Q-ADSL: 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.
Q-ADSL
Largest movements
- Tangible fixed assets -€24,017
down €24,017 (-9.0%), from €267,764 to €243,747
of which Land and buildings: -€25,333
- Cash +€10,354
up €10,354 (+54.1%), from €19,149 to €29,504
mainly Depreciation (+€30,743) and Net result for the year (+€9,878)
- Receivables within one year -€6,353
down €6,353 (-14.0%), from €45,398 to €39,045
of which Other amounts receivable: -€27,260
- Financial fixed assets -€3,532
no longer reported in 2025 (was €3,532)
- Debts after one year -€27,680
down €27,680 (-25.9%), from €106,913 to €79,233
- Profit (loss) carried forward +€9,878
up €9,878 (+9.0%), from -€109,310 to -€99,431
- Current portion of long-term debt -€5,471
down €5,471 (-16.5%), from €33,151 to €27,680
- Gross operating margin -€20,141
down €20,141 (-28.9%), from €69,707 to €49,566
- Financial charges -€3,329
down €3,329 (-47.8%), from €6,964 to €3,635
- Other operating charges +€2,960
up €2,960 (+150%), from €1,975 to €4,935
- Depreciation +€1,216
up €1,216 (+4.1%), from €29,526 to €30,743
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 | €336,234 | €312,707 | -€23,527 | -7.0% |
| Fixed assets | 21/28 | €271,296 | €243,747 | -€27,549 | -10.2% |
| Tangible fixed assets | 22/27 | €267,764 | €243,747 | -€24,017 | -9.0% |
| Land and buildings | 22 | €254,890 | €229,557 | -€25,333 | -9.9% |
| Plant, machinery and equipment | 23 | €9,707 | €7,774 | -€1,934 | -19.9% |
| Furniture and vehicles | 24 | €3,167 | €6,417 | +€3,249 | +103% |
| Financial fixed assets | 28 | €3,532 | - | -€3,532 | |
| Current assets | 29/58 | €64,938 | €68,960 | +€4,022 | +6.2% |
| Amounts receivable within one year | 40/41 | €45,398 | €39,045 | -€6,353 | -14.0% |
| Trade receivables | 40 | €17,398 | €38,305 | +€20,907 | +120% |
| Other amounts receivable | 41 | €28,000 | €740 | -€27,260 | -97.4% |
| Cash at bank and in hand | 54/58 | €19,149 | €29,504 | +€10,354 | +54.1% |
| Deferred charges and accrued income | 490/1 | €391 | €411 | +€20 | +5.2% |
| Total equity and liabilities | 10/49 | €336,234 | €312,707 | -€23,527 | -7.0% |
| Equity | 10/15 | €15,763 | €25,641 | +€9,878 | +62.7% |
| Contributions | 10/11 | €122,000 | €122,000 | = | 0.0% |
| Capital | 10 | €122,000 | €122,000 | = | 0.0% |
| Issued capital | 100 | €122,000 | €122,000 | = | 0.0% |
| Reserves | 13 | €3,073 | €3,073 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,073 | €3,073 | = | 0.0% |
| Legal reserve | 130 | €3,073 | €3,073 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€109,310 | -€99,431 | +€9,878 | +9.0% |
| Amounts payable | 17/49 | €320,471 | €287,066 | -€33,405 | -10.4% |
| Amounts payable after more than one year | 17 | €106,913 | €79,233 | -€27,680 | -25.9% |
| Financial debts | 170/4 | €106,913 | €79,233 | -€27,680 | -25.9% |
| Amounts payable within one year | 42/48 | €213,558 | €207,834 | -€5,725 | -2.7% |
| Current portion of amounts payable after more than one year | 42 | €33,151 | €27,680 | -€5,471 | -16.5% |
| Trade debts | 44 | €844 | €1,682 | +€838 | +99.2% |
| Suppliers | 440/4 | €844 | €1,682 | +€838 | +99.2% |
| Taxes, remuneration and social security | 45 | €1,706 | €1,351 | -€355 | -20.8% |
| Taxes | 450/3 | €1,706 | €1,351 | -€355 | -20.8% |
| Other amounts payable | 47/48 | €177,856 | €177,120 | -€737 | -0.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,526 | €30,743 | +€1,216 | +4.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €375 | €375 | = | 0.0% |
| Other operating charges | 640/8 | €1,975 | €4,935 | +€2,960 | +150% |
| Non-recurring operating charges | 66A | €4,677 | - | -€4,677 | |
| Gross operating margin | 9900 | €69,707 | €49,566 | -€20,141 | -28.9% |
| Operating profit (loss) | 9901 | €33,154 | €13,514 | -€19,640 | -59.2% |
| Financial income | 75/76B | €2 | €0 | -€2 | -99.0% |
| Recurring financial income | 75 | €2 | €0 | -€2 | -99.0% |
| Financial charges | 65/66B | €6,964 | €3,635 | -€3,329 | -47.8% |
| Recurring financial charges | 65 | €6,964 | €3,635 | -€3,329 | -47.8% |
| Profit (loss) for the period before taxes | 9903 | €26,192 | €9,878 | -€16,314 | -62.3% |
| Income taxes | 67/77 | €357 | €0 | -€357 | -100.0% |
| Profit (loss) for the period | 9904 | €25,835 | €9,878 | -€15,957 | -61.8% |
| Profit (loss) for the period to be appropriated | 9905 | €25,835 | €9,878 | -€15,957 | -61.8% |
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 25 October 2026 via checked.be.