PQE BELGIUM: what changed
PQE BELGIUM
Largest movements
- Receivables within one year -€200,345
down €200,345 (-37.3%), from €536,600 to €336,255
of which Trade receivables: -€248,268
- Deferred charges and accrued income -€105,241
down €105,241 (-67.6%), from €155,795 to €50,554
- Cash +€13,056
up €13,056 (+18.2%), from €71,711 to €84,767
mainly Receivables within one year (+€200,345) and Deferred charges and accrued income (+€105,241)
- Profit (loss) carried forward -€268,298
down €268,298 (-68.0%), from -€394,399 to -€662,697
- Tax, wage and social debts -€55,776
down €55,776 (-63.1%), from €88,354 to €32,578
of which Remuneration and social security: -€48,598
- Trade debts +€31,997
up €31,997 (+3.0%), from €1.1m to €1.1m
- Gross operating margin -€464,059
down €464,059 (-59.9%), from €774,294 to €310,235
- Staff costs -€379,501
down €379,501 (-40.3%), from €940,611 to €561,110
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €766,494 | €473,963 | -€292,530 | -38.2% |
| Fixed assets | 21/28 | €2,386 | €2,386 | = | 0.0% |
| Financial fixed assets | 28 | €2,386 | €2,386 | = | 0.0% |
| Current assets | 29/58 | €764,107 | €471,577 | -€292,530 | -38.3% |
| Amounts receivable within one year | 40/41 | €536,600 | €336,255 | -€200,345 | -37.3% |
| Trade receivables | 40 | €536,600 | €288,332 | -€248,268 | -46.3% |
| Other amounts receivable | 41 | - | €47,923 | +€47,923 | |
| Cash at bank and in hand | 54/58 | €71,711 | €84,767 | +€13,056 | +18.2% |
| Deferred charges and accrued income | 490/1 | €155,795 | €50,554 | -€105,241 | -67.6% |
| Total equity and liabilities | 10/49 | €766,494 | €473,963 | -€292,530 | -38.2% |
| Equity | 10/15 | -€374,399 | -€642,697 | -€268,298 | -71.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€394,399 | -€662,697 | -€268,298 | -68.0% |
| Amounts payable | 17/49 | €1,140,892 | €1,116,660 | -€24,233 | -2.1% |
| Amounts payable within one year | 42/48 | €1,140,892 | €1,116,660 | -€24,233 | -2.1% |
| Trade debts | 44 | €1,051,915 | €1,083,912 | +€31,997 | +3.0% |
| Suppliers | 440/4 | €1,051,915 | €1,083,912 | +€31,997 | +3.0% |
| Taxes, remuneration and social security | 45 | €88,354 | €32,578 | -€55,776 | -63.1% |
| Taxes | 450/3 | €11,649 | €4,471 | -€7,178 | -61.6% |
| Remuneration and social security | 454/9 | €76,705 | €28,108 | -€48,598 | -63.4% |
| Other amounts payable | 47/48 | €624 | €169 | -€454 | -72.8% |
| Remuneration, social security and pensions | 62 | €940,611 | €561,110 | -€379,501 | -40.3% |
| Other operating charges | 640/8 | €700 | €165 | -€535 | -76.5% |
| Gross operating margin | 9900 | €774,294 | €310,235 | -€464,059 | -59.9% |
| Operating profit (loss) | 9901 | -€167,017 | -€251,040 | -€84,023 | -50.3% |
| Financial income | 75/76B | €3,650 | €34 | -€3,615 | -99.1% |
| Recurring financial income | 75 | €3,650 | €34 | -€3,615 | -99.1% |
| Financial charges | 65/66B | €18,344 | €15,944 | -€2,399 | -13.1% |
| Recurring financial charges | 65 | €17,428 | €14,805 | -€2,622 | -15.0% |
| Non-recurring financial charges | 66B | €916 | €1,139 | +€223 | +24.3% |
| Profit (loss) for the period before taxes | 9903 | -€181,711 | -€266,950 | -€85,239 | -46.9% |
| Income taxes | 67/77 | €2,405 | €1,348 | -€1,057 | -43.9% |
| Profit (loss) for the period | 9904 | -€184,116 | -€268,298 | -€84,182 | -45.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€184,116 | -€268,298 | -€84,182 | -45.7% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.