Q-TEC: 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-TEC
Largest movements
- Receivables within one year +€60,906
up €60,906 (+24.7%), from €246,805 to €307,712
of which Trade receivables: +€53,144
- Stocks and contracts -€50,175
down €50,175 (-18.2%), from €275,048 to €224,873
- Tangible fixed assets -€31,810
down €31,810 (-11.2%), from €284,849 to €253,039
of which Furniture and vehicles: -€88,376
- Cash +€10,754
up €10,754 (+10.9%), from €98,737 to €109,491
mainly Trade debts (+€149,901) and Depreciation (+€85,930)
- Trade debts +€149,901
up €149,901 (+214%), from €69,944 to €219,845
- Debts after one year -€114,371
down €114,371 (-46.0%), from €248,611 to €134,239
- Short-term financial debts -€100,000
down €100,000 (-100%), from €100,000 to €0
- Reserves +€64,766
up €64,766 (+21.6%), from €299,619 to €364,386
- Current portion of long-term debt -€25,616
down €25,616 (-18.3%), from €139,987 to €114,371
- Staff costs +€112,085
up €112,085 (+489%), from €22,933 to €135,017
- Gross operating margin +€41,049
up €41,049 (+13.8%), from €296,787 to €337,836
- Depreciation -€25,698
down €25,698 (-23.0%), from €111,627 to €85,930
- Taxes -€10,123
down €10,123 (-30.9%), from €32,765 to €22,642
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 | €915,970 | €905,679 | -€10,291 | -1.1% |
| Fixed assets | 21/28 | €284,849 | €253,039 | -€31,810 | -11.2% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €284,849 | €253,039 | -€31,810 | -11.2% |
| Plant, machinery and equipment | 23 | €8,591 | €40,576 | +€31,985 | +372% |
| Furniture and vehicles | 24 | €276,258 | €187,882 | -€88,376 | -32.0% |
| Assets under construction and advance payments | 27 | - | €24,581 | +€24,581 | |
| Current assets | 29/58 | €631,121 | €652,640 | +€21,519 | +3.4% |
| Stocks and contracts in progress | 3 | €275,048 | €224,873 | -€50,175 | -18.2% |
| Stocks | 30/36 | €275,048 | €224,873 | -€50,175 | -18.2% |
| Amounts receivable within one year | 40/41 | €246,805 | €307,712 | +€60,906 | +24.7% |
| Trade receivables | 40 | €246,705 | €299,849 | +€53,144 | +21.5% |
| Other amounts receivable | 41 | €100 | €7,862 | +€7,762 | +7,762% |
| Cash at bank and in hand | 54/58 | €98,737 | €109,491 | +€10,754 | +10.9% |
| Deferred charges and accrued income | 490/1 | €10,530 | €10,564 | +€33 | +0.3% |
| Total equity and liabilities | 10/49 | €915,970 | €905,679 | -€10,291 | -1.1% |
| Equity | 10/15 | €306,127 | €370,893 | +€64,766 | +21.2% |
| Contributions | 10/11 | €6,508 | €6,508 | = | 0.0% |
| Reserves | 13 | €299,619 | €364,386 | +€64,766 | +21.6% |
| Distributable reserves | 133 | €299,619 | €364,386 | +€64,766 | +21.6% |
| Amounts payable | 17/49 | €609,843 | €534,785 | -€75,057 | -12.3% |
| Amounts payable after more than one year | 17 | €248,611 | €134,239 | -€114,371 | -46.0% |
| Financial debts | 170/4 | €248,611 | €134,239 | -€114,371 | -46.0% |
| Amounts payable within one year | 42/48 | €361,232 | €400,546 | +€39,314 | +10.9% |
| Current portion of amounts payable after more than one year | 42 | €139,987 | €114,371 | -€25,616 | -18.3% |
| Financial debts | 43 | €100,000 | €0 | -€100,000 | -100% |
| Credit institutions | 430/8 | €100,000 | €0 | -€100,000 | -100% |
| Trade debts | 44 | €69,944 | €219,845 | +€149,901 | +214% |
| Suppliers | 440/4 | €69,944 | €219,845 | +€149,901 | +214% |
| Taxes, remuneration and social security | 45 | €51,301 | €66,330 | +€15,029 | +29.3% |
| Taxes | 450/3 | €46,774 | €40,939 | -€5,836 | -12.5% |
| Remuneration and social security | 454/9 | €4,527 | €25,392 | +€20,865 | +461% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €22,933 | €135,017 | +€112,085 | +489% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €111,627 | €85,930 | -€25,698 | -23.0% |
| Other operating charges | 640/8 | €6,324 | €7,863 | +€1,539 | +24.3% |
| Non-recurring operating charges | 66A | €0 | €0 | +€0 | |
| Gross operating margin | 9900 | €296,787 | €337,836 | +€41,049 | +13.8% |
| Operating profit (loss) | 9901 | €155,903 | €109,025 | -€46,877 | -30.1% |
| Financial income | 75/76B | €62 | €56 | -€6 | -9.3% |
| Recurring financial income | 75 | €62 | €56 | -€6 | -9.3% |
| Financial charges | 65/66B | €25,001 | €21,673 | -€3,328 | -13.3% |
| Recurring financial charges | 65 | €25,001 | €21,673 | -€3,328 | -13.3% |
| Profit (loss) for the period before taxes | 9903 | €130,963 | €87,409 | -€43,555 | -33.3% |
| Income taxes | 67/77 | €32,765 | €22,642 | -€10,123 | -30.9% |
| Profit (loss) for the period | 9904 | €98,198 | €64,766 | -€33,432 | -34.0% |
| Profit (loss) for the period to be appropriated | 9905 | €98,198 | €64,766 | -€33,432 | -34.0% |
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 14 October 2026 via checked.be.