QUOUGARD: 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.
QUOUGARD
Largest movements
- Stocks and contracts -€34,480
down €34,480 (-5.2%), from €662,340 to €627,860
- Cash +€29,485
up €29,485 (+12.8%), from €231,113 to €260,598
mainly Net result for the year (+€48,080) and Stocks and contracts (+€34,480)
- Receivables within one year +€12,051
up €12,051 (+11.3%), from €106,291 to €118,342
of which Trade receivables: +€21,305
- Tax, wage and social debts -€29,757
down €29,757 (-41.9%), from €70,938 to €41,180
of which Taxes: -€34,035
- Profit (loss) carried forward +€26,652
up €26,652 (+4.1%), from €657,704 to €684,355
- Turnover +€154,677
up €154,677 (+25.0%), from €618,051 to €772,727
- Purchases and services +€121,996
up €121,996 (+31.3%), from €389,384 to €511,380
- Write-downs +€43,224
up €43,224, from -€3,143 to €40,082
- Gross operating margin +€32,681
up €32,681 (+14.3%), from €228,667 to €261,347
- Staff costs -€21,545
down €21,545 (-13.1%), from €164,854 to €143,309
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 | €1,017,015 | €1,023,715 | +€6,700 | +0.7% |
| Fixed assets | 21/28 | €14,468 | €15,407 | +€939 | +6.5% |
| Tangible fixed assets | 22/27 | €14,468 | €15,407 | +€939 | +6.5% |
| Plant, machinery and equipment | 23 | - | €6,539 | +€6,539 | |
| Furniture and vehicles | 24 | €14,468 | €8,868 | -€5,600 | -38.7% |
| Current assets | 29/58 | €1,002,547 | €1,008,308 | +€5,761 | +0.6% |
| Stocks and contracts in progress | 3 | €662,340 | €627,860 | -€34,480 | -5.2% |
| Stocks | 30/36 | €662,340 | €627,860 | -€34,480 | -5.2% |
| Amounts receivable within one year | 40/41 | €106,291 | €118,342 | +€12,051 | +11.3% |
| Trade receivables | 40 | €92,743 | €114,048 | +€21,305 | +23.0% |
| Other amounts receivable | 41 | €13,548 | €4,294 | -€9,254 | -68.3% |
| Cash at bank and in hand | 54/58 | €231,113 | €260,598 | +€29,485 | +12.8% |
| Deferred charges and accrued income | 490/1 | €2,802 | €1,507 | -€1,295 | -46.2% |
| Total equity and liabilities | 10/49 | €1,017,015 | €1,023,715 | +€6,700 | +0.7% |
| Equity | 10/15 | €925,514 | €952,165 | +€26,652 | +2.9% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Capital | 10 | €150,000 | €150,000 | = | 0.0% |
| Issued capital | 100 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €117,810 | €117,810 | = | 0.0% |
| Non-distributable reserves | 130/1 | €7,500 | €7,500 | = | 0.0% |
| Legal reserve | 130 | €7,500 | €7,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €110,310 | €110,310 | = | 0.0% |
| Profit (loss) carried forward | 14 | €657,704 | €684,355 | +€26,652 | +4.1% |
| Amounts payable | 17/49 | €91,501 | €71,550 | -€19,951 | -21.8% |
| Amounts payable within one year | 42/48 | €91,501 | €71,550 | -€19,951 | -21.8% |
| Current portion of amounts payable after more than one year | 42 | - | €1,667 | +€1,667 | |
| Trade debts | 44 | €3,376 | €2,263 | -€1,113 | -33.0% |
| Suppliers | 440/4 | €3,376 | €2,263 | -€1,113 | -33.0% |
| Taxes, remuneration and social security | 45 | €70,938 | €41,180 | -€29,757 | -41.9% |
| Taxes | 450/3 | €55,803 | €21,768 | -€34,035 | -61.0% |
| Remuneration and social security | 454/9 | €15,135 | €19,413 | +€4,278 | +28.3% |
| Other amounts payable | 47/48 | €17,187 | €26,440 | +€9,253 | +53.8% |
| Turnover | 70 | €618,051 | €772,727 | +€154,677 | +25.0% |
| Goods, raw materials, services and sundry goods | 60/61 | €389,384 | €511,380 | +€121,996 | +31.3% |
| Remuneration, social security and pensions | 62 | €164,854 | €143,309 | -€21,545 | -13.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,977 | €5,861 | -€1,116 | -16.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€3,143 | €40,082 | +€43,224 | |
| Other operating charges | 640/8 | €9,438 | €9,729 | +€291 | +3.1% |
| Non-recurring operating charges | 66A | €179 | - | -€179 | |
| Gross operating margin | 9900 | €228,667 | €261,347 | +€32,681 | +14.3% |
| Operating profit (loss) | 9901 | €50,361 | €62,367 | +€12,006 | +23.8% |
| Financial income | 75/76B | €229 | €3,322 | +€3,093 | +1353.4% |
| Recurring financial income | 75 | €229 | €3,322 | +€3,093 | +1353.4% |
| Financial charges | 65/66B | €672 | €64 | -€608 | -90.5% |
| Recurring financial charges | 65 | €672 | €64 | -€608 | -90.5% |
| Profit (loss) for the period before taxes | 9903 | €49,918 | €65,625 | +€15,708 | +31.5% |
| Income taxes | 67/77 | €13,853 | €17,545 | +€3,692 | +26.7% |
| Profit (loss) for the period | 9904 | €36,065 | €48,080 | +€12,015 | +33.3% |
| Profit (loss) for the period to be appropriated | 9905 | €36,065 | €48,080 | +€12,015 | +33.3% |
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 9 October 2026 via checked.be.