QBUS: 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.
QBUS
Largest movements
- Stocks and contracts +€193,639
up €193,639 (+18.0%), from €1.1m to €1.3m
- Cash +€133,053
up €133,053 (+80.0%), from €166,254 to €299,307
mainly Depreciation (+€632,813) and Net result for the year (+€440,783)
- Receivables within one year -€54,270
down €54,270 (-5.9%), from €926,304 to €872,035
of which Trade receivables: -€150,879
- Reserves +€305,383
up €305,383 (+11.4%), from €2.7m to €3.0m
of which Distributable reserves: +€305,383
- Trade debts +€238,954
up €238,954 (+67.4%), from €354,324 to €593,278
- Other debts -€157,633
down €157,633 (-30.4%), from €518,033 to €360,400
- Debts after one year -€84,976
down €84,976 (-20.3%), from €417,682 to €332,707
- Tax, wage and social debts -€79,771
down €79,771 (-28.8%), from €276,667 to €196,896
of which Taxes: -€75,758
- Staff costs +€163,406
up €163,406 (+9.5%), from €1.7m to €1.9m
- Depreciation +€148,187
up €148,187 (+30.6%), from €484,626 to €632,813
- Gross operating margin -€103,517
down €103,517 (-3.4%), from €3.0m to €2.9m
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 | €4,677,115 | €4,901,407 | +€224,292 | +4.8% |
| Fixed assets | 21/28 | €2,394,734 | €2,347,543 | -€47,191 | -2.0% |
| Intangible fixed assets | 21 | €1,217,545 | €1,183,811 | -€33,734 | -2.8% |
| Tangible fixed assets | 22/27 | €1,169,301 | €1,155,843 | -€13,457 | -1.2% |
| Land and buildings | 22 | €1,078,889 | €1,056,355 | -€22,534 | -2.1% |
| Plant, machinery and equipment | 23 | €24,464 | €22,837 | -€1,627 | -6.7% |
| Furniture and vehicles | 24 | €65,948 | €76,651 | +€10,704 | +16.2% |
| Financial fixed assets | 28 | €7,889 | €7,889 | = | 0.0% |
| Current assets | 29/58 | €2,282,381 | €2,553,864 | +€271,483 | +11.9% |
| Amounts receivable after more than one year | 29 | €100,000 | €100,000 | = | 0.0% |
| Other amounts receivable | 291 | €100,000 | €100,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €1,078,160 | €1,271,799 | +€193,639 | +18.0% |
| Stocks | 30/36 | €1,078,160 | €1,271,799 | +€193,639 | +18.0% |
| Amounts receivable within one year | 40/41 | €926,304 | €872,035 | -€54,270 | -5.9% |
| Trade receivables | 40 | €695,035 | €544,156 | -€150,879 | -21.7% |
| Other amounts receivable | 41 | €231,269 | €327,878 | +€96,609 | +41.8% |
| Cash at bank and in hand | 54/58 | €166,254 | €299,307 | +€133,053 | +80.0% |
| Deferred charges and accrued income | 490/1 | €11,663 | €10,723 | -€940 | -8.1% |
| Total equity and liabilities | 10/49 | €4,677,115 | €4,901,407 | +€224,292 | +4.8% |
| Equity | 10/15 | €3,018,817 | €3,324,201 | +€305,383 | +10.1% |
| Contributions | 10/11 | €350,000 | €350,000 | = | 0.0% |
| Capital | 10 | €350,000 | €350,000 | = | 0.0% |
| Issued capital | 100 | €350,000 | €350,000 | = | 0.0% |
| Reserves | 13 | €2,668,817 | €2,974,201 | +€305,383 | +11.4% |
| Non-distributable reserves | 130/1 | €35,000 | €35,000 | = | 0.0% |
| Legal reserve | 130 | €35,000 | €35,000 | = | 0.0% |
| Distributable reserves | 133 | €2,633,817 | €2,939,201 | +€305,383 | +11.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,658,298 | €1,577,207 | -€81,092 | -4.9% |
| Amounts payable after more than one year | 17 | €417,682 | €332,707 | -€84,976 | -20.3% |
| Financial debts | 170/4 | €417,682 | €332,707 | -€84,976 | -20.3% |
| Amounts payable within one year | 42/48 | €1,240,616 | €1,244,500 | +€3,884 | +0.3% |
| Current portion of amounts payable after more than one year | 42 | €85,197 | €85,920 | +€723 | +0.8% |
| Financial debts | 43 | €6,394 | €8,006 | +€1,611 | +25.2% |
| Credit institutions | 430/8 | €6,394 | €8,006 | +€1,611 | +25.2% |
| Trade debts | 44 | €354,324 | €593,278 | +€238,954 | +67.4% |
| Suppliers | 440/4 | €354,324 | €593,278 | +€238,954 | +67.4% |
| Taxes, remuneration and social security | 45 | €276,667 | €196,896 | -€79,771 | -28.8% |
| Taxes | 450/3 | €86,684 | €10,926 | -€75,758 | -87.4% |
| Remuneration and social security | 454/9 | €189,983 | €185,970 | -€4,013 | -2.1% |
| Other amounts payable | 47/48 | €518,033 | €360,400 | -€157,633 | -30.4% |
| Non-recurring operating income | 76A | - | €16,235 | +€16,235 | |
| Remuneration, social security and pensions | 62 | €1,713,121 | €1,876,527 | +€163,406 | +9.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €484,626 | €632,813 | +€148,187 | +30.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €919 | €4,635 | +€3,716 | +404.5% |
| Other operating charges | 640/8 | €14,432 | €18,739 | +€4,307 | +29.8% |
| Non-recurring operating charges | 66A | €157,162 | -€76,159 | -€233,321 | |
| Gross operating margin | 9900 | €3,042,771 | €2,939,254 | -€103,517 | -3.4% |
| Operating profit (loss) | 9901 | €672,512 | €482,700 | -€189,813 | -28.2% |
| Financial income | 75/76B | €46,671 | €56,545 | +€9,874 | +21.2% |
| Recurring financial income | 75 | €46,671 | €56,545 | +€9,874 | +21.2% |
| Financial charges | 65/66B | €78,103 | €89,614 | +€11,511 | +14.7% |
| Recurring financial charges | 65 | €78,103 | €89,614 | +€11,511 | +14.7% |
| Profit (loss) for the period before taxes | 9903 | €641,081 | €449,631 | -€191,450 | -29.9% |
| Income taxes | 67/77 | €6,692 | €8,847 | +€2,155 | +32.2% |
| Profit (loss) for the period | 9904 | €634,389 | €440,783 | -€193,605 | -30.5% |
| Profit (loss) for the period to be appropriated | 9905 | €634,389 | €440,783 | -€193,605 | -30.5% |
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 11 October 2026 via checked.be.