QLISAS: 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.
QLISAS
Largest movements
- Cash -€82,772
down €82,772 (-40.2%), from €205,894 to €123,121
mainly Contributions, distributions and other (-€459,844) and Tax, wage and social debts (-€133,848)
- Tangible fixed assets -€53,153
down €53,153 (-31.3%), from €170,021 to €116,868
of which Plant, machinery and equipment: -€31,404
- Intangible fixed assets -€37,500
down €37,500 (-18.8%), from €199,829 to €162,329
- Current investments -€20,457
down €20,457 (-6.5%), from €315,000 to €294,543
- Reserves -€188,214
down €188,214 (-40.1%), from €469,566 to €281,353
- Other debts +€162,238
up €162,238 (+71.5%), from €226,916 to €389,154
- Tax, wage and social debts -€133,848
down €133,848 (-78.9%), from €169,654 to €35,806
of which Taxes: -€133,854
- Accrued charges and deferred income -€16,136
down €16,136 (-59.3%), from €27,191 to €11,055
- Trade debts -€10,568
down €10,568 (-22.4%), from €47,083 to €36,515
- Gross operating margin +€92,605
up €92,605 (+18.3%), from €505,034 to €597,639
- Taxes +€27,207
up €27,207 (+47.4%), from €57,364 to €84,571
- Financial charges -€18,483
down €18,483 (-63.4%), from €29,153 to €10,670
- Financial income +€11,082
up €11,082 (+263.7%), from €4,203 to €15,284
- Staff costs +€10,060
up €10,060 (+7.3%), from €137,581 to €147,640
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 | €960,410 | €773,883 | -€186,528 | -19.4% |
| Fixed assets | 21/28 | €369,850 | €279,197 | -€90,653 | -24.5% |
| Intangible fixed assets | 21 | €199,829 | €162,329 | -€37,500 | -18.8% |
| Tangible fixed assets | 22/27 | €170,021 | €116,868 | -€53,153 | -31.3% |
| Plant, machinery and equipment | 23 | €89,091 | €57,688 | -€31,404 | -35.2% |
| Furniture and vehicles | 24 | €80,930 | €59,181 | -€21,749 | -26.9% |
| Current assets | 29/58 | €590,560 | €494,685 | -€95,875 | -16.2% |
| Stocks and contracts in progress | 3 | €25,149 | €24,028 | -€1,121 | -4.5% |
| Stocks | 30/36 | €25,149 | €24,028 | -€1,121 | -4.5% |
| Amounts receivable within one year | 40/41 | €41,093 | €49,050 | +€7,958 | +19.4% |
| Trade receivables | 40 | €18,641 | €30,986 | +€12,345 | +66.2% |
| Other amounts receivable | 41 | €22,452 | €18,064 | -€4,388 | -19.5% |
| Current investments | 50/53 | €315,000 | €294,543 | -€20,457 | -6.5% |
| Cash at bank and in hand | 54/58 | €205,894 | €123,121 | -€82,772 | -40.2% |
| Deferred charges and accrued income | 490/1 | €3,425 | €3,943 | +€518 | +15.1% |
| Total equity and liabilities | 10/49 | €960,410 | €773,883 | -€186,528 | -19.4% |
| Equity | 10/15 | €489,566 | €301,353 | -€188,214 | -38.4% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €469,566 | €281,353 | -€188,214 | -40.1% |
| Distributable reserves | 133 | €469,566 | €281,353 | -€188,214 | -40.1% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €470,844 | €472,530 | +€1,686 | +0.4% |
| Amounts payable within one year | 42/48 | €443,653 | €461,475 | +€17,822 | +4.0% |
| Trade debts | 44 | €47,083 | €36,515 | -€10,568 | -22.4% |
| Suppliers | 440/4 | €47,083 | €36,515 | -€10,568 | -22.4% |
| Taxes, remuneration and social security | 45 | €169,654 | €35,806 | -€133,848 | -78.9% |
| Taxes | 450/3 | €142,574 | €8,720 | -€133,854 | -93.9% |
| Remuneration and social security | 454/9 | €27,080 | €27,086 | +€7 | 0.0% |
| Other amounts payable | 47/48 | €226,916 | €389,154 | +€162,238 | +71.5% |
| Accrued charges and deferred income | 492/3 | €27,191 | €11,055 | -€16,136 | -59.3% |
| Remuneration, social security and pensions | 62 | €137,581 | €147,640 | +€10,060 | +7.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €95,271 | €96,100 | +€830 | +0.9% |
| Other operating charges | 640/8 | €1,654 | €2,310 | +€656 | +39.6% |
| Gross operating margin | 9900 | €505,034 | €597,639 | +€92,605 | +18.3% |
| Operating profit (loss) | 9901 | €270,528 | €351,588 | +€81,060 | +30.0% |
| Financial income | 75/76B | €4,203 | €15,284 | +€11,082 | +263.7% |
| Recurring financial income | 75 | €4,203 | €15,284 | +€11,082 | +263.7% |
| Financial charges | 65/66B | €29,153 | €10,670 | -€18,483 | -63.4% |
| Recurring financial charges | 65 | €29,153 | €10,670 | -€18,483 | -63.4% |
| Profit (loss) for the period before taxes | 9903 | €245,578 | €356,202 | +€110,624 | +45.0% |
| Income taxes | 67/77 | €57,364 | €84,571 | +€27,207 | +47.4% |
| Profit (loss) for the period | 9904 | €188,214 | €271,631 | +€83,417 | +44.3% |
| Profit (loss) for the period to be appropriated | 9905 | €188,214 | €271,631 | +€83,417 | +44.3% |
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 6 October 2026 via checked.be.