QIPACK: 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.
QIPACK
Largest movements
- Cash +€416,029
up €416,029 (+121%), from €344,504 to €760,533
- Receivables within one year -€109,020
down €109,020 (-25.2%), from €432,063 to €323,043
of which Trade receivables: -€208,813
- Reserves +€461,760
up €461,760 (+99.3%), from €465,220 to €926,980
of which Distributable reserves: +€461,760
- Trade debts -€154,842
down €154,842 (-84.6%), from €182,967 to €28,126
- Other debts -€29,889
no longer reported in 2025 (was €29,889)
- Tax, wage and social debts +€20,515
up €20,515 (+24.9%), from €82,436 to €102,951
of which Taxes: +€20,402
- Gross operating margin -€23,968
down €23,968 (-9.0%), from €266,438 to €242,471
- Other operating charges +€5,820
up €5,820 (+650%), from €895 to €6,715
- Taxes +€4,018
up €4,018 (+8.9%), from €45,047 to €49,065
From the 2023 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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €785,512 | €1,084,636 | +€299,124 | +38.1% |
| Fixed assets | 21/28 | €1,060 | €1,060 | = | 0.0% |
| Tangible fixed assets | 22/27 | €1,060 | €1,060 | = | 0.0% |
| Plant, machinery and equipment | 23 | €1,060 | €1,060 | = | 0.0% |
| Current assets | 29/58 | €784,452 | €1,083,576 | +€299,124 | +38.1% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €432,063 | €323,043 | -€109,020 | -25.2% |
| Trade receivables | 40 | €307,452 | €98,639 | -€208,813 | -67.9% |
| Other amounts receivable | 41 | €124,611 | €224,404 | +€99,793 | +80.1% |
| Cash at bank and in hand | 54/58 | €344,504 | €760,533 | +€416,029 | +121% |
| Deferred charges and accrued income | 490/1 | €7,885 | - | -€7,885 | |
| Total equity and liabilities | 10/49 | €785,512 | €1,084,636 | +€299,124 | +38.1% |
| Equity | 10/15 | €490,220 | €951,980 | +€461,760 | +94.2% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €465,220 | €926,980 | +€461,760 | +99.3% |
| Non-distributable reserves | 130/1 | €2,800 | €2,800 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,800 | €2,800 | = | 0.0% |
| Distributable reserves | 133 | €462,420 | €924,180 | +€461,760 | +99.9% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €295,292 | €132,656 | -€162,636 | -55.1% |
| Amounts payable within one year | 42/48 | €295,292 | €132,656 | -€162,636 | -55.1% |
| Financial debts | 43 | - | €1,579 | +€1,579 | |
| Credit institutions | 430/8 | - | €1,579 | +€1,579 | |
| Trade debts | 44 | €182,967 | €28,126 | -€154,842 | -84.6% |
| Suppliers | 440/4 | €182,967 | €28,126 | -€154,842 | -84.6% |
| Taxes, remuneration and social security | 45 | €82,436 | €102,951 | +€20,515 | +24.9% |
| Taxes | 450/3 | €82,436 | €102,838 | +€20,402 | +24.7% |
| Remuneration and social security | 454/9 | - | €112 | +€112 | |
| Other amounts payable | 47/48 | €29,889 | - | -€29,889 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €567 | - | -€567 | |
| Other operating charges | 640/8 | €895 | €6,715 | +€5,820 | +650% |
| Non-recurring operating charges | 66A | €9,000 | - | -€9,000 | |
| Gross operating margin | 9900 | €266,438 | €242,471 | -€23,968 | -9.0% |
| Operating profit (loss) | 9901 | €255,977 | €235,755 | -€20,222 | -7.9% |
| Financial income | 75/76B | €3 | €2,519 | +€2,515 | +73,336% |
| Recurring financial income | 75 | €3 | €2,519 | +€2,515 | +73,336% |
| Financial charges | 65/66B | €650 | €357 | -€293 | -45.1% |
| Recurring financial charges | 65 | €650 | €357 | -€293 | -45.1% |
| Profit (loss) for the period before taxes | 9903 | €255,330 | €237,917 | -€17,413 | -6.8% |
| Income taxes | 67/77 | €45,047 | €49,065 | +€4,018 | +8.9% |
| Profit (loss) for the period | 9904 | €210,283 | €188,852 | -€21,431 | -10.2% |
| Profit (loss) for the period to be appropriated | 9905 | €210,283 | €188,852 | -€21,431 | -10.2% |
Source: filed annual accounts (NBB), financial years ended 31 March 2023 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.