Res Q: 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.
Res Q
Largest movements
- Tangible fixed assets +€253,178
up €253,178 (+111.6%), from €226,835 to €480,014
of which Assets under construction and advance payments: +€190,584
- Cash +€55,073
up €55,073 (+63.2%), from €87,090 to €142,163
mainly Other debts (+€115,547) and Debts after one year (+€97,370)
- Financial fixed assets +€22,800
up €22,800 (+34.5%), from €66,000 to €88,800
- Receivables within one year -€13,829
down €13,829 (-32.5%), from €42,558 to €28,729
of which Trade receivables: -€17,253
- Other debts +€115,547
up €115,547 (+96.9%), from €119,270 to €234,817
- Debts after one year +€97,370
new in 2026: €97,370
- Reserves +€60,197
up €60,197 (+22.3%), from €269,721 to €329,917
- Current portion of long-term debt +€22,630
new in 2026: €22,630
- Trade debts +€17,458
up €17,458 (+879.8%), from €1,984 to €19,443
- Gross operating margin +€7,794
up €7,794 (+5.1%), from €153,801 to €161,594
- Financial charges +€7,672
up €7,672 (+2665.2%), from €288 to €7,960
- Depreciation +€4,133
up €4,133 (+14.6%), from €28,349 to €32,482
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €423,124 | €739,901 | +€316,777 | +74.9% |
| Fixed assets | 21/28 | €292,835 | €568,814 | +€275,978 | +94.2% |
| Tangible fixed assets | 22/27 | €226,835 | €480,014 | +€253,178 | +111.6% |
| Land and buildings | 22 | €105,000 | €105,000 | = | 0.0% |
| Furniture and vehicles | 24 | €61,136 | €126,286 | +€65,150 | +106.6% |
| Leasing and similar rights | 25 | €47,600 | €40,800 | -€6,800 | -14.3% |
| Other tangible fixed assets | 26 | - | €4,245 | +€4,245 | |
| Assets under construction and advance payments | 27 | €13,099 | €203,683 | +€190,584 | +1454.9% |
| Financial fixed assets | 28 | €66,000 | €88,800 | +€22,800 | +34.5% |
| Current assets | 29/58 | €130,289 | €171,087 | +€40,798 | +31.3% |
| Amounts receivable within one year | 40/41 | €42,558 | €28,729 | -€13,829 | -32.5% |
| Trade receivables | 40 | €41,382 | €24,129 | -€17,253 | -41.7% |
| Other amounts receivable | 41 | €1,176 | €4,600 | +€3,424 | +291.1% |
| Cash at bank and in hand | 54/58 | €87,090 | €142,163 | +€55,073 | +63.2% |
| Deferred charges and accrued income | 490/1 | €641 | €196 | -€445 | -69.5% |
| Total equity and liabilities | 10/49 | €423,124 | €739,901 | +€316,777 | +74.9% |
| Equity | 10/15 | €275,921 | €336,117 | +€60,197 | +21.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €269,721 | €329,917 | +€60,197 | +22.3% |
| Distributable reserves | 133 | €269,721 | €329,917 | +€60,197 | +22.3% |
| Amounts payable | 17/49 | €147,204 | €403,784 | +€256,580 | +174.3% |
| Amounts payable after more than one year | 17 | - | €97,370 | +€97,370 | |
| Financial debts | 170/4 | - | €97,370 | +€97,370 | |
| Amounts payable within one year | 42/48 | €146,029 | €296,508 | +€150,479 | +103.0% |
| Current portion of amounts payable after more than one year | 42 | - | €22,630 | +€22,630 | |
| Trade debts | 44 | €1,984 | €19,443 | +€17,458 | +879.8% |
| Suppliers | 440/4 | €1,984 | €19,443 | +€17,458 | +879.8% |
| Advances received on contracts in progress | 46 | €250 | - | -€250 | |
| Taxes, remuneration and social security | 45 | €24,525 | €19,619 | -€4,906 | -20.0% |
| Taxes | 450/3 | €22,175 | €19,619 | -€2,556 | -11.5% |
| Remuneration and social security | 454/9 | €2,350 | - | -€2,350 | |
| Other amounts payable | 47/48 | €119,270 | €234,817 | +€115,547 | +96.9% |
| Accrued charges and deferred income | 492/3 | €1,175 | €9,905 | +€8,730 | +743.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,349 | €32,482 | +€4,133 | +14.6% |
| Other operating charges | 640/8 | €5,700 | €4,387 | -€1,313 | -23.0% |
| Non-recurring operating charges | 66A | - | €2,695 | +€2,695 | |
| Gross operating margin | 9900 | €153,801 | €161,594 | +€7,794 | +5.1% |
| Operating profit (loss) | 9901 | €119,752 | €122,032 | +€2,279 | +1.9% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €288 | €7,960 | +€7,672 | +2665.2% |
| Recurring financial charges | 65 | €288 | €7,960 | +€7,672 | +2665.2% |
| Profit (loss) for the period before taxes | 9903 | €119,464 | €114,072 | -€5,393 | -4.5% |
| Income taxes | 67/77 | €34,547 | €34,597 | +€50 | +0.1% |
| Profit (loss) for the period | 9904 | €84,917 | €79,474 | -€5,443 | -6.4% |
| Profit (loss) for the period to be appropriated | 9905 | €84,917 | €79,474 | -€5,443 | -6.4% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.