JQTM: 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.
JQTM
Largest movements
- Receivables within one year -€110,937
down €110,937 (-26.7%), from €414,915 to €303,978
of which Other amounts receivable: -€110,493
- Reserves -€91,545
down €91,545 (-92.1%), from €99,417 to €7,873
- Other debts -€50,000
down €50,000 (-20.0%), from €250,000 to €200,000
- Tax, wage and social debts +€47,767
up €47,767 (+57.9%), from €82,492 to €130,260
of which Taxes: +€47,440
- Current portion of long-term debt -€34,622
down €34,622 (-100.0%), from €34,622 to €0
- Short-term financial debts +€25,166
new in 2025: €25,166
- Gross operating margin +€114,760
up €114,760 (+46.0%), from €249,621 to €364,381
- Taxes +€22,870
up €22,870 (+40.3%), from €56,709 to €79,579
- Financial income -€7,824
down €7,824 (-35.8%), from €21,839 to €14,014
- Staff costs +€3,979
up €3,979 (+7.9%), from €50,394 to €54,373
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 | €488,168 | €379,507 | -€108,662 | -22.3% |
| Fixed assets | 21/28 | €21,952 | €21,612 | -€340 | -1.5% |
| Tangible fixed assets | 22/27 | €21,952 | €21,612 | -€340 | -1.5% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €9,806 | €8,763 | -€1,043 | -10.6% |
| Other tangible fixed assets | 26 | €12,146 | €12,849 | +€703 | +5.8% |
| Current assets | 29/58 | €466,216 | €357,895 | -€108,322 | -23.2% |
| Amounts receivable within one year | 40/41 | €414,915 | €303,978 | -€110,937 | -26.7% |
| Trade receivables | 40 | €444 | €0 | -€444 | -100.0% |
| Other amounts receivable | 41 | €414,471 | €303,978 | -€110,493 | -26.7% |
| Cash at bank and in hand | 54/58 | €45,447 | €47,800 | +€2,353 | +5.2% |
| Deferred charges and accrued income | 490/1 | €5,854 | €6,117 | +€262 | +4.5% |
| Total equity and liabilities | 10/49 | €488,168 | €379,507 | -€108,662 | -22.3% |
| Equity | 10/15 | €101,417 | €9,873 | -€91,545 | -90.3% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €99,417 | €7,873 | -€91,545 | -92.1% |
| Distributable reserves | 133 | €99,417 | €7,873 | -€91,545 | -92.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €386,751 | €369,634 | -€17,117 | -4.4% |
| Amounts payable within one year | 42/48 | €386,751 | €369,634 | -€17,117 | -4.4% |
| Current portion of amounts payable after more than one year | 42 | €34,622 | €0 | -€34,622 | -100.0% |
| Financial debts | 43 | - | €25,166 | +€25,166 | |
| Other loans | 439 | - | €25,166 | +€25,166 | |
| Trade debts | 44 | €19,636 | €14,208 | -€5,428 | -27.6% |
| Suppliers | 440/4 | €19,636 | €14,208 | -€5,428 | -27.6% |
| Taxes, remuneration and social security | 45 | €82,492 | €130,260 | +€47,767 | +57.9% |
| Taxes | 450/3 | €75,722 | €123,162 | +€47,440 | +62.7% |
| Remuneration and social security | 454/9 | €6,770 | €7,098 | +€328 | +4.8% |
| Other amounts payable | 47/48 | €250,000 | €200,000 | -€50,000 | -20.0% |
| Remuneration, social security and pensions | 62 | €50,394 | €54,373 | +€3,979 | +7.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,403 | €4,705 | +€302 | +6.9% |
| Other operating charges | 640/8 | €2,102 | €2,907 | +€805 | +38.3% |
| Gross operating margin | 9900 | €249,621 | €364,381 | +€114,760 | +46.0% |
| Operating profit (loss) | 9901 | €192,721 | €302,396 | +€109,674 | +56.9% |
| Financial income | 75/76B | €21,839 | €14,014 | -€7,824 | -35.8% |
| Recurring financial income | 75 | €21,839 | €14,014 | -€7,824 | -35.8% |
| Financial charges | 65/66B | €8,375 | €8,376 | +€1 | 0.0% |
| Recurring financial charges | 65 | €8,375 | €8,376 | +€1 | 0.0% |
| Profit (loss) for the period before taxes | 9903 | €206,185 | €308,034 | +€101,849 | +49.4% |
| Income taxes | 67/77 | €56,709 | €79,579 | +€22,870 | +40.3% |
| Profit (loss) for the period | 9904 | €149,476 | €228,455 | +€78,979 | +52.8% |
| Profit (loss) for the period to be appropriated | 9905 | €149,476 | €228,455 | +€78,979 | +52.8% |
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 10 October 2026 via checked.be.