Qmatex: 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.
Qmatex
Largest movements
- Current investments +€1.9m
up €1.9m (+417.9%), from €450,000 to €2.3m
- Receivables within one year +€453,969
up €453,969 (+232.9%), from €194,882 to €648,851
of which Trade receivables: +€423,083
- Stocks and contracts -€441,256
down €441,256 (-73.9%), from €597,405 to €156,149
of which Contracts in progress: -€443,904
- Cash +€179,146
up €179,146 (+26.9%), from €666,241 to €845,387
mainly Advances received (+€1.9m) and Net result for the year (+€633,041)
- Tangible fixed assets -€117,016
down €117,016 (-6.7%), from €1.7m to €1.6m
of which Leasing and similar rights: -€127,393
- Advances received +€1.9m
up €1.9m (+434.4%), from €433,061 to €2.3m
- Reserves +€281,133
up €281,133 (+19.3%), from €1.5m to €1.7m
- Debts after one year -€106,258
down €106,258 (-7.7%), from €1.4m to €1.3m
- Trade debts -€80,179
down €80,179 (-35.8%), from €224,070 to €143,891
- Gross operating margin +€237,094
up €237,094 (+21.3%), from €1.1m to €1.4m
- Staff costs +€96,309
up €96,309 (+24.0%), from €401,697 to €498,007
- Provisions -€23,580
down €23,580 (-4350.1%), from -€542 to -€24,122
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 | €3,685,193 | €5,648,981 | +€2.0m | +53.3% |
| Fixed assets | 21/28 | €1,751,751 | €1,628,421 | -€123,330 | -7.0% |
| Intangible fixed assets | 21 | €14,627 | €8,313 | -€6,314 | -43.2% |
| Tangible fixed assets | 22/27 | €1,735,124 | €1,618,108 | -€117,016 | -6.7% |
| Land and buildings | 22 | €81,026 | €72,939 | -€8,087 | -10.0% |
| Plant, machinery and equipment | 23 | €13,429 | €14,881 | +€1,452 | +10.8% |
| Furniture and vehicles | 24 | €52,152 | €69,901 | +€17,749 | +34.0% |
| Leasing and similar rights | 25 | €1,586,309 | €1,458,915 | -€127,393 | -8.0% |
| Other tangible fixed assets | 26 | €2,207 | €1,472 | -€736 | -33.3% |
| Financial fixed assets | 28 | €2,000 | €2,000 | = | 0.0% |
| Current assets | 29/58 | €1,933,442 | €4,020,559 | +€2.1m | +107.9% |
| Stocks and contracts in progress | 3 | €597,405 | €156,149 | -€441,256 | -73.9% |
| Stocks | 30/36 | €37,285 | €39,933 | +€2,648 | +7.1% |
| Contracts in progress | 37 | €560,120 | €116,216 | -€443,904 | -79.3% |
| Amounts receivable within one year | 40/41 | €194,882 | €648,851 | +€453,969 | +232.9% |
| Trade receivables | 40 | €119,686 | €542,769 | +€423,083 | +353.5% |
| Other amounts receivable | 41 | €75,196 | €106,082 | +€30,886 | +41.1% |
| Current investments | 50/53 | €450,000 | €2,330,407 | +€1.9m | +417.9% |
| Cash at bank and in hand | 54/58 | €666,241 | €845,387 | +€179,146 | +26.9% |
| Deferred charges and accrued income | 490/1 | €24,914 | €39,765 | +€14,851 | +59.6% |
| Total equity and liabilities | 10/49 | €3,685,193 | €5,648,981 | +€2.0m | +53.3% |
| Equity | 10/15 | €1,475,438 | €1,756,570 | +€281,133 | +19.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,456,838 | €1,737,970 | +€281,133 | +19.3% |
| Distributable reserves | 133 | €1,456,838 | €1,737,970 | +€281,133 | +19.3% |
| Provisions and deferred taxes | 16 | €18,933 | - | -€18,933 | |
| Provisions for liabilities and charges | 160/5 | €18,933 | - | -€18,933 | |
| Other liabilities and charges | 164/5 | €18,933 | - | -€18,933 | |
| Amounts payable | 17/49 | €2,190,822 | €3,892,410 | +€1.7m | +77.7% |
| Amounts payable after more than one year | 17 | €1,371,748 | €1,265,490 | -€106,258 | -7.7% |
| Financial debts | 170/4 | €1,371,748 | €1,265,490 | -€106,258 | -7.7% |
| Amounts payable within one year | 42/48 | €811,574 | €2,618,220 | +€1.8m | +222.6% |
| Current portion of amounts payable after more than one year | 42 | €103,515 | €106,258 | +€2,743 | +2.6% |
| Trade debts | 44 | €224,070 | €143,891 | -€80,179 | -35.8% |
| Suppliers | 440/4 | €224,070 | €143,891 | -€80,179 | -35.8% |
| Advances received on contracts in progress | 46 | €433,061 | €2,314,279 | +€1.9m | +434.4% |
| Taxes, remuneration and social security | 45 | €41,086 | €53,792 | +€12,706 | +30.9% |
| Remuneration and social security | 454/9 | €41,086 | €53,792 | +€12,706 | +30.9% |
| Other amounts payable | 47/48 | €9,843 | - | -€9,843 | |
| Accrued charges and deferred income | 492/3 | €7,500 | €8,700 | +€1,200 | +16.0% |
| Remuneration, social security and pensions | 62 | €401,697 | €498,007 | +€96,309 | +24.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €168,118 | €177,600 | +€9,482 | +5.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €4,288 | - | -€4,288 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€542 | -€24,122 | -€23,580 | -4350.1% |
| Other operating charges | 640/8 | €13,682 | €18,109 | +€4,427 | +32.4% |
| Gross operating margin | 9900 | €1,115,398 | €1,352,492 | +€237,094 | +21.3% |
| Operating profit (loss) | 9901 | €528,155 | €682,899 | +€154,744 | +29.3% |
| Financial income | 75/76B | €24,240 | €35,052 | +€10,812 | +44.6% |
| Recurring financial income | 75 | €24,240 | €35,052 | +€10,812 | +44.6% |
| Financial charges | 65/66B | €52,741 | €50,262 | -€2,478 | -4.7% |
| Recurring financial charges | 65 | €52,741 | €50,262 | -€2,478 | -4.7% |
| Profit (loss) for the period before taxes | 9903 | €499,654 | €667,689 | +€168,035 | +33.6% |
| Income taxes | 67/77 | €34,373 | €34,648 | +€276 | +0.8% |
| Profit (loss) for the period | 9904 | €465,282 | €633,041 | +€167,759 | +36.1% |
| Profit (loss) for the period to be appropriated | 9905 | €465,282 | €633,041 | +€167,759 | +36.1% |
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 9 October 2026 via checked.be.