QE INVEST: what changed
What changed
QE INVEST
NACE 70.100, Activities of head offices
filed annual accounts (NBB)
Net result for the year
€37,474
2024 · €95,505-€58,031
Equity
€233,719
2024 · €196,245+€37,474
Cash
€83,791
2024 · €46,753+€37,038
Balance sheet total
€951,498
2024 · €504,624+€446,875
Largest movements
Assets
- Tangible fixed assets +€410,856
up €410,856 (+95.1%), from €432,020 to €842,876
of which Land and buildings: +€289,258
- Cash +€37,038
up €37,038 (+79.2%), from €46,753 to €83,791
mainly Debts after one year (+€365,651) and Depreciation (+€79,519)
Equity and liabilities
- Debts after one year +€365,651
up €365,651 (+153%), from €239,030 to €604,681
of which Financial debts: +€364,260
- Current portion of long-term debt +€38,525
up €38,525 (+91.9%), from €41,924 to €80,450
- Reserves +€37,474
up €37,474 (+22.1%), from €169,833 to €207,307
Income statement
- Depreciation +€54,147
up €54,147 (+213%), from €25,371 to €79,519
- Taxes -€21,056
down €21,056 (-57.1%), from €36,897 to €15,841
- Financial charges +€16,843
up €16,843 (+252%), from €6,687 to €23,530
- Gross operating margin -€7,501
down €7,501 (-4.2%), from €177,994 to €170,493
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€95,505
Gross operating margin
-€7,501
Depreciation
-€54,147
Other operating charges
-€596
Financial charges
-€16,843
Taxes
+€21,056
Result 2025
€37,474
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€123,236
Investment
-€490,375
Financing
+€404,177
Cash 2024
€46,753
From operations (derived)
+€123,236
Net result for the year
+€37,474
Depreciation
+€79,519
Smaller working-capital items
+€1,570
Trade debts
+€5,008
Tax, wage and social debts
+€1,521
Accrued charges and deferred income
-€1,856
Investment (derived)
-€490,375
Investment in fixed assets (net)
-€490,375
Financing
+€404,177
Debts after one year
+€365,651
Current portion of long-term debt
+€38,525
Cash 2025
€83,791
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €504,624 | €951,498 | +€446,875 | +88.6% |
| Fixed assets | 21/28 | €433,070 | €843,926 | +€410,856 | +94.9% |
| Tangible fixed assets | 22/27 | €432,020 | €842,876 | +€410,856 | +95.1% |
| Land and buildings | 22 | €116,550 | €405,808 | +€289,258 | +248% |
| Other tangible fixed assets | 26 | €315,470 | €437,069 | +€121,598 | +38.5% |
| Financial fixed assets | 28 | €1,050 | €1,050 | = | 0.0% |
| Current assets | 29/58 | €71,553 | €107,572 | +€36,018 | +50.3% |
| Amounts receivable within one year | 40/41 | €23,726 | €23,363 | -€362 | -1.5% |
| Trade receivables | 40 | €21,776 | €6,846 | -€14,929 | -68.6% |
| Other amounts receivable | 41 | €1,950 | €16,517 | +€14,567 | +747% |
| Cash at bank and in hand | 54/58 | €46,753 | €83,791 | +€37,038 | +79.2% |
| Deferred charges and accrued income | 490/1 | €1,075 | €417 | -€658 | -61.2% |
| Total equity and liabilities | 10/49 | €504,624 | €951,498 | +€446,875 | +88.6% |
| Equity | 10/15 | €196,245 | €233,719 | +€37,474 | +19.1% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €169,833 | €207,307 | +€37,474 | +22.1% |
| Distributable reserves | 133 | €169,833 | €207,307 | +€37,474 | +22.1% |
| Profit (loss) carried forward | 14 | €6,412 | €6,412 | = | 0.0% |
| Amounts payable | 17/49 | €308,379 | €717,779 | +€409,400 | +133% |
| Amounts payable after more than one year | 17 | €239,030 | €604,681 | +€365,651 | +153% |
| Financial debts | 170/4 | €237,080 | €601,340 | +€364,260 | +154% |
| Other amounts payable | 178/9 | €1,950 | €3,342 | +€1,392 | +71.4% |
| Amounts payable within one year | 42/48 | €67,494 | €113,098 | +€45,605 | +67.6% |
| Current portion of amounts payable after more than one year | 42 | €41,924 | €80,450 | +€38,525 | +91.9% |
| Trade debts | 44 | €5,541 | €10,549 | +€5,008 | +90.4% |
| Suppliers | 440/4 | €5,541 | €10,549 | +€5,008 | +90.4% |
| Taxes, remuneration and social security | 45 | €15,370 | €16,892 | +€1,521 | +9.9% |
| Taxes | 450/3 | €15,370 | €16,892 | +€1,521 | +9.9% |
| Other amounts payable | 47/48 | €4,658 | €5,208 | +€550 | +11.8% |
| Accrued charges and deferred income | 492/3 | €1,856 | €0 | -€1,856 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,371 | €79,519 | +€54,147 | +213% |
| Other operating charges | 640/8 | €13,533 | €14,129 | +€596 | +4.4% |
| Gross operating margin | 9900 | €177,994 | €170,493 | -€7,501 | -4.2% |
| Operating profit (loss) | 9901 | €139,089 | €76,845 | -€62,244 | -44.8% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €6,687 | €23,530 | +€16,843 | +252% |
| Recurring financial charges | 65 | €6,687 | €23,530 | +€16,843 | +252% |
| Profit (loss) for the period before taxes | 9903 | €132,402 | €53,315 | -€79,087 | -59.7% |
| Income taxes | 67/77 | €36,897 | €15,841 | -€21,056 | -57.1% |
| Profit (loss) for the period | 9904 | €95,505 | €37,474 | -€58,031 | -60.8% |
| Profit (loss) for the period to be appropriated | 9905 | €95,505 | €37,474 | -€58,031 | -60.8% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.