QES IMMO: 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.
QES IMMO
Largest movements
- Receivables within one year -€38,519
down €38,519 (-13.7%), from €280,634 to €242,115
- Tangible fixed assets -€31,318
down €31,318 (-7.1%), from €442,863 to €411,545
of which Land and buildings: -€17,505
- Deferred charges and accrued income -€28,846
no longer reported in 2025 (was €28,846)
- Cash +€10,171
up €10,171 (+18.8%), from €54,032 to €64,203
mainly Receivables within one year (+€38,519) and Depreciation (+€33,409)
- Other debts -€105,263
no longer reported in 2025 (was €105,263)
- Reserves +€11,060
up €11,060 (+2.5%), from €446,704 to €457,764
of which Tax-exempt reserves: +€11,060
- Depreciation -€37,782
down €37,782 (-53.1%), from €71,191 to €33,409
- Financial charges +€26,783
up €26,783 (+187424.9%), from €14 to €26,797
of which Non-recurring financial charges: +€26,722
- Gross operating margin +€15,494
up €15,494 (+58.4%), from €26,527 to €42,020
- Other operating charges +€2,063
up €2,063 (+65.9%), from €3,128 to €5,191
- Financial income -€1,586
down €1,586 (-10.9%), from €14,546 to €12,960
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 | €806,975 | €718,463 | -€88,512 | -11.0% |
| Fixed assets | 21/28 | €443,463 | €412,145 | -€31,318 | -7.1% |
| Tangible fixed assets | 22/27 | €442,863 | €411,545 | -€31,318 | -7.1% |
| Land and buildings | 22 | €407,919 | €390,414 | -€17,505 | -4.3% |
| Plant, machinery and equipment | 23 | €34,944 | €21,131 | -€13,813 | -39.5% |
| Financial fixed assets | 28 | €600 | €600 | = | 0.0% |
| Current assets | 29/58 | €363,512 | €306,318 | -€57,194 | -15.7% |
| Amounts receivable within one year | 40/41 | €280,634 | €242,115 | -€38,519 | -13.7% |
| Other amounts receivable | 41 | €280,634 | €242,115 | -€38,519 | -13.7% |
| Cash at bank and in hand | 54/58 | €54,032 | €64,203 | +€10,171 | +18.8% |
| Deferred charges and accrued income | 490/1 | €28,846 | - | -€28,846 | |
| Total equity and liabilities | 10/49 | €806,975 | €718,463 | -€88,512 | -11.0% |
| Equity | 10/15 | €700,840 | €717,145 | +€16,305 | +2.3% |
| Contributions | 10/11 | €35,020 | €35,020 | = | 0.0% |
| Reserves | 13 | €446,704 | €457,764 | +€11,060 | +2.5% |
| Tax-exempt reserves | 132 | €280,599 | €291,659 | +€11,060 | +3.9% |
| Distributable reserves | 133 | €166,105 | €166,105 | = | 0.0% |
| Profit (loss) carried forward | 14 | €219,116 | €224,362 | +€5,245 | +2.4% |
| Amounts payable | 17/49 | €106,135 | €1,318 | -€104,818 | -98.8% |
| Amounts payable within one year | 42/48 | €105,263 | €894 | -€104,370 | -99.2% |
| Trade debts | 44 | - | €894 | +€894 | |
| Suppliers | 440/4 | - | €894 | +€894 | |
| Other amounts payable | 47/48 | €105,263 | - | -€105,263 | |
| Accrued charges and deferred income | 492/3 | €872 | €424 | -€448 | -51.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €71,191 | €33,409 | -€37,782 | -53.1% |
| Other operating charges | 640/8 | €3,128 | €5,191 | +€2,063 | +65.9% |
| Gross operating margin | 9900 | €26,527 | €42,020 | +€15,494 | +58.4% |
| Operating profit (loss) | 9901 | -€47,792 | €3,421 | +€51,213 | |
| Financial income | 75/76B | €14,546 | €12,960 | -€1,586 | -10.9% |
| Recurring financial income | 75 | €14,546 | €12,960 | -€1,586 | -10.9% |
| Financial charges | 65/66B | €14 | €26,797 | +€26,783 | +187424.9% |
| Recurring financial charges | 65 | €14 | €75 | +€61 | +424.9% |
| Non-recurring financial charges | 66B | - | €26,722 | +€26,722 | |
| Profit (loss) for the period before taxes | 9903 | -€33,261 | -€10,417 | +€22,844 | +68.7% |
| Profit (loss) for the period | 9904 | -€33,261 | -€10,417 | +€22,844 | +68.7% |
| Transfer from tax-exempt reserves | 789 | €16,946 | €15,662 | -€1,284 | -7.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€16,315 | €5,245 | +€21,560 |
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 12 October 2026 via checked.be.