QC GESTION: 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.
QC GESTION
Largest movements
- Tangible fixed assets +€446,821
new in 2025: €446,821
- Cash -€109,544
down €109,544 (-42.1%), from €260,419 to €150,875
mainly Investment in fixed assets (net) (-€453,463) and Tax, wage and social debts (-€7,897)
- Deferred charges and accrued income -€16,267
down €16,267 (-95.7%), from €17,000 to €733
- Debts after one year +€324,194
up €324,194 (+176%), from €184,011 to €508,205
of which Financial debts: +€319,284
- Tax, wage and social debts -€7,897
no longer reported in 2025 (was €7,897)
- Financial charges -€53,742
down €53,742 (-82.2%), from €65,413 to €11,671
of which Non-recurring financial charges: -€58,085
- Gross operating margin +€21,447
up €21,447, from -€3,451 to €17,996
- Depreciation +€6,643
new in 2025: €6,643
- Other operating charges +€3,203
up €3,203 (+295%), from €1,084 to €4,288
- Taxes -€367
down €367 (-100%), from €367 to €0
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 | €281,390 | €604,662 | +€323,272 | +115% |
| Fixed assets | 21/28 | - | €446,821 | +€446,821 | |
| Tangible fixed assets | 22/27 | - | €446,821 | +€446,821 | |
| Land and buildings | 22 | - | €446,821 | +€446,821 | |
| Current assets | 29/58 | €281,390 | €157,842 | -€123,548 | -43.9% |
| Amounts receivable within one year | 40/41 | €3,971 | €6,234 | +€2,263 | +57.0% |
| Trade receivables | 40 | €1,477 | €3,201 | +€1,723 | +117% |
| Other amounts receivable | 41 | €2,493 | €3,033 | +€540 | +21.7% |
| Cash at bank and in hand | 54/58 | €260,419 | €150,875 | -€109,544 | -42.1% |
| Deferred charges and accrued income | 490/1 | €17,000 | €733 | -€16,267 | -95.7% |
| Total equity and liabilities | 10/49 | €281,390 | €604,662 | +€323,272 | +115% |
| Equity | 10/15 | €26,192 | €23,390 | -€2,802 | -10.7% |
| Contributions | 10/11 | €500 | €500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €25,692 | €22,890 | -€2,802 | -10.9% |
| Amounts payable | 17/49 | €255,198 | €581,272 | +€326,075 | +128% |
| Amounts payable after more than one year | 17 | €184,011 | €508,205 | +€324,194 | +176% |
| Financial debts | 170/4 | €184,011 | €503,295 | +€319,284 | +174% |
| Other amounts payable | 178/9 | - | €4,910 | +€4,910 | |
| Amounts payable within one year | 42/48 | €70,682 | €73,067 | +€2,385 | +3.4% |
| Current portion of amounts payable after more than one year | 42 | €31,907 | €37,895 | +€5,988 | +18.8% |
| Trade debts | 44 | €836 | €3,039 | +€2,203 | +263% |
| Suppliers | 440/4 | €836 | €3,039 | +€2,203 | +263% |
| Taxes, remuneration and social security | 45 | €7,897 | - | -€7,897 | |
| Taxes | 450/3 | €7,897 | - | -€7,897 | |
| Other amounts payable | 47/48 | €30,042 | €32,133 | +€2,091 | +7.0% |
| Accrued charges and deferred income | 492/3 | €505 | - | -€505 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €6,643 | +€6,643 | |
| Other operating charges | 640/8 | €1,084 | €4,288 | +€3,203 | +295% |
| Gross operating margin | 9900 | -€3,451 | €17,996 | +€21,447 | |
| Operating profit (loss) | 9901 | -€4,535 | €7,066 | +€11,601 | |
| Financial income | 75/76B | €1,533 | €1,803 | +€270 | +17.6% |
| Recurring financial income | 75 | €1,533 | €1,803 | +€270 | +17.6% |
| Financial charges | 65/66B | €65,413 | €11,671 | -€53,742 | -82.2% |
| Recurring financial charges | 65 | €7,328 | €11,671 | +€4,343 | +59.3% |
| Non-recurring financial charges | 66B | €58,085 | - | -€58,085 | |
| Profit (loss) for the period before taxes | 9903 | -€68,415 | -€2,802 | +€65,613 | +95.9% |
| Income taxes | 67/77 | €367 | €0 | -€367 | -100% |
| Profit (loss) for the period | 9904 | -€68,782 | -€2,802 | +€65,980 | +95.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€68,782 | -€2,802 | +€65,980 | +95.9% |
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 25 October 2026 via checked.be.