S&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.
S&Q
Largest movements
- Tangible fixed assets +€74,866
up €74,866 (+260.7%), from €28,718 to €103,585
of which Furniture and vehicles: +€77,676
- Receivables within one year +€45,161
up €45,161 (+79.3%), from €56,983 to €102,144
of which Trade receivables: +€53,591
- Cash +€16,904
up €16,904 (+53.3%), from €31,711 to €48,616
mainly Other debts (+€68,170) and Net result for the year (+€60,299)
- Other debts +€68,170
up €68,170 (+129.1%), from €52,817 to €120,987
- Debts after one year +€50,141
new in 2025: €50,141
- Current portion of long-term debt +€12,861
up €12,861 (+846.9%), from €1,519 to €14,380
- Tax, wage and social debts +€9,810
up €9,810 (+179.6%), from €5,462 to €15,271
- Short-term financial debts -€3,834
down €3,834 (-100.0%), from €3,834 to €0
- Gross operating margin -€8,055
down €8,055 (-7.3%), from €110,232 to €102,176
- Depreciation +€2,568
up €2,568 (+14.1%), from €18,213 to €20,780
- Taxes -€1,570
down €1,570 (-8.0%), from €19,577 to €18,007
- Financial charges +€1,373
up €1,373 (+184.9%), from €743 to €2,116
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 | €117,683 | €255,402 | +€137,719 | +117.0% |
| Fixed assets | 21/28 | €28,718 | €103,585 | +€74,866 | +260.7% |
| Tangible fixed assets | 22/27 | €28,718 | €103,585 | +€74,866 | +260.7% |
| Plant, machinery and equipment | 23 | €2,700 | €2,158 | -€542 | -20.1% |
| Furniture and vehicles | 24 | €16,519 | €94,195 | +€77,676 | +470.2% |
| Other tangible fixed assets | 26 | €9,499 | €7,231 | -€2,268 | -23.9% |
| Current assets | 29/58 | €88,965 | €151,818 | +€62,852 | +70.6% |
| Amounts receivable within one year | 40/41 | €56,983 | €102,144 | +€45,161 | +79.3% |
| Trade receivables | 40 | €46,560 | €100,151 | +€53,591 | +115.1% |
| Other amounts receivable | 41 | €10,423 | €1,993 | -€8,430 | -80.9% |
| Cash at bank and in hand | 54/58 | €31,711 | €48,616 | +€16,904 | +53.3% |
| Deferred charges and accrued income | 490/1 | €271 | €1,058 | +€787 | +290.5% |
| Total equity and liabilities | 10/49 | €117,683 | €255,402 | +€137,719 | +117.0% |
| Equity | 10/15 | €50,519 | €54,100 | +€3,581 | +7.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €31,919 | €35,500 | +€3,581 | +11.2% |
| Distributable reserves | 133 | €31,919 | €35,500 | +€3,581 | +11.2% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €67,164 | €201,302 | +€134,138 | +199.7% |
| Amounts payable after more than one year | 17 | - | €50,141 | +€50,141 | |
| Financial debts | 170/4 | - | €50,141 | +€50,141 | |
| Amounts payable within one year | 42/48 | €67,164 | €151,161 | +€83,997 | +125.1% |
| Current portion of amounts payable after more than one year | 42 | €1,519 | €14,380 | +€12,861 | +846.9% |
| Financial debts | 43 | €3,834 | €0 | -€3,834 | -100.0% |
| Credit institutions | 430/8 | €3,834 | €0 | -€3,834 | -100.0% |
| Trade debts | 44 | €3,533 | €523 | -€3,011 | -85.2% |
| Suppliers | 440/4 | €3,533 | €523 | -€3,011 | -85.2% |
| Taxes, remuneration and social security | 45 | €5,462 | €15,271 | +€9,810 | +179.6% |
| Taxes | 450/3 | €5,462 | €15,271 | +€9,810 | +179.6% |
| Other amounts payable | 47/48 | €52,817 | €120,987 | +€68,170 | +129.1% |
| Non-recurring operating income | 76A | - | €30,495 | +€30,495 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,213 | €20,780 | +€2,568 | +14.1% |
| Other operating charges | 640/8 | €513 | €974 | +€461 | +89.8% |
| Gross operating margin | 9900 | €110,232 | €102,176 | -€8,055 | -7.3% |
| Operating profit (loss) | 9901 | €91,506 | €80,422 | -€11,084 | -12.1% |
| Financial income | 75/76B | €281 | €0 | -€281 | -100.0% |
| Recurring financial income | 75 | €281 | €0 | -€281 | -100.0% |
| Financial charges | 65/66B | €743 | €2,116 | +€1,373 | +184.9% |
| Recurring financial charges | 65 | €743 | €2,116 | +€1,373 | +184.9% |
| Profit (loss) for the period before taxes | 9903 | €91,044 | €78,306 | -€12,738 | -14.0% |
| Income taxes | 67/77 | €19,577 | €18,007 | -€1,570 | -8.0% |
| Profit (loss) for the period | 9904 | €71,467 | €60,299 | -€11,168 | -15.6% |
| Profit (loss) for the period to be appropriated | 9905 | €71,467 | €60,299 | -€11,168 | -15.6% |
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 10 October 2026 via checked.be.