K.Q.M.: 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.
K.Q.M.
Largest movements
- Receivables within one year -€46,504
down €46,504 (-73.8%), from €62,981 to €16,477
of which Other amounts receivable: -€45,958
- Tangible fixed assets -€18,546
down €18,546 (-20.9%), from €88,914 to €70,368
of which Plant, machinery and equipment: -€14,256
- Reserves -€68,481
down €68,481 (-77.0%), from €88,880 to €20,399
- Trade debts +€19,117
up €19,117 (+70.7%), from €27,053 to €46,169
- Debts after one year -€12,270
down €12,270 (-25.0%), from €49,098 to €36,828
- Tax, wage and social debts -€4,757
down €4,757 (-36.0%), from €13,219 to €8,463
- Gross operating margin -€3,616
down €3,616 (-10.9%), from €33,212 to €29,597
- Taxes -€1,828
down €1,828 (-43.9%), from €4,170 to €2,341
- Financial income -€498
down €498 (-19.8%), from €2,510 to €2,012
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 | €256,960 | €191,010 | -€65,950 | -25.7% |
| Fixed assets | 21/28 | €90,940 | €72,394 | -€18,546 | -20.4% |
| Tangible fixed assets | 22/27 | €88,914 | €70,368 | -€18,546 | -20.9% |
| Land and buildings | 22 | €56,157 | €51,867 | -€4,290 | -7.6% |
| Plant, machinery and equipment | 23 | €32,757 | €18,501 | -€14,256 | -43.5% |
| Financial fixed assets | 28 | €2,027 | €2,027 | = | 0.0% |
| Current assets | 29/58 | €166,019 | €118,616 | -€47,404 | -28.6% |
| Stocks and contracts in progress | 3 | €79,345 | €78,490 | -€855 | -1.1% |
| Stocks | 30/36 | €79,345 | €78,490 | -€855 | -1.1% |
| Amounts receivable within one year | 40/41 | €62,981 | €16,477 | -€46,504 | -73.8% |
| Trade receivables | 40 | €1,925 | €1,378 | -€546 | -28.4% |
| Other amounts receivable | 41 | €61,057 | €15,099 | -€45,958 | -75.3% |
| Cash at bank and in hand | 54/58 | €21,957 | €22,620 | +€663 | +3.0% |
| Deferred charges and accrued income | 490/1 | €1,736 | €1,028 | -€708 | -40.8% |
| Total equity and liabilities | 10/49 | €256,960 | €191,010 | -€65,950 | -25.7% |
| Equity | 10/15 | €155,250 | €86,769 | -€68,481 | -44.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €88,880 | €20,399 | -€68,481 | -77.0% |
| Distributable reserves | 133 | €88,880 | €20,399 | -€68,481 | -77.0% |
| Profit (loss) carried forward | 14 | €47,770 | €47,770 | = | 0.0% |
| Amounts payable | 17/49 | €101,709 | €104,241 | +€2,531 | +2.5% |
| Amounts payable after more than one year | 17 | €49,098 | €36,828 | -€12,270 | -25.0% |
| Financial debts | 170/4 | €49,098 | €36,828 | -€12,270 | -25.0% |
| Amounts payable within one year | 42/48 | €52,365 | €66,903 | +€14,538 | +27.8% |
| Current portion of amounts payable after more than one year | 42 | €12,093 | €12,270 | +€178 | +1.5% |
| Trade debts | 44 | €27,053 | €46,169 | +€19,117 | +70.7% |
| Suppliers | 440/4 | €27,053 | €46,169 | +€19,117 | +70.7% |
| Taxes, remuneration and social security | 45 | €13,219 | €8,463 | -€4,757 | -36.0% |
| Taxes | 450/3 | €13,219 | €8,463 | -€4,757 | -36.0% |
| Accrued charges and deferred income | 492/3 | €246 | €510 | +€264 | +107% |
| Non-recurring operating income | 76A | - | €2,014 | +€2,014 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,525 | €19,611 | +€87 | +0.4% |
| Other operating charges | 640/8 | €1,992 | €2,109 | +€117 | +5.9% |
| Gross operating margin | 9900 | €33,212 | €29,597 | -€3,616 | -10.9% |
| Operating profit (loss) | 9901 | €11,695 | €7,876 | -€3,819 | -32.7% |
| Financial income | 75/76B | €2,510 | €2,012 | -€498 | -19.8% |
| Recurring financial income | 75 | €2,510 | €2,012 | -€498 | -19.8% |
| Financial charges | 65/66B | €3,209 | €3,028 | -€181 | -5.6% |
| Recurring financial charges | 65 | €3,209 | €3,028 | -€181 | -5.6% |
| Profit (loss) for the period before taxes | 9903 | €10,996 | €6,860 | -€4,136 | -37.6% |
| Income taxes | 67/77 | €4,170 | €2,341 | -€1,828 | -43.9% |
| Profit (loss) for the period | 9904 | €6,827 | €4,519 | -€2,308 | -33.8% |
| Profit (loss) for the period to be appropriated | 9905 | €6,827 | €4,519 | -€2,308 | -33.8% |
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 1 November 2026 via checked.be.