QISMAT: 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.
QISMAT
Largest movements
- Receivables within one year +€174,287
up €174,287 (+605%), from €28,804 to €203,091
of which Trade receivables: +€163,812
- Stocks and contracts +€137,835
up €137,835 (+341%), from €40,439 to €178,274
- Cash -€29,644
down €29,644 (-80.0%), from €37,055 to €7,411
mainly Receivables within one year (-€174,287) and Stocks and contracts (-€137,835)
- Other debts +€197,327
up €197,327 (+2,076%), from €9,504 to €206,831
- Trade debts +€79,039
up €79,039 (+215%), from €36,717 to €115,756
- Profit (loss) carried forward +€10,938
up €10,938 (+28.3%), from €38,649 to €49,587
- Tax, wage and social debts -€4,852
down €4,852 (-26.8%), from €18,133 to €13,281
of which Taxes: -€8,046
- Turnover +€364,123
up €364,123 (+58.9%), from €618,385 to €982,509
- Purchases and services +€341,656
up €341,656 (+56.6%), from €603,481 to €945,137
- Gross operating margin +€36,344
up €36,344 (+160%), from €22,667 to €59,011
- Staff costs +€22,260
up €22,260 (+262%), from €8,486 to €30,746
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 | €120,003 | €402,456 | +€282,453 | +235% |
| Fixed assets | 21/28 | €13,705 | €13,680 | -€26 | -0.2% |
| Intangible fixed assets | 21 | €5,775 | €3,775 | -€2,000 | -34.6% |
| Tangible fixed assets | 22/27 | - | €1,974 | +€1,974 | |
| Furniture and vehicles | 24 | - | €1,974 | +€1,974 | |
| Financial fixed assets | 28 | €7,930 | €7,930 | = | 0.0% |
| Current assets | 29/58 | €106,298 | €388,776 | +€282,478 | +266% |
| Stocks and contracts in progress | 3 | €40,439 | €178,274 | +€137,835 | +341% |
| Stocks | 30/36 | €40,439 | €178,274 | +€137,835 | +341% |
| Amounts receivable within one year | 40/41 | €28,804 | €203,091 | +€174,287 | +605% |
| Trade receivables | 40 | €154 | €163,965 | +€163,812 | +106,655% |
| Other amounts receivable | 41 | €28,650 | €39,126 | +€10,476 | +36.6% |
| Cash at bank and in hand | 54/58 | €37,055 | €7,411 | -€29,644 | -80.0% |
| Total equity and liabilities | 10/49 | €120,003 | €402,456 | +€282,453 | +235% |
| Equity | 10/15 | €55,649 | €66,587 | +€10,938 | +19.7% |
| Contributions | 10/11 | €17,000 | €17,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €38,649 | €49,587 | +€10,938 | +28.3% |
| Amounts payable | 17/49 | €64,354 | €335,868 | +€271,514 | +422% |
| Amounts payable within one year | 42/48 | €64,354 | €335,868 | +€271,514 | +422% |
| Trade debts | 44 | €36,717 | €115,756 | +€79,039 | +215% |
| Suppliers | 440/4 | €36,717 | €115,756 | +€79,039 | +215% |
| Taxes, remuneration and social security | 45 | €18,133 | €13,281 | -€4,852 | -26.8% |
| Taxes | 450/3 | €12,178 | €4,132 | -€8,046 | -66.1% |
| Remuneration and social security | 454/9 | €5,956 | €9,149 | +€3,194 | +53.6% |
| Other amounts payable | 47/48 | €9,504 | €206,831 | +€197,327 | +2,076% |
| Turnover | 70 | €618,385 | €982,509 | +€364,123 | +58.9% |
| Non-recurring operating income | 76A | - | €14,000 | +€14,000 | |
| Goods, raw materials, services and sundry goods | 60/61 | €603,481 | €945,137 | +€341,656 | +56.6% |
| Remuneration, social security and pensions | 62 | €8,486 | €30,746 | +€22,260 | +262% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,000 | €2,528 | +€528 | +26.4% |
| Other operating charges | 640/8 | €828 | €7,033 | +€6,205 | +749% |
| Non-recurring operating charges | 66A | - | €3,517 | +€3,517 | |
| Gross operating margin | 9900 | €22,667 | €59,011 | +€36,344 | +160% |
| Operating profit (loss) | 9901 | €11,353 | €15,188 | +€3,835 | +33.8% |
| Financial income | 75/76B | €0 | €0 | +€0 | +1,850% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +1,850% |
| Financial charges | 65/66B | €736 | €1,163 | +€427 | +58.0% |
| Recurring financial charges | 65 | €736 | €1,163 | +€427 | +58.0% |
| Profit (loss) for the period before taxes | 9903 | €10,617 | €14,026 | +€3,409 | +32.1% |
| Income taxes | 67/77 | €1,905 | €3,087 | +€1,183 | +62.1% |
| Profit (loss) for the period | 9904 | €8,713 | €10,938 | +€2,226 | +25.5% |
| Profit (loss) for the period to be appropriated | 9905 | €8,713 | €10,938 | +€2,226 | +25.5% |
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 24 October 2026 via checked.be.