QWERIU: 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.
QWERIU
Largest movements
- Intangible fixed assets -€62,812
down €62,812 (-35.1%), from €178,732 to €115,921
- Cash -€12,700
down €12,700 (-67.7%), from €18,748 to €6,048
mainly Trade debts (-€94,406) and Accrued charges and deferred income (-€57,081)
- Receivables within one year -€8,675
down €8,675 (-21.3%), from €40,743 to €32,068
of which Trade receivables: -€6,102
- Deferred charges and accrued income +€8,425
up €8,425 (+165%), from €5,114 to €13,539
- Tangible fixed assets -€8,279
down €8,279 (-25.7%), from €32,177 to €23,897
- Debts after one year +€127,500
new in 2025: €127,500
- Trade debts -€94,406
down €94,406 (-85.7%), from €110,202 to €15,796
- Accrued charges and deferred income -€57,081
down €57,081 (-65.4%), from €87,293 to €30,212
- Reserves -€52,428
down €52,428 (-40.1%), from €130,860 to €78,432
of which Distributable reserves: -€50,568
- Tax, wage and social debts -€8,314
down €8,314 (-100%), from €8,314 to €0
- Gross operating margin +€98,254
up €98,254, from -€49,000 to €49,254
- Depreciation +€31,413
up €31,413 (+51.6%), from €60,892 to €92,305
- Write-downs +€6,882
up €6,882, from €0 to €6,882
- Financial charges +€1,704
up €1,704 (+218%), from €783 to €2,487
- Financial income -€703
down €703 (-96.9%), from €725 to €23
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 | €343,667 | €258,240 | -€85,427 | -24.9% |
| Fixed assets | 21/28 | €229,009 | €158,718 | -€70,291 | -30.7% |
| Intangible fixed assets | 21 | €178,732 | €115,921 | -€62,812 | -35.1% |
| Tangible fixed assets | 22/27 | €32,177 | €23,897 | -€8,279 | -25.7% |
| Furniture and vehicles | 24 | €32,177 | €23,897 | -€8,279 | -25.7% |
| Financial fixed assets | 28 | €18,100 | €18,900 | +€800 | +4.4% |
| Current assets | 29/58 | €114,658 | €99,522 | -€15,136 | -13.2% |
| Stocks and contracts in progress | 3 | €50,053 | €47,868 | -€2,185 | -4.4% |
| Stocks | 30/36 | €50,053 | €47,868 | -€2,185 | -4.4% |
| Amounts receivable within one year | 40/41 | €40,743 | €32,068 | -€8,675 | -21.3% |
| Trade receivables | 40 | €21,329 | €15,227 | -€6,102 | -28.6% |
| Other amounts receivable | 41 | €19,414 | €16,840 | -€2,574 | -13.3% |
| Cash at bank and in hand | 54/58 | €18,748 | €6,048 | -€12,700 | -67.7% |
| Deferred charges and accrued income | 490/1 | €5,114 | €13,539 | +€8,425 | +165% |
| Total equity and liabilities | 10/49 | €343,667 | €258,240 | -€85,427 | -24.9% |
| Equity | 10/15 | €137,858 | €84,732 | -€53,126 | -38.5% |
| Contributions | 10/11 | €6,300 | €6,300 | = | 0.0% |
| Reserves | 13 | €130,860 | €78,432 | -€52,428 | -40.1% |
| Non-distributable reserves | 130/1 | €1,860 | €0 | -€1,860 | -100% |
| Reserves not available under the articles | 1311 | €1,860 | €0 | -€1,860 | -100% |
| Distributable reserves | 133 | €129,000 | €78,432 | -€50,568 | -39.2% |
| Profit (loss) carried forward | 14 | €698 | €0 | -€698 | -100% |
| Amounts payable | 17/49 | €205,809 | €173,508 | -€32,301 | -15.7% |
| Amounts payable after more than one year | 17 | - | €127,500 | +€127,500 | |
| Financial debts | 170/4 | - | €127,500 | +€127,500 | |
| Amounts payable within one year | 42/48 | €118,516 | €15,796 | -€102,720 | -86.7% |
| Trade debts | 44 | €110,202 | €15,796 | -€94,406 | -85.7% |
| Suppliers | 440/4 | €110,202 | €15,796 | -€94,406 | -85.7% |
| Taxes, remuneration and social security | 45 | €8,314 | €0 | -€8,314 | -100% |
| Taxes | 450/3 | €8,314 | €0 | -€8,314 | -100% |
| Accrued charges and deferred income | 492/3 | €87,293 | €30,212 | -€57,081 | -65.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €60,892 | €92,305 | +€31,413 | +51.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | €6,882 | +€6,882 | |
| Other operating charges | 640/8 | €757 | €730 | -€28 | -3.6% |
| Gross operating margin | 9900 | -€49,000 | €49,254 | +€98,254 | |
| Operating profit (loss) | 9901 | -€110,649 | -€50,662 | +€59,987 | +54.2% |
| Financial income | 75/76B | €725 | €23 | -€703 | -96.9% |
| Recurring financial income | 75 | €725 | €23 | -€703 | -96.9% |
| Financial charges | 65/66B | €783 | €2,487 | +€1,704 | +218% |
| Recurring financial charges | 65 | €783 | €2,487 | +€1,704 | +218% |
| Profit (loss) for the period before taxes | 9903 | -€110,707 | -€53,126 | +€57,581 | +52.0% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€110,707 | -€53,126 | +€57,581 | +52.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€110,707 | -€53,126 | +€57,581 | +52.0% |
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 16 October 2026 via checked.be.