QL Invest: 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.
QL Invest
Largest movements
- Cash +€12,806
up €12,806 (+122%), from €10,490 to €23,296
mainly Net result for the year (+€29,959) and Receivables after one year (+€4,885)
- Reserves +€29,959
up €29,959 (+5.7%), from €523,653 to €553,612
of which Distributable reserves: +€29,959
- Debts after one year -€16,611
down €16,611 (-7.7%), from €214,792 to €198,182
- Financial income -€13,283
down €13,283 (-21.2%), from €62,526 to €49,243
- Gross operating margin +€7,956
up €7,956 (+73.7%), from -€10,800 to -€2,844
- Other operating charges +€3,329
up €3,329 (+257%), from €1,297 to €4,625
- Depreciation +€1,308
up €1,308 (+131%), from €1,001 to €2,308
- Taxes -€975
down €975 (-23.6%), from €4,129 to €3,154
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 | €790,435 | €798,698 | +€8,263 | +1.0% |
| Fixed assets | 21/28 | €266,158 | €271,700 | +€5,542 | +2.1% |
| Tangible fixed assets | 22/27 | €15,220 | €20,762 | +€5,542 | +36.4% |
| Land and buildings | 22 | €13,165 | €12,406 | -€759 | -5.8% |
| Plant, machinery and equipment | 23 | €2,055 | €1,813 | -€242 | -11.8% |
| Furniture and vehicles | 24 | - | €6,543 | +€6,543 | |
| Financial fixed assets | 28 | €250,938 | €250,938 | = | 0.0% |
| Current assets | 29/58 | €524,277 | €526,998 | +€2,721 | +0.5% |
| Amounts receivable after more than one year | 29 | €294,625 | €289,740 | -€4,885 | -1.7% |
| Trade receivables | 290 | €294,625 | €289,740 | -€4,885 | -1.7% |
| Amounts receivable within one year | 40/41 | €24,130 | €19,335 | -€4,796 | -19.9% |
| Trade receivables | 40 | €10,341 | €10,341 | = | 0.0% |
| Other amounts receivable | 41 | €13,790 | €8,994 | -€4,796 | -34.8% |
| Current investments | 50/53 | €192,680 | €192,680 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €10,490 | €23,296 | +€12,806 | +122% |
| Deferred charges and accrued income | 490/1 | €2,351 | €1,947 | -€404 | -17.2% |
| Total equity and liabilities | 10/49 | €790,435 | €798,698 | +€8,263 | +1.0% |
| Equity | 10/15 | €536,310 | €566,269 | +€29,959 | +5.6% |
| Contributions | 10/11 | €12,500 | €12,500 | = | 0.0% |
| Reserves | 13 | €523,653 | €553,612 | +€29,959 | +5.7% |
| Non-distributable reserves | 130/1 | €194,540 | €194,540 | = | 0.0% |
| Reserves not available under the articles | 1311 | €194,540 | €194,540 | = | 0.0% |
| Distributable reserves | 133 | €329,113 | €359,072 | +€29,959 | +9.1% |
| Profit (loss) carried forward | 14 | €157 | €157 | = | 0.0% |
| Amounts payable | 17/49 | €254,124 | €232,428 | -€21,696 | -8.5% |
| Amounts payable after more than one year | 17 | €214,792 | €198,182 | -€16,611 | -7.7% |
| Financial debts | 170/4 | €214,792 | €198,182 | -€16,611 | -7.7% |
| Amounts payable within one year | 42/48 | €37,565 | €32,480 | -€5,085 | -13.5% |
| Current portion of amounts payable after more than one year | 42 | €18,877 | €16,611 | -€2,267 | -12.0% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €3,015 | €4,599 | +€1,584 | +52.5% |
| Suppliers | 440/4 | €3,015 | €4,599 | +€1,584 | +52.5% |
| Taxes, remuneration and social security | 45 | €6,488 | €10,070 | +€3,582 | +55.2% |
| Taxes | 450/3 | €3,913 | €7,495 | +€3,582 | +91.5% |
| Remuneration and social security | 454/9 | €2,575 | €2,575 | = | 0.0% |
| Other amounts payable | 47/48 | €9,185 | €1,201 | -€7,985 | -86.9% |
| Accrued charges and deferred income | 492/3 | €1,767 | €1,767 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,001 | €2,308 | +€1,308 | +131% |
| Other operating charges | 640/8 | €1,297 | €4,625 | +€3,329 | +257% |
| Gross operating margin | 9900 | -€10,800 | -€2,844 | +€7,956 | +73.7% |
| Operating profit (loss) | 9901 | -€13,098 | -€9,778 | +€3,320 | +25.3% |
| Financial income | 75/76B | €62,526 | €49,243 | -€13,283 | -21.2% |
| Recurring financial income | 75 | €62,526 | €49,243 | -€13,283 | -21.2% |
| Financial charges | 65/66B | €6,170 | €6,353 | +€183 | +3.0% |
| Recurring financial charges | 65 | €6,170 | €6,353 | +€183 | +3.0% |
| Profit (loss) for the period before taxes | 9903 | €43,258 | €33,113 | -€10,145 | -23.5% |
| Income taxes | 67/77 | €4,129 | €3,154 | -€975 | -23.6% |
| Profit (loss) for the period | 9904 | €39,129 | €29,959 | -€9,170 | -23.4% |
| Profit (loss) for the period to be appropriated | 9905 | €39,129 | €29,959 | -€9,170 | -23.4% |
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 30 October 2026 via checked.be.