TQZ: 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.
TQZ
Largest movements
- Tangible fixed assets +€266,137
up €266,137 (+63.5%), from €419,437 to €685,573
of which Land and buildings: +€271,176
- Receivables within one year -€12,253
down €12,253 (-18.7%), from €65,360 to €53,107
of which Trade receivables: -€14,151
- Debts after one year +€181,769
up €181,769 (+81.8%), from €222,306 to €404,075
of which Financial debts: +€181,669
- Other debts +€78,246
up €78,246 (+1010.5%), from €7,743 to €85,989
- Profit (loss) carried forward -€48,353
down €48,353 (-18.1%), from €267,615 to €219,263
- Reserves +€29,470
up €29,470 (+68.6%), from €42,985 to €72,455
of which Tax-exempt reserves: +€29,470
- Gross operating margin +€76,884
up €76,884 (+83.4%), from €92,197 to €169,081
- Depreciation +€15,526
up €15,526 (+53.2%), from €29,185 to €44,711
- Taxes +€9,585
up €9,585 (+131.2%), from €7,304 to €16,889
- Financial charges +€6,798
up €6,798 (+202.2%), from €3,362 to €10,160
- Staff costs +€6,199
up €6,199 (+19.5%), from €31,832 to €38,031
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 | €647,306 | €900,451 | +€253,145 | +39.1% |
| Fixed assets | 21/28 | €421,263 | €687,230 | +€265,968 | +63.1% |
| Tangible fixed assets | 22/27 | €419,437 | €685,573 | +€266,137 | +63.5% |
| Land and buildings | 22 | €391,173 | €662,349 | +€271,176 | +69.3% |
| Plant, machinery and equipment | 23 | €23,607 | €21,042 | -€2,564 | -10.9% |
| Furniture and vehicles | 24 | €4,657 | €2,182 | -€2,475 | -53.1% |
| Financial fixed assets | 28 | €1,826 | €1,657 | -€169 | -9.3% |
| Current assets | 29/58 | €226,044 | €213,221 | -€12,823 | -5.7% |
| Stocks and contracts in progress | 3 | €601 | €610 | +€9 | +1.5% |
| Stocks | 30/36 | €601 | €610 | +€9 | +1.5% |
| Amounts receivable within one year | 40/41 | €65,360 | €53,107 | -€12,253 | -18.7% |
| Trade receivables | 40 | €50,837 | €36,686 | -€14,151 | -27.8% |
| Other amounts receivable | 41 | €14,523 | €16,421 | +€1,898 | +13.1% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €158,445 | €157,233 | -€1,212 | -0.8% |
| Deferred charges and accrued income | 490/1 | €1,638 | €2,271 | +€633 | +38.6% |
| Total equity and liabilities | 10/49 | €647,306 | €900,451 | +€253,145 | +39.1% |
| Equity | 10/15 | €370,600 | €351,718 | -€18,883 | -5.1% |
| Contributions | 10/11 | €60,000 | €60,000 | = | 0.0% |
| Reserves | 13 | €42,985 | €72,455 | +€29,470 | +68.6% |
| Tax-exempt reserves | 132 | €36,985 | €66,455 | +€29,470 | +79.7% |
| Distributable reserves | 133 | €6,000 | €6,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €267,615 | €219,263 | -€48,353 | -18.1% |
| Amounts payable | 17/49 | €276,706 | €548,733 | +€272,028 | +98.3% |
| Amounts payable after more than one year | 17 | €222,306 | €404,075 | +€181,769 | +81.8% |
| Financial debts | 170/4 | €220,806 | €402,475 | +€181,669 | +82.3% |
| Other amounts payable | 178/9 | €1,500 | €1,600 | +€100 | +6.7% |
| Amounts payable within one year | 42/48 | €54,400 | €138,158 | +€83,758 | +154.0% |
| Current portion of amounts payable after more than one year | 42 | €16,810 | €24,667 | +€7,857 | +46.7% |
| Financial debts | 43 | €1,875 | €2,164 | +€289 | +15.4% |
| Credit institutions | 430/8 | €1,875 | €2,164 | +€289 | +15.4% |
| Trade debts | 44 | €17,520 | €13,821 | -€3,699 | -21.1% |
| Suppliers | 440/4 | €17,520 | €13,821 | -€3,699 | -21.1% |
| Taxes, remuneration and social security | 45 | €10,453 | €11,518 | +€1,065 | +10.2% |
| Taxes | 450/3 | €3,216 | €3,644 | +€428 | +13.3% |
| Remuneration and social security | 454/9 | €7,237 | €7,873 | +€637 | +8.8% |
| Other amounts payable | 47/48 | €7,743 | €85,989 | +€78,246 | +1010.5% |
| Accrued charges and deferred income | 492/3 | €0 | €6,500 | +€6,500 | |
| Remuneration, social security and pensions | 62 | €31,832 | €38,031 | +€6,199 | +19.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,185 | €44,711 | +€15,526 | +53.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €3,148 | +€3,148 | |
| Other operating charges | 640/8 | €2,398 | €4,164 | +€1,765 | +73.6% |
| Gross operating margin | 9900 | €92,197 | €169,081 | +€76,884 | +83.4% |
| Operating profit (loss) | 9901 | €28,781 | €79,027 | +€50,246 | +174.6% |
| Financial income | 75/76B | €4,024 | €139 | -€3,884 | -96.5% |
| Recurring financial income | 75 | €4,024 | €139 | -€3,884 | -96.5% |
| Financial charges | 65/66B | €3,362 | €10,160 | +€6,798 | +202.2% |
| Recurring financial charges | 65 | €3,362 | €10,160 | +€6,798 | +202.2% |
| Profit (loss) for the period before taxes | 9903 | €29,443 | €69,007 | +€39,564 | +134.4% |
| Income taxes | 67/77 | €7,304 | €16,889 | +€9,585 | +131.2% |
| Profit (loss) for the period | 9904 | €22,138 | €52,117 | +€29,979 | +135.4% |
| Transfer to tax-exempt reserves | 689 | - | €29,470 | +€29,470 | |
| Profit (loss) for the period to be appropriated | 9905 | €22,138 | €22,647 | +€509 | +2.3% |
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 9 October 2026 via checked.be.