QBH: 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.
QBH
Largest movements
- Receivables within one year +€180,902
up €180,902 (+362.3%), from €49,926 to €230,828
of which Trade receivables: +€179,765
- Stocks and contracts -€52,500
down €52,500 (-38.0%), from €138,000 to €85,500
- Cash +€35,090
up €35,090 (+5116.3%), from €686 to €35,776
mainly Trade debts (+€161,145) and Stocks and contracts (+€52,500)
- Deferred charges and accrued income +€16,740
up €16,740 (+1658.4%), from €1,009 to €17,749
- Trade debts +€161,145
up €161,145 (+1456.7%), from €11,062 to €172,207
- Profit (loss) carried forward +€20,565
up €20,565 (+58.7%), from €35,023 to €55,588
- Gross operating margin +€88,834
up €88,834 (+400.8%), from €22,166 to €111,000
- Write-downs +€64,500
up €64,500 (+860.0%), from €7,500 to €72,000
- Financial charges +€5,583
up €5,583 (+165.7%), from €3,369 to €8,953
- Taxes +€5,336
up €5,336 (+241.4%), from €2,211 to €7,546
- Other operating charges -€1,997
down €1,997 (-50.6%), from €3,947 to €1,950
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 | €189,622 | €369,853 | +€180,231 | +95.0% |
| Current assets | 29/58 | €189,622 | €369,853 | +€180,231 | +95.0% |
| Stocks and contracts in progress | 3 | €138,000 | €85,500 | -€52,500 | -38.0% |
| Stocks | 30/36 | €138,000 | €85,500 | -€52,500 | -38.0% |
| Amounts receivable within one year | 40/41 | €49,926 | €230,828 | +€180,902 | +362.3% |
| Trade receivables | 40 | €49,612 | €229,377 | +€179,765 | +362.3% |
| Other amounts receivable | 41 | €315 | €1,451 | +€1,136 | +361.0% |
| Cash at bank and in hand | 54/58 | €686 | €35,776 | +€35,090 | +5116.3% |
| Deferred charges and accrued income | 490/1 | €1,009 | €17,749 | +€16,740 | +1658.4% |
| Total equity and liabilities | 10/49 | €189,622 | €369,853 | +€180,231 | +95.0% |
| Equity | 10/15 | €38,023 | €58,588 | +€20,565 | +54.1% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €35,023 | €55,588 | +€20,565 | +58.7% |
| Amounts payable | 17/49 | €151,599 | €311,265 | +€159,666 | +105.3% |
| Amounts payable within one year | 42/48 | €151,599 | €311,265 | +€159,666 | +105.3% |
| Trade debts | 44 | €11,062 | €172,207 | +€161,145 | +1456.7% |
| Suppliers | 440/4 | €11,062 | €172,207 | +€161,145 | +1456.7% |
| Taxes, remuneration and social security | 45 | €33,070 | €30,293 | -€2,778 | -8.4% |
| Taxes | 450/3 | €33,070 | €27,380 | -€5,690 | -17.2% |
| Remuneration and social security | 454/9 | - | €2,912 | +€2,912 | |
| Other amounts payable | 47/48 | €107,466 | €108,765 | +€1,299 | +1.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €7,500 | €72,000 | +€64,500 | +860.0% |
| Other operating charges | 640/8 | €3,947 | €1,950 | -€1,997 | -50.6% |
| Gross operating margin | 9900 | €22,166 | €111,000 | +€88,834 | +400.8% |
| Operating profit (loss) | 9901 | €10,719 | €37,051 | +€26,332 | +245.7% |
| Financial income | 75/76B | €0 | €14 | +€14 | +11433.3% |
| Recurring financial income | 75 | €0 | €14 | +€14 | +11433.3% |
| Financial charges | 65/66B | €3,369 | €8,953 | +€5,583 | +165.7% |
| Recurring financial charges | 65 | €3,369 | €8,953 | +€5,583 | +165.7% |
| Profit (loss) for the period before taxes | 9903 | €7,350 | €28,112 | +€20,762 | +282.5% |
| Income taxes | 67/77 | €2,211 | €7,546 | +€5,336 | +241.4% |
| Profit (loss) for the period | 9904 | €5,139 | €20,565 | +€15,426 | +300.2% |
| Profit (loss) for the period to be appropriated | 9905 | €5,139 | €20,565 | +€15,426 | +300.2% |
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 5 October 2026 via checked.be.