QAP: 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.
QAP
Largest movements
- Receivables within one year -€68,842
down €68,842 (-66.1%), from €104,216 to €35,373
of which Other amounts receivable: -€59,171
- Tangible fixed assets -€25,587
down €25,587 (-7.8%), from €327,127 to €301,540
of which Land and buildings: -€25,738
- Short-term financial debts -€54,545
down €54,545 (-88.2%), from €61,860 to €7,315
- Profit (loss) carried forward -€34,015
down €34,015 (-58.8%), from €57,870 to €23,855
- Tax, wage and social debts +€17,620
up €17,620 (+70.5%), from €25,009 to €42,629
of which Remuneration and social security: +€15,547
- Other debts -€14,705
down €14,705 (-100.0%), from €14,705 to €0
- Trade debts -€11,547
down €11,547 (-59.8%), from €19,308 to €7,761
- Staff costs +€76,485
up €76,485 (+133.5%), from €57,290 to €133,775
- Gross operating margin +€41,578
up €41,578 (+37.1%), from €112,138 to €153,716
- Depreciation +€25,301
up €25,301 (+286.7%), from €8,826 to €34,127
- Financial charges +€13,003
up €13,003 (+212.6%), from €6,117 to €19,120
- Taxes -€1,694
down €1,694 (-78.1%), from €2,169 to €474
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 | €454,834 | €359,436 | -€95,398 | -21.0% |
| Fixed assets | 21/28 | €342,484 | €313,545 | -€28,939 | -8.4% |
| Intangible fixed assets | 21 | €15,357 | €12,005 | -€3,352 | -21.8% |
| Tangible fixed assets | 22/27 | €327,127 | €301,540 | -€25,587 | -7.8% |
| Land and buildings | 22 | €310,953 | €285,215 | -€25,738 | -8.3% |
| Furniture and vehicles | 24 | €16,174 | €16,325 | +€151 | +0.9% |
| Current assets | 29/58 | €112,350 | €45,890 | -€66,459 | -59.2% |
| Amounts receivable within one year | 40/41 | €104,216 | €35,373 | -€68,842 | -66.1% |
| Trade receivables | 40 | €45,045 | €35,373 | -€9,671 | -21.5% |
| Other amounts receivable | 41 | €59,171 | €0 | -€59,171 | -100.0% |
| Cash at bank and in hand | 54/58 | €613 | €0 | -€613 | -100.0% |
| Deferred charges and accrued income | 490/1 | €7,521 | €10,517 | +€2,996 | +39.8% |
| Total equity and liabilities | 10/49 | €454,834 | €359,436 | -€95,398 | -21.0% |
| Equity | 10/15 | €60,870 | €26,855 | -€34,015 | -55.9% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €57,870 | €23,855 | -€34,015 | -58.8% |
| Amounts payable | 17/49 | €393,963 | €332,580 | -€61,383 | -15.6% |
| Amounts payable after more than one year | 17 | €263,376 | €263,898 | +€522 | +0.2% |
| Financial debts | 170/4 | €263,376 | €253,412 | -€9,964 | -3.8% |
| Other amounts payable | 178/9 | - | €10,486 | +€10,486 | |
| Amounts payable within one year | 42/48 | €130,505 | €67,669 | -€62,836 | -48.1% |
| Current portion of amounts payable after more than one year | 42 | €9,624 | €9,964 | +€340 | +3.5% |
| Financial debts | 43 | €61,860 | €7,315 | -€54,545 | -88.2% |
| Credit institutions | 430/8 | €61,860 | €7,315 | -€54,545 | -88.2% |
| Trade debts | 44 | €19,308 | €7,761 | -€11,547 | -59.8% |
| Suppliers | 440/4 | €19,308 | €7,761 | -€11,547 | -59.8% |
| Taxes, remuneration and social security | 45 | €25,009 | €42,629 | +€17,620 | +70.5% |
| Taxes | 450/3 | €10,583 | €12,656 | +€2,073 | +19.6% |
| Remuneration and social security | 454/9 | €14,426 | €29,974 | +€15,547 | +107.8% |
| Other amounts payable | 47/48 | €14,705 | €0 | -€14,705 | -100.0% |
| Accrued charges and deferred income | 492/3 | €82 | €1,013 | +€931 | +1139.0% |
| Remuneration, social security and pensions | 62 | €57,290 | €133,775 | +€76,485 | +133.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,826 | €34,127 | +€25,301 | +286.7% |
| Other operating charges | 640/8 | - | €236 | +€236 | |
| Gross operating margin | 9900 | €112,138 | €153,716 | +€41,578 | +37.1% |
| Operating profit (loss) | 9901 | €46,023 | -€14,421 | -€60,444 | |
| Financial income | 75/76B | €0 | €0 | -€0 | -100.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100.0% |
| Financial charges | 65/66B | €6,117 | €19,120 | +€13,003 | +212.6% |
| Recurring financial charges | 65 | €6,117 | €19,120 | +€13,003 | +212.6% |
| Profit (loss) for the period before taxes | 9903 | €39,906 | -€33,541 | -€73,447 | |
| Income taxes | 67/77 | €2,169 | €474 | -€1,694 | -78.1% |
| Profit (loss) for the period | 9904 | €37,738 | -€34,015 | -€71,753 | |
| Profit (loss) for the period to be appropriated | 9905 | €37,738 | -€34,015 | -€71,753 |
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 8 October 2026 via checked.be.