QELEC: 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.
QELEC
Largest movements
- Receivables within one year -€30,642
down €30,642 (-91.4%), from €33,541 to €2,900
of which Trade receivables: -€33,541
- Cash -€27,680
down €27,680 (-51.4%), from €53,895 to €26,215
mainly Net result for the year (-€46,987) and Tax, wage and social debts (-€8,250)
- Profit (loss) carried forward -€46,987
new in 2025: -€46,987
- Tax, wage and social debts -€8,250
down €8,250 (-62.2%), from €13,268 to €5,019
- Short-term financial debts -€2,572
no longer reported in 2025 (was €2,572)
- Gross operating margin -€91,074
down €91,074, from €53,240 to -€37,834
- Taxes -€13,392
down €13,392 (-99.0%), from €13,524 to €132
- Depreciation +€3,886
up €3,886 (+88.8%), from €4,374 to €8,260
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 | €115,658 | €58,452 | -€57,206 | -49.5% |
| Fixed assets | 21/28 | €25,854 | €24,938 | -€916 | -3.5% |
| Tangible fixed assets | 22/27 | €25,854 | €24,938 | -€916 | -3.5% |
| Land and buildings | 22 | €3,781 | €2,992 | -€790 | -20.9% |
| Plant, machinery and equipment | 23 | €19,751 | €18,636 | -€1,115 | -5.6% |
| Furniture and vehicles | 24 | €2,321 | €3,311 | +€989 | +42.6% |
| Current assets | 29/58 | €89,804 | €33,514 | -€56,290 | -62.7% |
| Stocks and contracts in progress | 3 | - | €1,034 | +€1,034 | |
| Stocks | 30/36 | - | €1,034 | +€1,034 | |
| Amounts receivable within one year | 40/41 | €33,541 | €2,900 | -€30,642 | -91.4% |
| Trade receivables | 40 | €33,541 | - | -€33,541 | |
| Other amounts receivable | 41 | - | €2,900 | +€2,900 | |
| Cash at bank and in hand | 54/58 | €53,895 | €26,215 | -€27,680 | -51.4% |
| Deferred charges and accrued income | 490/1 | €2,368 | €3,366 | +€998 | +42.1% |
| Total equity and liabilities | 10/49 | €115,658 | €58,452 | -€57,206 | -49.5% |
| Equity | 10/15 | €95,619 | €48,632 | -€46,987 | -49.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €83,219 | €83,219 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €81,359 | €81,359 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€46,987 | -€46,987 | |
| Amounts payable | 17/49 | €20,039 | €9,820 | -€10,219 | -51.0% |
| Amounts payable within one year | 42/48 | €20,039 | €9,820 | -€10,219 | -51.0% |
| Financial debts | 43 | €2,572 | - | -€2,572 | |
| Credit institutions | 430/8 | €2,572 | - | -€2,572 | |
| Trade debts | 44 | €137 | €377 | +€240 | +175.1% |
| Suppliers | 440/4 | €137 | €377 | +€240 | +175.1% |
| Taxes, remuneration and social security | 45 | €13,268 | €5,019 | -€8,250 | -62.2% |
| Taxes | 450/3 | €13,268 | €5,019 | -€8,250 | -62.2% |
| Other amounts payable | 47/48 | €4,062 | €4,424 | +€362 | +8.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,374 | €8,260 | +€3,886 | +88.8% |
| Other operating charges | 640/8 | €565 | €583 | +€18 | +3.2% |
| Non-recurring operating charges | 66A | €573 | - | -€573 | |
| Gross operating margin | 9900 | €53,240 | -€37,834 | -€91,074 | |
| Operating profit (loss) | 9901 | €47,728 | -€46,677 | -€94,405 | |
| Financial income | 75/76B | €5 | €0 | -€4 | -97.3% |
| Recurring financial income | 75 | €5 | €0 | -€4 | -97.3% |
| Financial charges | 65/66B | €121 | €178 | +€58 | +47.8% |
| Recurring financial charges | 65 | €121 | €178 | +€58 | +47.8% |
| Profit (loss) for the period before taxes | 9903 | €47,612 | -€46,855 | -€94,467 | |
| Income taxes | 67/77 | €13,524 | €132 | -€13,392 | -99.0% |
| Profit (loss) for the period | 9904 | €34,088 | -€46,987 | -€81,075 | |
| Profit (loss) for the period to be appropriated | 9905 | €34,088 | -€46,987 | -€81,075 |
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 9 October 2026 via checked.be.