QGKO: 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.
QGKO
Largest movements
- Cash +€41,429
up €41,429 (+65.1%), from €63,621 to €105,050
mainly Net result for the year (+€41,414) and Depreciation (+€11,409)
- Tangible fixed assets -€2,977
down €2,977 (-8.3%), from €35,739 to €32,762
of which Furniture and vehicles: -€10,010
- Reserves +€41,414
up €41,414 (+84.4%), from €49,087 to €90,501
- Debts after one year -€9,198
down €9,198 (-38.6%), from €23,850 to €14,653
- Other debts +€5,148
up €5,148 (+43.6%), from €11,806 to €16,953
- Gross operating margin +€3,046
up €3,046 (+4.8%), from €63,255 to €66,301
- Depreciation +€1,358
up €1,358 (+13.5%), from €10,051 to €11,409
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 | €109,110 | €147,762 | +€38,652 | +35.4% |
| Fixed assets | 21/28 | €35,739 | €32,762 | -€2,977 | -8.3% |
| Tangible fixed assets | 22/27 | €35,739 | €32,762 | -€2,977 | -8.3% |
| Plant, machinery and equipment | 23 | €5,708 | €12,741 | +€7,033 | +123.2% |
| Furniture and vehicles | 24 | €30,030 | €20,020 | -€10,010 | -33.3% |
| Current assets | 29/58 | €73,371 | €115,000 | +€41,629 | +56.7% |
| Cash at bank and in hand | 54/58 | €63,621 | €105,050 | +€41,429 | +65.1% |
| Deferred charges and accrued income | 490/1 | €9,750 | €9,950 | +€200 | +2.1% |
| Total equity and liabilities | 10/49 | €109,110 | €147,762 | +€38,652 | +35.4% |
| Equity | 10/15 | €53,087 | €94,501 | +€41,414 | +78.0% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Outside capital | 11 | €4,000 | €4,000 | = | 0.0% |
| Other | 1109/19 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €49,087 | €90,501 | +€41,414 | +84.4% |
| Distributable reserves | 133 | €49,087 | €90,501 | +€41,414 | +84.4% |
| Amounts payable | 17/49 | €56,023 | €53,261 | -€2,762 | -4.9% |
| Amounts payable after more than one year | 17 | €23,850 | €14,653 | -€9,198 | -38.6% |
| Financial debts | 170/4 | €23,850 | €14,653 | -€9,198 | -38.6% |
| Amounts payable within one year | 42/48 | €32,173 | €38,608 | +€6,435 | +20.0% |
| Current portion of amounts payable after more than one year | 42 | €8,766 | €9,198 | +€432 | +4.9% |
| Trade debts | 44 | €1,357 | €2,652 | +€1,295 | +95.4% |
| Suppliers | 440/4 | €1,357 | €2,652 | +€1,295 | +95.4% |
| Taxes, remuneration and social security | 45 | €10,244 | €9,805 | -€439 | -4.3% |
| Taxes | 450/3 | €10,244 | €9,805 | -€439 | -4.3% |
| Other amounts payable | 47/48 | €11,806 | €16,953 | +€5,148 | +43.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,051 | €11,409 | +€1,358 | +13.5% |
| Other operating charges | 640/8 | €1,714 | €1,286 | -€427 | -24.9% |
| Gross operating margin | 9900 | €63,255 | €66,301 | +€3,046 | +4.8% |
| Operating profit (loss) | 9901 | €51,491 | €53,606 | +€2,116 | +4.1% |
| Financial charges | 65/66B | €1,897 | €1,591 | -€305 | -16.1% |
| Recurring financial charges | 65 | €1,897 | €1,591 | -€305 | -16.1% |
| Profit (loss) for the period before taxes | 9903 | €49,594 | €52,015 | +€2,421 | +4.9% |
| Income taxes | 67/77 | €10,244 | €10,600 | +€356 | +3.5% |
| Profit (loss) for the period | 9904 | €39,350 | €41,414 | +€2,065 | +5.2% |
| Profit (loss) for the period to be appropriated | 9905 | €39,350 | €41,414 | +€2,065 | +5.2% |
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 5 October 2026 via checked.be.