QUERCUM: 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.
QUERCUM
Largest movements
- Cash +€539,725
up €539,725 (+307%), from €176,019 to €715,745
mainly Current investments (+€445,574) and Stocks and contracts (+€136,973)
- Current investments -€445,574
down €445,574 (-62.8%), from €709,574 to €264,000
- Stocks and contracts -€136,973
down €136,973 (-38.6%), from €354,688 to €217,715
- Tangible fixed assets -€25,175
down €25,175 (-30.2%), from €83,470 to €58,295
of which Furniture and vehicles: -€24,590
- Receivables within one year +€15,649
up €15,649 (+103%), from €15,135 to €30,785
of which Other amounts receivable: +€17,287
- Tax, wage and social debts -€22,533
down €22,533 (-61.9%), from €36,387 to €13,854
- Gross operating margin -€106,354
down €106,354 (-69.7%), from €152,692 to €46,338
- Taxes -€57,018
down €57,018 (-93.6%), from €60,938 to €3,919
- Financial income -€25,519
down €25,519 (-66.2%), from €38,542 to €13,024
- Financial charges +€21,823
up €21,823 (+1,634%), from €1,335 to €23,159
- Other operating charges -€6,020
down €6,020 (-59.9%), from €10,057 to €4,037
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 | €1,393,452 | €1,350,009 | -€43,443 | -3.1% |
| Fixed assets | 21/28 | €133,470 | €118,295 | -€15,175 | -11.4% |
| Tangible fixed assets | 22/27 | €83,470 | €58,295 | -€25,175 | -30.2% |
| Plant, machinery and equipment | 23 | €702 | €2,740 | +€2,038 | +290% |
| Furniture and vehicles | 24 | €40,219 | €15,629 | -€24,590 | -61.1% |
| Other tangible fixed assets | 26 | €42,549 | €39,925 | -€2,624 | -6.2% |
| Financial fixed assets | 28 | €50,000 | €60,000 | +€10,000 | +20.0% |
| Current assets | 29/58 | €1,259,982 | €1,231,714 | -€28,268 | -2.2% |
| Stocks and contracts in progress | 3 | €354,688 | €217,715 | -€136,973 | -38.6% |
| Stocks | 30/36 | €354,688 | €217,715 | -€136,973 | -38.6% |
| Amounts receivable within one year | 40/41 | €15,135 | €30,785 | +€15,649 | +103% |
| Trade receivables | 40 | €1,939 | €301 | -€1,638 | -84.5% |
| Other amounts receivable | 41 | €13,197 | €30,484 | +€17,287 | +131% |
| Current investments | 50/53 | €709,574 | €264,000 | -€445,574 | -62.8% |
| Cash at bank and in hand | 54/58 | €176,019 | €715,745 | +€539,725 | +307% |
| Deferred charges and accrued income | 490/1 | €4,564 | €3,469 | -€1,095 | -24.0% |
| Total equity and liabilities | 10/49 | €1,393,452 | €1,350,009 | -€43,443 | -3.1% |
| Equity | 10/15 | €1,324,993 | €1,324,163 | -€830 | -0.1% |
| Contributions | 10/11 | €56,200 | €56,200 | = | 0.0% |
| Reserves | 13 | €1,268,462 | €1,267,963 | -€499 | 0.0% |
| Tax-exempt reserves | 132 | €0 | - | = | |
| Distributable reserves | 133 | €1,268,462 | €1,267,963 | -€499 | 0.0% |
| Profit (loss) carried forward | 14 | €330 | €0 | -€330 | -100% |
| Amounts payable | 17/49 | €68,459 | €25,846 | -€42,614 | -62.2% |
| Amounts payable after more than one year | 17 | €5,091 | €0 | -€5,091 | -100% |
| Financial debts | 170/4 | €5,091 | €0 | -€5,091 | -100% |
| Amounts payable within one year | 42/48 | €62,834 | €25,716 | -€37,118 | -59.1% |
| Current portion of amounts payable after more than one year | 42 | €15,195 | €5,091 | -€10,104 | -66.5% |
| Trade debts | 44 | €9,404 | €576 | -€8,827 | -93.9% |
| Suppliers | 440/4 | €9,404 | €576 | -€8,827 | -93.9% |
| Taxes, remuneration and social security | 45 | €36,387 | €13,854 | -€22,533 | -61.9% |
| Taxes | 450/3 | €36,387 | €13,854 | -€22,533 | -61.9% |
| Other amounts payable | 47/48 | €1,848 | €6,194 | +€4,346 | +235% |
| Accrued charges and deferred income | 492/3 | €534 | €130 | -€404 | -75.6% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,935 | €29,076 | +€1,141 | +4.1% |
| Other operating charges | 640/8 | €10,057 | €4,037 | -€6,020 | -59.9% |
| Gross operating margin | 9900 | €152,692 | €46,338 | -€106,354 | -69.7% |
| Operating profit (loss) | 9901 | €114,700 | €13,225 | -€101,475 | -88.5% |
| Financial income | 75/76B | €38,542 | €13,024 | -€25,519 | -66.2% |
| Recurring financial income | 75 | €38,542 | €13,024 | -€25,519 | -66.2% |
| Financial charges | 65/66B | €1,335 | €23,159 | +€21,823 | +1,634% |
| Recurring financial charges | 65 | €1,335 | €23,159 | +€21,823 | +1,634% |
| Profit (loss) for the period before taxes | 9903 | €151,907 | €3,090 | -€148,817 | -98.0% |
| Income taxes | 67/77 | €60,938 | €3,919 | -€57,018 | -93.6% |
| Profit (loss) for the period | 9904 | €90,970 | -€830 | -€91,799 | |
| Transfer from tax-exempt reserves | 789 | €62,000 | €0 | -€62,000 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €152,970 | -€830 | -€153,799 |
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 27 October 2026 via checked.be.