Q & S PROJECTS: what changed
Two fiscal 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 & S PROJECTS
Largest movements
- Receivables within one year +€28,779
up €28,779 (+22.4%), from €128,676 to €157,454
of which Other amounts receivable: +€29,299
- Cash -€11,514
down €11,514 (-72.8%), from €15,817 to €4,303
mainly Contributions, distributions and other (-€42,781) and Receivables within one year (-€28,779)
- Other debts +€40,000
up €40,000, from €0 to €40,000
- Reserves -€30,566
down €30,566 (-25.1%), from €121,811 to €91,245
- Trade debts -€25,977
down €25,977 (-82.7%), from €31,399 to €5,422
- Debts after one year +€20,000
up €20,000 (+51.1%), from €39,167 to €59,167
- Tax, wage and social debts +€11,516
up €11,516 (+75.1%), from €15,329 to €26,845
of which Taxes: +€11,516
- Gross operating margin +€17,549
up €17,549 (+318.3%), from €5,514 to €23,063
- Taxes +€4,990
up €4,990 (+464.6%), from €1,074 to €6,064
- Financial charges +€1,488
up €1,488 (+112.8%), from €1,320 to €2,808
- Depreciation -€1,378
down €1,378 (-38.2%), from €3,609 to €2,231
- Other operating charges +€367
up €367 (+31.8%), from €1,152 to €1,518
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 | €222,855 | €237,829 | +€14,974 | +6.7% |
| Fixed assets | 21/28 | €74,729 | €72,498 | -€2,231 | -3.0% |
| Tangible fixed assets | 22/27 | €4,679 | €2,448 | -€2,231 | -47.7% |
| Plant, machinery and equipment | 23 | €2,874 | €2,163 | -€711 | -24.7% |
| Furniture and vehicles | 24 | €1,804 | €285 | -€1,520 | -84.2% |
| Financial fixed assets | 28 | €70,050 | €70,050 | = | 0.0% |
| Current assets | 29/58 | €148,127 | €165,332 | +€17,205 | +11.6% |
| Amounts receivable within one year | 40/41 | €128,676 | €157,454 | +€28,779 | +22.4% |
| Trade receivables | 40 | €32,722 | €32,202 | -€520 | -1.6% |
| Other amounts receivable | 41 | €95,954 | €125,252 | +€29,299 | +30.5% |
| Cash at bank and in hand | 54/58 | €15,817 | €4,303 | -€11,514 | -72.8% |
| Deferred charges and accrued income | 490/1 | €3,635 | €3,574 | -€60 | -1.7% |
| Total equity and liabilities | 10/49 | €222,855 | €237,829 | +€14,974 | +6.7% |
| Equity | 10/15 | €126,811 | €96,245 | -€30,566 | -24.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €121,811 | €91,245 | -€30,566 | -25.1% |
| Distributable reserves | 133 | €121,811 | €91,245 | -€30,566 | -25.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €96,045 | €141,584 | +€45,539 | +47.4% |
| Amounts payable after more than one year | 17 | €39,167 | €59,167 | +€20,000 | +51.1% |
| Financial debts | 170/4 | €39,167 | €59,167 | +€20,000 | +51.1% |
| Amounts payable within one year | 42/48 | €56,728 | €82,267 | +€25,539 | +45.0% |
| Current portion of amounts payable after more than one year | 42 | €10,000 | €10,000 | = | 0.0% |
| Trade debts | 44 | €31,399 | €5,422 | -€25,977 | -82.7% |
| Suppliers | 440/4 | €31,399 | €5,422 | -€25,977 | -82.7% |
| Taxes, remuneration and social security | 45 | €15,329 | €26,845 | +€11,516 | +75.1% |
| Taxes | 450/3 | €13,329 | €24,845 | +€11,516 | +86.4% |
| Remuneration and social security | 454/9 | €2,000 | €2,000 | = | 0.0% |
| Other amounts payable | 47/48 | €0 | €40,000 | +€40,000 | |
| Accrued charges and deferred income | 492/3 | €150 | €150 | = | 0.0% |
| Non-recurring operating income | 76A | €727 | €0 | -€727 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,609 | €2,231 | -€1,378 | -38.2% |
| Other operating charges | 640/8 | €1,152 | €1,518 | +€367 | +31.8% |
| Gross operating margin | 9900 | €5,514 | €23,063 | +€17,549 | +318.3% |
| Operating profit (loss) | 9901 | €754 | €19,314 | +€18,560 | +2462.1% |
| Financial income | 75/76B | €1,884 | €1,773 | -€110 | -5.9% |
| Recurring financial income | 75 | €1,884 | €1,773 | -€110 | -5.9% |
| Financial charges | 65/66B | €1,320 | €2,808 | +€1,488 | +112.8% |
| Recurring financial charges | 65 | €1,320 | €2,808 | +€1,488 | +112.8% |
| Profit (loss) for the period before taxes | 9903 | €1,318 | €18,279 | +€16,961 | +1287.3% |
| Income taxes | 67/77 | €1,074 | €6,064 | +€4,990 | +464.6% |
| Profit (loss) for the period | 9904 | €244 | €12,215 | +€11,972 | +4915.2% |
| Profit (loss) for the period to be appropriated | 9905 | €244 | €12,215 | +€11,972 | +4915.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.