QA First: 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.
QA First
Largest movements
- Cash +€22,536
up €22,536 (+66.8%), from €33,730 to €56,266
mainly Receivables within one year (+€15,947) and Net result for the year (+€3,542)
- Receivables within one year -€15,947
down €15,947 (-38.8%), from €41,095 to €25,148
of which Trade receivables: -€18,452
- Reserves +€3,500
up €3,500 (+11.7%), from €30,000 to €33,500
- Tax, wage and social debts +€2,860
up €2,860 (+13.0%), from €21,923 to €24,783
of which Taxes: +€5,860
- Trade debts +€872
up €872 (+117%), from €743 to €1,614
- Gross operating margin -€39,711
down €39,711 (-52.4%), from €75,839 to €36,128
- Write-downs +€28,000
new in 2025: €28,000
- Taxes -€16,697
down €16,697 (-88.2%), from €18,923 to €2,227
- Depreciation +€1,596
up €1,596 (+279%), from €572 to €2,168
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 | €78,901 | €86,327 | +€7,426 | +9.4% |
| Fixed assets | 21/28 | €4,075 | €4,913 | +€838 | +20.6% |
| Tangible fixed assets | 22/27 | €3,575 | €4,413 | +€838 | +23.4% |
| Plant, machinery and equipment | 23 | €3,575 | €4,413 | +€838 | +23.4% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €74,826 | €81,414 | +€6,589 | +8.8% |
| Amounts receivable within one year | 40/41 | €41,095 | €25,148 | -€15,947 | -38.8% |
| Trade receivables | 40 | €40,600 | €22,148 | -€18,452 | -45.4% |
| Other amounts receivable | 41 | €495 | €3,000 | +€2,505 | +506% |
| Cash at bank and in hand | 54/58 | €33,730 | €56,266 | +€22,536 | +66.8% |
| Total equity and liabilities | 10/49 | €78,901 | €86,327 | +€7,426 | +9.4% |
| Equity | 10/15 | €56,187 | €59,729 | +€3,542 | +6.3% |
| Contributions | 10/11 | €500 | €500 | = | 0.0% |
| Reserves | 13 | €30,000 | €33,500 | +€3,500 | +11.7% |
| Distributable reserves | 133 | €30,000 | €33,500 | +€3,500 | +11.7% |
| Profit (loss) carried forward | 14 | €25,687 | €25,729 | +€42 | +0.2% |
| Amounts payable | 17/49 | €22,714 | €26,598 | +€3,884 | +17.1% |
| Amounts payable within one year | 42/48 | €22,714 | €26,598 | +€3,884 | +17.1% |
| Financial debts | 43 | €47 | €200 | +€153 | +323% |
| Credit institutions | 430/8 | €47 | €200 | +€153 | +323% |
| Trade debts | 44 | €743 | €1,614 | +€872 | +117% |
| Suppliers | 440/4 | €743 | €1,614 | +€872 | +117% |
| Taxes, remuneration and social security | 45 | €21,923 | €24,783 | +€2,860 | +13.0% |
| Taxes | 450/3 | €18,923 | €24,783 | +€5,860 | +31.0% |
| Remuneration and social security | 454/9 | €3,000 | - | -€3,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €572 | €2,168 | +€1,596 | +279% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €28,000 | +€28,000 | |
| Other operating charges | 640/8 | €574 | €120 | -€454 | -79.1% |
| Gross operating margin | 9900 | €75,839 | €36,128 | -€39,711 | -52.4% |
| Operating profit (loss) | 9901 | €74,693 | €5,840 | -€68,854 | -92.2% |
| Financial charges | 65/66B | €83 | €71 | -€12 | -14.5% |
| Recurring financial charges | 65 | €83 | €71 | -€12 | -14.5% |
| Profit (loss) for the period before taxes | 9903 | €74,610 | €5,769 | -€68,841 | -92.3% |
| Income taxes | 67/77 | €18,923 | €2,227 | -€16,697 | -88.2% |
| Profit (loss) for the period | 9904 | €55,687 | €3,542 | -€52,145 | -93.6% |
| Profit (loss) for the period to be appropriated | 9905 | €55,687 | €3,542 | -€52,145 | -93.6% |
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 17 October 2026 via checked.be.