QM Trading: 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.
QM Trading
Largest movements
- Receivables within one year +€892,748
up €892,748 (+391%), from €228,606 to €1.1m
of which Other amounts receivable: +€876,472
- Deferred charges and accrued income +€29,832
up €29,832 (+4,411%), from €676 to €30,509
- Short-term financial debts +€749,780
up €749,780 (+70,195%), from €1,068 to €750,848
- Reserves +€378,798
up €378,798 (+331%), from €114,376 to €493,174
- Other debts -€219,671
no longer reported in 2025 (was €219,671)
- Trade debts +€40,112
up €40,112 (+244%), from €16,469 to €56,581
- Gross operating margin +€505,670
up €505,670, from -€71,552 to €434,118
- Financial income -€347,052
down €347,052 (-97.7%), from €355,391 to €8,339
of which Non-recurring financial income: -€355,380
- Financial charges +€68,367
up €68,367 (+1,466%), from €4,664 to €73,031
- Taxes -€28,210
down €28,210, from €14,279 to -€13,931
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 | €579,537 | €1,505,544 | +€926,008 | +160% |
| Fixed assets | 21/28 | €344,105 | €351,484 | +€7,379 | +2.1% |
| Tangible fixed assets | 22/27 | €10,725 | €18,584 | +€7,859 | +73.3% |
| Plant, machinery and equipment | 23 | €4,817 | €12,533 | +€7,716 | +160% |
| Furniture and vehicles | 24 | €1,253 | €2,196 | +€943 | +75.2% |
| Other tangible fixed assets | 26 | €4,654 | €3,854 | -€800 | -17.2% |
| Financial fixed assets | 28 | €333,380 | €332,900 | -€480 | -0.1% |
| Current assets | 29/58 | €235,431 | €1,154,060 | +€918,629 | +390% |
| Stocks and contracts in progress | 3 | €2,684 | €2,198 | -€486 | -18.1% |
| Stocks | 30/36 | €2,684 | €2,198 | -€486 | -18.1% |
| Amounts receivable within one year | 40/41 | €228,606 | €1,121,353 | +€892,748 | +391% |
| Trade receivables | 40 | €4,386 | €20,661 | +€16,275 | +371% |
| Other amounts receivable | 41 | €224,220 | €1,100,692 | +€876,472 | +391% |
| Cash at bank and in hand | 54/58 | €3,465 | €0 | -€3,465 | -100% |
| Deferred charges and accrued income | 490/1 | €676 | €30,509 | +€29,832 | +4,411% |
| Total equity and liabilities | 10/49 | €579,537 | €1,505,544 | +€926,008 | +160% |
| Equity | 10/15 | €134,376 | €513,174 | +€378,798 | +282% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €114,376 | €493,174 | +€378,798 | +331% |
| Distributable reserves | 133 | €114,376 | €493,174 | +€378,798 | +331% |
| Amounts payable | 17/49 | €445,160 | €992,370 | +€547,210 | +123% |
| Amounts payable after more than one year | 17 | €180,000 | €180,000 | = | 0.0% |
| Financial debts | 170/4 | €180,000 | €180,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €265,160 | €812,370 | +€547,210 | +206% |
| Current portion of amounts payable after more than one year | 42 | €12,000 | €2,800 | -€9,200 | -76.7% |
| Financial debts | 43 | €1,068 | €750,848 | +€749,780 | +70,195% |
| Credit institutions | 430/8 | €1,068 | €750,848 | +€749,780 | +70,195% |
| Trade debts | 44 | €16,469 | €56,581 | +€40,112 | +244% |
| Suppliers | 440/4 | €16,469 | €56,581 | +€40,112 | +244% |
| Taxes, remuneration and social security | 45 | €15,952 | €2,141 | -€13,811 | -86.6% |
| Taxes | 450/3 | €15,952 | €2,141 | -€13,811 | -86.6% |
| Other amounts payable | 47/48 | €219,671 | - | -€219,671 | |
| Non-recurring operating income | 76A | - | €575,520 | +€575,520 | |
| Remuneration, social security and pensions | 62 | - | €28 | +€28 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,182 | €3,431 | +€1,250 | +57.3% |
| Other operating charges | 640/8 | €1,162 | €1,100 | -€62 | -5.4% |
| Gross operating margin | 9900 | -€71,552 | €434,118 | +€505,670 | |
| Operating profit (loss) | 9901 | -€74,896 | €429,559 | +€504,455 | |
| Financial income | 75/76B | €355,391 | €8,339 | -€347,052 | -97.7% |
| Recurring financial income | 75 | €10 | €8,339 | +€8,329 | +81,974% |
| Non-recurring financial income | 76B | €355,380 | - | -€355,380 | |
| Financial charges | 65/66B | €4,664 | €73,031 | +€68,367 | +1,466% |
| Recurring financial charges | 65 | €4,664 | €73,031 | +€68,367 | +1,466% |
| Profit (loss) for the period before taxes | 9903 | €275,831 | €364,867 | +€89,036 | +32.3% |
| Income taxes | 67/77 | €14,279 | -€13,931 | -€28,210 | |
| Profit (loss) for the period | 9904 | €261,551 | €378,798 | +€117,246 | +44.8% |
| Profit (loss) for the period to be appropriated | 9905 | €261,551 | €378,798 | +€117,246 | +44.8% |
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 20 October 2026 via checked.be.