QELSA: 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.
QELSA
Largest movements
- Tangible fixed assets +€34,918
up €34,918 (+126975.0%), from €28 to €34,946
of which Furniture and vehicles: +€34,946
- Cash -€3,000
down €3,000 (-1.4%), from €222,131 to €219,131
mainly Investment in fixed assets (net) (-€43,652) and Contributions, distributions and other (-€20,000)
- Reserves +€33,167
up €33,167 (+18.5%), from €179,235 to €212,402
- Profit (loss) carried forward -€20,000
down €20,000 (-73.8%), from €27,086 to €7,086
- Other debts +€17,344
up €17,344 (+491.6%), from €3,528 to €20,872
- Gross operating margin +€10,116
up €10,116 (+22.8%), from €44,451 to €54,567
- Depreciation +€8,404
up €8,404 (+2546.6%), from €330 to €8,734
- Taxes -€644
down €644 (-5.2%), from €12,468 to €11,824
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 | €230,241 | €262,367 | +€32,126 | +14.0% |
| Fixed assets | 21/28 | €54 | €34,972 | +€34,918 | +65267.5% |
| Tangible fixed assets | 22/27 | €28 | €34,946 | +€34,918 | +126975.0% |
| Plant, machinery and equipment | 23 | €28 | €0 | -€28 | -100.0% |
| Furniture and vehicles | 24 | - | €34,946 | +€34,946 | |
| Financial fixed assets | 28 | €26 | €26 | = | 0.0% |
| Current assets | 29/58 | €230,187 | €227,395 | -€2,792 | -1.2% |
| Amounts receivable within one year | 40/41 | €7,623 | €8,076 | +€453 | +5.9% |
| Trade receivables | 40 | €6,985 | €6,696 | -€289 | -4.1% |
| Other amounts receivable | 41 | €638 | €1,380 | +€742 | +116.4% |
| Cash at bank and in hand | 54/58 | €222,131 | €219,131 | -€3,000 | -1.4% |
| Deferred charges and accrued income | 490/1 | €433 | €188 | -€245 | -56.6% |
| Total equity and liabilities | 10/49 | €230,241 | €262,367 | +€32,126 | +14.0% |
| Equity | 10/15 | €224,922 | €238,089 | +€13,167 | +5.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €179,235 | €212,402 | +€33,167 | +18.5% |
| Distributable reserves | 133 | €179,235 | €212,402 | +€33,167 | +18.5% |
| Profit (loss) carried forward | 14 | €27,086 | €7,086 | -€20,000 | -73.8% |
| Amounts payable | 17/49 | €5,319 | €24,278 | +€18,959 | +356.4% |
| Amounts payable within one year | 42/48 | €5,319 | €24,278 | +€18,959 | +356.4% |
| Trade debts | 44 | €617 | €406 | -€211 | -34.2% |
| Suppliers | 440/4 | €617 | €406 | -€211 | -34.2% |
| Taxes, remuneration and social security | 45 | €1,174 | €3,000 | +€1,826 | +155.6% |
| Taxes | 450/3 | €1,174 | €3,000 | +€1,826 | +155.6% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €3,528 | €20,872 | +€17,344 | +491.6% |
| Non-recurring operating income | 76A | - | €6,652 | +€6,652 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €330 | €8,734 | +€8,404 | +2546.6% |
| Other operating charges | 640/8 | €668 | €692 | +€24 | +3.5% |
| Gross operating margin | 9900 | €44,451 | €54,567 | +€10,116 | +22.8% |
| Operating profit (loss) | 9901 | €43,453 | €45,141 | +€1,688 | +3.9% |
| Financial charges | 65/66B | €138 | €150 | +€11 | +8.2% |
| Recurring financial charges | 65 | €138 | €150 | +€11 | +8.2% |
| Profit (loss) for the period before taxes | 9903 | €43,315 | €44,991 | +€1,677 | +3.9% |
| Income taxes | 67/77 | €12,468 | €11,824 | -€644 | -5.2% |
| Profit (loss) for the period | 9904 | €30,846 | €33,167 | +€2,321 | +7.5% |
| Profit (loss) for the period to be appropriated | 9905 | €30,846 | €33,167 | +€2,321 | +7.5% |
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 2 October 2026 via checked.be.