QM MANAGEMENT: 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.
QM MANAGEMENT
Largest movements
- Receivables within one year +€237,812
up €237,812 (+1585.4%), from €15,000 to €252,812
of which Other amounts receivable: +€252,812
- Current investments -€148,432
down €148,432 (-37.4%), from €396,557 to €248,125
- Cash +€57,679
up €57,679 (+6779.2%), from €851 to €58,530
- Reserves +€90,000
up €90,000 (+14.0%), from €642,062 to €732,062
of which Distributable reserves: +€90,000
- Trade debts +€84,076
up €84,076 (+218.2%), from €38,535 to €122,611
- Other debts +€21,476
up €21,476 (+204.1%), from €10,524 to €32,000
- Tax, wage and social debts -€20,182
down €20,182 (-25.8%), from €78,275 to €58,093
of which Taxes: -€22,900
- Current portion of long-term debt -€19,601
down €19,601 (-86.4%), from €22,694 to €3,093
- Gross operating margin +€36,418
up €36,418 (+29.5%), from €123,451 to €159,870
- Taxes +€16,791
up €16,791 (+60.5%), from €27,732 to €44,523
- Financial charges -€16,391
down €16,391 (-39.2%), from €41,768 to €25,376
- Staff costs +€12,286
new in 2025: €12,286
- Other operating charges +€6,374
up €6,374 (+1055.7%), from €604 to €6,978
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.
Cash bridge derived
A cash bridge needs two consecutive fiscal 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 | €1,315,718 | €1,460,797 | +€145,080 | +11.0% |
| Fixed assets | 21/28 | €227,559 | €225,579 | -€1,979 | -0.9% |
| Tangible fixed assets | 22/27 | €2,304 | €324 | -€1,979 | -85.9% |
| Furniture and vehicles | 24 | €2,304 | €324 | -€1,979 | -85.9% |
| Financial fixed assets | 28 | €225,255 | €225,255 | = | 0.0% |
| Current assets | 29/58 | €1,088,159 | €1,235,218 | +€147,059 | +13.5% |
| Amounts receivable after more than one year | 29 | €675,389 | €675,389 | = | 0.0% |
| Trade receivables | 290 | €675,000 | €675,000 | = | 0.0% |
| Other amounts receivable | 291 | €389 | €389 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €15,000 | €252,812 | +€237,812 | +1585.4% |
| Trade receivables | 40 | €15,000 | - | -€15,000 | |
| Other amounts receivable | 41 | - | €252,812 | +€252,812 | |
| Current investments | 50/53 | €396,557 | €248,125 | -€148,432 | -37.4% |
| Cash at bank and in hand | 54/58 | €851 | €58,530 | +€57,679 | +6779.2% |
| Deferred charges and accrued income | 490/1 | €362 | €362 | = | 0.0% |
| Total equity and liabilities | 10/49 | €1,315,718 | €1,460,797 | +€145,080 | +11.0% |
| Equity | 10/15 | €674,717 | €765,730 | +€91,013 | +13.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €642,062 | €732,062 | +€90,000 | +14.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €365,202 | €365,202 | = | 0.0% |
| Distributable reserves | 133 | €275,000 | €365,000 | +€90,000 | +32.7% |
| Profit (loss) carried forward | 14 | €14,054 | €15,068 | +€1,013 | +7.2% |
| Provisions and deferred taxes | 16 | €90,182 | €90,182 | = | 0.0% |
| Deferred taxes | 168 | €90,182 | €90,182 | = | 0.0% |
| Amounts payable | 17/49 | €550,819 | €604,886 | +€54,067 | +9.8% |
| Amounts payable after more than one year | 17 | €400,791 | €389,088 | -€11,703 | -2.9% |
| Financial debts | 170/4 | €400,791 | €389,088 | -€11,703 | -2.9% |
| Amounts payable within one year | 42/48 | €150,028 | €215,797 | +€65,769 | +43.8% |
| Current portion of amounts payable after more than one year | 42 | €22,694 | €3,093 | -€19,601 | -86.4% |
| Trade debts | 44 | €38,535 | €122,611 | +€84,076 | +218.2% |
| Suppliers | 440/4 | €38,535 | €122,611 | +€84,076 | +218.2% |
| Taxes, remuneration and social security | 45 | €78,275 | €58,093 | -€20,182 | -25.8% |
| Taxes | 450/3 | €78,275 | €55,375 | -€22,900 | -29.3% |
| Remuneration and social security | 454/9 | - | €2,718 | +€2,718 | |
| Other amounts payable | 47/48 | €10,524 | €32,000 | +€21,476 | +204.1% |
| Remuneration, social security and pensions | 62 | - | €12,286 | +€12,286 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,991 | €1,979 | -€11 | -0.6% |
| Other operating charges | 640/8 | €604 | €6,978 | +€6,374 | +1055.7% |
| Gross operating margin | 9900 | €123,451 | €159,870 | +€36,418 | +29.5% |
| Operating profit (loss) | 9901 | €120,857 | €138,627 | +€17,770 | +14.7% |
| Financial income | 75/76B | €20,399 | €22,286 | +€1,888 | +9.3% |
| Recurring financial income | 75 | €20,399 | €22,286 | +€1,888 | +9.3% |
| Financial charges | 65/66B | €41,768 | €25,376 | -€16,391 | -39.2% |
| Recurring financial charges | 65 | €41,768 | €25,376 | -€16,391 | -39.2% |
| Profit (loss) for the period before taxes | 9903 | €99,488 | €135,536 | +€36,049 | +36.2% |
| Income taxes | 67/77 | €27,732 | €44,523 | +€16,791 | +60.5% |
| Profit (loss) for the period | 9904 | €71,755 | €91,013 | +€19,258 | +26.8% |
| Profit (loss) for the period to be appropriated | 9905 | €71,755 | €91,013 | +€19,258 | +26.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.