QEY: 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.
QEY
Largest movements
- Tangible fixed assets -€20,033
down €20,033 (-30.2%), from €66,279 to €46,246
of which Leasing and similar rights: -€16,379
- Cash +€13,138
up €13,138 (+244.9%), from €5,365 to €18,503
mainly Depreciation (+€20,033) and Net result for the year (+€17,064)
- Receivables within one year +€3,955
up €3,955 (+42.5%), from €9,298 to €13,253
of which Trade receivables: +€3,529
- Debts after one year -€18,272
down €18,272 (-63.1%), from €28,974 to €10,701
- Reserves +€15,398
up €15,398 (+97.5%), from €15,788 to €31,185
- Tax, wage and social debts +€1,758
up €1,758 (+44.0%), from €3,993 to €5,751
- Other debts -€1,709
down €1,709 (-14.2%), from €12,033 to €10,324
- Gross operating margin +€3,250
up €3,250 (+7.9%), from €40,991 to €44,240
- Taxes +€1,372
up €1,372 (+34.4%), from €3,993 to €5,365
- Depreciation +€615
up €615 (+3.2%), from €19,419 to €20,033
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 | €82,353 | €79,398 | -€2,955 | -3.6% |
| Fixed assets | 21/28 | €67,079 | €47,046 | -€20,033 | -29.9% |
| Tangible fixed assets | 22/27 | €66,279 | €46,246 | -€20,033 | -30.2% |
| Plant, machinery and equipment | 23 | €13,109 | €10,569 | -€2,540 | -19.4% |
| Furniture and vehicles | 24 | €4,032 | €2,918 | -€1,114 | -27.6% |
| Leasing and similar rights | 25 | €49,138 | €32,759 | -€16,379 | -33.3% |
| Financial fixed assets | 28 | €800 | €800 | = | 0.0% |
| Current assets | 29/58 | €15,274 | €32,352 | +€17,079 | +111.8% |
| Amounts receivable within one year | 40/41 | €9,298 | €13,253 | +€3,955 | +42.5% |
| Trade receivables | 40 | €7,334 | €10,863 | +€3,529 | +48.1% |
| Other amounts receivable | 41 | €1,964 | €2,390 | +€426 | +21.7% |
| Cash at bank and in hand | 54/58 | €5,365 | €18,503 | +€13,138 | +244.9% |
| Deferred charges and accrued income | 490/1 | €611 | €596 | -€14 | -2.3% |
| Total equity and liabilities | 10/49 | €82,353 | €79,398 | -€2,955 | -3.6% |
| Equity | 10/15 | €18,188 | €33,585 | +€15,398 | +84.7% |
| Contributions | 10/11 | €2,400 | €2,400 | = | 0.0% |
| Reserves | 13 | €15,788 | €31,185 | +€15,398 | +97.5% |
| Distributable reserves | 133 | €15,788 | €31,185 | +€15,398 | +97.5% |
| Amounts payable | 17/49 | €64,165 | €45,813 | -€18,352 | -28.6% |
| Amounts payable after more than one year | 17 | €28,974 | €10,701 | -€18,272 | -63.1% |
| Financial debts | 170/4 | €28,974 | €10,701 | -€18,272 | -63.1% |
| Amounts payable within one year | 42/48 | €35,192 | €35,028 | -€164 | -0.5% |
| Current portion of amounts payable after more than one year | 42 | €18,272 | €18,272 | = | 0.0% |
| Trade debts | 44 | €894 | €681 | -€213 | -23.8% |
| Suppliers | 440/4 | €894 | €681 | -€213 | -23.8% |
| Taxes, remuneration and social security | 45 | €3,993 | €5,751 | +€1,758 | +44.0% |
| Taxes | 450/3 | €3,993 | €5,751 | +€1,758 | +44.0% |
| Other amounts payable | 47/48 | €12,033 | €10,324 | -€1,709 | -14.2% |
| Accrued charges and deferred income | 492/3 | - | €84 | +€84 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,419 | €20,033 | +€615 | +3.2% |
| Other operating charges | 640/8 | €1,718 | €1,705 | -€13 | -0.8% |
| Gross operating margin | 9900 | €40,991 | €44,240 | +€3,250 | +7.9% |
| Operating profit (loss) | 9901 | €19,854 | €22,502 | +€2,648 | +13.3% |
| Financial income | 75/76B | - | €77 | +€77 | |
| Recurring financial income | 75 | - | €77 | +€77 | |
| Financial charges | 65/66B | €73 | €150 | +€77 | +104.9% |
| Recurring financial charges | 65 | €73 | €150 | +€77 | +104.9% |
| Profit (loss) for the period before taxes | 9903 | €19,781 | €22,429 | +€2,648 | +13.4% |
| Income taxes | 67/77 | €3,993 | €5,365 | +€1,372 | +34.4% |
| Profit (loss) for the period | 9904 | €15,788 | €17,064 | +€1,276 | +8.1% |
| Profit (loss) for the period to be appropriated | 9905 | €15,788 | €17,064 | +€1,276 | +8.1% |
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 11 October 2026 via checked.be.