QUORUM: what changed
Two fiscal 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.
QUORUM
Largest movements
- Cash -€332,710
down €332,710 (-95.4%), from €348,602 to €15,892
mainly Contributions, distributions and other (-€244,490) and Net result for the year (-€227,740)
- Tangible fixed assets -€249,494
down €249,494 (-33.2%), from €750,429 to €500,935
of which Land and buildings: -€245,321
- Receivables within one year +€98,845
up €98,845 (+78.1%), from €126,483 to €225,328
of which Other amounts receivable: +€91,963
- Stocks and contracts +€27,108
up €27,108 (+38.1%), from €71,143 to €98,251
- Revaluation surpluses -€244,490
down €244,490 (-56.5%), from €433,022 to €188,532
- Reserves -€227,740
down €227,740 (-39.8%), from €571,653 to €343,913
of which Distributable reserves: -€212,247
- Trade debts +€15,185
up €15,185 (+21.9%), from €69,380 to €84,565
- Gross operating margin -€1.3m
down €1.3m, from €1.2m to -€89,153
- Taxes -€118,602
down €118,602 (-99.4%), from €119,321 to €719
- Staff costs -€109,851
down €109,851 (-46.0%), from €238,871 to €129,021
- Financial charges -€14,714
down €14,714 (-74.1%), from €19,861 to €5,147
- Other operating charges -€12,058
down €12,058 (-68.3%), from €17,644 to €5,586
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 | €1,298,169 | €842,408 | -€455,761 | -35.1% |
| Fixed assets | 21/28 | €751,942 | €502,448 | -€249,494 | -33.2% |
| Tangible fixed assets | 22/27 | €750,429 | €500,935 | -€249,494 | -33.2% |
| Land and buildings | 22 | €739,362 | €494,041 | -€245,321 | -33.2% |
| Plant, machinery and equipment | 23 | €3,275 | €2,563 | -€712 | -21.7% |
| Furniture and vehicles | 24 | €7,792 | €4,331 | -€3,461 | -44.4% |
| Financial fixed assets | 28 | €1,512 | €1,512 | = | 0.0% |
| Current assets | 29/58 | €546,227 | €339,961 | -€206,267 | -37.8% |
| Stocks and contracts in progress | 3 | €71,143 | €98,251 | +€27,108 | +38.1% |
| Stocks | 30/36 | €71,143 | €98,251 | +€27,108 | +38.1% |
| Amounts receivable within one year | 40/41 | €126,483 | €225,328 | +€98,845 | +78.1% |
| Trade receivables | 40 | €7,938 | €14,820 | +€6,882 | +86.7% |
| Other amounts receivable | 41 | €118,545 | €210,508 | +€91,963 | +77.6% |
| Cash at bank and in hand | 54/58 | €348,602 | €15,892 | -€332,710 | -95.4% |
| Deferred charges and accrued income | 490/1 | €0 | €489 | +€489 | |
| Total equity and liabilities | 10/49 | €1,298,169 | €842,408 | -€455,761 | -35.1% |
| Equity | 10/15 | €1,209,859 | €737,628 | -€472,231 | -39.0% |
| Contributions | 10/11 | €205,183 | €205,183 | = | 0.0% |
| Revaluation surpluses | 12 | €433,022 | €188,532 | -€244,490 | -56.5% |
| Reserves | 13 | €571,653 | €343,913 | -€227,740 | -39.8% |
| Non-distributable reserves | 130/1 | €15,493 | €0 | -€15,493 | -100.0% |
| Reserves not available under the articles | 1311 | €15,493 | €0 | -€15,493 | -100.0% |
| Distributable reserves | 133 | €556,160 | €343,913 | -€212,247 | -38.2% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €88,311 | €104,780 | +€16,470 | +18.6% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €87,675 | €104,145 | +€16,470 | +18.8% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €69,380 | €84,565 | +€15,185 | +21.9% |
| Suppliers | 440/4 | €69,380 | €84,565 | +€15,185 | +21.9% |
| Taxes, remuneration and social security | 45 | €18,295 | €19,580 | +€1,284 | +7.0% |
| Taxes | 450/3 | €6,202 | €4,666 | -€1,536 | -24.8% |
| Remuneration and social security | 454/9 | €12,093 | €14,913 | +€2,821 | +23.3% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €635 | €635 | = | 0.0% |
| Non-recurring operating income | 76A | €1,329,912 | €0 | -€1.3m | -100.0% |
| Remuneration, social security and pensions | 62 | €238,871 | €129,021 | -€109,851 | -46.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,949 | €5,004 | -€5,945 | -54.3% |
| Other operating charges | 640/8 | €17,644 | €5,586 | -€12,058 | -68.3% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €1,176,702 | -€89,153 | -€1.3m | |
| Operating profit (loss) | 9901 | €909,238 | -€228,764 | -€1.1m | |
| Financial income | 75/76B | €1,495 | €6,890 | +€5,395 | +360.8% |
| Recurring financial income | 75 | €1,495 | €6,890 | +€5,395 | +360.8% |
| Financial charges | 65/66B | €19,861 | €5,147 | -€14,714 | -74.1% |
| Recurring financial charges | 65 | €19,861 | €5,147 | -€14,714 | -74.1% |
| Profit (loss) for the period before taxes | 9903 | €890,872 | -€227,021 | -€1.1m | |
| Income taxes | 67/77 | €119,321 | €719 | -€118,602 | -99.4% |
| Profit (loss) for the period | 9904 | €771,551 | -€227,740 | -€999,291 | |
| Profit (loss) for the period to be appropriated | 9905 | €771,551 | -€227,740 | -€999,291 |
Source: filed annual accounts (NBB), fiscal years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.