Q-DEVELOPMENTS: 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-DEVELOPMENTS
NACE 25.110, Manufacture of metal structures and parts of structures
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€172,484
2024 · €116,963+€55,521
Equity
€1.4m
2024 · €1.2m+€172,484
Cash
€177,924
2024 · €421,409-€243,485
Balance sheet total
€2.5m
2024 · €2.3m+€203,440
Largest movements
Assets
- Receivables within one year +€340,962
up €340,962 (+138%), from €246,457 to €587,419
of which Trade receivables: +€357,494
- Cash -€243,485
down €243,485 (-57.8%), from €421,409 to €177,924
mainly Receivables within one year (-€340,962) and Investment in fixed assets (net) (-€155,750)
- Stocks and contracts +€70,374
up €70,374 (+8.1%), from €870,096 to €940,470
of which Stocks: +€57,685
- Tangible fixed assets +€39,437
up €39,437 (+11.7%), from €338,274 to €377,712
of which Assets under construction and advance payments: +€86,862
Equity and liabilities
- Reserves +€172,484
up €172,484 (+15.3%), from €1.1m to €1.3m
- Tax, wage and social debts +€56,265
up €56,265 (+65.0%), from €86,505 to €142,770
of which Remuneration and social security: +€35,588
- Debts after one year -€26,735
down €26,735 (-6.6%), from €402,557 to €375,822
Income statement
- Turnover +€2.0m
up €2.0m (+74.8%), from €2.6m to €4.6m
- Goods and materials +€1.1m
up €1.1m (+65.2%), from €1.7m to €2.8m
of which Purchases: +€1.2m
- Services and other goods +€607,580
up €607,580 (+155%), from €392,859 to €1.0m
- Staff costs +€130,896
up €130,896 (+34.8%), from €376,365 to €507,262
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.
Result 2024
€116,963
Turnover
+€2.0m
Other operating income
-€3,840
Goods and materials
-€1.1m
Services and other goods
-€607,580
Staff costs
-€130,896
Depreciation
+€5,143
Other operating charges
-€610
Other operating items
-€78,519
Financial income
+€10,532
Financial charges
+€1,566
Taxes
-€12,969
Result 2025
€172,484
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€73,872
Investment
-€155,750
Financing
-€13,864
Cash 2024
€421,409
From operations (derived)
-€73,872
Net result for the year
+€172,484
Depreciation
+€118,284
Stocks and contracts
-€70,374
Receivables within one year
-€340,962
Deferred charges and accrued income
+€1,878
Trade debts
-€11,557
Tax, wage and social debts
+€56,265
Other debts
+€112
Investment (derived)
-€155,750
Investment in fixed assets (net)
-€155,750
Financing
-€13,864
Debts after one year
-€26,735
Current portion of long-term debt
+€18,338
Short-term financial debts
-€5,467
Cash 2025
€177,924
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,293,067 | €2,496,507 | +€203,440 | +8.9% |
| Fixed assets | 21/28 | €741,296 | €778,763 | +€37,467 | +5.1% |
| Intangible fixed assets | 21 | €3,021 | €1,051 | -€1,971 | -65.2% |
| Tangible fixed assets | 22/27 | €338,274 | €377,712 | +€39,437 | +11.7% |
| Plant, machinery and equipment | 23 | €14,135 | €31,645 | +€17,509 | +124% |
| Furniture and vehicles | 24 | €50,327 | €62,930 | +€12,603 | +25.0% |
| Leasing and similar rights | 25 | €271,731 | €195,210 | -€76,521 | -28.2% |
| Other tangible fixed assets | 26 | €2,081 | €1,065 | -€1,016 | -48.8% |
| Assets under construction and advance payments | 27 | - | €86,862 | +€86,862 | |
| Financial fixed assets | 28 | €400,000 | €400,000 | = | 0.0% |
| Affiliated companies | 280/1 | €400,000 | €400,000 | = | 0.0% |
| Participating interests | 280 | €400,000 | €400,000 | = | 0.0% |
| Current assets | 29/58 | €1,551,772 | €1,717,745 | +€165,973 | +10.7% |
| Stocks and contracts in progress | 3 | €870,096 | €940,470 | +€70,374 | +8.1% |
| Stocks | 30/36 | €831,096 | €888,781 | +€57,685 | +6.9% |
| Raw materials and consumables | 30/31 | €163,020 | €152,459 | -€10,560 | -6.5% |
| Work in progress | 32 | €120,548 | €66,523 | -€54,026 | -44.8% |
| Finished goods | 33 | €114,614 | €181,148 | +€66,534 | +58.1% |
| Goods purchased for resale | 34 | €432,914 | €488,651 | +€55,737 | +12.9% |
| Contracts in progress | 37 | €39,000 | €51,689 | +€12,689 | +32.5% |
| Amounts receivable within one year | 40/41 | €246,457 | €587,419 | +€340,962 | +138% |
| Trade receivables | 40 | €167,166 | €524,659 | +€357,494 | +214% |
| Other amounts receivable | 41 | €79,291 | €62,759 | -€16,532 | -20.8% |
| Cash at bank and in hand | 54/58 | €421,409 | €177,924 | -€243,485 | -57.8% |
| Deferred charges and accrued income | 490/1 | €13,810 | €11,933 | -€1,878 | -13.6% |
| Total equity and liabilities | 10/49 | €2,293,067 | €2,496,507 | +€203,440 | +8.9% |
| Equity | 10/15 | €1,196,230 | €1,368,715 | +€172,484 | +14.4% |
| Contributions | 10/11 | €68,600 | €68,600 | = | 0.0% |
| Reserves | 13 | €1,127,630 | €1,300,115 | +€172,484 | +15.3% |
| Distributable reserves | 133 | €1,127,630 | €1,300,115 | +€172,484 | +15.3% |
| Amounts payable | 17/49 | €1,096,837 | €1,127,792 | +€30,955 | +2.8% |
| Amounts payable after more than one year | 17 | €402,557 | €375,822 | -€26,735 | -6.6% |
| Financial debts | 170/4 | €402,557 | €375,822 | -€26,735 | -6.6% |
| Leasing and similar obligations | 172 | €197,741 | €119,527 | -€78,214 | -39.6% |
| Credit institutions | 173 | €204,816 | €256,295 | +€51,479 | +25.1% |
| Amounts payable within one year | 42/48 | €694,281 | €751,971 | +€57,690 | +8.3% |
| Current portion of amounts payable after more than one year | 42 | €151,025 | €169,363 | +€18,338 | +12.1% |
| Financial debts | 43 | €10,611 | €5,145 | -€5,467 | -51.5% |
| Credit institutions | 430/8 | €10,611 | €5,145 | -€5,467 | -51.5% |
| Trade debts | 44 | €446,139 | €434,582 | -€11,557 | -2.6% |
| Suppliers | 440/4 | €446,139 | €434,582 | -€11,557 | -2.6% |
| Taxes, remuneration and social security | 45 | €86,505 | €142,770 | +€56,265 | +65.0% |
| Taxes | 450/3 | €55,999 | €76,676 | +€20,677 | +36.9% |
| Remuneration and social security | 454/9 | €30,506 | €66,094 | +€35,588 | +117% |
| Other amounts payable | 47/48 | €0 | €112 | +€112 | |
| Operating income | 70/76A | €2,752,505 | €4,633,282 | +€1.9m | +68.3% |
| Turnover | 70 | €2,623,281 | €4,586,417 | +€2.0m | +74.8% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €100,893 | €25,197 | -€75,695 | -75.0% |
| Other operating income | 74 | €19,642 | €15,802 | -€3,840 | -19.5% |
| Non-recurring operating income | 76A | €8,689 | €5,865 | -€2,824 | -32.5% |
| Operating charges | 60/66A | €2,570,988 | €4,395,373 | +€1.8m | +71.0% |
| Goods for resale, raw materials and consumables | 60 | €1,673,324 | €2,763,765 | +€1.1m | +65.2% |
| Purchases | 600/8 | €1,656,818 | €2,808,941 | +€1.2m | +69.5% |
| Change in stocks: decrease (increase) | 609 | €16,506 | -€45,177 | -€61,683 | |
| Services and other goods | 61 | €392,859 | €1,000,440 | +€607,580 | +155% |
| Remuneration, social security and pensions | 62 | €376,365 | €507,262 | +€130,896 | +34.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €123,426 | €118,284 | -€5,143 | -4.2% |
| Other operating charges | 640/8 | €5,013 | €5,623 | +€610 | +12.2% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Operating profit (loss) | 9901 | €181,516 | €237,909 | +€56,393 | +31.1% |
| Financial income | 75/76B | €2,360 | €12,891 | +€10,532 | +446% |
| Recurring financial income | 75 | €2,360 | €12,891 | +€10,532 | +446% |
| Income from current assets | 751 | - | €3,422 | +€3,422 | |
| Other financial income | 752/9 | €2,360 | €9,469 | +€7,109 | +301% |
| Financial charges | 65/66B | €18,133 | €16,567 | -€1,566 | -8.6% |
| Recurring financial charges | 65 | €18,133 | €16,567 | -€1,566 | -8.6% |
| Debt charges | 650 | €16,778 | €14,129 | -€2,649 | -15.8% |
| Other financial charges | 652/9 | €1,355 | €2,438 | +€1,083 | +79.9% |
| Profit (loss) for the period before taxes | 9903 | €165,743 | €234,233 | +€68,490 | +41.3% |
| Income taxes | 67/77 | €48,780 | €61,749 | +€12,969 | +26.6% |
| Taxes | 670/3 | €48,780 | €61,749 | +€12,969 | +26.6% |
| Profit (loss) for the period | 9904 | €116,963 | €172,484 | +€55,521 | +47.5% |
| Profit (loss) for the period to be appropriated | 9905 | €116,963 | €172,484 | +€55,521 | +47.5% |
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.