Q-ZEN: 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-ZEN
Largest movements
- Stocks and contracts +€184,744
new in 2025: €184,744
- Receivables within one year +€178,379
up €178,379 (+44.2%), from €403,817 to €582,195
of which Trade receivables: +€112,100
- Cash +€99,308
new in 2025: €99,308
mainly Trade debts (+€323,396) and Debts after one year (+€128,397)
- Current investments -€54,895
no longer reported in 2025 (was €54,895)
- Tangible fixed assets +€42,443
up €42,443 (+60.2%), from €70,533 to €112,976
of which Furniture and vehicles: +€27,635
- Trade debts +€323,396
up €323,396 (+126%), from €256,563 to €579,959
- Debts after one year +€128,397
new in 2025: €128,397
- Current portion of long-term debt +€48,051
new in 2025: €48,051
- Short-term financial debts -€36,416
down €36,416 (-24.3%), from €150,000 to €113,584
- Profit (loss) carried forward +€12,348
up €12,348 (+14.8%), from €83,191 to €95,538
- Gross operating margin +€43,053
up €43,053 (+90.2%), from €47,743 to €90,795
- Staff costs +€38,613
new in 2025: €38,613
- Financial charges +€7,281
up €7,281 (+74.2%), from €9,817 to €17,099
- Depreciation +€2,706
up €2,706 (+36.2%), from €7,472 to €10,178
- Taxes -€1,191
down €1,191 (-11.6%), from €10,227 to €9,036
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 | €535,822 | €990,140 | +€454,318 | +84.8% |
| Fixed assets | 21/28 | €75,744 | €119,664 | +€43,919 | +58.0% |
| Intangible fixed assets | 21 | €2,012 | €988 | -€1,024 | -50.9% |
| Tangible fixed assets | 22/27 | €70,533 | €112,976 | +€42,443 | +60.2% |
| Land and buildings | 22 | €69,427 | €82,658 | +€13,231 | +19.1% |
| Plant, machinery and equipment | 23 | €164 | €1,741 | +€1,577 | +961% |
| Furniture and vehicles | 24 | €942 | €28,576 | +€27,635 | +2,935% |
| Financial fixed assets | 28 | €3,200 | €5,700 | +€2,500 | +78.1% |
| Current assets | 29/58 | €460,078 | €870,476 | +€410,398 | +89.2% |
| Stocks and contracts in progress | 3 | - | €184,744 | +€184,744 | |
| Stocks | 30/36 | - | €184,744 | +€184,744 | |
| Amounts receivable within one year | 40/41 | €403,817 | €582,195 | +€178,379 | +44.2% |
| Trade receivables | 40 | €385,761 | €497,861 | +€112,100 | +29.1% |
| Other amounts receivable | 41 | €18,056 | €84,335 | +€66,279 | +367% |
| Current investments | 50/53 | €54,895 | - | -€54,895 | |
| Cash at bank and in hand | 54/58 | - | €99,308 | +€99,308 | |
| Deferred charges and accrued income | 490/1 | €1,366 | €4,229 | +€2,863 | +210% |
| Total equity and liabilities | 10/49 | €535,822 | €990,140 | +€454,318 | +84.8% |
| Equity | 10/15 | €85,191 | €97,538 | +€12,348 | +14.5% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €83,191 | €95,538 | +€12,348 | +14.8% |
| Amounts payable | 17/49 | €450,631 | €892,601 | +€441,970 | +98.1% |
| Amounts payable after more than one year | 17 | - | €128,397 | +€128,397 | |
| Financial debts | 170/4 | - | €128,397 | +€128,397 | |
| Amounts payable within one year | 42/48 | €447,489 | €764,204 | +€316,715 | +70.8% |
| Current portion of amounts payable after more than one year | 42 | - | €48,051 | +€48,051 | |
| Financial debts | 43 | €150,000 | €113,584 | -€36,416 | -24.3% |
| Credit institutions | 430/8 | €150,000 | €113,584 | -€36,416 | -24.3% |
| Trade debts | 44 | €256,563 | €579,959 | +€323,396 | +126% |
| Suppliers | 440/4 | €256,563 | €579,959 | +€323,396 | +126% |
| Taxes, remuneration and social security | 45 | €31,807 | €22,393 | -€9,414 | -29.6% |
| Taxes | 450/3 | €31,807 | €19,641 | -€12,166 | -38.3% |
| Remuneration and social security | 454/9 | - | €2,752 | +€2,752 | |
| Other amounts payable | 47/48 | €9,120 | €218 | -€8,902 | -97.6% |
| Accrued charges and deferred income | 492/3 | €3,142 | - | -€3,142 | |
| Remuneration, social security and pensions | 62 | - | €38,613 | +€38,613 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,472 | €10,178 | +€2,706 | +36.2% |
| Other operating charges | 640/8 | €3,366 | €3,522 | +€156 | +4.6% |
| Gross operating margin | 9900 | €47,743 | €90,795 | +€43,053 | +90.2% |
| Operating profit (loss) | 9901 | €36,905 | €38,482 | +€1,577 | +4.3% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €9,817 | €17,099 | +€7,281 | +74.2% |
| Recurring financial charges | 65 | €9,817 | €17,099 | +€7,281 | +74.2% |
| Profit (loss) for the period before taxes | 9903 | €27,088 | €21,384 | -€5,704 | -21.1% |
| Income taxes | 67/77 | €10,227 | €9,036 | -€1,191 | -11.6% |
| Profit (loss) for the period | 9904 | €16,861 | €12,348 | -€4,514 | -26.8% |
| Profit (loss) for the period to be appropriated | 9905 | €16,861 | €12,348 | -€4,514 | -26.8% |
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 21 October 2026 via checked.be.