QFIRST (0607.977.786): financials and annual accounts

QFIRST

Bilzen-Hoeselt ·KBO/BCE: BE 0607.977.786

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Balance sheet: assets
Total assets`20/58`	118,172	97,236	62,968	35,052	40,299	31,139	41,897	58,535	8,148	9,766
Fixed assets`21/28`	4,660	6,398	8,136	-	-	-	-	-	-	-
Tangible fixed assets`22/27`	4,660	6,398	8,136	-	-	-	-	-	-	-
Furniture and vehicles`24`	4,660	6,398	8,136	-	-	-	-	-	-	-
Current assets`29/58`	113,512	90,838	54,833	35,052	40,299	31,139	41,897	58,535	8,148	9,766
Stocks and contracts in progress`3`	-	-	-	-	17,547	-	3,846	3,846	4,415	3,233
Stocks`30/36`	-	-	-	-	17,547	-	3,846	3,846	4,415	3,233
Amounts receivable within one year`40/41`	76,463	64,229	15,528	17,209	11,439	10,429	16,738	20,536	1,187	1,169
Trade receivables`40`	76,463	63,946	15,528	17,209	11,439	10,429	16,738	20,536	804	1,169
Other amounts receivable`41`	0	283	-	-	-	-	-	-	383	-
Cash at bank and in hand`54/58`	37,050	26,609	39,305	17,843	11,313	20,710	21,312	33,516	2,546	5,008
Deferred charges and accrued income`490/1`	-	-	-	-	-	-	-	636	0	356
Balance sheet: equity and liabilities
Total equity and liabilities`10/49`	118,172	97,236	62,968	35,052	40,299	31,139	41,897	58,535	8,148	9,766
Equity`10/15`	46,004	34,115	9,818	12,704	-1,214	-3,355	14,155	30,810	-3,949	-8,075
Contributions`10/11`	13,300	13,300	13,300	13,300	13,300	13,300	11,400	11,400	11,400	6,400
Issued capital`100`	-	-	-	-	-	-	18,600	18,600	18,600	18,600
Uncalled capital`101`	-	-	-	-	-	-	7,200	7,200	7,200	12,200
Reserves`13`	1,860	1,860	1,860	1,860	1,860	1,860	1,860	1,860	-	-
Non-distributable reserves`130/1`	1,860	1,860	1,860	1,860	1,860	1,860	-	-	-	-
Legal reserve`130`	-	-	-	-	-	-	1,860	1,860	-	-
Reserves not available under the articles`1311`	1,860	1,860	1,860	1,860	1,860	1,860	-	-	-	-
Profit (loss) carried forward`14`	30,844	18,955	-5,342	-2,456	-16,374	-18,515	895	17,550	-15,349	-14,475
Amounts payable`17/49`	72,168	63,121	53,150	22,347	41,513	34,493	27,741	27,725	12,097	17,841
Amounts payable within one year`42/48`	72,168	63,121	53,150	22,347	41,513	34,493	27,741	27,725	12,097	15,913
Trade debts`44`	29,883	28,633	37,306	3,963	26,672	19,971	12,123	12,478	5,414	3,176
Suppliers`440/4`	29,883	28,633	37,306	3,963	26,672	19,971	12,123	12,478	5,414	3,176
Taxes, remuneration and social security`45`	39,775	28,967	9,273	7,112	2,902	3,898	4,994	4,403	-	7,962
Taxes`450/3`	20,998	28,967	9,273	7,112	2,902	3,898	4,994	4,403	-	1,687
Remuneration and social security`454/9`	18,777	-	-	-	-	-	-	-	-	6,275
Other amounts payable`47/48`	2,510	5,521	6,572	11,273	11,939	10,624	10,624	10,844	6,682	4,775
Accrued charges and deferred income`492/3`	-	-	-	-	-	-	-	-	-	1,928
Income statement
Turnover`70`	-	-	-	-	-	-	-	-	34,197	-
Non-recurring operating income`76A`	-	-	-	-	-	-	-	-	-	2,486
Gross operating margin`9900`	170,236	157,703	88,935	64,927	46,246	48,379	58,110	47,977	9,577	9,402
Goods, raw materials, services and sundry goods`60/61`	-	-	-	-	-	-	-	-	24,620	-
Remuneration, social security and pensions`62`	149,277	125,730	83,201	50,538	43,372	59,438	73,389	11,838	9,573	24,926
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets`630`	1,738	1,738	554	-	-	-	-	-	-	-
Other operating charges`640/8`	1,533	387	726	300	486	599	1,093	1,353	292	1,059
Non-recurring operating charges`66A`	-	-	-	-	-	-	-	-	-	493
Operating profit (loss)`9901`	17,688	29,848	4,453	14,089	2,389	-11,658	-16,372	34,786	-288	-16,582
Financial income`75/76B`	56	20	25	70	-	-	-	-	2	2,605
Recurring financial income`75`	56	20	25	70	-	-	-	-	2	119
Non-recurring financial income`76B`	-	-	-	-	-	-	-	-	-	2,486
Financial charges`65/66B`	280	240	7,363	241	248	329	283	28	588	493
Recurring financial charges`65`	280	240	7,363	241	248	329	283	28	588	-
Non-recurring financial charges`66B`	-	-	-	-	-	-	-	-	-	493
Profit (loss) for the period before taxes`9903`	17,465	29,628	-2,886	13,918	2,140	-11,987	-16,655	34,759	-874	-14,470
Income taxes`67/77`	5,576	5,332	-	-	-	7,423	-	-	-	5
Profit (loss) for the period`9904`	11,889	24,297	-2,886	13,918	2,140	-19,410	-16,655	34,759	-874	-14,475
Profit (loss) for the period to be appropriated`9905`	11,889	24,297	-2,886	13,918	2,140	-19,410	-16,655	34,759	-874	-14,475
Appropriation of the result
Profit (loss) to be appropriated`9906`	30,844	18,955	-5,342	-2,456	-16,374	-18,515	895	19,410	-15,349	-14,475
Profit (loss) brought forward from the previous period`14P`	18,955	-5,342	-2,456	-16,374	-18,515	-	-	-	-	-
Transfer to equity`691/2`	-	-	-	-	-	-	-	1,860	-	-
To the legal reserve`6920`	-	-	-	-	-	-	-	1,860	-	-
Social balance sheet
Average staff (FTE)`9087`	3.4	3.1	1.3	1	1	1.6	1.6	-	-	0.7
Hours worked`1013`	4,880	5,294	2,316	2,034	1,482	3,018	3,018	-	-	1,426
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Financial year	Type	Filed	Reference	Document
31-12-2025	micro format	31-08-2026	2026-00463967	PDF
31-12-2024	micro format	05-09-2025	2025-00481217	PDF
31-12-2023	micro format	22-10-2024	2024-00511484	PDF
31-12-2022	micro format	26-07-2023	2023-00295192	PDF
31-12-2021	micro format	27-07-2022	2022-20260685	PDF
31-12-2020	micro format	27-07-2021	2021-41700570	PDF
31-12-2019	micro format	30-10-2020	2020-68000241	PDF
31-12-2018	micro format	30-08-2019	2019-55600377	PDF
31-12-2017	micro format	27-09-2018	2018-64900358	PDF
31-12-2016	abbreviated format	30-08-2017	2017-50600040	PDF

Year	Entries	Awarded	Paid
2025	1	€16,658	€16,658
2024	1	€2,650	€2,650

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
EBITDA	19,426	31,586	5,007	-	-	-	-	-	-	-
Cash flow	13,627	26,035	-2,331	-	-	-	-	-	-	-
Investment in fixed assets (approximation)	0	0	8,690	-	-	-	-	-	-	-
Change in cash	10,441	-12,696	21,462	6,530	-9,397	-603	-12,204	30,970	-2,462	-
Working capital	41,344	27,717	1,683	12,704	-1,214	-3,355	14,155	30,810	-3,949	-6,147
EBIT margin	-	-	-	-	-	-	-	-	-0.8%	-
Solvency	38.9%	35.1%	15.6%	36.2%	-3.0%	-10.8%	33.8%	52.6%	-48.5%	-82.7%
Current ratio	1.57	1.44	1.03	1.57	0.97	0.90	1.51	2.11	0.67	0.61
Quick ratio	1.57	1.44	1.03	1.57	0.55	0.90	1.37	1.97	0.31	0.41
Debt to equity	1.57	1.85	5.41	1.76	-	-	1.96	0.90	-	-
ROE	25.8%	71.2%	-29.4%	109.6%	-	-	-117.7%	112.8%	-	-
ROA	10.1%	25.0%	-4.6%	39.7%	5.3%	-62.3%	-39.8%	59.4%	-10.7%	-148.2%
Interest coverage	69.46	over 100	0.68	-	-	-	-	-	-	-
Customer credit	-	-	-	-	-	-	-	-	9 days	-
Supplier credit	-	-	-	-	-	-	-	-	80 days	-

Item	31-12-2025	31-12-2024	31-12-2023	31-12-2022	31-12-2021
Employees at the balance-sheet date	4	4	2	1	1
full-time	2	2	2	1	1
part-time	2	2	-	-	-
in full-time equivalents	3.4	3.4	2	1	1
Average over the year, in full-time equivalents	3.4	3.1	1.3	1	1
On a permanent contract	4	4	2	1	1
Joined	0	2	1	-	-
Left	0	0	0	-	-
Training hours	0	-	-	-	-

QFIRST

Annual accounts 2025

Money flows

Balance sheet

Change in equityin euro

Change in cashin euro

Position in the sector

Solvency38.9%

Current ratio1.57

Return on assets10.1%

Staff

Staff cost per FTE€43,905

Joined and left+0

Filed annual accounts

Filings

Subsidies and aid

Flemish government 2024 to 2025, 2 entries, €19,308 awarded, €19,308 paid

Key figures and ratios

Social balance sheet

Investments

Insights on QFIRST

Next steps

Item	2025	2024	2023	2022	2021
Tangible fixed assets	-	-	€8,690	-	-
Depreciation and write-downs of the year	€1,738	€1,738	€554	-	-