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.
QUERCUS
Largest movements
- Tangible fixed assets -€120,324
down €120,324 (-8.1%), from €1.5m to €1.4m
of which Land and buildings: -€70,611
- Receivables within one year +€17,604
up €17,604 (+29.3%), from €60,008 to €77,612
of which Trade receivables: +€15,555
- Cash -€16,760
down €16,760 (-25.3%), from €66,361 to €49,601
mainly Net result for the year (-€146,784) and Debts after one year (-€28,538)
- Profit (loss) carried forward -€74,209
down €74,209 (-45.5%), from €163,092 to €88,883
- Reserves -€72,576
down €72,576 (-12.0%), from €603,361 to €530,786
of which Tax-exempt reserves: -€72,576
- Trade debts +€59,815
up €59,815 (+196%), from €30,529 to €90,344
- Debts after one year -€28,538
down €28,538 (-12.7%), from €224,513 to €195,975
- Provisions -€24,192
down €24,192 (-12.2%), from €197,650 to €173,458
- Gross operating margin -€95,902
down €95,902 (-87.6%), from €109,478 to €13,576
- Other operating charges +€14,657
up €14,657 (+154%), from €9,539 to €24,196
- Depreciation -€9,564
down €9,564 (-7.4%), from €129,888 to €120,324
- Financial charges +€3,799
up €3,799 (+52.1%), from €7,295 to €11,094
- Staff costs -€3,028
down €3,028 (-9.5%), from €31,762 to €28,733
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 | €1,606,453 | €1,486,972 | -€119,480 | -7.4% |
| Fixed assets | 21/28 | €1,480,083 | €1,359,759 | -€120,324 | -8.1% |
| Tangible fixed assets | 22/27 | €1,478,045 | €1,357,721 | -€120,324 | -8.1% |
| Land and buildings | 22 | €1,272,950 | €1,202,339 | -€70,611 | -5.5% |
| Plant, machinery and equipment | 23 | €120,711 | €80,112 | -€40,599 | -33.6% |
| Furniture and vehicles | 24 | €38,715 | €31,899 | -€6,816 | -17.6% |
| Other tangible fixed assets | 26 | €45,669 | €43,371 | -€2,298 | -5.0% |
| Financial fixed assets | 28 | €2,038 | €2,038 | = | 0.0% |
| Current assets | 29/58 | €126,370 | €127,213 | +€844 | +0.7% |
| Amounts receivable within one year | 40/41 | €60,008 | €77,612 | +€17,604 | +29.3% |
| Trade receivables | 40 | €950 | €16,504 | +€15,555 | +1,637% |
| Other amounts receivable | 41 | €59,058 | €61,107 | +€2,049 | +3.5% |
| Cash at bank and in hand | 54/58 | €66,361 | €49,601 | -€16,760 | -25.3% |
| Total equity and liabilities | 10/49 | €1,606,453 | €1,486,972 | -€119,480 | -7.4% |
| Equity | 10/15 | €1,094,259 | €947,475 | -€146,784 | -13.4% |
| Contributions | 10/11 | €104,106 | €104,106 | = | 0.0% |
| Capital | 10 | €104,106 | €104,106 | = | 0.0% |
| Issued capital | 100 | €104,106 | €104,106 | = | 0.0% |
| Revaluation surpluses | 12 | €223,700 | €223,700 | = | 0.0% |
| Reserves | 13 | €603,361 | €530,786 | -€72,576 | -12.0% |
| Non-distributable reserves | 130/1 | €10,411 | €10,411 | = | 0.0% |
| Legal reserve | 130 | €10,411 | €10,411 | = | 0.0% |
| Tax-exempt reserves | 132 | €592,951 | €520,375 | -€72,576 | -12.2% |
| Profit (loss) carried forward | 14 | €163,092 | €88,883 | -€74,209 | -45.5% |
| Provisions and deferred taxes | 16 | €197,650 | €173,458 | -€24,192 | -12.2% |
| Deferred taxes | 168 | €197,650 | €173,458 | -€24,192 | -12.2% |
| Amounts payable | 17/49 | €314,543 | €366,039 | +€51,496 | +16.4% |
| Amounts payable after more than one year | 17 | €224,513 | €195,975 | -€28,538 | -12.7% |
| Financial debts | 170/4 | €224,513 | €195,975 | -€28,538 | -12.7% |
| Amounts payable within one year | 42/48 | €90,030 | €170,064 | +€80,034 | +88.9% |
| Current portion of amounts payable after more than one year | 42 | €23,792 | €37,486 | +€13,695 | +57.6% |
| Financial debts | 43 | €35,000 | €35,000 | = | 0.0% |
| Credit institutions | 430/8 | €35,000 | €35,000 | = | 0.0% |
| Trade debts | 44 | €30,529 | €90,344 | +€59,815 | +196% |
| Suppliers | 440/4 | €30,529 | €90,344 | +€59,815 | +196% |
| Taxes, remuneration and social security | 45 | €709 | - | -€709 | |
| Taxes | 450/3 | €709 | - | -€709 | |
| Other amounts payable | 47/48 | - | €7,233 | +€7,233 | |
| Remuneration, social security and pensions | 62 | €31,762 | €28,733 | -€3,028 | -9.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €129,888 | €120,324 | -€9,564 | -7.4% |
| Other operating charges | 640/8 | €9,539 | €24,196 | +€14,657 | +154% |
| Gross operating margin | 9900 | €109,478 | €13,576 | -€95,902 | -87.6% |
| Operating profit (loss) | 9901 | -€61,711 | -€159,677 | -€97,966 | -159% |
| Financial income | 75/76B | €0 | €1 | +€1 | +6,900% |
| Recurring financial income | 75 | €0 | €1 | +€1 | +6,900% |
| Financial charges | 65/66B | €7,295 | €11,094 | +€3,799 | +52.1% |
| Recurring financial charges | 65 | €7,295 | €11,094 | +€3,799 | +52.1% |
| Profit (loss) for the period before taxes | 9903 | -€69,005 | -€170,769 | -€101,764 | -147% |
| Transfer from deferred taxes | 780 | €23,877 | €24,192 | +€315 | +1.3% |
| Income taxes | 67/77 | - | €207 | +€207 | |
| Profit (loss) for the period | 9904 | -€45,129 | -€146,784 | -€101,656 | -225% |
| Transfer from tax-exempt reserves | 789 | €71,630 | €72,576 | +€946 | +1.3% |
| Profit (loss) for the period to be appropriated | 9905 | €26,501 | -€74,209 | -€100,710 |
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 24 October 2026 via checked.be.