QES: 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.
QES
Largest movements
- Cash +€44,890
up €44,890 (+100.2%), from €44,808 to €89,698
mainly Net result for the year (+€36,992) and Trade debts (+€11,666)
- Tangible fixed assets -€8,474
down €8,474 (-43.7%), from €19,374 to €10,900
of which Leasing and similar rights: -€6,690
- Receivables within one year +€5,222
up €5,222 (+18.5%), from €28,278 to €33,499
of which Other amounts receivable: +€5,591
- Deferred charges and accrued income +€1,407
up €1,407 (+895.4%), from €157 to €1,564
- Reserves +€16,992
up €16,992 (+39.0%), from €43,613 to €60,606
- Trade debts +€11,666
up €11,666 (+57.9%), from €20,156 to €31,822
- Tax, wage and social debts +€10,250
up €10,250 (+71.1%), from €14,420 to €24,670
of which Taxes: +€9,250
- Other debts +€10,000
new in 2025: €10,000
- Debts after one year -€7,423
down €7,423 (-82.9%), from €8,957 to €1,534
of which Financial debts: -€7,423
- Gross operating margin +€16,470
up €16,470 (+38.4%), from €42,938 to €59,408
- Taxes +€4,664
up €4,664 (+71.9%), from €6,483 to €11,147
- Other operating charges -€2,112
down €2,112 (-61.0%), from €3,461 to €1,349
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 | €96,617 | €139,661 | +€43,044 | +44.6% |
| Fixed assets | 21/28 | €19,374 | €10,900 | -€8,474 | -43.7% |
| Tangible fixed assets | 22/27 | €19,374 | €10,900 | -€8,474 | -43.7% |
| Plant, machinery and equipment | 23 | €1,395 | €397 | -€998 | -71.5% |
| Furniture and vehicles | 24 | €2,582 | €1,796 | -€786 | -30.4% |
| Leasing and similar rights | 25 | €15,396 | €8,706 | -€6,690 | -43.5% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €77,243 | €128,761 | +€51,518 | +66.7% |
| Stocks and contracts in progress | 3 | €4,000 | €4,000 | = | 0.0% |
| Stocks | 30/36 | €4,000 | €4,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €28,278 | €33,499 | +€5,222 | +18.5% |
| Trade receivables | 40 | €6,112 | €5,742 | -€369 | -6.0% |
| Other amounts receivable | 41 | €22,166 | €27,757 | +€5,591 | +25.2% |
| Cash at bank and in hand | 54/58 | €44,808 | €89,698 | +€44,890 | +100.2% |
| Deferred charges and accrued income | 490/1 | €157 | €1,564 | +€1,407 | +895.4% |
| Total equity and liabilities | 10/49 | €96,617 | €139,661 | +€43,044 | +44.6% |
| Equity | 10/15 | €48,613 | €65,606 | +€16,992 | +35.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €43,613 | €60,606 | +€16,992 | +39.0% |
| Distributable reserves | 133 | €43,613 | €60,606 | +€16,992 | +39.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €48,003 | €74,055 | +€26,052 | +54.3% |
| Amounts payable after more than one year | 17 | €8,957 | €1,534 | -€7,423 | -82.9% |
| Financial debts | 170/4 | €8,957 | €1,534 | -€7,423 | -82.9% |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €39,046 | €72,521 | +€33,475 | +85.7% |
| Current portion of amounts payable after more than one year | 42 | €4,471 | €6,029 | +€1,559 | +34.9% |
| Trade debts | 44 | €20,156 | €31,822 | +€11,666 | +57.9% |
| Suppliers | 440/4 | €20,156 | €31,822 | +€11,666 | +57.9% |
| Taxes, remuneration and social security | 45 | €14,420 | €24,670 | +€10,250 | +71.1% |
| Taxes | 450/3 | €12,420 | €21,670 | +€9,250 | +74.5% |
| Remuneration and social security | 454/9 | €2,000 | €3,000 | +€1,000 | +50.0% |
| Other amounts payable | 47/48 | - | €10,000 | +€10,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,954 | €8,474 | -€480 | -5.4% |
| Other operating charges | 640/8 | €3,461 | €1,349 | -€2,112 | -61.0% |
| Gross operating margin | 9900 | €42,938 | €59,408 | +€16,470 | +38.4% |
| Operating profit (loss) | 9901 | €30,523 | €49,585 | +€19,061 | +62.4% |
| Financial income | 75/76B | €1,478 | €1,413 | -€66 | -4.5% |
| Recurring financial income | 75 | €1,478 | €1,413 | -€66 | -4.5% |
| Financial charges | 65/66B | €3,128 | €2,857 | -€271 | -8.7% |
| Recurring financial charges | 65 | €3,128 | €2,857 | -€271 | -8.7% |
| Profit (loss) for the period before taxes | 9903 | €28,873 | €48,140 | +€19,267 | +66.7% |
| Income taxes | 67/77 | €6,483 | €11,147 | +€4,664 | +71.9% |
| Profit (loss) for the period | 9904 | €22,390 | €36,992 | +€14,602 | +65.2% |
| Profit (loss) for the period to be appropriated | 9905 | €22,390 | €36,992 | +€14,602 | +65.2% |
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 8 October 2026 via checked.be.