F.D. QUELLIN: 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.
F.D. QUELLIN
Largest movements
- Cash +€191,679
up €191,679 (+72.1%), from €265,670 to €457,349
mainly Net result for the year (+€166,866) and Trade debts (+€117,940)
- Tangible fixed assets -€46,160
down €46,160 (-41.0%), from €112,484 to €66,325
of which Plant, machinery and equipment: -€45,744
- Receivables after one year +€30,750
up €30,750 (+7.5%), from €412,509 to €443,259
- Stocks and contracts -€28,832
down €28,832 (-6.7%), from €431,295 to €402,463
- Receivables within one year +€15,629
up €15,629 (+37.1%), from €42,178 to €57,806
of which Other amounts receivable: +€15,260
- Profit (loss) carried forward +€166,866
up €166,866 (+165%), from €101,257 to €268,124
- Other debts -€125,000
down €125,000 (-27.4%), from €456,109 to €331,109
- Trade debts +€117,940
up €117,940 (+36.8%), from €320,603 to €438,543
- Tax, wage and social debts +€22,994
up €22,994 (+21.0%), from €109,745 to €132,739
of which Taxes: +€18,412
- Debts after one year -€19,709
down €19,709 (-84.3%), from €23,375 to €3,666
- Gross operating margin +€123,066
up €123,066 (+19.9%), from €619,396 to €742,462
- Taxes +€30,288
up €30,288 (+68.6%), from €44,137 to €74,425
- Staff costs +€16,303
up €16,303 (+4.1%), from €397,478 to €413,781
- Write-downs -€13,637
down €13,637, from €12,162 to -€1,475
- Other operating charges +€12,659
up €12,659 (+494%), from €2,561 to €15,221
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,289,708 | €1,452,014 | +€162,306 | +12.6% |
| Fixed assets | 21/28 | €113,064 | €66,905 | -€46,160 | -40.8% |
| Tangible fixed assets | 22/27 | €112,484 | €66,325 | -€46,160 | -41.0% |
| Plant, machinery and equipment | 23 | €99,427 | €53,682 | -€45,744 | -46.0% |
| Furniture and vehicles | 24 | €2,332 | €2,495 | +€164 | +7.0% |
| Other tangible fixed assets | 26 | €10,726 | €10,147 | -€579 | -5.4% |
| Financial fixed assets | 28 | €580 | €580 | = | 0.0% |
| Current assets | 29/58 | €1,176,644 | €1,385,109 | +€208,465 | +17.7% |
| Amounts receivable after more than one year | 29 | €412,509 | €443,259 | +€30,750 | +7.5% |
| Other amounts receivable | 291 | €412,509 | €443,259 | +€30,750 | +7.5% |
| Stocks and contracts in progress | 3 | €431,295 | €402,463 | -€28,832 | -6.7% |
| Stocks | 30/36 | €431,295 | €402,463 | -€28,832 | -6.7% |
| Amounts receivable within one year | 40/41 | €42,178 | €57,806 | +€15,629 | +37.1% |
| Trade receivables | 40 | €87 | €455 | +€369 | +424% |
| Other amounts receivable | 41 | €42,091 | €57,351 | +€15,260 | +36.3% |
| Cash at bank and in hand | 54/58 | €265,670 | €457,349 | +€191,679 | +72.1% |
| Deferred charges and accrued income | 490/1 | €24,992 | €24,232 | -€760 | -3.0% |
| Total equity and liabilities | 10/49 | €1,289,708 | €1,452,014 | +€162,306 | +12.6% |
| Equity | 10/15 | €359,383 | €526,249 | +€166,866 | +46.4% |
| Contributions | 10/11 | €152,000 | €152,000 | = | 0.0% |
| Capital | 10 | €152,000 | €152,000 | = | 0.0% |
| Issued capital | 100 | €152,000 | €152,000 | = | 0.0% |
| Reserves | 13 | €106,125 | €106,125 | = | 0.0% |
| Non-distributable reserves | 130/1 | €15,200 | €15,200 | = | 0.0% |
| Legal reserve | 130 | €15,200 | €15,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €552 | €552 | = | 0.0% |
| Distributable reserves | 133 | €90,373 | €90,373 | = | 0.0% |
| Profit (loss) carried forward | 14 | €101,257 | €268,124 | +€166,866 | +165% |
| Amounts payable | 17/49 | €930,326 | €925,765 | -€4,561 | -0.5% |
| Amounts payable after more than one year | 17 | €23,375 | €3,666 | -€19,709 | -84.3% |
| Financial debts | 170/4 | €23,375 | €3,666 | -€19,709 | -84.3% |
| Amounts payable within one year | 42/48 | €906,951 | €922,099 | +€15,149 | +1.7% |
| Current portion of amounts payable after more than one year | 42 | €20,494 | €19,709 | -€785 | -3.8% |
| Trade debts | 44 | €320,603 | €438,543 | +€117,940 | +36.8% |
| Suppliers | 440/4 | €320,603 | €438,543 | +€117,940 | +36.8% |
| Taxes, remuneration and social security | 45 | €109,745 | €132,739 | +€22,994 | +21.0% |
| Taxes | 450/3 | €64,588 | €83,000 | +€18,412 | +28.5% |
| Remuneration and social security | 454/9 | €45,157 | €49,738 | +€4,581 | +10.1% |
| Other amounts payable | 47/48 | €456,109 | €331,109 | -€125,000 | -27.4% |
| Remuneration, social security and pensions | 62 | €397,478 | €413,781 | +€16,303 | +4.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,266 | €52,363 | -€3,904 | -6.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €12,162 | -€1,475 | -€13,637 | |
| Other operating charges | 640/8 | €2,561 | €15,221 | +€12,659 | +494% |
| Non-recurring operating charges | 66A | - | €4,495 | +€4,495 | |
| Gross operating margin | 9900 | €619,396 | €742,462 | +€123,066 | +19.9% |
| Operating profit (loss) | 9901 | €150,928 | €258,078 | +€107,149 | +71.0% |
| Financial income | 75/76B | €1,183 | €2,322 | +€1,138 | +96.2% |
| Recurring financial income | 75 | €1,183 | €2,322 | +€1,138 | +96.2% |
| Financial charges | 65/66B | €16,564 | €19,108 | +€2,544 | +15.4% |
| Recurring financial charges | 65 | €16,564 | €19,108 | +€2,544 | +15.4% |
| Profit (loss) for the period before taxes | 9903 | €135,548 | €241,292 | +€105,744 | +78.0% |
| Income taxes | 67/77 | €44,137 | €74,425 | +€30,288 | +68.6% |
| Profit (loss) for the period | 9904 | €91,411 | €166,866 | +€75,456 | +82.5% |
| Profit (loss) for the period to be appropriated | 9905 | €91,411 | €166,866 | +€75,456 | +82.5% |
Source: filed annual accounts (NBB), financial years ended 31 January 2025 and 31 January 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.