | -€1,392 | -30.1% |
| Other amounts payable | 47/48 | €188,063 | €8,063 | -€180,000 | -95.7% |
| Accrued charges and deferred income | 492/3 | €126 | €695 | +€568 | +450% |
| Non-recurring operating income | 76A | - | €765,537 | +€765,537 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €127,073 | €127,058 | -€15 | 0.0% |
| Other operating charges | 640/8 | €22,613 | €24,709 | +€2,096 | +9.3% |
| Gross operating margin | 9900 | €122,669 | €863,558 | +€740,889 | +604% |
| Operating profit (loss) | 9901 | -€27,017 | €711,791 | +€738,808 | |
| Financial income | 75/76B | €1,233,813 | €363,754 | -€870,059 | -70.5% |
| Recurring financial income | 75 | €1,233,813 | €363,754 | -€870,059 | -70.5% |
| Financial charges | 65/66B | €17,710 | €20,340 | +€2,630 | +14.8% |
| Recurring financial charges | 65 | €17,710 | €20,340 | +€2,630 | +14.8% |
| Profit (loss) for the period before taxes | 9903 | €1,189,086 | €1,055,205 | -€133,880 | -11.3% |
| Transfer from deferred taxes | 780 | €11,827 | €11,827 | = | 0.0% |
| Income taxes | 67/77 | €67,359 | €225,627 | +€158,268 | +235% |
| Profit (loss) for the period | 9904 | €1,133,554 | €841,406 | -€292,148 | -25.8% |
| Transfer from tax-exempt reserves | 789 | €35,481 | €35,481 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €1,169,035 | €876,887 | -€292,148 | -25.0% |
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 18 October 2026 via checked.be.