QbD RepS: 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.
QbD RepS
Largest movements
- Receivables within one year +€461,795
up €461,795 (+118%), from €390,910 to €852,705
of which Trade receivables: +€247,933
- Deferred charges and accrued income +€176,962
up €176,962 (+675%), from €26,209 to €203,170
- Cash +€13,555
up €13,555 (+195%), from €6,963 to €20,519
mainly Accrued charges and deferred income (+€285,379) and Net result for the year (+€239,286)
- Accrued charges and deferred income +€285,379
up €285,379 (+134%), from €213,056 to €498,435
- Reserves +€239,286
up €239,286 (+181%), from €132,128 to €371,414
- Trade debts +€77,214
up €77,214 (+148%), from €52,031 to €129,244
- Tax, wage and social debts +€27,576
up €27,576 (+124%), from €22,178 to €49,754
- Other debts +€22,252
up €22,252, from €0 to €22,252
- Gross operating margin +€140,050
up €140,050 (+75.6%), from €185,238 to €325,288
- Taxes +€43,417
up €43,417 (+105%), from €41,337 to €84,754
- Write-downs -€23,475
down €23,475, from €23,069 to -€406
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 | €425,592 | €1,077,300 | +€651,708 | +153% |
| Fixed assets | 21/28 | €1,510 | €906 | -€604 | -40.0% |
| Tangible fixed assets | 22/27 | €1,510 | €906 | -€604 | -40.0% |
| Other tangible fixed assets | 26 | €1,510 | €906 | -€604 | -40.0% |
| Current assets | 29/58 | €424,082 | €1,076,394 | +€652,312 | +154% |
| Amounts receivable within one year | 40/41 | €390,910 | €852,705 | +€461,795 | +118% |
| Trade receivables | 40 | €189,586 | €437,519 | +€247,933 | +131% |
| Other amounts receivable | 41 | €201,324 | €415,186 | +€213,862 | +106% |
| Cash at bank and in hand | 54/58 | €6,963 | €20,519 | +€13,555 | +195% |
| Deferred charges and accrued income | 490/1 | €26,209 | €203,170 | +€176,962 | +675% |
| Total equity and liabilities | 10/49 | €425,592 | €1,077,300 | +€651,708 | +153% |
| Equity | 10/15 | €138,328 | €377,614 | +€239,286 | +173% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €132,128 | €371,414 | +€239,286 | +181% |
| Distributable reserves | 133 | €132,128 | €371,414 | +€239,286 | +181% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €287,264 | €699,686 | +€412,421 | +144% |
| Amounts payable within one year | 42/48 | €74,208 | €201,250 | +€127,042 | +171% |
| Trade debts | 44 | €52,031 | €129,244 | +€77,214 | +148% |
| Suppliers | 440/4 | €52,031 | €129,244 | +€77,214 | +148% |
| Taxes, remuneration and social security | 45 | €22,178 | €49,754 | +€27,576 | +124% |
| Taxes | 450/3 | €22,178 | €49,754 | +€27,576 | +124% |
| Other amounts payable | 47/48 | €0 | €22,252 | +€22,252 | |
| Accrued charges and deferred income | 492/3 | €213,056 | €498,435 | +€285,379 | +134% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €0 | €604 | +€604 | |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €23,069 | -€406 | -€23,475 | |
| Other operating charges | 640/8 | €488 | €133 | -€355 | -72.7% |
| Gross operating margin | 9900 | €185,238 | €325,288 | +€140,050 | +75.6% |
| Operating profit (loss) | 9901 | €161,681 | €324,957 | +€163,276 | +101% |
| Financial income | 75/76B | €7,858 | €4,972 | -€2,886 | -36.7% |
| Recurring financial income | 75 | €7,858 | €4,972 | -€2,886 | -36.7% |
| Financial charges | 65/66B | €4,190 | €5,889 | +€1,698 | +40.5% |
| Recurring financial charges | 65 | €4,190 | €5,889 | +€1,698 | +40.5% |
| Profit (loss) for the period before taxes | 9903 | €165,349 | €324,040 | +€158,691 | +96.0% |
| Income taxes | 67/77 | €41,337 | €84,754 | +€43,417 | +105% |
| Profit (loss) for the period | 9904 | €124,012 | €239,286 | +€115,275 | +93.0% |
| Profit (loss) for the period to be appropriated | 9905 | €124,012 | €239,286 | +€115,275 | +93.0% |
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 19 October 2026 via checked.be.