TQ PROJECTS: 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.
TQ PROJECTS
Largest movements
- Receivables within one year +€210,164
up €210,164 (+12.3%), from €1.7m to €1.9m
of which Other amounts receivable: +€182,915
- Cash +€75,625
up €75,625 (+987.0%), from €7,662 to €83,287
mainly Net result for the year (+€323,764) and Depreciation (+€81,233)
- Tangible fixed assets -€46,911
down €46,911 (-7.5%), from €623,963 to €577,052
of which Land and buildings: -€25,463
- Deferred charges and accrued income -€30,681
down €30,681 (-71.9%), from €42,648 to €11,967
- Profit (loss) carried forward +€323,764
up €323,764 (+21.0%), from €1.5m to €1.9m
- Debts after one year -€122,699
down €122,699 (-30.1%), from €407,513 to €284,814
- Gross operating margin +€13,629
up €13,629 (+2.3%), from €593,843 to €607,472
- Financial charges -€7,854
down €7,854 (-20.4%), from €38,515 to €30,661
- Taxes +€6,241
up €6,241 (+6.0%), from €103,413 to €109,654
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 | €2,389,030 | €2,597,227 | +€208,196 | +8.7% |
| Fixed assets | 21/28 | €623,963 | €577,052 | -€46,911 | -7.5% |
| Tangible fixed assets | 22/27 | €623,963 | €577,052 | -€46,911 | -7.5% |
| Land and buildings | 22 | €470,268 | €444,805 | -€25,463 | -5.4% |
| Plant, machinery and equipment | 23 | €6,904 | €7,146 | +€241 | +3.5% |
| Other tangible fixed assets | 26 | €146,791 | €125,101 | -€21,690 | -14.8% |
| Current assets | 29/58 | €1,765,067 | €2,020,175 | +€255,108 | +14.5% |
| Amounts receivable within one year | 40/41 | €1,714,756 | €1,924,920 | +€210,164 | +12.3% |
| Trade receivables | 40 | €63,649 | €90,898 | +€27,249 | +42.8% |
| Other amounts receivable | 41 | €1,651,107 | €1,834,022 | +€182,915 | +11.1% |
| Cash at bank and in hand | 54/58 | €7,662 | €83,287 | +€75,625 | +987.0% |
| Deferred charges and accrued income | 490/1 | €42,648 | €11,967 | -€30,681 | -71.9% |
| Total equity and liabilities | 10/49 | €2,389,030 | €2,597,227 | +€208,196 | +8.7% |
| Equity | 10/15 | €1,610,140 | €1,933,904 | +€323,764 | +20.1% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €6,150 | €6,150 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,542,490 | €1,866,254 | +€323,764 | +21.0% |
| Amounts payable | 17/49 | €778,890 | €663,323 | -€115,568 | -14.8% |
| Amounts payable after more than one year | 17 | €407,513 | €284,814 | -€122,699 | -30.1% |
| Financial debts | 170/4 | €407,513 | €284,814 | -€122,699 | -30.1% |
| Amounts payable within one year | 42/48 | €270,845 | €273,853 | +€3,008 | +1.1% |
| Current portion of amounts payable after more than one year | 42 | €125,783 | €122,699 | -€3,084 | -2.5% |
| Trade debts | 44 | €82,648 | €67,364 | -€15,284 | -18.5% |
| Suppliers | 440/4 | €82,648 | €67,364 | -€15,284 | -18.5% |
| Taxes, remuneration and social security | 45 | €36,452 | €57,828 | +€21,376 | +58.6% |
| Taxes | 450/3 | €36,452 | €57,828 | +€21,376 | +58.6% |
| Other amounts payable | 47/48 | €25,963 | €25,963 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €100,533 | €104,656 | +€4,124 | +4.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €76,112 | €81,233 | +€5,122 | +6.7% |
| Other operating charges | 640/8 | €67,310 | €62,159 | -€5,150 | -7.7% |
| Gross operating margin | 9900 | €593,843 | €607,472 | +€13,629 | +2.3% |
| Operating profit (loss) | 9901 | €450,422 | €464,079 | +€13,657 | +3.0% |
| Financial charges | 65/66B | €38,515 | €30,661 | -€7,854 | -20.4% |
| Recurring financial charges | 65 | €38,515 | €30,661 | -€7,854 | -20.4% |
| Profit (loss) for the period before taxes | 9903 | €411,907 | €433,418 | +€21,511 | +5.2% |
| Income taxes | 67/77 | €103,413 | €109,654 | +€6,241 | +6.0% |
| Profit (loss) for the period | 9904 | €308,494 | €323,764 | +€15,270 | +4.9% |
| Profit (loss) for the period to be appropriated | 9905 | €308,494 | €323,764 | +€15,270 | +4.9% |
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 5 October 2026 via checked.be.