qwertz: what changed
You see two financial years side by side: what moved most in the balance sheet and the result, why the result rose or fell and where the money went.
qwertz
Largest movements
- Receivables within one year -€235,873
down €235,873 (-99.4%), from €237,330 to €1,457
of which Trade receivables: -€222,212
- Cash -€47,576
down €47,576 (-80.3%), from €59,252 to €11,677
mainly Other debts (-€107,503) and Net result for the year (-€68,212)
- Tangible fixed assets +€3,209
up €3,209 (+15.5%), from €20,688 to €23,897
of which Plant, machinery and equipment: +€3,037
- Other debts -€107,503
down €107,503 (-88.9%), from €120,965 to €13,462
- Profit (loss) carried forward -€68,212
down €68,212, from €0 to -€68,212
- Short-term financial debts -€50,537
down €50,537 (-100%), from €50,537 to €0
of which Other loans: -€50,000
- Tax, wage and social debts -€48,138
down €48,138 (-98.5%), from €48,863 to €725
of which Taxes: -€48,138
- Gross operating margin -€309,818
down €309,818, from €247,130 to -€62,688
- Taxes -€59,510
down €59,510 (-99.6%), from €59,725 to €215
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €318,160 | €37,172 | -€280,988 | -88.3% |
| Fixed assets | 21/28 | €20,688 | €23,897 | +€3,209 | +15.5% |
| Tangible fixed assets | 22/27 | €20,688 | €23,897 | +€3,209 | +15.5% |
| Plant, machinery and equipment | 23 | €10,003 | €13,040 | +€3,037 | +30.4% |
| Furniture and vehicles | 24 | €2,050 | €1,129 | -€921 | -44.9% |
| Other tangible fixed assets | 26 | €8,635 | €9,729 | +€1,094 | +12.7% |
| Current assets | 29/58 | €297,472 | €13,275 | -€284,197 | -95.5% |
| Amounts receivable within one year | 40/41 | €237,330 | €1,457 | -€235,873 | -99.4% |
| Trade receivables | 40 | €222,212 | €0 | -€222,212 | -100% |
| Other amounts receivable | 41 | €15,117 | €1,457 | -€13,660 | -90.4% |
| Cash at bank and in hand | 54/58 | €59,252 | €11,677 | -€47,576 | -80.3% |
| Deferred charges and accrued income | 490/1 | €890 | €142 | -€749 | -84.1% |
| Total equity and liabilities | 10/49 | €318,160 | €37,172 | -€280,988 | -88.3% |
| Equity | 10/15 | €87,824 | €19,612 | -€68,212 | -77.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €69,224 | €69,224 | = | 0.0% |
| Distributable reserves | 133 | €69,224 | €69,224 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | -€68,212 | -€68,212 | |
| Amounts payable | 17/49 | €230,336 | €17,560 | -€212,776 | -92.4% |
| Amounts payable after more than one year | 17 | €2,592 | €0 | -€2,592 | -100% |
| Financial debts | 170/4 | €2,592 | €0 | -€2,592 | -100% |
| Amounts payable within one year | 42/48 | €227,745 | €17,560 | -€210,185 | -92.3% |
| Current portion of amounts payable after more than one year | 42 | €5,121 | €2,592 | -€2,529 | -49.4% |
| Financial debts | 43 | €50,537 | €0 | -€50,537 | -100% |
| Credit institutions | 430/8 | €537 | €0 | -€537 | -100% |
| Other loans | 439 | €50,000 | €0 | -€50,000 | -100% |
| Trade debts | 44 | €2,259 | €782 | -€1,477 | -65.4% |
| Suppliers | 440/4 | €2,259 | €782 | -€1,477 | -65.4% |
| Taxes, remuneration and social security | 45 | €48,863 | €725 | -€48,138 | -98.5% |
| Taxes | 450/3 | €48,863 | €725 | -€48,138 | -98.5% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €120,965 | €13,462 | -€107,503 | -88.9% |
| Non-recurring operating income | 76A | - | €8,200 | +€8,200 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,057 | €3,067 | +€1,010 | +49.1% |
| Other operating charges | 640/8 | €1,098 | €578 | -€520 | -47.3% |
| Non-recurring operating charges | 66A | - | €398 | +€398 | |
| Gross operating margin | 9900 | €247,130 | -€62,688 | -€309,818 | |
| Operating profit (loss) | 9901 | €243,975 | -€66,732 | -€310,707 | |
| Financial income | 75/76B | €117 | €846 | +€729 | +622% |
| Recurring financial income | 75 | €117 | €846 | +€729 | +622% |
| Financial charges | 65/66B | €1,488 | €2,112 | +€624 | +41.9% |
| Recurring financial charges | 65 | €1,488 | €2,112 | +€624 | +41.9% |
| Profit (loss) for the period before taxes | 9903 | €242,604 | -€67,997 | -€310,602 | |
| Income taxes | 67/77 | €59,725 | €215 | -€59,510 | -99.6% |
| Profit (loss) for the period | 9904 | €182,880 | -€68,212 | -€251,092 | |
| Profit (loss) for the period to be appropriated | 9905 | €182,880 | -€68,212 | -€251,092 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.