QAF: 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.
QAF
Largest movements
- Tangible fixed assets -€175,686
down €175,686 (-1.6%), from €10.7m to €10.5m
- Debts after one year -€502,382
down €502,382 (-4.9%), from €10.3m to €9.8m
of which Financial debts: -€331,888
- Profit (loss) carried forward +€163,002
up €163,002 (+450.7%), from €36,167 to €199,169
- Gross operating margin +€628,410
up €628,410 (+152.5%), from €412,071 to €1.0m
- Financial charges +€290,836
up €290,836 (+179.2%), from €162,304 to €453,140
- Depreciation +€187,522
up €187,522 (+206.9%), from €90,648 to €278,170
- Taxes +€45,790
up €45,790 (+338.0%), from €13,547 to €59,337
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 | €10,942,915 | €10,763,389 | -€179,526 | -1.6% |
| Fixed assets | 21/28 | €10,680,953 | €10,505,267 | -€175,686 | -1.6% |
| Tangible fixed assets | 22/27 | €10,680,953 | €10,505,267 | -€175,686 | -1.6% |
| Land and buildings | 22 | €10,680,953 | €10,505,267 | -€175,686 | -1.6% |
| Current assets | 29/58 | €261,962 | €258,121 | -€3,841 | -1.5% |
| Amounts receivable within one year | 40/41 | €247,837 | €258,121 | +€10,285 | +4.1% |
| Trade receivables | 40 | €247,837 | €258,121 | +€10,285 | +4.1% |
| Cash at bank and in hand | 54/58 | €1,246 | - | -€1,246 | |
| Deferred charges and accrued income | 490/1 | €12,880 | - | -€12,880 | |
| Total equity and liabilities | 10/49 | €10,942,915 | €10,763,389 | -€179,526 | -1.6% |
| Equity | 10/15 | €86,167 | €249,169 | +€163,002 | +189.2% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €36,167 | €199,169 | +€163,002 | +450.7% |
| Amounts payable | 17/49 | €10,856,749 | €10,514,220 | -€342,529 | -3.2% |
| Amounts payable after more than one year | 17 | €10,265,121 | €9,762,738 | -€502,382 | -4.9% |
| Financial debts | 170/4 | €8,861,055 | €8,529,167 | -€331,888 | -3.7% |
| Other amounts payable | 178/9 | €1,404,065 | €1,233,571 | -€170,495 | -12.1% |
| Amounts payable within one year | 42/48 | €345,522 | €498,079 | +€152,557 | +44.2% |
| Current portion of amounts payable after more than one year | 42 | €317,407 | €331,888 | +€14,481 | +4.6% |
| Financial debts | 43 | - | €56,191 | +€56,191 | |
| Credit institutions | 430/8 | - | €56,191 | +€56,191 | |
| Trade debts | 44 | €14,568 | €37,116 | +€22,549 | +154.8% |
| Suppliers | 440/4 | €14,568 | €37,116 | +€22,549 | +154.8% |
| Taxes, remuneration and social security | 45 | €13,547 | €72,884 | +€59,337 | +438.0% |
| Taxes | 450/3 | €13,547 | €72,884 | +€59,337 | +438.0% |
| Accrued charges and deferred income | 492/3 | €246,106 | €253,403 | +€7,297 | +3.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €90,648 | €278,170 | +€187,522 | +206.9% |
| Other operating charges | 640/8 | €79,780 | €86,832 | +€7,052 | +8.8% |
| Gross operating margin | 9900 | €412,071 | €1,040,481 | +€628,410 | +152.5% |
| Operating profit (loss) | 9901 | €241,643 | €675,479 | +€433,836 | +179.5% |
| Financial income | 75/76B | €0 | €0 | = | 0.0% |
| Recurring financial income | 75 | €0 | €0 | = | 0.0% |
| Financial charges | 65/66B | €162,304 | €453,140 | +€290,836 | +179.2% |
| Recurring financial charges | 65 | €162,304 | €453,140 | +€290,836 | +179.2% |
| Profit (loss) for the period before taxes | 9903 | €79,339 | €222,339 | +€143,000 | +180.2% |
| Income taxes | 67/77 | €13,547 | €59,337 | +€45,790 | +338.0% |
| Profit (loss) for the period | 9904 | €65,792 | €163,002 | +€97,210 | +147.8% |
| Profit (loss) for the period to be appropriated | 9905 | €65,792 | €163,002 | +€97,210 | +147.8% |
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 10 October 2026 via checked.be.