QGD: what changed
What changed
QGD
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
-€26,714
2024 · €36,290-€63,004
Equity
€848,508
2024 · €875,222-€26,714
Cash
€22,698
2024 · €3,693+€19,005
Balance sheet total
€6.6m
2024 · €6.7m-€58,087
Largest movements
Assets
- Tangible fixed assets -€115,888
down €115,888 (-2.6%), from €4.5m to €4.4m
of which Land and buildings: -€97,853
Equity and liabilities
- Debts after one year -€207,749
down €207,749 (-4.3%), from €4.8m to €4.6m
of which Financial debts: -€307,749
- Trade debts +€138,081
up €138,081 (+285%), from €48,443 to €186,524
Income statement
- Other operating charges +€164,622
up €164,622 (+46.1%), from €357,111 to €521,733
- Depreciation -€43,943
down €43,943 (-27.5%), from €159,831 to €115,888
- Gross operating margin +€28,511
up €28,511 (+4.0%), from €705,891 to €734,402
- Financial charges -€16,108
down €16,108 (-11.5%), from €139,603 to €123,494
- Taxes -€13,056
no longer reported in 2025 (was €13,056)
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.
Result 2024
€36,290
Gross operating margin
+€28,511
Depreciation
+€43,943
Other operating charges
-€164,622
Financial charges
+€16,108
Taxes
+€13,056
Result 2025
-€26,714
raises the resultlowers the result
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.
From operations
+€217,098
Investment
€0
Financing
-€198,093
Cash 2024
€3,693
From operations (derived)
+€217,098
Net result for the year
-€26,714
Depreciation
+€115,888
Receivables within one year
-€38,790
Deferred charges and accrued income
-€6
Trade debts
+€138,081
Tax, wage and social debts
-€30,861
Other debts
+€59,500
Financing
-€198,093
Debts after one year
-€207,749
Current portion of long-term debt
+€9,657
Cash 2025
€22,698
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,686,399 | €6,628,312 | -€58,087 | -0.9% |
| Fixed assets | 21/28 | €6,653,456 | €6,537,567 | -€115,888 | -1.7% |
| Tangible fixed assets | 22/27 | €4,504,403 | €4,388,515 | -€115,888 | -2.6% |
| Land and buildings | 22 | €4,263,566 | €4,165,713 | -€97,853 | -2.3% |
| Plant, machinery and equipment | 23 | €240,837 | €222,802 | -€18,035 | -7.5% |
| Financial fixed assets | 28 | €2,149,053 | €2,149,053 | = | 0.0% |
| Current assets | 29/58 | €32,943 | €90,744 | +€57,801 | +175% |
| Amounts receivable within one year | 40/41 | €29,107 | €67,897 | +€38,790 | +133% |
| Trade receivables | 40 | €18,151 | €60,000 | +€41,849 | +231% |
| Other amounts receivable | 41 | €10,956 | €7,897 | -€3,060 | -27.9% |
| Cash at bank and in hand | 54/58 | €3,693 | €22,698 | +€19,005 | +515% |
| Deferred charges and accrued income | 490/1 | €144 | €149 | +€6 | +4.0% |
| Total equity and liabilities | 10/49 | €6,686,399 | €6,628,312 | -€58,087 | -0.9% |
| Equity | 10/15 | €875,222 | €848,508 | -€26,714 | -3.1% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €775,222 | €748,508 | -€26,714 | -3.4% |
| Distributable reserves | 133 | €775,222 | €748,508 | -€26,714 | -3.4% |
| Amounts payable | 17/49 | €5,811,177 | €5,779,804 | -€31,373 | -0.5% |
| Amounts payable after more than one year | 17 | €4,781,344 | €4,573,595 | -€207,749 | -4.3% |
| Financial debts | 170/4 | €3,781,344 | €3,473,595 | -€307,749 | -8.1% |
| Other amounts payable | 178/9 | €1,000,000 | €1,100,000 | +€100,000 | +10.0% |
| Amounts payable within one year | 42/48 | €1,028,333 | €1,204,709 | +€176,376 | +17.2% |
| Current portion of amounts payable after more than one year | 42 | €298,093 | €307,749 | +€9,657 | +3.2% |
| Trade debts | 44 | €48,443 | €186,524 | +€138,081 | +285% |
| Suppliers | 440/4 | €48,443 | €186,524 | +€138,081 | +285% |
| Taxes, remuneration and social security | 45 | €38,797 | €7,936 | -€30,861 | -79.5% |
| Taxes | 450/3 | €38,797 | €7,936 | -€30,861 | -79.5% |
| Other amounts payable | 47/48 | €643,000 | €702,500 | +€59,500 | +9.3% |
| Accrued charges and deferred income | 492/3 | €1,500 | €1,500 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €159,831 | €115,888 | -€43,943 | -27.5% |
| Other operating charges | 640/8 | €357,111 | €521,733 | +€164,622 | +46.1% |
| Gross operating margin | 9900 | €705,891 | €734,402 | +€28,511 | +4.0% |
| Operating profit (loss) | 9901 | €188,948 | €96,780 | -€92,168 | -48.8% |
| Financial charges | 65/66B | €139,603 | €123,494 | -€16,108 | -11.5% |
| Recurring financial charges | 65 | €139,603 | €123,494 | -€16,108 | -11.5% |
| Profit (loss) for the period before taxes | 9903 | €49,346 | -€26,714 | -€76,060 | |
| Income taxes | 67/77 | €13,056 | - | -€13,056 | |
| Profit (loss) for the period | 9904 | €36,290 | -€26,714 | -€63,004 | |
| Profit (loss) for the period to be appropriated | 9905 | €36,290 | -€26,714 | -€63,004 |
Next steps
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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.