QBE: 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.
QBE
Largest movements
- Receivables within one year +€218,219
up €218,219 (+53.7%), from €406,188 to €624,407
of which Other amounts receivable: +€344,019
- Cash -€164,397
down €164,397 (-43.2%), from €380,767 to €216,370
mainly Receivables within one year (-€218,219) and Debts after one year (-€40,706)
- Tangible fixed assets -€26,587
down €26,587 (-7.9%), from €336,419 to €309,832
of which Land and buildings: -€17,057
- Trade debts +€60,154
up €60,154 (+112%), from €53,697 to €113,850
- Debts after one year -€40,706
down €40,706 (-100%), from €40,706 to €0
- Tax, wage and social debts -€28,669
down €28,669 (-31.2%), from €91,844 to €63,175
of which Taxes: -€14,859
- Reserves +€26,635
up €26,635 (+2.9%), from €911,520 to €938,155
of which Distributable reserves: +€26,635
- Gross operating margin -€363,609
down €363,609 (-39.5%), from €920,820 to €557,211
- Staff costs -€221,852
down €221,852 (-32.6%), from €680,557 to €458,705
- Taxes -€37,943
down €37,943 (-65.7%), from €57,730 to €19,787
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 | €1,154,147 | €1,171,917 | +€17,770 | +1.5% |
| Fixed assets | 21/28 | €339,119 | €312,532 | -€26,587 | -7.8% |
| Tangible fixed assets | 22/27 | €336,419 | €309,832 | -€26,587 | -7.9% |
| Land and buildings | 22 | €303,647 | €286,590 | -€17,057 | -5.6% |
| Furniture and vehicles | 24 | €32,771 | €23,242 | -€9,530 | -29.1% |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Financial fixed assets | 28 | €2,700 | €2,700 | = | 0.0% |
| Current assets | 29/58 | €815,028 | €859,385 | +€44,357 | +5.4% |
| Amounts receivable after more than one year | 29 | €9,000 | €9,000 | = | 0.0% |
| Other amounts receivable | 291 | €9,000 | €9,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €406,188 | €624,407 | +€218,219 | +53.7% |
| Trade receivables | 40 | €384,970 | €259,170 | -€125,800 | -32.7% |
| Other amounts receivable | 41 | €21,218 | €365,237 | +€344,019 | +1,621% |
| Cash at bank and in hand | 54/58 | €380,767 | €216,370 | -€164,397 | -43.2% |
| Deferred charges and accrued income | 490/1 | €19,072 | €9,607 | -€9,465 | -49.6% |
| Total equity and liabilities | 10/49 | €1,154,147 | €1,171,917 | +€17,770 | +1.5% |
| Equity | 10/15 | €927,146 | €953,781 | +€26,635 | +2.9% |
| Contributions | 10/11 | €15,626 | €15,626 | = | 0.0% |
| Reserves | 13 | €911,520 | €938,155 | +€26,635 | +2.9% |
| Non-distributable reserves | 130/1 | €4,400 | €4,400 | = | 0.0% |
| Reserves not available under the articles | 1311 | €4,400 | €4,400 | = | 0.0% |
| Distributable reserves | 133 | €907,120 | €933,755 | +€26,635 | +2.9% |
| Amounts payable | 17/49 | €227,001 | €218,136 | -€8,865 | -3.9% |
| Amounts payable after more than one year | 17 | €40,706 | €0 | -€40,706 | -100% |
| Financial debts | 170/4 | €40,706 | €0 | -€40,706 | -100% |
| Amounts payable within one year | 42/48 | €186,295 | €218,136 | +€31,841 | +17.1% |
| Current portion of amounts payable after more than one year | 42 | €40,350 | €40,706 | +€356 | +0.9% |
| Trade debts | 44 | €53,697 | €113,850 | +€60,154 | +112% |
| Suppliers | 440/4 | €53,697 | €113,850 | +€60,154 | +112% |
| Taxes, remuneration and social security | 45 | €91,844 | €63,175 | -€28,669 | -31.2% |
| Taxes | 450/3 | €26,856 | €11,997 | -€14,859 | -55.3% |
| Remuneration and social security | 454/9 | €64,987 | €51,178 | -€13,809 | -21.2% |
| Other amounts payable | 47/48 | €405 | €405 | = | 0.0% |
| Non-recurring operating income | 76A | €4,800 | €10,868 | +€6,068 | +126% |
| Remuneration, social security and pensions | 62 | €680,557 | €458,705 | -€221,852 | -32.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,133 | €37,763 | -€6,370 | -14.4% |
| Other operating charges | 640/8 | €12,265 | €7,473 | -€4,792 | -39.1% |
| Non-recurring operating charges | 66A | €4,162 | €0 | -€4,162 | -100% |
| Gross operating margin | 9900 | €920,820 | €557,211 | -€363,609 | -39.5% |
| Operating profit (loss) | 9901 | €179,703 | €53,270 | -€126,432 | -70.4% |
| Financial income | 75/76B | €14 | €3 | -€12 | -82.0% |
| Recurring financial income | 75 | €14 | €3 | -€12 | -82.0% |
| Financial charges | 65/66B | €7,313 | €6,851 | -€462 | -6.3% |
| Recurring financial charges | 65 | €7,313 | €6,851 | -€462 | -6.3% |
| Profit (loss) for the period before taxes | 9903 | €172,404 | €46,422 | -€125,982 | -73.1% |
| Income taxes | 67/77 | €57,730 | €19,787 | -€37,943 | -65.7% |
| Profit (loss) for the period | 9904 | €114,674 | €26,635 | -€88,039 | -76.8% |
| Profit (loss) for the period to be appropriated | 9905 | €114,674 | €26,635 | -€88,039 | -76.8% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.