QCL: 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.
QCL
Largest movements
- Receivables within one year +€35,499
up €35,499 (+15.2%), from €232,917 to €268,416
of which Trade receivables: +€25,278
- Tangible fixed assets +€8,352
up €8,352 (+1036.0%), from €806 to €9,159
of which Other tangible fixed assets: +€8,779
- Other debts +€68,674
up €68,674, from €0 to €68,674
- Profit (loss) carried forward +€66,484
up €66,484, from -€66,484 to €0
- Trade debts -€62,659
down €62,659 (-15.1%), from €414,416 to €351,757
- Reserves -€25,815
down €25,815 (-100.0%), from €25,815 to €0
of which Distributable reserves: -€24,524
- Tax, wage and social debts -€6,633
down €6,633 (-32.6%), from €20,327 to €13,695
of which Remuneration and social security: -€6,801
- Gross operating margin +€93,376
up €93,376 (+75.1%), from €124,287 to €217,662
- Taxes +€23,710
up €23,710 (+5041.2%), from €470 to €24,181
- Staff costs +€3,841
up €3,841 (+5.3%), from €72,135 to €75,976
- Financial charges -€2,335
down €2,335 (-26.5%), from €8,817 to €6,483
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 | €400,273 | €440,563 | +€40,290 | +10.1% |
| Fixed assets | 21/28 | €806 | €9,159 | +€8,352 | +1036.0% |
| Tangible fixed assets | 22/27 | €806 | €9,159 | +€8,352 | +1036.0% |
| Furniture and vehicles | 24 | €806 | €379 | -€427 | -52.9% |
| Other tangible fixed assets | 26 | - | €8,779 | +€8,779 | |
| Current assets | 29/58 | €399,467 | €431,404 | +€31,938 | +8.0% |
| Amounts receivable within one year | 40/41 | €232,917 | €268,416 | +€35,499 | +15.2% |
| Trade receivables | 40 | €100,533 | €125,811 | +€25,278 | +25.1% |
| Other amounts receivable | 41 | €132,384 | €142,605 | +€10,221 | +7.7% |
| Cash at bank and in hand | 54/58 | €148,155 | €147,872 | -€283 | -0.2% |
| Deferred charges and accrued income | 490/1 | €18,395 | €15,117 | -€3,278 | -17.8% |
| Total equity and liabilities | 10/49 | €400,273 | €440,563 | +€40,290 | +10.1% |
| Equity | 10/15 | -€34,470 | €6,200 | +€40,670 | |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €25,815 | €0 | -€25,815 | -100.0% |
| Non-distributable reserves | 130/1 | €1,291 | €0 | -€1,291 | -100.0% |
| Reserves not available under the articles | 1311 | €1,291 | €0 | -€1,291 | -100.0% |
| Distributable reserves | 133 | €24,524 | €0 | -€24,524 | -100.0% |
| Profit (loss) carried forward | 14 | -€66,484 | €0 | +€66,484 | |
| Amounts payable | 17/49 | €434,743 | €434,363 | -€380 | -0.1% |
| Amounts payable within one year | 42/48 | €434,743 | €434,126 | -€617 | -0.1% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €414,416 | €351,757 | -€62,659 | -15.1% |
| Suppliers | 440/4 | €414,416 | €351,757 | -€62,659 | -15.1% |
| Taxes, remuneration and social security | 45 | €20,327 | €13,695 | -€6,633 | -32.6% |
| Taxes | 450/3 | €3,012 | €3,181 | +€169 | +5.6% |
| Remuneration and social security | 454/9 | €17,315 | €10,514 | -€6,801 | -39.3% |
| Other amounts payable | 47/48 | €0 | €68,674 | +€68,674 | |
| Accrued charges and deferred income | 492/3 | - | €237 | +€237 | |
| Remuneration, social security and pensions | 62 | €72,135 | €75,976 | +€3,841 | +5.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €427 | €1,139 | +€712 | +166.8% |
| Other operating charges | 640/8 | €1,235 | €2,226 | +€990 | +80.2% |
| Gross operating margin | 9900 | €124,287 | €217,662 | +€93,376 | +75.1% |
| Operating profit (loss) | 9901 | €50,490 | €138,322 | +€87,832 | +174.0% |
| Financial income | 75/76B | €834 | €1,686 | +€852 | +102.2% |
| Recurring financial income | 75 | €834 | €1,686 | +€852 | +102.2% |
| Financial charges | 65/66B | €8,817 | €6,483 | -€2,335 | -26.5% |
| Recurring financial charges | 65 | €8,817 | €6,483 | -€2,335 | -26.5% |
| Profit (loss) for the period before taxes | 9903 | €42,506 | €133,525 | +€91,019 | +214.1% |
| Income taxes | 67/77 | €470 | €24,181 | +€23,710 | +5041.2% |
| Profit (loss) for the period | 9904 | €42,036 | €109,344 | +€67,309 | +160.1% |
| Profit (loss) for the period to be appropriated | 9905 | €42,036 | €109,344 | +€67,309 | +160.1% |
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 7 October 2026 via checked.be.