TQB: 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.
TQB
Largest movements
- Cash +€68,825
up €68,825 (+235%), from €29,280 to €98,104
mainly Net result for the year (+€91,947) and Tax, wage and social debts (+€35,855)
- Receivables within one year -€9,819
down €9,819 (-15.2%), from €64,721 to €54,902
of which Trade receivables: -€10,182
- Reserves +€91,947
up €91,947 (+63.5%), from €144,780 to €236,727
- Other debts -€51,238
down €51,238 (-84.6%), from €60,571 to €9,333
- Tax, wage and social debts +€35,855
up €35,855 (+195%), from €18,374 to €54,229
of which Taxes: +€35,848
- Debts after one year -€17,790
down €17,790 (-23.4%), from €76,038 to €58,248
- Gross operating margin -€33,536
down €33,536 (-19.9%), from €168,694 to €135,158
- Taxes -€8,033
down €8,033 (-18.3%), from €43,821 to €35,788
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 | €325,031 | €385,643 | +€60,612 | +18.6% |
| Fixed assets | 21/28 | €230,982 | €232,586 | +€1,604 | +0.7% |
| Tangible fixed assets | 22/27 | €3,638 | €5,242 | +€1,604 | +44.1% |
| Plant, machinery and equipment | 23 | €512 | €337 | -€175 | -34.2% |
| Furniture and vehicles | 24 | €1,743 | €1,448 | -€295 | -16.9% |
| Other tangible fixed assets | 26 | €1,383 | €3,457 | +€2,074 | +150% |
| Financial fixed assets | 28 | €227,344 | €227,344 | = | 0.0% |
| Current assets | 29/58 | €94,050 | €153,057 | +€59,007 | +62.7% |
| Amounts receivable within one year | 40/41 | €64,721 | €54,902 | -€9,819 | -15.2% |
| Trade receivables | 40 | €64,273 | €54,090 | -€10,182 | -15.8% |
| Other amounts receivable | 41 | €448 | €811 | +€363 | +81.1% |
| Cash at bank and in hand | 54/58 | €29,280 | €98,104 | +€68,825 | +235% |
| Deferred charges and accrued income | 490/1 | €50 | €51 | +€2 | +3.4% |
| Total equity and liabilities | 10/49 | €325,031 | €385,643 | +€60,612 | +18.6% |
| Equity | 10/15 | €149,780 | €241,727 | +€91,947 | +61.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €144,780 | €236,727 | +€91,947 | +63.5% |
| Distributable reserves | 133 | €144,780 | €236,727 | +€91,947 | +63.5% |
| Amounts payable | 17/49 | €175,251 | €143,916 | -€31,336 | -17.9% |
| Amounts payable after more than one year | 17 | €76,038 | €58,248 | -€17,790 | -23.4% |
| Financial debts | 170/4 | €76,038 | €58,248 | -€17,790 | -23.4% |
| Amounts payable within one year | 42/48 | €98,568 | €85,667 | -€12,901 | -13.1% |
| Current portion of amounts payable after more than one year | 42 | €17,034 | €17,790 | +€756 | +4.4% |
| Trade debts | 44 | €2,589 | €4,315 | +€1,726 | +66.7% |
| Suppliers | 440/4 | €2,589 | €4,315 | +€1,726 | +66.7% |
| Taxes, remuneration and social security | 45 | €18,374 | €54,229 | +€35,855 | +195% |
| Taxes | 450/3 | €17,621 | €53,469 | +€35,848 | +203% |
| Remuneration and social security | 454/9 | €753 | €761 | +€8 | +1.0% |
| Other amounts payable | 47/48 | €60,571 | €9,333 | -€51,238 | -84.6% |
| Accrued charges and deferred income | 492/3 | €645 | €0 | -€645 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,823 | €1,952 | +€129 | +7.1% |
| Other operating charges | 640/8 | €1,200 | €1,438 | +€238 | +19.9% |
| Gross operating margin | 9900 | €168,694 | €135,158 | -€33,536 | -19.9% |
| Operating profit (loss) | 9901 | €165,671 | €131,768 | -€33,903 | -20.5% |
| Financial income | 75/76B | €3 | €0 | -€3 | -99.3% |
| Recurring financial income | 75 | €3 | €0 | -€3 | -99.3% |
| Financial charges | 65/66B | €4,476 | €4,033 | -€443 | -9.9% |
| Recurring financial charges | 65 | €4,476 | €4,033 | -€443 | -9.9% |
| Profit (loss) for the period before taxes | 9903 | €161,198 | €127,735 | -€33,463 | -20.8% |
| Income taxes | 67/77 | €43,821 | €35,788 | -€8,033 | -18.3% |
| Profit (loss) for the period | 9904 | €117,377 | €91,947 | -€25,430 | -21.7% |
| Profit (loss) for the period to be appropriated | 9905 | €117,377 | €91,947 | -€25,430 | -21.7% |
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 15 October 2026 via checked.be.