Q-MAN: 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-MAN
Largest movements
- Financial fixed assets -€106,749
down €106,749 (-95.5%), from €111,750 to €5,001
- Cash +€64,575
up €64,575 (+162%), from €39,882 to €104,457
mainly Investment in fixed assets (net) (+€105,097) and Receivables within one year (+€41,019)
- Receivables within one year -€41,019
down €41,019 (-15.3%), from €268,232 to €227,212
of which Trade receivables: -€25,378
- Tangible fixed assets -€21,224
down €21,224 (-8.1%), from €262,904 to €241,680
of which Land and buildings: -€21,895
- Reserves -€107,310
down €107,310 (-12.7%), from €847,160 to €739,850
of which Distributable reserves: -€107,310
- Other debts +€23,538
up €23,538 (+1,773%), from €1,327 to €24,866
- Current portion of long-term debt -€22,548
down €22,548 (-100%), from €22,548 to €0
- Financial charges +€105,466
up €105,466 (+1,950%), from €5,408 to €110,874
of which Non-recurring financial charges: +€106,749
- Gross operating margin -€42,177
down €42,177 (-61.1%), from €69,064 to €26,886
- Taxes -€10,925
down €10,925 (-85.7%), from €12,750 to €1,826
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 | €891,277 | €789,413 | -€101,864 | -11.4% |
| Fixed assets | 21/28 | €374,654 | €246,681 | -€127,973 | -34.2% |
| Tangible fixed assets | 22/27 | €262,904 | €241,680 | -€21,224 | -8.1% |
| Land and buildings | 22 | €220,725 | €198,830 | -€21,895 | -9.9% |
| Furniture and vehicles | 24 | €41,829 | €42,850 | +€1,020 | +2.4% |
| Other tangible fixed assets | 26 | €350 | €0 | -€350 | -100% |
| Financial fixed assets | 28 | €111,750 | €5,001 | -€106,749 | -95.5% |
| Current assets | 29/58 | €516,623 | €542,732 | +€26,109 | +5.1% |
| Amounts receivable within one year | 40/41 | €268,232 | €227,212 | -€41,019 | -15.3% |
| Trade receivables | 40 | €52,075 | €26,697 | -€25,378 | -48.7% |
| Other amounts receivable | 41 | €216,156 | €200,515 | -€15,641 | -7.2% |
| Current investments | 50/53 | €205,414 | €207,918 | +€2,504 | +1.2% |
| Cash at bank and in hand | 54/58 | €39,882 | €104,457 | +€64,575 | +162% |
| Deferred charges and accrued income | 490/1 | €3,095 | €3,145 | +€49 | +1.6% |
| Total equity and liabilities | 10/49 | €891,277 | €789,413 | -€101,864 | -11.4% |
| Equity | 10/15 | €853,870 | €746,560 | -€107,310 | -12.6% |
| Contributions | 10/11 | €6,710 | €6,710 | = | 0.0% |
| Reserves | 13 | €847,160 | €739,850 | -€107,310 | -12.7% |
| Tax-exempt reserves | 132 | €22,058 | €22,058 | = | 0.0% |
| Distributable reserves | 133 | €825,102 | €717,792 | -€107,310 | -13.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €37,407 | €42,853 | +€5,446 | +14.6% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €37,407 | €42,853 | +€5,446 | +14.6% |
| Current portion of amounts payable after more than one year | 42 | €22,548 | €0 | -€22,548 | -100% |
| Trade debts | 44 | €4,211 | €4,901 | +€690 | +16.4% |
| Suppliers | 440/4 | €4,211 | €4,901 | +€690 | +16.4% |
| Taxes, remuneration and social security | 45 | €9,321 | €13,087 | +€3,765 | +40.4% |
| Taxes | 450/3 | €9,321 | €13,087 | +€3,765 | +40.4% |
| Other amounts payable | 47/48 | €1,327 | €24,866 | +€23,538 | +1,773% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,358 | €22,876 | -€482 | -2.1% |
| Other operating charges | 640/8 | €4,327 | €4,325 | -€2 | -0.1% |
| Gross operating margin | 9900 | €69,064 | €26,886 | -€42,177 | -61.1% |
| Operating profit (loss) | 9901 | €41,379 | -€314 | -€41,693 | |
| Financial income | 75/76B | €6,326 | €5,704 | -€622 | -9.8% |
| Recurring financial income | 75 | €6,326 | €5,704 | -€622 | -9.8% |
| Financial charges | 65/66B | €5,408 | €110,874 | +€105,466 | +1,950% |
| Recurring financial charges | 65 | €5,408 | €4,125 | -€1,283 | -23.7% |
| Non-recurring financial charges | 66B | - | €106,749 | +€106,749 | |
| Profit (loss) for the period before taxes | 9903 | €42,296 | -€105,484 | -€147,781 | |
| Income taxes | 67/77 | €12,750 | €1,826 | -€10,925 | -85.7% |
| Profit (loss) for the period | 9904 | €29,546 | -€107,310 | -€136,856 | |
| Profit (loss) for the period to be appropriated | 9905 | €29,546 | -€107,310 | -€136,856 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.