SUB 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.
SUB QUERCUS
Largest movements
- Current investments +€26,669
up €26,669 (+47.6%), from €55,982 to €82,651
- Cash -€12,989
down €12,989 (-21.6%), from €60,018 to €47,029
mainly Current investments (-€26,669) and Investment in fixed assets (net) (-€7,057)
- Tangible fixed assets +€6,241
up €6,241 (+1,421%), from €439 to €6,680
of which Other tangible fixed assets: +€6,241
- Receivables within one year +€3,132
up €3,132 (+153%), from €2,047 to €5,179
- Reserves +€20,684
up €20,684 (+15.2%), from €135,662 to €156,346
- Gross operating margin -€24,133
down €24,133 (-41.9%), from €57,610 to €33,477
- Taxes -€6,632
down €6,632 (-42.9%), from €15,453 to €8,821
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 | €154,037 | €175,664 | +€21,627 | +14.0% |
| Fixed assets | 21/28 | €439 | €6,680 | +€6,241 | +1,421% |
| Tangible fixed assets | 22/27 | €439 | €6,680 | +€6,241 | +1,421% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Other tangible fixed assets | 26 | €439 | €6,680 | +€6,241 | +1,421% |
| Current assets | 29/58 | €153,598 | €168,984 | +€15,386 | +10.0% |
| Stocks and contracts in progress | 3 | €21,198 | €20,603 | -€595 | -2.8% |
| Stocks | 30/36 | €21,198 | €20,603 | -€595 | -2.8% |
| Amounts receivable within one year | 40/41 | €2,047 | €5,179 | +€3,132 | +153% |
| Other amounts receivable | 41 | €2,047 | €5,179 | +€3,132 | +153% |
| Current investments | 50/53 | €55,982 | €82,651 | +€26,669 | +47.6% |
| Cash at bank and in hand | 54/58 | €60,018 | €47,029 | -€12,989 | -21.6% |
| Deferred charges and accrued income | 490/1 | €14,353 | €13,522 | -€830 | -5.8% |
| Total equity and liabilities | 10/49 | €154,037 | €175,664 | +€21,627 | +14.0% |
| Equity | 10/15 | €148,062 | €168,746 | +€20,684 | +14.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €135,662 | €156,346 | +€20,684 | +15.2% |
| Distributable reserves | 133 | €135,662 | €156,346 | +€20,684 | +15.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €5,975 | €6,918 | +€943 | +15.8% |
| Amounts payable within one year | 42/48 | €5,975 | €6,918 | +€943 | +15.8% |
| Trade debts | 44 | €1,058 | €354 | -€704 | -66.5% |
| Suppliers | 440/4 | €1,058 | €354 | -€704 | -66.5% |
| Taxes, remuneration and social security | 45 | €4,746 | €4,855 | +€109 | +2.3% |
| Taxes | 450/3 | €4,746 | €4,855 | +€109 | +2.3% |
| Other amounts payable | 47/48 | €171 | €1,709 | +€1,538 | +900% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €685 | €816 | +€131 | +19.1% |
| Other operating charges | 640/8 | €1,231 | €1,159 | -€72 | -5.8% |
| Gross operating margin | 9900 | €57,610 | €33,477 | -€24,133 | -41.9% |
| Operating profit (loss) | 9901 | €55,695 | €31,502 | -€24,193 | -43.4% |
| Financial charges | 65/66B | €332 | €336 | +€4 | +1.2% |
| Recurring financial charges | 65 | €332 | €336 | +€4 | +1.2% |
| Profit (loss) for the period before taxes | 9903 | €55,363 | €31,166 | -€24,197 | -43.7% |
| Income taxes | 67/77 | €15,453 | €8,821 | -€6,632 | -42.9% |
| Profit (loss) for the period | 9904 | €39,910 | €22,345 | -€17,565 | -44.0% |
| Profit (loss) for the period to be appropriated | 9905 | €39,910 | €22,345 | -€17,565 | -44.0% |
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 13 October 2026 via checked.be.