QE Consult: 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.
QE Consult
Largest movements
- Current investments +€111,043
up €111,043 (+416%), from €26,692 to €137,735
- Receivables within one year +€29,199
up €29,199 (+91.9%), from €31,784 to €60,983
of which Trade receivables: +€29,199
- Cash -€7,272
down €7,272 (-5.1%), from €141,359 to €134,087
mainly Contributions, distributions and other (-€198,526) and Current investments (-€111,043)
- Other debts +€167,213
up €167,213 (+14,508%), from €1,153 to €168,366
- Reserves -€40,223
down €40,223 (-20.3%), from €198,526 to €158,304
- Tax, wage and social debts +€7,509
up €7,509 (+60.2%), from €12,478 to €19,987
- Gross operating margin +€121,833
up €121,833 (+137%), from €89,055 to €210,888
- Taxes +€29,649
up €29,649 (+166%), from €17,914 to €47,563
- Depreciation +€2,931
up €2,931 (+114%), from €2,581 to €5,512
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 | €215,917 | €351,859 | +€135,942 | +63.0% |
| Fixed assets | 21/28 | €14,538 | €17,950 | +€3,412 | +23.5% |
| Tangible fixed assets | 22/27 | €14,538 | €17,950 | +€3,412 | +23.5% |
| Plant, machinery and equipment | 23 | €692 | €155 | -€537 | -77.6% |
| Furniture and vehicles | 24 | - | €5,690 | +€5,690 | |
| Other tangible fixed assets | 26 | €13,846 | €12,105 | -€1,742 | -12.6% |
| Current assets | 29/58 | €201,379 | €333,909 | +€132,530 | +65.8% |
| Amounts receivable within one year | 40/41 | €31,784 | €60,983 | +€29,199 | +91.9% |
| Trade receivables | 40 | €31,784 | €60,983 | +€29,199 | +91.9% |
| Other amounts receivable | 41 | €0 | - | = | |
| Current investments | 50/53 | €26,692 | €137,735 | +€111,043 | +416% |
| Cash at bank and in hand | 54/58 | €141,359 | €134,087 | -€7,272 | -5.1% |
| Deferred charges and accrued income | 490/1 | €1,545 | €1,105 | -€440 | -28.5% |
| Total equity and liabilities | 10/49 | €215,917 | €351,859 | +€135,942 | +63.0% |
| Equity | 10/15 | €200,526 | €160,304 | -€40,223 | -20.1% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €198,526 | €158,304 | -€40,223 | -20.3% |
| Distributable reserves | 133 | €198,526 | €158,304 | -€40,223 | -20.3% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €15,391 | €191,556 | +€176,164 | +1,145% |
| Amounts payable within one year | 42/48 | €13,700 | €191,321 | +€177,621 | +1,297% |
| Trade debts | 44 | €69 | €2,967 | +€2,898 | +4,188% |
| Suppliers | 440/4 | €69 | €2,967 | +€2,898 | +4,188% |
| Taxes, remuneration and social security | 45 | €12,478 | €19,987 | +€7,509 | +60.2% |
| Taxes | 450/3 | €12,478 | €19,987 | +€7,509 | +60.2% |
| Other amounts payable | 47/48 | €1,153 | €168,366 | +€167,213 | +14,508% |
| Accrued charges and deferred income | 492/3 | €1,692 | €235 | -€1,456 | -86.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,581 | €5,512 | +€2,931 | +114% |
| Other operating charges | 640/8 | €589 | €608 | +€19 | +3.2% |
| Gross operating margin | 9900 | €89,055 | €210,888 | +€121,833 | +137% |
| Operating profit (loss) | 9901 | €85,885 | €204,767 | +€118,883 | +138% |
| Financial income | 75/76B | €2,553 | €1,314 | -€1,239 | -48.5% |
| Recurring financial income | 75 | €2,553 | €1,314 | -€1,239 | -48.5% |
| Financial charges | 65/66B | €537 | €215 | -€322 | -60.0% |
| Recurring financial charges | 65 | €537 | €215 | -€322 | -60.0% |
| Profit (loss) for the period before taxes | 9903 | €87,901 | €205,866 | +€117,966 | +134% |
| Income taxes | 67/77 | €17,914 | €47,563 | +€29,649 | +166% |
| Profit (loss) for the period | 9904 | €69,987 | €158,304 | +€88,317 | +126% |
| Profit (loss) for the period to be appropriated | 9905 | €69,987 | €158,304 | +€88,317 | +126% |
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 17 October 2026 via checked.be.