KWALIFISC: what changed
Two fiscal 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.
KWALIFISC
Largest movements
- Tangible fixed assets +€107,227
up €107,227 (+10.2%), from €1.0m to €1.2m
of which Furniture and vehicles: +€131,440
- Cash +€103,646
up €103,646 (+539.9%), from €19,197 to €122,843
mainly Current investments (+€100,063) and Depreciation (+€61,105)
- Current investments -€100,063
down €100,063 (-100.0%), from €100,063 to €0
- Debts after one year +€53,053
up €53,053 (+10.4%), from €510,516 to €563,569
- Other debts +€34,905
up €34,905 (+15.1%), from €231,758 to €266,662
- Current portion of long-term debt +€25,533
up €25,533 (+61.8%), from €41,283 to €66,816
- Gross operating margin -€35,070
down €35,070 (-23.5%), from €149,163 to €114,093
- Depreciation +€34,011
up €34,011 (+125.5%), from €27,094 to €61,105
- Taxes -€13,505
down €13,505 (-60.3%), from €22,394 to €8,889
- Financial charges +€1,699
up €1,699 (+5.8%), from €29,461 to €31,160
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 | €1,245,015 | €1,366,944 | +€121,929 | +9.8% |
| Fixed assets | 21/28 | €1,047,048 | €1,154,276 | +€107,227 | +10.2% |
| Tangible fixed assets | 22/27 | €1,047,048 | €1,154,276 | +€107,227 | +10.2% |
| Land and buildings | 22 | €1,037,515 | €1,013,302 | -€24,213 | -2.3% |
| Furniture and vehicles | 24 | €9,534 | €140,974 | +€131,440 | +1378.7% |
| Current assets | 29/58 | €197,966 | €212,668 | +€14,702 | +7.4% |
| Amounts receivable after more than one year | 29 | €32,851 | €35,531 | +€2,681 | +8.2% |
| Other amounts receivable | 291 | €32,851 | €35,531 | +€2,681 | +8.2% |
| Amounts receivable within one year | 40/41 | €39,241 | €49,432 | +€10,191 | +26.0% |
| Trade receivables | 40 | €39,241 | €28,390 | -€10,851 | -27.7% |
| Other amounts receivable | 41 | - | €21,042 | +€21,042 | |
| Current investments | 50/53 | €100,063 | €0 | -€100,063 | -100.0% |
| Cash at bank and in hand | 54/58 | €19,197 | €122,843 | +€103,646 | +539.9% |
| Deferred charges and accrued income | 490/1 | €6,614 | €4,862 | -€1,752 | -26.5% |
| Total equity and liabilities | 10/49 | €1,245,015 | €1,366,944 | +€121,929 | +9.8% |
| Equity | 10/15 | €410,708 | €419,138 | +€8,429 | +2.1% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €398,848 | €407,278 | +€8,429 | +2.1% |
| Amounts payable | 17/49 | €834,306 | €947,806 | +€113,500 | +13.6% |
| Amounts payable after more than one year | 17 | €510,516 | €563,569 | +€53,053 | +10.4% |
| Financial debts | 170/4 | €510,516 | €563,569 | +€53,053 | +10.4% |
| Amounts payable within one year | 42/48 | €308,825 | €368,753 | +€59,927 | +19.4% |
| Current portion of amounts payable after more than one year | 42 | €41,283 | €66,816 | +€25,533 | +61.8% |
| Financial debts | 43 | €3,164 | €126 | -€3,038 | -96.0% |
| Credit institutions | 430/8 | €3,164 | €126 | -€3,038 | -96.0% |
| Trade debts | 44 | €11,549 | €22,074 | +€10,525 | +91.1% |
| Suppliers | 440/4 | €11,549 | €22,074 | +€10,525 | +91.1% |
| Taxes, remuneration and social security | 45 | €21,072 | €13,075 | -€7,998 | -38.0% |
| Taxes | 450/3 | €21,072 | €13,075 | -€7,998 | -38.0% |
| Other amounts payable | 47/48 | €231,758 | €266,662 | +€34,905 | +15.1% |
| Accrued charges and deferred income | 492/3 | €14,965 | €15,485 | +€519 | +3.5% |
| Non-recurring operating income | 76A | - | €18,100 | +€18,100 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,094 | €61,105 | +€34,011 | +125.5% |
| Other operating charges | 640/8 | €2,099 | €3,300 | +€1,201 | +57.2% |
| Gross operating margin | 9900 | €149,163 | €114,093 | -€35,070 | -23.5% |
| Operating profit (loss) | 9901 | €119,970 | €49,688 | -€70,281 | -58.6% |
| Financial income | 75/76B | €2,650 | €2,190 | -€461 | -17.4% |
| Recurring financial income | 75 | €2,650 | €2,190 | -€461 | -17.4% |
| Financial charges | 65/66B | €29,461 | €31,160 | +€1,699 | +5.8% |
| Recurring financial charges | 65 | €29,461 | €31,160 | +€1,699 | +5.8% |
| Profit (loss) for the period before taxes | 9903 | €93,159 | €20,718 | -€72,441 | -77.8% |
| Income taxes | 67/77 | €22,394 | €8,889 | -€13,505 | -60.3% |
| Profit (loss) for the period | 9904 | €70,765 | €11,829 | -€58,936 | -83.3% |
| Profit (loss) for the period to be appropriated | 9905 | €70,765 | €11,829 | -€58,936 | -83.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.