Q.E.M.: 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.E.M.
Largest movements
- Tangible fixed assets +€163,084
up €163,084 (+299.1%), from €54,530 to €217,614
of which Land and buildings: +€157,618
- Cash +€7,878
up €7,878 (+29.5%), from €26,747 to €34,625
mainly Debts after one year (+€166,443) and Depreciation (+€32,983)
- Debts after one year +€166,443
up €166,443 (+532.8%), from €31,239 to €197,682
- Other debts -€19,200
down €19,200 (-96.0%), from €20,000 to €800
- Reserves +€10,599
up €10,599 (+11.5%), from €91,860 to €102,459
of which Tax-exempt reserves: +€20,599
- Trade debts +€7,899
up €7,899 (+128.3%), from €6,159 to €14,058
- Current portion of long-term debt +€6,334
up €6,334 (+198.8%), from €3,186 to €9,520
- Depreciation +€29,322
up €29,322 (+800.7%), from €3,662 to €32,983
- Gross operating margin +€21,792
up €21,792 (+60.6%), from €35,932 to €57,724
- Taxes -€5,332
down €5,332 (-97.1%), from €5,490 to €158
- Financial charges +€2,363
up €2,363 (+53.8%), from €4,392 to €6,755
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 | €180,020 | €355,991 | +€175,972 | +97.8% |
| Fixed assets | 21/28 | €54,530 | €217,614 | +€163,084 | +299.1% |
| Tangible fixed assets | 22/27 | €54,530 | €217,614 | +€163,084 | +299.1% |
| Land and buildings | 22 | €51,273 | €208,891 | +€157,618 | +307.4% |
| Plant, machinery and equipment | 23 | - | €4,484 | +€4,484 | |
| Furniture and vehicles | 24 | €3,257 | €2,500 | -€758 | -23.3% |
| Other tangible fixed assets | 26 | - | €1,739 | +€1,739 | |
| Current assets | 29/58 | €125,490 | €138,377 | +€12,888 | +10.3% |
| Stocks and contracts in progress | 3 | - | €1,598 | +€1,598 | |
| Stocks | 30/36 | - | €1,598 | +€1,598 | |
| Amounts receivable within one year | 40/41 | €93,132 | €95,507 | +€2,375 | +2.5% |
| Trade receivables | 40 | €67,004 | €56,629 | -€10,375 | -15.5% |
| Other amounts receivable | 41 | €26,128 | €38,879 | +€12,750 | +48.8% |
| Cash at bank and in hand | 54/58 | €26,747 | €34,625 | +€7,878 | +29.5% |
| Deferred charges and accrued income | 490/1 | €5,610 | €6,647 | +€1,037 | +18.5% |
| Total equity and liabilities | 10/49 | €180,020 | €355,991 | +€175,972 | +97.8% |
| Equity | 10/15 | €113,092 | €123,159 | +€10,066 | +8.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €91,860 | €102,459 | +€10,599 | +11.5% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | - | €20,599 | +€20,599 | |
| Distributable reserves | 133 | €91,860 | €81,860 | -€10,000 | -10.9% |
| Profit (loss) carried forward | 14 | €2,632 | €2,100 | -€532 | -20.2% |
| Provisions and deferred taxes | 16 | - | €5,150 | +€5,150 | |
| Deferred taxes | 168 | - | €5,150 | +€5,150 | |
| Amounts payable | 17/49 | €66,927 | €227,683 | +€160,756 | +240.2% |
| Amounts payable after more than one year | 17 | €31,239 | €197,682 | +€166,443 | +532.8% |
| Financial debts | 170/4 | €31,239 | €197,682 | +€166,443 | +532.8% |
| Amounts payable within one year | 42/48 | €35,565 | €30,001 | -€5,564 | -15.6% |
| Current portion of amounts payable after more than one year | 42 | €3,186 | €9,520 | +€6,334 | +198.8% |
| Financial debts | 43 | - | €10 | +€10 | |
| Credit institutions | 430/8 | - | €10 | +€10 | |
| Trade debts | 44 | €6,159 | €14,058 | +€7,899 | +128.3% |
| Suppliers | 440/4 | €6,159 | €14,058 | +€7,899 | +128.3% |
| Taxes, remuneration and social security | 45 | €6,221 | €5,613 | -€608 | -9.8% |
| Taxes | 450/3 | €5,623 | €5,015 | -€608 | -10.8% |
| Remuneration and social security | 454/9 | €598 | €598 | = | 0.0% |
| Other amounts payable | 47/48 | €20,000 | €800 | -€19,200 | -96.0% |
| Accrued charges and deferred income | 492/3 | €123 | €0 | -€123 | -100.0% |
| Non-recurring operating income | 76A | €0 | €28,227 | +€28,227 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,662 | €32,983 | +€29,322 | +800.7% |
| Other operating charges | 640/8 | €1,701 | €1,816 | +€115 | +6.8% |
| Gross operating margin | 9900 | €35,932 | €57,724 | +€21,792 | +60.6% |
| Operating profit (loss) | 9901 | €30,570 | €22,925 | -€7,645 | -25.0% |
| Financial income | 75/76B | €3 | €4 | +€1 | +29.0% |
| Recurring financial income | 75 | €3 | €4 | +€1 | +29.0% |
| Financial charges | 65/66B | €4,392 | €6,755 | +€2,363 | +53.8% |
| Recurring financial charges | 65 | €4,392 | €6,755 | +€2,363 | +53.8% |
| Profit (loss) for the period before taxes | 9903 | €26,181 | €16,174 | -€10,007 | -38.2% |
| Transfer from deferred taxes | 780 | - | €72 | +€72 | |
| Transfer to deferred taxes | 680 | - | €5,222 | +€5,222 | |
| Income taxes | 67/77 | €5,490 | €158 | -€5,332 | -97.1% |
| Profit (loss) for the period | 9904 | €20,691 | €10,866 | -€9,824 | -47.5% |
| Transfer from tax-exempt reserves | 789 | - | €290 | +€290 | |
| Transfer to tax-exempt reserves | 689 | - | €20,889 | +€20,889 | |
| Profit (loss) for the period to be appropriated | 9905 | €20,691 | -€9,732 | -€30,423 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.