SAT QUERCUS: 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.
SAT QUERCUS
Largest movements
- Cash +€36,358
up €36,358 (+19.5%), from €186,909 to €223,267
mainly Net result for the year (+€39,323) and Depreciation (+€7,156)
- Receivables within one year +€3,918
up €3,918 (+30.9%), from €12,660 to €16,578
of which Other amounts receivable: +€4,254
- Reserves +€39,323
up €39,323 (+19.3%), from €203,330 to €242,654
- Gross operating margin -€16,398
down €16,398 (-21.7%), from €75,686 to €59,288
- Taxes -€3,708
down €3,708 (-19.6%), from €18,901 to €15,193
- Financial income +€3,010
up €3,010 (+2027.3%), from €148 to €3,159
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 | €214,024 | €252,482 | +€38,459 | +18.0% |
| Fixed assets | 21/28 | €14,454 | €12,452 | -€2,002 | -13.9% |
| Tangible fixed assets | 22/27 | €14,454 | €12,452 | -€2,002 | -13.9% |
| Furniture and vehicles | 24 | €14,454 | €12,452 | -€2,002 | -13.9% |
| Current assets | 29/58 | €199,569 | €240,030 | +€40,461 | +20.3% |
| Amounts receivable within one year | 40/41 | €12,660 | €16,578 | +€3,918 | +30.9% |
| Trade receivables | 40 | €7,560 | €7,224 | -€336 | -4.4% |
| Other amounts receivable | 41 | €5,100 | €9,354 | +€4,254 | +83.4% |
| Cash at bank and in hand | 54/58 | €186,909 | €223,267 | +€36,358 | +19.5% |
| Deferred charges and accrued income | 490/1 | - | €184 | +€184 | |
| Total equity and liabilities | 10/49 | €214,024 | €252,482 | +€38,459 | +18.0% |
| Equity | 10/15 | €205,830 | €245,154 | +€39,323 | +19.1% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €203,330 | €242,654 | +€39,323 | +19.3% |
| Distributable reserves | 133 | €203,330 | €242,654 | +€39,323 | +19.3% |
| Amounts payable | 17/49 | €8,193 | €7,328 | -€865 | -10.6% |
| Amounts payable within one year | 42/48 | €8,193 | €7,328 | -€865 | -10.6% |
| Trade debts | 44 | €2,463 | €1,759 | -€703 | -28.6% |
| Suppliers | 440/4 | €2,463 | €1,759 | -€703 | -28.6% |
| Taxes, remuneration and social security | 45 | €5,731 | €5,569 | -€162 | -2.8% |
| Taxes | 450/3 | €5,731 | €5,569 | -€162 | -2.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,646 | €7,156 | +€510 | +7.7% |
| Other operating charges | 640/8 | €555 | €641 | +€86 | +15.4% |
| Gross operating margin | 9900 | €75,686 | €59,288 | -€16,398 | -21.7% |
| Operating profit (loss) | 9901 | €68,485 | €51,491 | -€16,994 | -24.8% |
| Financial income | 75/76B | €148 | €3,159 | +€3,010 | +2027.3% |
| Recurring financial income | 75 | €148 | €3,159 | +€3,010 | +2027.3% |
| Financial charges | 65/66B | €81 | €134 | +€53 | +64.7% |
| Recurring financial charges | 65 | €81 | €134 | +€53 | +64.7% |
| Profit (loss) for the period before taxes | 9903 | €68,552 | €54,516 | -€14,036 | -20.5% |
| Income taxes | 67/77 | €18,901 | €15,193 | -€3,708 | -19.6% |
| Profit (loss) for the period | 9904 | €49,652 | €39,323 | -€10,328 | -20.8% |
| Profit (loss) for the period to be appropriated | 9905 | €49,652 | €39,323 | -€10,328 | -20.8% |
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.