QZARO: 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.
QZARO
Largest movements
- Cash +€105,071
up €105,071 (+120.0%), from €87,578 to €192,649
mainly Net result for the year (+€199,689) and Other debts (+€182,087)
- Receivables within one year +€88,300
up €88,300 (+67.9%), from €130,000 to €218,300
- Tangible fixed assets -€13,367
down €13,367 (-18.6%), from €71,967 to €58,600
of which Furniture and vehicles: -€17,224
- Other debts +€182,087
up €182,087 (+279145.3%), from €65 to €182,152
- Tax, wage and social debts +€22,153
up €22,153 (+64.4%), from €34,393 to €56,546
of which Taxes: +€24,205
- Reserves -€14,311
down €14,311 (-6.7%), from €214,252 to €199,941
- Debts after one year -€8,676
down €8,676 (-28.7%), from €30,266 to €21,590
- Gross operating margin +€90,459
up €90,459 (+47.0%), from €192,500 to €282,960
- Taxes +€19,460
up €19,460 (+45.9%), from €42,415 to €61,875
- Depreciation +€5,385
up €5,385 (+38.3%), from €14,044 to €19,430
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 | €290,136 | €470,560 | +€180,425 | +62.2% |
| Fixed assets | 21/28 | €71,967 | €58,600 | -€13,367 | -18.6% |
| Tangible fixed assets | 22/27 | €71,967 | €58,600 | -€13,367 | -18.6% |
| Plant, machinery and equipment | 23 | €2,663 | €6,519 | +€3,856 | +144.8% |
| Furniture and vehicles | 24 | €69,304 | €52,080 | -€17,224 | -24.9% |
| Current assets | 29/58 | €218,169 | €411,961 | +€193,792 | +88.8% |
| Amounts receivable within one year | 40/41 | €130,000 | €218,300 | +€88,300 | +67.9% |
| Trade receivables | 40 | €130,000 | €218,300 | +€88,300 | +67.9% |
| Cash at bank and in hand | 54/58 | €87,578 | €192,649 | +€105,071 | +120.0% |
| Deferred charges and accrued income | 490/1 | €591 | €1,012 | +€421 | +71.3% |
| Total equity and liabilities | 10/49 | €290,136 | €470,560 | +€180,425 | +62.2% |
| Equity | 10/15 | €214,253 | €199,942 | -€14,311 | -6.7% |
| Contributions | 10/11 | €1 | €1 | = | 0.0% |
| Reserves | 13 | €214,252 | €199,941 | -€14,311 | -6.7% |
| Distributable reserves | 133 | €214,252 | €199,941 | -€14,311 | -6.7% |
| Amounts payable | 17/49 | €75,882 | €270,618 | +€194,736 | +256.6% |
| Amounts payable after more than one year | 17 | €30,266 | €21,590 | -€8,676 | -28.7% |
| Financial debts | 170/4 | €30,266 | €21,590 | -€8,676 | -28.7% |
| Amounts payable within one year | 42/48 | €45,617 | €249,028 | +€203,412 | +445.9% |
| Current portion of amounts payable after more than one year | 42 | €8,348 | €8,676 | +€328 | +3.9% |
| Trade debts | 44 | €2,810 | €1,655 | -€1,155 | -41.1% |
| Suppliers | 440/4 | €2,810 | €1,655 | -€1,155 | -41.1% |
| Taxes, remuneration and social security | 45 | €34,393 | €56,546 | +€22,153 | +64.4% |
| Taxes | 450/3 | €32,341 | €56,546 | +€24,205 | +74.8% |
| Remuneration and social security | 454/9 | €2,052 | - | -€2,052 | |
| Other amounts payable | 47/48 | €65 | €182,152 | +€182,087 | +279145.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,044 | €19,430 | +€5,385 | +38.3% |
| Other operating charges | 640/8 | €449 | €462 | +€12 | +2.8% |
| Non-recurring operating charges | 66A | €282 | - | -€282 | |
| Gross operating margin | 9900 | €192,500 | €282,960 | +€90,459 | +47.0% |
| Operating profit (loss) | 9901 | €177,724 | €263,068 | +€85,344 | +48.0% |
| Financial charges | 65/66B | €1,330 | €1,505 | +€175 | +13.2% |
| Recurring financial charges | 65 | €1,330 | €1,505 | +€175 | +13.2% |
| Profit (loss) for the period before taxes | 9903 | €176,395 | €261,564 | +€85,169 | +48.3% |
| Income taxes | 67/77 | €42,415 | €61,875 | +€19,460 | +45.9% |
| Profit (loss) for the period | 9904 | €133,980 | €199,689 | +€65,708 | +49.0% |
| Profit (loss) for the period to be appropriated | 9905 | €133,980 | €199,689 | +€65,708 | +49.0% |
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 11 October 2026 via checked.be.