QGL: 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.
QGL
Largest movements
- Cash +€9,413
up €9,413 (+50.4%), from €18,689 to €28,102
mainly Net result for the year (+€11,318) and Depreciation (+€6,110)
- Tangible fixed assets +€8,460
up €8,460 (+32.2%), from €26,293 to €34,753
of which Furniture and vehicles: +€6,847
- Profit (loss) carried forward +€11,318
up €11,318 (+85.8%), from €13,184 to €24,502
- Tax, wage and social debts +€3,618
up €3,618 (+151%), from €2,390 to €6,007
- Trade debts +€1,318
up €1,318 (+407%), from €324 to €1,642
- Debts after one year +€1,266
up €1,266 (+6.5%), from €19,561 to €20,827
- Current portion of long-term debt +€839
up €839 (+12.0%), from €6,971 to €7,810
- Gross operating margin +€21,395
up €21,395 (+266%), from €8,057 to €29,453
- Depreciation -€5,833
down €5,833 (-48.8%), from €11,943 to €6,110
- Taxes +€3,178
up €3,178 (+2,278%), from €140 to €3,318
- Financial charges +€369
up €369 (+21.3%), from €1,732 to €2,101
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.
Derived cash bridge
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 | €47,130 | €65,350 | +€18,220 | +38.7% |
| Fixed assets | 21/28 | €26,593 | €35,053 | +€8,460 | +31.8% |
| Tangible fixed assets | 22/27 | €26,293 | €34,753 | +€8,460 | +32.2% |
| Plant, machinery and equipment | 23 | - | €1,614 | +€1,614 | |
| Furniture and vehicles | 24 | €26,293 | €33,140 | +€6,847 | +26.0% |
| Financial fixed assets | 28 | €300 | €300 | = | 0.0% |
| Current assets | 29/58 | €20,537 | €30,297 | +€9,760 | +47.5% |
| Amounts receivable within one year | 40/41 | €1,684 | €1,420 | -€265 | -15.7% |
| Trade receivables | 40 | €208 | - | -€208 | |
| Other amounts receivable | 41 | €1,476 | €1,420 | -€57 | -3.8% |
| Cash at bank and in hand | 54/58 | €18,689 | €28,102 | +€9,413 | +50.4% |
| Deferred charges and accrued income | 490/1 | €163 | €775 | +€612 | +375% |
| Total equity and liabilities | 10/49 | €47,130 | €65,350 | +€18,220 | +38.7% |
| Equity | 10/15 | €17,744 | €29,062 | +€11,318 | +63.8% |
| Contributions | 10/11 | €600 | €600 | = | 0.0% |
| Reserves | 13 | €3,960 | €3,960 | = | 0.0% |
| Non-distributable reserves | 130/1 | €60 | €60 | = | 0.0% |
| Reserves not available under the articles | 1311 | €60 | €60 | = | 0.0% |
| Distributable reserves | 133 | €3,900 | €3,900 | = | 0.0% |
| Profit (loss) carried forward | 14 | €13,184 | €24,502 | +€11,318 | +85.8% |
| Amounts payable | 17/49 | €29,386 | €36,288 | +€6,902 | +23.5% |
| Amounts payable after more than one year | 17 | €19,561 | €20,827 | +€1,266 | +6.5% |
| Financial debts | 170/4 | €19,561 | €20,827 | +€1,266 | +6.5% |
| Amounts payable within one year | 42/48 | €9,825 | €15,461 | +€5,636 | +57.4% |
| Current portion of amounts payable after more than one year | 42 | €6,971 | €7,810 | +€839 | +12.0% |
| Trade debts | 44 | €324 | €1,642 | +€1,318 | +407% |
| Suppliers | 440/4 | €324 | €1,642 | +€1,318 | +407% |
| Taxes, remuneration and social security | 45 | €2,390 | €6,007 | +€3,618 | +151% |
| Taxes | 450/3 | €2,390 | €6,007 | +€3,618 | +151% |
| Other amounts payable | 47/48 | €141 | €3 | -€138 | -98.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,943 | €6,110 | -€5,833 | -48.8% |
| Other operating charges | 640/8 | €418 | €650 | +€232 | +55.7% |
| Non-recurring operating charges | 66A | - | €5,971 | +€5,971 | |
| Gross operating margin | 9900 | €8,057 | €29,453 | +€21,395 | +266% |
| Operating profit (loss) | 9901 | -€4,304 | €16,722 | +€21,025 | |
| Financial income | 75/76B | €12 | €16 | +€4 | +32.9% |
| Recurring financial income | 75 | €12 | €16 | +€4 | +32.9% |
| Financial charges | 65/66B | €1,732 | €2,101 | +€369 | +21.3% |
| Recurring financial charges | 65 | €1,732 | €2,101 | +€369 | +21.3% |
| Profit (loss) for the period before taxes | 9903 | -€6,024 | €14,636 | +€20,660 | |
| Income taxes | 67/77 | €140 | €3,318 | +€3,178 | +2,278% |
| Profit (loss) for the period | 9904 | -€6,164 | €11,318 | +€17,482 | |
| Profit (loss) for the period to be appropriated | 9905 | -€6,164 | €11,318 | +€17,482 |
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 22 October 2026 via checked.be.