QLEVR: what changed
Two fiscal 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.
What changed
QLEVR
NACE 47.551, Retail sale of household furniture
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€2.4m
2024 · -€2.3m-€139,524
Equity
€1.1m
2024 · -€985,843+€2.1m
Cash
€281,781
2024 · €175,737+€106,044
Balance sheet total
€16.2m
2024 · €17.8m-€1.6m
Largest movements
Assets
- Receivables within one year -€699,454
down €699,454 (-59.9%), from €1.2m to €467,633
of which Other amounts receivable: -€719,109
- Stocks and contracts -€450,325
down €450,325 (-28.3%), from €1.6m to €1.1m
- Intangible fixed assets -€424,433
down €424,433 (-41.4%), from €1.0m to €601,989
Equity and liabilities
- Contributions +€4.5m
up €4.5m (+7200.0%), from €62,500 to €4.6m
- Profit (loss) carried forward -€2.4m
down €2.4m (-230.2%), from -€1.1m to -€3.5m
- Current portion of long-term debt -€1.0m
down €1.0m (-72.9%), from €1.4m to €386,406
- Other debts -€1.0m
down €1.0m (-97.7%), from €1.0m to €23,555
- Debts after one year -€915,268
down €915,268 (-7.1%), from €12.8m to €11.9m
Income statement
- Staff costs -€387,604
down €387,604 (-23.8%), from €1.6m to €1.2m
- Turnover -€267,837
down €267,837 (-2.8%), from €9.5m to €9.2m
- Goods and materials -€236,839
down €236,839 (-5.5%), from €4.3m to €4.1m
of which Purchases: -€227,807
- Services and other goods -€203,493
down €203,493 (-4.7%), from €4.3m to €4.1m
- Other operating income +€122,008
up €122,008 (+22.6%), from €540,137 to €662,146
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.
Result 2024
-€2.3m
Turnover
-€267,837
Other operating income
+€122,008
Goods and materials
+€236,839
Services and other goods
+€203,493
Staff costs
+€387,604
Depreciation
-€4,591
Write-downs
-€110,541
Other operating charges
+€4,130
Other operating items
-€593,349
Financial income
-€7,995
Financial charges
-€110,427
Taxes
+€1,142
Result 2025
-€2.4m
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.
From operations
-€2.2m
Investment
+€145,007
Financing
+€2.1m
Cash 2024
€175,737
From operations (derived)
-€2.2m
Net result for the year
-€2.4m
Depreciation
+€302,314
Stocks and contracts
+€450,325
Receivables within one year
+€699,454
Deferred charges and accrued income
+€75,009
Trade debts
-€250,809
Tax, wage and social debts
-€17,022
Other debts
-€1.0m
Accrued charges and deferred income
-€2,139
Investment (derived)
+€145,007
Investment in fixed assets (net)
+€145,007
Financing
+€2.1m
Debts after one year
-€915,268
Current portion of long-term debt
-€1.0m
Short-term financial debts
-€400,000
Contributions, distributions and other
+€4.5m
Cash 2025
€281,781
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €17,767,289 | €16,201,223 | -€1.6m | -8.8% |
| Formation expenses | 20 | €4,028 | €2,577 | -€1,451 | -36.0% |
| Fixed assets | 21/28 | €14,597,929 | €14,152,059 | -€445,870 | -3.1% |
| Intangible fixed assets | 21 | €1,026,422 | €601,989 | -€424,433 | -41.4% |
| Tangible fixed assets | 22/27 | €131,329 | €101,381 | -€29,948 | -22.8% |
| Plant, machinery and equipment | 23 | €32,099 | €21,732 | -€10,367 | -32.3% |
| Furniture and vehicles | 24 | €21,262 | €9,140 | -€12,121 | -57.0% |
| Leasing and similar rights | 25 | €25,364 | €16,555 | -€8,809 | -34.7% |
| Other tangible fixed assets | 26 | €52,605 | €53,954 | +€1,349 | +2.6% |
| Financial fixed assets | 28 | €13,440,178 | €13,448,688 | +€8,510 | +0.1% |
| Affiliated companies | 280/1 | €13,437,018 | €13,448,688 | +€11,670 | +0.1% |
| Participating interests | 280 | €12,853,511 | €12,853,511 | = | 0.0% |
| Amounts receivable | 281 | €583,507 | €595,177 | +€11,670 | +2.0% |
| Other financial fixed assets | 284/8 | €3,160 | €0 | -€3,160 | -100.0% |
| Amounts receivable and cash guarantees | 285/8 | €3,160 | €0 | -€3,160 | -100.0% |
| Current assets | 29/58 | €3,165,332 | €2,046,586 | -€1.1m | -35.3% |
| Stocks and contracts in progress | 3 | €1,588,465 | €1,138,139 | -€450,325 | -28.3% |
| Stocks | 30/36 | €1,588,465 | €1,138,139 | -€450,325 | -28.3% |
| Raw materials and consumables | 30/31 | €94,308 | €0 | -€94,308 | -100.0% |
| Goods purchased for resale | 34 | €1,396,329 | €863,963 | -€532,366 | -38.1% |
| Advance payments | 36 | €97,828 | €274,176 | +€176,349 | +180.3% |
| Amounts receivable within one year | 40/41 | €1,167,088 | €467,633 | -€699,454 | -59.9% |
| Trade receivables | 40 | €398,653 | €418,307 | +€19,654 | +4.9% |
| Other amounts receivable | 41 | €768,435 | €49,326 | -€719,109 | -93.6% |
| Cash at bank and in hand | 54/58 | €175,737 | €281,781 | +€106,044 | +60.3% |
| Deferred charges and accrued income | 490/1 | €234,042 | €159,033 | -€75,009 | -32.0% |
| Total equity and liabilities | 10/49 | €17,767,289 | €16,201,223 | -€1.6m | -8.8% |
| Equity | 10/15 | -€985,843 | €1,086,758 | +€2.1m | |
| Contributions | 10/11 | €62,500 | €4,562,500 | +€4.5m | +7200.0% |
| Capital | 10 | €62,500 | €4,562,500 | +€4.5m | +7200.0% |
| Issued capital | 100 | €62,500 | €4,562,500 | +€4.5m | +7200.0% |
| Reserves | 13 | €6,250 | €6,250 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,250 | €6,250 | = | 0.0% |
| Legal reserve | 130 | €6,250 | €6,250 | = | 0.0% |
| Distributable reserves | 133 | €0 | - | = | |
| Profit (loss) carried forward | 14 | -€1,054,593 | -€3,481,992 | -€2.4m | -230.2% |
| Amounts payable | 17/49 | €18,753,131 | €15,114,464 | -€3.6m | -19.4% |
| Amounts payable after more than one year | 17 | €12,802,355 | €11,887,087 | -€915,268 | -7.1% |
| Financial debts | 170/4 | €12,802,355 | €11,887,087 | -€915,268 | -7.1% |
| Subordinated loans | 170 | €7,156,661 | €6,022,547 | -€1.1m | -15.8% |
| Leasing and similar obligations | 172 | €17,280 | €8,136 | -€9,145 | -52.9% |
| Credit institutions | 173 | €5,628,414 | €5,856,405 | +€227,991 | +4.1% |
| Amounts payable within one year | 42/48 | €5,883,301 | €3,162,042 | -€2.7m | -46.3% |
| Current portion of amounts payable after more than one year | 42 | €1,425,355 | €386,406 | -€1.0m | -72.9% |
| Financial debts | 43 | €1,000,000 | €600,000 | -€400,000 | -40.0% |
| Credit institutions | 430/8 | €1,000,000 | €600,000 | -€400,000 | -40.0% |
| Trade debts | 44 | €2,262,683 | €2,011,874 | -€250,809 | -11.1% |
| Suppliers | 440/4 | €2,262,683 | €2,011,874 | -€250,809 | -11.1% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €157,230 | €140,207 | -€17,022 | -10.8% |
| Taxes | 450/3 | €3,264 | €7,551 | +€4,287 | +131.3% |
| Remuneration and social security | 454/9 | €153,966 | €132,656 | -€21,309 | -13.8% |
| Other amounts payable | 47/48 | €1,038,034 | €23,555 | -€1.0m | -97.7% |
| Accrued charges and deferred income | 492/3 | €67,475 | €65,335 | -€2,139 | -3.2% |
| Operating income | 70/76A | €10,027,828 | €9,884,699 | -€143,129 | -1.4% |
| Turnover | 70 | €9,487,691 | €9,219,854 | -€267,837 | -2.8% |
| Other operating income | 74 | €540,137 | €662,146 | +€122,008 | +22.6% |
| Non-recurring operating income | 76A | - | €2,700 | +€2,700 | |
| Operating charges | 60/66A | €11,320,398 | €11,199,514 | -€120,885 | -1.1% |
| Goods for resale, raw materials and consumables | 60 | €4,306,925 | €4,070,086 | -€236,839 | -5.5% |
| Purchases | 600/8 | €3,960,184 | €3,732,377 | -€227,807 | -5.8% |
| Change in stocks: decrease (increase) | 609 | €346,741 | €337,709 | -€9,033 | -2.6% |
| Services and other goods | 61 | €4,313,367 | €4,109,874 | -€203,493 | -4.7% |
| Remuneration, social security and pensions | 62 | €1,625,811 | €1,238,207 | -€387,604 | -23.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €297,723 | €302,314 | +€4,591 | +1.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €183,181 | €293,722 | +€110,541 | +60.3% |
| Other operating charges | 640/8 | €8,554 | €4,424 | -€4,130 | -48.3% |
| Non-recurring operating charges | 66A | €584,837 | €1,180,886 | +€596,049 | +101.9% |
| Operating profit (loss) | 9901 | -€1,292,570 | -€1,314,814 | -€22,244 | -1.7% |
| Financial income | 75/76B | €43,080 | €35,084 | -€7,995 | -18.6% |
| Recurring financial income | 75 | €43,080 | €35,084 | -€7,995 | -18.6% |
| Income from financial fixed assets | 750 | €11,441 | €11,670 | +€229 | +2.0% |
| Income from current assets | 751 | €26,289 | €16,985 | -€9,303 | -35.4% |
| Other financial income | 752/9 | €5,350 | €6,429 | +€1,079 | +20.2% |
| Financial charges | 65/66B | €1,034,097 | €1,144,524 | +€110,427 | +10.7% |
| Recurring financial charges | 65 | €1,034,097 | €1,144,524 | +€110,427 | +10.7% |
| Debt charges | 650 | €917,311 | €1,052,522 | +€135,211 | +14.7% |
| Other financial charges | 652/9 | €116,786 | €92,002 | -€24,784 | -21.2% |
| Profit (loss) for the period before taxes | 9903 | -€2,283,587 | -€2,424,254 | -€140,666 | -6.2% |
| Income taxes | 67/77 | €4,287 | €3,145 | -€1,142 | -26.6% |
| Taxes | 670/3 | €4,287 | €3,166 | -€1,122 | -26.2% |
| Tax adjustments and reversals of tax provisions | 77 | - | €21 | +€21 | |
| Profit (loss) for the period | 9904 | -€2,287,875 | -€2,427,399 | -€139,524 | -6.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,287,875 | -€2,427,399 | -€139,524 | -6.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.