Q-DEVELOPMENT COMPANY: 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.
What changed
Q-DEVELOPMENT COMPANY
NACE 69.209, Other tax advisory services
financial year 2026 compared with 2025filed annual accounts (NBB)
Net result for the year
€691,293
2025 · €691,932-€639
Equity
€6.4m
2025 · €5.9m+€491,293
Cash
€175,902
2025 · €243,624-€67,722
Balance sheet total
€7.6m
2025 · €7.2m+€413,568
Largest movements
Assets
- Tangible fixed assets +€680,535
up €680,535 (+22.0%), from €3.1m to €3.8m
of which Land and buildings: +€669,857
- Receivables within one year -€116,401
down €116,401 (-9.7%), from €1.2m to €1.1m
of which Other amounts receivable: -€67,626
Equity and liabilities
- Reserves +€491,293
up €491,293 (+10.0%), from €4.9m to €5.4m
of which Distributable reserves: +€518,310
Income statement
- Financial income -€118,681
down €118,681 (-11.6%), from €1.0m to €902,226
of which Non-recurring financial income: -€186,897
- Depreciation +€58,673
up €58,673 (+44.7%), from €131,236 to €189,909
- Gross operating margin -€58,169
down €58,169 (-63.6%), from €91,429 to €33,259
- Taxes -€31,078
down €31,078 (-97.3%), from €31,937 to €859
- Other operating charges -€4,031
down €4,031 (-33.8%), from €11,938 to €7,908
From the 2025 result to the 2026 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.
Result 2025
€691,932
Gross operating margin
-€58,169
Depreciation
-€58,673
Other operating charges
+€4,031
Financial income
-€118,681
Financial charges
-€2,695
Taxes
+€31,078
Deferred taxes and other
+€202,470
Result 2026
€691,293
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
Derived from the 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€924,917
Investment
-€791,182
Financing
-€201,457
Cash 2025
€243,624
From operations (derived)
+€924,917
Net result for the year
+€691,293
Depreciation
+€189,909
Receivables within one year
+€116,401
Deferred charges and accrued income
+€3,582
Provisions
-€10,601
Trade debts
+€4,254
Tax, wage and social debts
-€1,881
Other debts
-€64,446
Accrued charges and deferred income
-€3,594
Investment (derived)
-€791,182
Investment in fixed assets (net)
-€851,308
Current investments
+€60,126
Financing
-€201,457
Short-term financial debts
-€1,457
Contributions, distributions and other
-€200,000
Cash 2026
€175,902
brings cash intakes cash out
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,156,831 | €7,570,399 | +€413,568 | +5.8% |
| Fixed assets | 21/28 | €4,880,905 | €5,542,304 | +€661,399 | +13.6% |
| Tangible fixed assets | 22/27 | €3,089,674 | €3,770,209 | +€680,535 | +22.0% |
| Land and buildings | 22 | €2,420,386 | €3,090,243 | +€669,857 | +27.7% |
| Plant, machinery and equipment | 23 | €570,468 | €613,639 | +€43,171 | +7.6% |
| Furniture and vehicles | 24 | €98,820 | €66,327 | -€32,493 | -32.9% |
| Financial fixed assets | 28 | €1,791,231 | €1,772,095 | -€19,136 | -1.1% |
| Current assets | 29/58 | €2,275,925 | €2,028,095 | -€247,831 | -10.9% |
| Amounts receivable within one year | 40/41 | €1,201,035 | €1,084,634 | -€116,401 | -9.7% |
| Trade receivables | 40 | €98,205 | €49,430 | -€48,775 | -49.7% |
| Other amounts receivable | 41 | €1,102,830 | €1,035,204 | -€67,626 | -6.1% |
| Current investments | 50/53 | €806,892 | €746,766 | -€60,126 | -7.5% |
| Cash at bank and in hand | 54/58 | €243,624 | €175,902 | -€67,722 | -27.8% |
| Deferred charges and accrued income | 490/1 | €24,375 | €20,793 | -€3,582 | -14.7% |
| Total equity and liabilities | 10/49 | €7,156,831 | €7,570,399 | +€413,568 | +5.8% |
| Equity | 10/15 | €5,938,041 | €6,429,333 | +€491,293 | +8.3% |
| Contributions | 10/11 | €1,045,503 | €1,045,503 | = | 0.0% |
| Reserves | 13 | €4,892,537 | €5,383,830 | +€491,293 | +10.0% |
| Non-distributable reserves | 130/1 | €9,197 | €9,197 | = | 0.0% |
| Reserves not available under the articles | 1311 | €9,197 | €9,197 | = | 0.0% |
| Tax-exempt reserves | 132 | €964,688 | €937,670 | -€27,017 | -2.8% |
| Distributable reserves | 133 | €3,918,652 | €4,436,962 | +€518,310 | +13.2% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Provisions and deferred taxes | 16 | €353,293 | €342,692 | -€10,601 | -3.0% |
| Deferred taxes | 168 | €353,293 | €342,692 | -€10,601 | -3.0% |
| Amounts payable | 17/49 | €865,497 | €798,373 | -€67,124 | -7.8% |
| Amounts payable within one year | 42/48 | €809,882 | €746,352 | -€63,530 | -7.8% |
| Financial debts | 43 | €3,360 | €1,903 | -€1,457 | -43.4% |
| Credit institutions | 430/8 | €3,360 | €1,903 | -€1,457 | -43.4% |
| Trade debts | 44 | €5,259 | €9,513 | +€4,254 | +80.9% |
| Suppliers | 440/4 | €5,259 | €9,513 | +€4,254 | +80.9% |
| Taxes, remuneration and social security | 45 | €4,737 | €2,856 | -€1,881 | -39.7% |
| Taxes | 450/3 | €4,737 | €2,856 | -€1,881 | -39.7% |
| Other amounts payable | 47/48 | €796,526 | €732,080 | -€64,446 | -8.1% |
| Accrued charges and deferred income | 492/3 | €55,615 | €52,021 | -€3,594 | -6.5% |
| Non-recurring operating income | 76A | €0 | €0 | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €131,236 | €189,909 | +€58,673 | +44.7% |
| Other operating charges | 640/8 | €11,938 | €7,908 | -€4,031 | -33.8% |
| Gross operating margin | 9900 | €91,429 | €33,259 | -€58,169 | -63.6% |
| Operating profit (loss) | 9901 | -€51,746 | -€164,557 | -€112,811 | -218% |
| Financial income | 75/76B | €1,020,907 | €902,226 | -€118,681 | -11.6% |
| Recurring financial income | 75 | €219,179 | €287,395 | +€68,217 | +31.1% |
| Non-recurring financial income | 76B | €801,728 | €614,830 | -€186,897 | -23.3% |
| Financial charges | 65/66B | €53,422 | €56,117 | +€2,695 | +5.0% |
| Recurring financial charges | 65 | €53,422 | €56,117 | +€2,695 | +5.0% |
| Profit (loss) for the period before taxes | 9903 | €915,738 | €681,551 | -€234,187 | -25.6% |
| Transfer from deferred taxes | 780 | €8,562 | €10,601 | +€2,038 | +23.8% |
| Transfer to deferred taxes | 680 | €200,432 | €0 | -€200,432 | -100% |
| Income taxes | 67/77 | €31,937 | €859 | -€31,078 | -97.3% |
| Profit (loss) for the period | 9904 | €691,932 | €691,293 | -€639 | -0.1% |
| Transfer from tax-exempt reserves | 789 | €20,903 | €27,017 | +€6,115 | +29.3% |
| Transfer to tax-exempt reserves | 689 | €601,296 | €0 | -€601,296 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €111,538 | €718,310 | +€606,772 | +544% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.