S.Q+: what changed
Two fiscal 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
- Receivables within one year +€33,011
up €33,011 (+54.2%), from €60,954 to €93,965
of which Trade receivables: +€30,475
- Tangible fixed assets -€13,877
down €13,877 (-13.2%), from €105,401 to €91,524
of which Other tangible fixed assets: -€11,032
- Cash +€10,660
up €10,660 (+10.2%), from €104,234 to €114,894
mainly Net result for the year (+€78,575) and Tax, wage and social debts (+€29,317)
- Stocks and contracts +€6,453
up €6,453 (+8.1%), from €79,959 to €86,412
- Profit (loss) carried forward +€78,575
up €78,575 (+47.1%), from €166,857 to €245,432
- Other debts -€51,443
down €51,443 (-97.8%), from €52,595 to €1,152
- Tax, wage and social debts +€29,317
up €29,317 (+475.3%), from €6,169 to €35,486
of which Taxes: +€30,483
- Trade debts -€19,549
down €19,549 (-18.7%), from €104,584 to €85,035
- Gross operating margin +€44,639
up €44,639 (+32.2%), from €138,802 to €183,440
- Taxes +€28,302
up €28,302 (+755.9%), from €3,744 to €32,046
- Staff costs -€14,380
down €14,380 (-25.9%), from €55,456 to €41,076
- Depreciation -€12,292
down €12,292 (-40.4%), from €30,388 to €18,097
- Other operating charges +€2,870
up €2,870 (+35.0%), from €8,194 to €11,064
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 | €353,164 | €390,065 | +€36,901 | +10.4% |
| Fixed assets | 21/28 | €106,796 | €92,920 | -€13,877 | -13.0% |
| Tangible fixed assets | 22/27 | €105,401 | €91,524 | -€13,877 | -13.2% |
| Plant, machinery and equipment | 23 | €2,889 | €759 | -€2,130 | -73.7% |
| Furniture and vehicles | 24 | €1,838 | €1,123 | -€715 | -38.9% |
| Other tangible fixed assets | 26 | €100,674 | €89,641 | -€11,032 | -11.0% |
| Financial fixed assets | 28 | €1,396 | €1,396 | = | 0.0% |
| Current assets | 29/58 | €246,368 | €297,145 | +€50,777 | +20.6% |
| Stocks and contracts in progress | 3 | €79,959 | €86,412 | +€6,453 | +8.1% |
| Stocks | 30/36 | €79,959 | €86,412 | +€6,453 | +8.1% |
| Amounts receivable within one year | 40/41 | €60,954 | €93,965 | +€33,011 | +54.2% |
| Trade receivables | 40 | €46,226 | €76,701 | +€30,475 | +65.9% |
| Other amounts receivable | 41 | €14,728 | €17,263 | +€2,536 | +17.2% |
| Cash at bank and in hand | 54/58 | €104,234 | €114,894 | +€10,660 | +10.2% |
| Deferred charges and accrued income | 490/1 | €1,222 | €1,874 | +€653 | +53.4% |
| Total equity and liabilities | 10/49 | €353,164 | €390,065 | +€36,901 | +10.4% |
| Equity | 10/15 | €187,317 | €265,892 | +€78,575 | +41.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €166,857 | €245,432 | +€78,575 | +47.1% |
| Amounts payable | 17/49 | €165,848 | €124,173 | -€41,675 | -25.1% |
| Amounts payable after more than one year | 17 | €2,500 | €2,500 | = | 0.0% |
| Other amounts payable | 178/9 | €2,500 | €2,500 | = | 0.0% |
| Amounts payable within one year | 42/48 | €163,348 | €121,673 | -€41,675 | -25.5% |
| Trade debts | 44 | €104,584 | €85,035 | -€19,549 | -18.7% |
| Suppliers | 440/4 | €104,584 | €85,035 | -€19,549 | -18.7% |
| Taxes, remuneration and social security | 45 | €6,169 | €35,486 | +€29,317 | +475.3% |
| Taxes | 450/3 | €1,563 | €32,046 | +€30,483 | +1950.5% |
| Remuneration and social security | 454/9 | €4,606 | €3,439 | -€1,166 | -25.3% |
| Other amounts payable | 47/48 | €52,595 | €1,152 | -€51,443 | -97.8% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €55,456 | €41,076 | -€14,380 | -25.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,388 | €18,097 | -€12,292 | -40.4% |
| Other operating charges | 640/8 | €8,194 | €11,064 | +€2,870 | +35.0% |
| Gross operating margin | 9900 | €138,802 | €183,440 | +€44,639 | +32.2% |
| Operating profit (loss) | 9901 | €44,763 | €113,203 | +€68,440 | +152.9% |
| Financial income | 75/76B | €116 | €0 | -€116 | -100.0% |
| Recurring financial income | 75 | €116 | €0 | -€116 | -100.0% |
| Financial charges | 65/66B | €2,253 | €2,582 | +€329 | +14.6% |
| Recurring financial charges | 65 | €2,253 | €2,582 | +€329 | +14.6% |
| Profit (loss) for the period before taxes | 9903 | €42,627 | €110,621 | +€67,995 | +159.5% |
| Income taxes | 67/77 | €3,744 | €32,046 | +€28,302 | +755.9% |
| Profit (loss) for the period | 9904 | €38,882 | €78,575 | +€39,693 | +102.1% |
| Profit (loss) for the period to be appropriated | 9905 | €38,882 | €78,575 | +€39,693 | +102.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.