Q&H Capital: what changed
Q&H Capital
Largest movements
- Receivables within one year +€80,006
up €80,006 (+429%), from €18,647 to €98,653
of which Trade receivables: +€79,620
- Tangible fixed assets -€13,216
down €13,216 (-26.3%), from €50,323 to €37,107
of which Furniture and vehicles: -€12,685
- Cash -€1,945
down €1,945 (-16.5%), from €11,790 to €9,845
mainly Receivables within one year (-€80,006) and Other debts (-€12,805)
- Reserves +€71,778
up €71,778 (+1,007%), from €7,128 to €78,906
- Short-term financial debts +€14,023
up €14,023 (+2,235%), from €627 to €14,651
- Other debts -€12,805
no longer reported in 2025 (was €12,805)
- Debts after one year -€7,965
down €7,965 (-31.2%), from €25,524 to €17,559
- Tax, wage and social debts -€2,501
down €2,501 (-34.2%), from €7,308 to €4,807
- Gross operating margin +€82,276
up €82,276 (+230%), from €35,700 to €117,976
- Taxes +€17,500
up €17,500 (+330%), from €5,306 to €22,807
- Financial charges -€2,259
down €2,259 (-62.5%), from €3,614 to €1,355
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 | €81,629 | €146,490 | +€64,861 | +79.5% |
| Fixed assets | 21/28 | €50,323 | €37,107 | -€13,216 | -26.3% |
| Tangible fixed assets | 22/27 | €50,323 | €37,107 | -€13,216 | -26.3% |
| Plant, machinery and equipment | 23 | €456 | €159 | -€297 | -65.1% |
| Furniture and vehicles | 24 | €48,061 | €35,376 | -€12,685 | -26.4% |
| Other tangible fixed assets | 26 | €1,806 | €1,572 | -€234 | -12.9% |
| Current assets | 29/58 | €31,306 | €109,383 | +€78,077 | +249% |
| Amounts receivable within one year | 40/41 | €18,647 | €98,653 | +€80,006 | +429% |
| Trade receivables | 40 | €18,255 | €97,875 | +€79,620 | +436% |
| Other amounts receivable | 41 | €392 | €778 | +€386 | +98.4% |
| Cash at bank and in hand | 54/58 | €11,790 | €9,845 | -€1,945 | -16.5% |
| Deferred charges and accrued income | 490/1 | €869 | €885 | +€16 | +1.9% |
| Total equity and liabilities | 10/49 | €81,629 | €146,490 | +€64,861 | +79.5% |
| Equity | 10/15 | €25,728 | €97,506 | +€71,778 | +279% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €7,128 | €78,906 | +€71,778 | +1,007% |
| Distributable reserves | 133 | €7,128 | €78,906 | +€71,778 | +1,007% |
| Amounts payable | 17/49 | €55,901 | €48,984 | -€6,916 | -12.4% |
| Amounts payable after more than one year | 17 | €25,524 | €17,559 | -€7,965 | -31.2% |
| Financial debts | 170/4 | €25,524 | €17,559 | -€7,965 | -31.2% |
| Amounts payable within one year | 42/48 | €30,274 | €31,346 | +€1,072 | +3.5% |
| Current portion of amounts payable after more than one year | 42 | €7,679 | €7,965 | +€286 | +3.7% |
| Financial debts | 43 | €627 | €14,651 | +€14,023 | +2,235% |
| Credit institutions | 430/8 | €627 | €14,651 | +€14,023 | +2,235% |
| Trade debts | 44 | €1,855 | €3,923 | +€2,069 | +112% |
| Suppliers | 440/4 | €1,855 | €3,923 | +€2,069 | +112% |
| Taxes, remuneration and social security | 45 | €7,308 | €4,807 | -€2,501 | -34.2% |
| Taxes | 450/3 | €7,308 | €4,807 | -€2,501 | -34.2% |
| Other amounts payable | 47/48 | €12,805 | - | -€12,805 | |
| Accrued charges and deferred income | 492/3 | €103 | €80 | -€23 | -22.6% |
| Non-recurring operating income | 76A | - | €9,534 | +€9,534 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,479 | €13,216 | -€262 | -1.9% |
| Other operating charges | 640/8 | €1,689 | €1,701 | +€12 | +0.7% |
| Gross operating margin | 9900 | €35,700 | €117,976 | +€82,276 | +230% |
| Operating profit (loss) | 9901 | €20,533 | €103,059 | +€82,527 | +402% |
| Financial income | 75/76B | €434 | €8 | -€426 | -98.0% |
| Recurring financial income | 75 | €434 | €8 | -€426 | -98.0% |
| Financial charges | 65/66B | €3,614 | €1,355 | -€2,259 | -62.5% |
| Recurring financial charges | 65 | €3,614 | €1,355 | -€2,259 | -62.5% |
| Profit (loss) for the period before taxes | 9903 | €17,353 | €101,712 | +€84,360 | +486% |
| Income taxes | 67/77 | €5,306 | €22,807 | +€17,500 | +330% |
| Profit (loss) for the period | 9904 | €12,046 | €78,906 | +€66,860 | +555% |
| Profit (loss) for the period to be appropriated | 9905 | €12,046 | €78,906 | +€66,860 | +555% |
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 2 November 2026 via checked.be.