QBEL: 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.
QBEL
Largest movements
- Tangible fixed assets +€561,119
up €561,119 (+44.5%), from €1.3m to €1.8m
of which Land and buildings: +€607,536
- Cash -€49,004
down €49,004 (-20.4%), from €240,020 to €191,016
mainly Investment in fixed assets (net) (-€634,864) and Contributions, distributions and other (-€392,775)
- Reserves +€305,715
up €305,715 (+119%), from €257,453 to €563,168
of which Distributable reserves: +€305,715
- Other debts +€216,968
up €216,968 (+195%), from €110,983 to €327,951
- Debts after one year -€38,513
down €38,513 (-41.7%), from €92,420 to €53,907
- Gross operating margin +€660,656
up €660,656 (+407%), from €162,349 to €823,005
- Depreciation -€622,955
down €622,955 (-89.4%), from €696,700 to €73,744
- Taxes +€25,304
up €25,304 (+147%), from €17,254 to €42,557
- Financial income +€12,421
up €12,421 (+933%), from €1,332 to €13,753
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,768,016 | €2,266,337 | +€498,321 | +28.2% |
| Fixed assets | 21/28 | €1,260,722 | €1,821,841 | +€561,119 | +44.5% |
| Tangible fixed assets | 22/27 | €1,260,722 | €1,821,841 | +€561,119 | +44.5% |
| Land and buildings | 22 | €1,107,277 | €1,714,813 | +€607,536 | +54.9% |
| Plant, machinery and equipment | 23 | €11,351 | €8,909 | -€2,443 | -21.5% |
| Furniture and vehicles | 24 | €142,094 | €98,120 | -€43,974 | -30.9% |
| Current assets | 29/58 | €507,294 | €444,496 | -€62,798 | -12.4% |
| Amounts receivable within one year | 40/41 | €254,380 | €252,576 | -€1,803 | -0.7% |
| Trade receivables | 40 | €15,408 | €17,325 | +€1,917 | +12.4% |
| Other amounts receivable | 41 | €238,972 | €235,251 | -€3,721 | -1.6% |
| Current investments | 50/53 | €10,443 | - | -€10,443 | |
| Cash at bank and in hand | 54/58 | €240,020 | €191,016 | -€49,004 | -20.4% |
| Deferred charges and accrued income | 490/1 | €2,450 | €903 | -€1,547 | -63.1% |
| Total equity and liabilities | 10/49 | €1,768,016 | €2,266,337 | +€498,321 | +28.2% |
| Equity | 10/15 | €1,527,173 | €1,832,887 | +€305,715 | +20.0% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Revaluation surpluses | 12 | €1,207,719 | €1,207,719 | = | 0.0% |
| Reserves | 13 | €257,453 | €563,168 | +€305,715 | +119% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €251,253 | €556,968 | +€305,715 | +122% |
| Amounts payable | 17/49 | €240,843 | €433,450 | +€192,607 | +80.0% |
| Amounts payable after more than one year | 17 | €92,420 | €53,907 | -€38,513 | -41.7% |
| Financial debts | 170/4 | €92,420 | €53,907 | -€38,513 | -41.7% |
| Amounts payable within one year | 42/48 | €148,423 | €379,542 | +€231,119 | +156% |
| Current portion of amounts payable after more than one year | 42 | €36,942 | €38,513 | +€1,570 | +4.3% |
| Trade debts | 44 | €498 | €857 | +€359 | +72.1% |
| Suppliers | 440/4 | €498 | €857 | +€359 | +72.1% |
| Taxes, remuneration and social security | 45 | - | €12,221 | +€12,221 | |
| Taxes | 450/3 | - | €12,221 | +€12,221 | |
| Other amounts payable | 47/48 | €110,983 | €327,951 | +€216,968 | +195% |
| Non-recurring operating income | 76A | - | €622,159 | +€622,159 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €696,700 | €73,744 | -€622,955 | -89.4% |
| Other operating charges | 640/8 | €15,181 | €16,616 | +€1,436 | +9.5% |
| Gross operating margin | 9900 | €162,349 | €823,005 | +€660,656 | +407% |
| Operating profit (loss) | 9901 | -€549,532 | €732,644 | +€1.3m | |
| Financial income | 75/76B | €1,332 | €13,753 | +€12,421 | +933% |
| Recurring financial income | 75 | €1,332 | €13,753 | +€12,421 | +933% |
| Financial charges | 65/66B | €6,546 | €5,349 | -€1,197 | -18.3% |
| Recurring financial charges | 65 | €6,546 | €5,349 | -€1,197 | -18.3% |
| Profit (loss) for the period before taxes | 9903 | -€554,746 | €741,048 | +€1.3m | |
| Income taxes | 67/77 | €17,254 | €42,557 | +€25,304 | +147% |
| Profit (loss) for the period | 9904 | -€572,000 | €698,490 | +€1.3m | |
| Profit (loss) for the period to be appropriated | 9905 | -€572,000 | €698,490 | +€1.3m |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.