QH: 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.
QH
Largest movements
- Cash -€62,874
down €62,874 (-78.9%), from €79,643 to €16,769
mainly Contributions, distributions and other (-€28,303) and Net result for the year (-€26,193)
- Receivables within one year +€8,523
up €8,523 (+396.5%), from €2,150 to €10,673
of which Other amounts receivable: +€7,958
- Intangible fixed assets -€5,780
down €5,780 (-36.4%), from €15,895 to €10,115
- Tangible fixed assets -€2,409
down €2,409 (-63.5%), from €3,792 to €1,383
of which Plant, machinery and equipment: -€2,404
- Stocks and contracts -€1,490
down €1,490 (-26.4%), from €5,639 to €4,149
- Reserves -€27,552
no longer reported in 2025 (was €27,552)
- Profit (loss) carried forward -€26,943
down €26,943 (-65.8%), from €40,973 to €14,030
- Tax, wage and social debts -€6,194
down €6,194 (-59.6%), from €10,386 to €4,192
of which Taxes: -€5,650
- Trade debts -€3,069
down €3,069 (-45.5%), from €6,749 to €3,679
- Accrued charges and deferred income +€1,703
up €1,703 (+135.2%), from €1,260 to €2,962
- Gross operating margin -€82,463
down €82,463 (-66.6%), from €123,758 to €41,295
- Taxes -€11,728
no longer reported in 2025 (was €11,728)
- Staff costs -€3,380
down €3,380 (-6.1%), from €55,452 to €52,072
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 | €107,118 | €43,463 | -€63,654 | -59.4% |
| Fixed assets | 21/28 | €19,687 | €11,498 | -€8,189 | -41.6% |
| Intangible fixed assets | 21 | €15,895 | €10,115 | -€5,780 | -36.4% |
| Tangible fixed assets | 22/27 | €3,792 | €1,383 | -€2,409 | -63.5% |
| Plant, machinery and equipment | 23 | €3,777 | €1,373 | -€2,404 | -63.6% |
| Furniture and vehicles | 24 | €15 | €10 | -€5 | -34.3% |
| Current assets | 29/58 | €87,431 | €31,966 | -€55,465 | -63.4% |
| Stocks and contracts in progress | 3 | €5,639 | €4,149 | -€1,490 | -26.4% |
| Stocks | 30/36 | €5,639 | €4,149 | -€1,490 | -26.4% |
| Amounts receivable within one year | 40/41 | €2,150 | €10,673 | +€8,523 | +396.5% |
| Trade receivables | 40 | €107 | €673 | +€565 | +526.5% |
| Other amounts receivable | 41 | €2,042 | €10,000 | +€7,958 | +389.7% |
| Cash at bank and in hand | 54/58 | €79,643 | €16,769 | -€62,874 | -78.9% |
| Deferred charges and accrued income | 490/1 | - | €375 | +€375 | |
| Total equity and liabilities | 10/49 | €107,118 | €43,463 | -€63,654 | -59.4% |
| Equity | 10/15 | €87,125 | €32,630 | -€54,495 | -62.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €27,552 | - | -€27,552 | |
| Distributable reserves | 133 | €27,552 | - | -€27,552 | |
| Profit (loss) carried forward | 14 | €40,973 | €14,030 | -€26,943 | -65.8% |
| Amounts payable | 17/49 | €19,992 | €10,834 | -€9,159 | -45.8% |
| Amounts payable within one year | 42/48 | €18,733 | €7,871 | -€10,862 | -58.0% |
| Trade debts | 44 | €6,749 | €3,679 | -€3,069 | -45.5% |
| Suppliers | 440/4 | €6,749 | €3,679 | -€3,069 | -45.5% |
| Taxes, remuneration and social security | 45 | €10,386 | €4,192 | -€6,194 | -59.6% |
| Taxes | 450/3 | €6,550 | €899 | -€5,650 | -86.3% |
| Remuneration and social security | 454/9 | €3,836 | €3,293 | -€543 | -14.2% |
| Other amounts payable | 47/48 | €1,599 | - | -€1,599 | |
| Accrued charges and deferred income | 492/3 | €1,260 | €2,962 | +€1,703 | +135.2% |
| Remuneration, social security and pensions | 62 | €55,452 | €52,072 | -€3,380 | -6.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,635 | €8,189 | -€447 | -5.2% |
| Other operating charges | 640/8 | €2,714 | €3,674 | +€961 | +35.4% |
| Gross operating margin | 9900 | €123,758 | €41,295 | -€82,463 | -66.6% |
| Operating profit (loss) | 9901 | €56,957 | -€22,640 | -€79,597 | |
| Financial income | 75/76B | €10 | €0 | -€10 | -99.9% |
| Recurring financial income | 75 | €10 | €0 | -€10 | -99.9% |
| Financial charges | 65/66B | €4,266 | €3,552 | -€713 | -16.7% |
| Recurring financial charges | 65 | €4,266 | €3,552 | -€713 | -16.7% |
| Profit (loss) for the period before taxes | 9903 | €52,701 | -€26,193 | -€78,894 | |
| Income taxes | 67/77 | €11,728 | - | -€11,728 | |
| Profit (loss) for the period | 9904 | €40,973 | -€26,193 | -€67,166 | |
| Profit (loss) for the period to be appropriated | 9905 | €40,973 | -€26,193 | -€67,166 |
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.