Qbelle: 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.
Qbelle
Largest movements
- Tangible fixed assets +€490,421
up €490,421 (+326%), from €150,560 to €640,981
of which Land and buildings: +€476,091
- Cash +€32,970
up €32,970 (+115%), from €28,749 to €61,719
mainly Debts after one year (+€368,354) and Net result for the year (+€116,071)
- Receivables within one year +€22,845
up €22,845 (+52.4%), from €43,598 to €66,442
of which Other amounts receivable: +€24,521
- Debts after one year +€368,354
new in 2025: €368,354
- Profit (loss) carried forward +€116,071
up €116,071 (+26,222%), from €443 to €116,513
- Accrued charges and deferred income +€49,625
up €49,625, from €0 to €49,625
- Current portion of long-term debt +€16,972
new in 2025: €16,972
- Financial income +€37,394
up €37,394 (+163%), from €22,878 to €60,272
- Gross operating margin -€29,407
down €29,407 (-16.2%), from €180,999 to €151,592
- Financial charges +€26,522
up €26,522 (+206%), from €12,873 to €39,395
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 | €280,265 | €833,308 | +€553,042 | +197% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €150,560 | €640,981 | +€490,421 | +326% |
| Tangible fixed assets | 22/27 | €150,560 | €640,981 | +€490,421 | +326% |
| Land and buildings | 22 | €130,253 | €606,344 | +€476,091 | +366% |
| Plant, machinery and equipment | 23 | - | €23,407 | +€23,407 | |
| Furniture and vehicles | 24 | €15,560 | €6,990 | -€8,569 | -55.1% |
| Other tangible fixed assets | 26 | €4,748 | €4,240 | -€508 | -10.7% |
| Current assets | 29/58 | €129,705 | €192,327 | +€62,621 | +48.3% |
| Amounts receivable within one year | 40/41 | €43,598 | €66,442 | +€22,845 | +52.4% |
| Trade receivables | 40 | €10,590 | €8,914 | -€1,676 | -15.8% |
| Other amounts receivable | 41 | €33,008 | €57,529 | +€24,521 | +74.3% |
| Current investments | 50/53 | €54,954 | €60,281 | +€5,327 | +9.7% |
| Cash at bank and in hand | 54/58 | €28,749 | €61,719 | +€32,970 | +115% |
| Deferred charges and accrued income | 490/1 | €2,405 | €3,885 | +€1,479 | +61.5% |
| Total equity and liabilities | 10/49 | €280,265 | €833,308 | +€553,042 | +197% |
| Equity | 10/15 | €234,943 | €351,013 | +€116,071 | +49.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €229,500 | €229,500 | = | 0.0% |
| Distributable reserves | 133 | €229,500 | €229,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €443 | €116,513 | +€116,071 | +26,222% |
| Amounts payable | 17/49 | €45,323 | €482,294 | +€436,972 | +964% |
| Amounts payable after more than one year | 17 | - | €368,354 | +€368,354 | |
| Financial debts | 170/4 | - | €368,354 | +€368,354 | |
| Amounts payable within one year | 42/48 | €45,323 | €64,315 | +€18,993 | +41.9% |
| Current portion of amounts payable after more than one year | 42 | - | €16,972 | +€16,972 | |
| Trade debts | 44 | €323 | €0 | -€323 | -100% |
| Suppliers | 440/4 | €323 | €0 | -€323 | -100% |
| Taxes, remuneration and social security | 45 | €45,000 | €47,344 | +€2,344 | +5.2% |
| Taxes | 450/3 | €45,000 | €47,344 | +€2,344 | +5.2% |
| Accrued charges and deferred income | 492/3 | €0 | €49,625 | +€49,625 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,008 | €9,084 | -€924 | -9.2% |
| Other operating charges | 640/8 | €763 | €1,134 | +€371 | +48.7% |
| Gross operating margin | 9900 | €180,999 | €151,592 | -€29,407 | -16.2% |
| Operating profit (loss) | 9901 | €170,228 | €141,375 | -€28,854 | -17.0% |
| Financial income | 75/76B | €22,878 | €60,272 | +€37,394 | +163% |
| Recurring financial income | 75 | €22,878 | €60,272 | +€37,394 | +163% |
| Financial charges | 65/66B | €12,873 | €39,395 | +€26,522 | +206% |
| Recurring financial charges | 65 | €12,873 | €39,395 | +€26,522 | +206% |
| Profit (loss) for the period before taxes | 9903 | €180,233 | €162,251 | -€17,982 | -10.0% |
| Income taxes | 67/77 | €45,262 | €46,180 | +€918 | +2.0% |
| Profit (loss) for the period | 9904 | €134,971 | €116,071 | -€18,900 | -14.0% |
| Profit (loss) for the period to be appropriated | 9905 | €134,971 | €116,071 | -€18,900 | -14.0% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.