QFIRST: what changed
QFIRST
Largest movements
- Receivables within one year +€12,233
up €12,233 (+19.0%), from €64,229 to €76,463
of which Trade receivables: +€12,516
- Cash +€10,441
up €10,441 (+39.2%), from €26,609 to €37,050
mainly Net result for the year (+€11,889) and Tax, wage and social debts (+€10,809)
- Tangible fixed assets -€1,738
down €1,738 (-27.2%), from €6,398 to €4,660
- Profit (loss) carried forward +€11,889
up €11,889 (+62.7%), from €18,955 to €30,844
- Tax, wage and social debts +€10,809
up €10,809 (+37.3%), from €28,967 to €39,775
of which Remuneration and social security: +€18,777
- Other debts -€3,011
down €3,011 (-54.5%), from €5,521 to €2,510
- Trade debts +€1,250
up €1,250 (+4.4%), from €28,633 to €29,883
- Staff costs +€23,547
up €23,547 (+18.7%), from €125,730 to €149,277
- Gross operating margin +€12,533
up €12,533 (+7.9%), from €157,703 to €170,236
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €97,236 | €118,172 | +€20,936 | +21.5% |
| Fixed assets | 21/28 | €6,398 | €4,660 | -€1,738 | -27.2% |
| Tangible fixed assets | 22/27 | €6,398 | €4,660 | -€1,738 | -27.2% |
| Furniture and vehicles | 24 | €6,398 | €4,660 | -€1,738 | -27.2% |
| Current assets | 29/58 | €90,838 | €113,512 | +€22,674 | +25.0% |
| Amounts receivable within one year | 40/41 | €64,229 | €76,463 | +€12,233 | +19.0% |
| Trade receivables | 40 | €63,946 | €76,463 | +€12,516 | +19.6% |
| Other amounts receivable | 41 | €283 | €0 | -€283 | -100% |
| Cash at bank and in hand | 54/58 | €26,609 | €37,050 | +€10,441 | +39.2% |
| Total equity and liabilities | 10/49 | €97,236 | €118,172 | +€20,936 | +21.5% |
| Equity | 10/15 | €34,115 | €46,004 | +€11,889 | +34.8% |
| Contributions | 10/11 | €13,300 | €13,300 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €18,955 | €30,844 | +€11,889 | +62.7% |
| Amounts payable | 17/49 | €63,121 | €72,168 | +€9,047 | +14.3% |
| Amounts payable within one year | 42/48 | €63,121 | €72,168 | +€9,047 | +14.3% |
| Trade debts | 44 | €28,633 | €29,883 | +€1,250 | +4.4% |
| Suppliers | 440/4 | €28,633 | €29,883 | +€1,250 | +4.4% |
| Taxes, remuneration and social security | 45 | €28,967 | €39,775 | +€10,809 | +37.3% |
| Taxes | 450/3 | €28,967 | €20,998 | -€7,969 | -27.5% |
| Remuneration and social security | 454/9 | - | €18,777 | +€18,777 | |
| Other amounts payable | 47/48 | €5,521 | €2,510 | -€3,011 | -54.5% |
| Remuneration, social security and pensions | 62 | €125,730 | €149,277 | +€23,547 | +18.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,738 | €1,738 | = | 0.0% |
| Other operating charges | 640/8 | €387 | €1,533 | +€1,145 | +296% |
| Gross operating margin | 9900 | €157,703 | €170,236 | +€12,533 | +7.9% |
| Operating profit (loss) | 9901 | €29,848 | €17,688 | -€12,160 | -40.7% |
| Financial income | 75/76B | €20 | €56 | +€36 | +180% |
| Recurring financial income | 75 | €20 | €56 | +€36 | +180% |
| Financial charges | 65/66B | €240 | €280 | +€40 | +16.5% |
| Recurring financial charges | 65 | €240 | €280 | +€40 | +16.5% |
| Profit (loss) for the period before taxes | 9903 | €29,628 | €17,465 | -€12,163 | -41.1% |
| Income taxes | 67/77 | €5,332 | €5,576 | +€244 | +4.6% |
| Profit (loss) for the period | 9904 | €24,297 | €11,889 | -€12,408 | -51.1% |
| Profit (loss) for the period to be appropriated | 9905 | €24,297 | €11,889 | -€12,408 | -51.1% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.