Return on Quality: 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.
Return on Quality
Largest movements
- Cash +€163,747
up €163,747 (+522%), from €31,380 to €195,127
mainly Net result for the year (+€132,353) and Investment in fixed assets (net) (+€110,539)
- Tangible fixed assets -€133,015
down €133,015 (-27.5%), from €484,194 to €351,179
of which Land and buildings: -€140,631
- Receivables within one year +€27,853
up €27,853 (+71.4%), from €39,016 to €66,869
of which Other amounts receivable: +€29,937
- Receivables after one year -€10,000
down €10,000 (-14.8%), from €67,350 to €57,350
- Reserves +€63,353
up €63,353 (+18.3%), from €347,105 to €410,458
- Debts after one year -€14,320
down €14,320 (-7.2%), from €198,558 to €184,238
- Other debts +€7,062
up €7,062 (+15.6%), from €45,381 to €52,443
- Gross operating margin +€11,871
up €11,871 (+6.8%), from €175,242 to €187,113
- Taxes -€11,564
down €11,564 (-29.1%), from €39,775 to €28,212
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 | €641,336 | €690,733 | +€49,397 | +7.7% |
| Fixed assets | 21/28 | €484,194 | €351,179 | -€133,015 | -27.5% |
| Tangible fixed assets | 22/27 | €484,194 | €351,179 | -€133,015 | -27.5% |
| Land and buildings | 22 | €470,664 | €330,033 | -€140,631 | -29.9% |
| Plant, machinery and equipment | 23 | €382 | €0 | -€382 | -100% |
| Furniture and vehicles | 24 | €4,507 | €13,620 | +€9,113 | +202% |
| Other tangible fixed assets | 26 | €8,641 | €7,526 | -€1,115 | -12.9% |
| Current assets | 29/58 | €157,142 | €339,554 | +€182,412 | +116% |
| Amounts receivable after more than one year | 29 | €67,350 | €57,350 | -€10,000 | -14.8% |
| Other amounts receivable | 291 | €67,350 | €57,350 | -€10,000 | -14.8% |
| Amounts receivable within one year | 40/41 | €39,016 | €66,869 | +€27,853 | +71.4% |
| Trade receivables | 40 | €24,953 | €22,869 | -€2,084 | -8.4% |
| Other amounts receivable | 41 | €14,063 | €44,000 | +€29,937 | +213% |
| Cash at bank and in hand | 54/58 | €31,380 | €195,127 | +€163,747 | +522% |
| Deferred charges and accrued income | 490/1 | €19,395 | €20,208 | +€812 | +4.2% |
| Total equity and liabilities | 10/49 | €641,336 | €690,733 | +€49,397 | +7.7% |
| Equity | 10/15 | €353,305 | €416,658 | +€63,353 | +17.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €347,105 | €410,458 | +€63,353 | +18.3% |
| Distributable reserves | 133 | €347,105 | €410,458 | +€63,353 | +18.3% |
| Amounts payable | 17/49 | €288,030 | €274,074 | -€13,956 | -4.8% |
| Amounts payable after more than one year | 17 | €198,558 | €184,238 | -€14,320 | -7.2% |
| Financial debts | 170/4 | €198,558 | €184,238 | -€14,320 | -7.2% |
| Amounts payable within one year | 42/48 | €86,977 | €89,836 | +€2,859 | +3.3% |
| Current portion of amounts payable after more than one year | 42 | €18,088 | €16,008 | -€2,080 | -11.5% |
| Trade debts | 44 | €248 | €822 | +€575 | +232% |
| Suppliers | 440/4 | €248 | €822 | +€575 | +232% |
| Taxes, remuneration and social security | 45 | €23,261 | €20,563 | -€2,698 | -11.6% |
| Taxes | 450/3 | €23,261 | €20,563 | -€2,698 | -11.6% |
| Other amounts payable | 47/48 | €45,381 | €52,443 | +€7,062 | +15.6% |
| Accrued charges and deferred income | 492/3 | €2,496 | - | -€2,496 | |
| Non-recurring operating income | 76A | - | €62,608 | +€62,608 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,925 | €22,476 | +€551 | +2.5% |
| Other operating charges | 640/8 | €1,708 | €610 | -€1,098 | -64.3% |
| Gross operating margin | 9900 | €175,242 | €187,113 | +€11,871 | +6.8% |
| Operating profit (loss) | 9901 | €151,609 | €164,027 | +€12,418 | +8.2% |
| Financial income | 75/76B | €2,886 | €3,071 | +€185 | +6.4% |
| Recurring financial income | 75 | €2,886 | €3,071 | +€185 | +6.4% |
| Financial charges | 65/66B | €7,517 | €6,534 | -€984 | -13.1% |
| Recurring financial charges | 65 | €7,517 | €6,534 | -€984 | -13.1% |
| Profit (loss) for the period before taxes | 9903 | €146,978 | €160,565 | +€13,587 | +9.2% |
| Income taxes | 67/77 | €39,775 | €28,212 | -€11,564 | -29.1% |
| Profit (loss) for the period | 9904 | €107,203 | €132,353 | +€25,151 | +23.5% |
| Profit (loss) for the period to be appropriated | 9905 | €107,203 | €132,353 | +€25,151 | +23.5% |
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 17 October 2026 via checked.be.