RQDST: 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.
RQDST
Largest movements
- Cash +€97,699
up €97,699 (+350.1%), from €27,907 to €125,606
mainly Debts after one year (+€89,070) and Other debts (+€66,924)
- Tangible fixed assets +€83,918
up €83,918 (+8.8%), from €957,575 to €1.0m
of which Land and buildings: +€106,492
- Debts after one year +€89,070
up €89,070 (+16.7%), from €532,728 to €621,798
- Other debts +€66,924
up €66,924 (+40.4%), from €165,530 to €232,454
- Reserves +€14,072
up €14,072 (+5.8%), from €243,899 to €257,971
- Gross operating margin -€23,340
down €23,340 (-19.2%), from €121,515 to €98,175
- Taxes -€9,551
down €9,551 (-56.8%), from €16,807 to €7,256
- Depreciation +€6,850
up €6,850 (+20.3%), from €33,702 to €40,552
- Other operating charges +€6,570
up €6,570 (+38.8%), from €16,924 to €23,494
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 | €1,022,620 | €1,202,259 | +€179,640 | +17.6% |
| Fixed assets | 21/28 | €957,575 | €1,041,493 | +€83,918 | +8.8% |
| Tangible fixed assets | 22/27 | €957,575 | €1,041,493 | +€83,918 | +8.8% |
| Land and buildings | 22 | €657,485 | €763,977 | +€106,492 | +16.2% |
| Furniture and vehicles | 24 | €111,877 | €96,957 | -€14,920 | -13.3% |
| Leasing and similar rights | 25 | €187,813 | €180,359 | -€7,454 | -4.0% |
| Other tangible fixed assets | 26 | €400 | €200 | -€200 | -50.0% |
| Current assets | 29/58 | €65,045 | €160,767 | +€95,722 | +147.2% |
| Amounts receivable within one year | 40/41 | €33,700 | €31,913 | -€1,787 | -5.3% |
| Trade receivables | 40 | €33,700 | €31,911 | -€1,790 | -5.3% |
| Other amounts receivable | 41 | €0 | €3 | +€3 | |
| Current investments | 50/53 | €2,261 | €2,260 | -€0 | 0.0% |
| Cash at bank and in hand | 54/58 | €27,907 | €125,606 | +€97,699 | +350.1% |
| Deferred charges and accrued income | 490/1 | €1,178 | €987 | -€190 | -16.2% |
| Total equity and liabilities | 10/49 | €1,022,620 | €1,202,259 | +€179,640 | +17.6% |
| Equity | 10/15 | €262,499 | €276,571 | +€14,072 | +5.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €243,899 | €257,971 | +€14,072 | +5.8% |
| Distributable reserves | 133 | €243,899 | €257,971 | +€14,072 | +5.8% |
| Amounts payable | 17/49 | €760,121 | €925,689 | +€165,568 | +21.8% |
| Amounts payable after more than one year | 17 | €532,728 | €621,798 | +€89,070 | +16.7% |
| Financial debts | 170/4 | €532,728 | €621,798 | +€89,070 | +16.7% |
| Amounts payable within one year | 42/48 | €226,603 | €303,891 | +€77,288 | +34.1% |
| Current portion of amounts payable after more than one year | 42 | €55,724 | €64,627 | +€8,903 | +16.0% |
| Trade debts | 44 | €58 | €46 | -€12 | -20.0% |
| Suppliers | 440/4 | €58 | €46 | -€12 | -20.0% |
| Taxes, remuneration and social security | 45 | €5,291 | €6,765 | +€1,474 | +27.8% |
| Taxes | 450/3 | €5,291 | €6,765 | +€1,474 | +27.8% |
| Other amounts payable | 47/48 | €165,530 | €232,454 | +€66,924 | +40.4% |
| Accrued charges and deferred income | 492/3 | €790 | €0 | -€790 | -100.0% |
| Non-recurring operating income | 76A | €7,240 | €0 | -€7,240 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,702 | €40,552 | +€6,850 | +20.3% |
| Other operating charges | 640/8 | €16,924 | €23,494 | +€6,570 | +38.8% |
| Gross operating margin | 9900 | €121,515 | €98,175 | -€23,340 | -19.2% |
| Operating profit (loss) | 9901 | €70,889 | €34,129 | -€36,760 | -51.9% |
| Financial charges | 65/66B | €13,054 | €12,802 | -€253 | -1.9% |
| Recurring financial charges | 65 | €13,054 | €12,802 | -€253 | -1.9% |
| Profit (loss) for the period before taxes | 9903 | €57,835 | €21,327 | -€36,508 | -63.1% |
| Income taxes | 67/77 | €16,807 | €7,256 | -€9,551 | -56.8% |
| Profit (loss) for the period | 9904 | €41,028 | €14,072 | -€26,956 | -65.7% |
| Profit (loss) for the period to be appropriated | 9905 | €41,028 | €14,072 | -€26,956 | -65.7% |
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.