QEMU: 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.
QEMU
Largest movements
- Receivables within one year -€77,718
down €77,718 (-46.7%), from €166,352 to €88,634
of which Other amounts receivable: -€79,527
- Intangible fixed assets -€18,549
down €18,549 (-30.9%), from €60,060 to €41,510
- Tangible fixed assets -€5,889
down €5,889 (-40.4%), from €14,569 to €8,681
of which Furniture and vehicles: -€5,569
- Cash -€3,666
down €3,666 (-6.5%), from €56,672 to €53,006
mainly Contributions, distributions and other (-€126,508) and Tax, wage and social debts (-€1,353)
- Profit (loss) carried forward -€107,337
down €107,337 (-39.0%), from €275,295 to €167,959
- Gross operating margin +€30,356
up €30,356 (+163%), from €18,623 to €48,979
- Taxes +€5,196
up €5,196, from €0 to €5,196
- Other operating charges +€834
up €834 (+144%), from €577 to €1,411
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 | €301,451 | €195,022 | -€106,429 | -35.3% |
| Fixed assets | 21/28 | €75,024 | €50,586 | -€24,438 | -32.6% |
| Intangible fixed assets | 21 | €60,060 | €41,510 | -€18,549 | -30.9% |
| Tangible fixed assets | 22/27 | €14,569 | €8,681 | -€5,889 | -40.4% |
| Plant, machinery and equipment | 23 | €1,007 | €687 | -€320 | -31.8% |
| Furniture and vehicles | 24 | €13,563 | €7,994 | -€5,569 | -41.1% |
| Financial fixed assets | 28 | €395 | €395 | = | 0.0% |
| Current assets | 29/58 | €226,427 | €144,436 | -€81,991 | -36.2% |
| Amounts receivable within one year | 40/41 | €166,352 | €88,634 | -€77,718 | -46.7% |
| Trade receivables | 40 | €11,418 | €13,227 | +€1,810 | +15.8% |
| Other amounts receivable | 41 | €154,934 | €75,407 | -€79,527 | -51.3% |
| Cash at bank and in hand | 54/58 | €56,672 | €53,006 | -€3,666 | -6.5% |
| Deferred charges and accrued income | 490/1 | €3,403 | €2,796 | -€607 | -17.8% |
| Total equity and liabilities | 10/49 | €301,451 | €195,022 | -€106,429 | -35.3% |
| Equity | 10/15 | €285,295 | €177,959 | -€107,337 | -37.6% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €275,295 | €167,959 | -€107,337 | -39.0% |
| Amounts payable | 17/49 | €16,156 | €17,064 | +€908 | +5.6% |
| Amounts payable within one year | 42/48 | €16,156 | €17,064 | +€908 | +5.6% |
| Trade debts | 44 | €6,089 | €8,150 | +€2,061 | +33.9% |
| Suppliers | 440/4 | €6,089 | €8,150 | +€2,061 | +33.9% |
| Taxes, remuneration and social security | 45 | €10,067 | €8,714 | -€1,353 | -13.4% |
| Taxes | 450/3 | €4,527 | €3,174 | -€1,353 | -29.9% |
| Remuneration and social security | 454/9 | €5,540 | €5,540 | = | 0.0% |
| Other amounts payable | 47/48 | €0 | €200 | +€200 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,617 | €24,438 | -€178 | -0.7% |
| Other operating charges | 640/8 | €577 | €1,411 | +€834 | +144% |
| Gross operating margin | 9900 | €18,623 | €48,979 | +€30,356 | +163% |
| Operating profit (loss) | 9901 | -€6,571 | €23,130 | +€29,701 | |
| Financial income | 75/76B | €1,373 | €1,330 | -€43 | -3.1% |
| Recurring financial income | 75 | €1,373 | €1,330 | -€43 | -3.1% |
| Financial charges | 65/66B | €95 | €93 | -€2 | -1.9% |
| Recurring financial charges | 65 | €95 | €93 | -€2 | -1.9% |
| Profit (loss) for the period before taxes | 9903 | -€5,292 | €24,368 | +€29,660 | |
| Income taxes | 67/77 | €0 | €5,196 | +€5,196 | |
| Profit (loss) for the period | 9904 | -€5,292 | €19,171 | +€24,464 | |
| Profit (loss) for the period to be appropriated | 9905 | -€5,292 | €19,171 | +€24,464 |
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 15 October 2026 via checked.be.