QMEL: 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.
QMEL
Largest movements
- Receivables within one year -€146,536
down €146,536 (-75.6%), from €193,732 to €47,196
of which Trade receivables: -€142,482
- Cash -€45,877
down €45,877 (-45.4%), from €100,990 to €55,113
mainly Trade debts (-€162,894) and Contributions, distributions and other (-€66,968)
- Tangible fixed assets -€11,211
down €11,211 (-34.9%), from €32,115 to €20,904
- Trade debts -€162,894
down €162,894 (-98.4%), from €165,460 to €2,566
- Reserves -€61,203
down €61,203 (-67.3%), from €90,898 to €29,695
- Other debts +€51,616
new in 2025: €51,616
- Tax, wage and social debts -€21,219
down €21,219 (-48.6%), from €43,626 to €22,406
of which Taxes: -€22,959
- Debts after one year -€10,352
down €10,352 (-53.9%), from €19,223 to €8,871
- Gross operating margin +€9,435
up €9,435 (+52.0%), from €18,151 to €27,587
- Taxes +€3,201
up €3,201 (+93.5%), from €3,423 to €6,624
- Depreciation +€422
up €422 (+3.9%), from €10,789 to €11,211
- Financial income +€389
up €389 (+378.0%), from €103 to €492
- Other operating charges -€348
down €348 (-10.2%), from €3,415 to €3,067
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 | €329,347 | €125,605 | -€203,742 | -61.9% |
| Fixed assets | 21/28 | €32,115 | €20,904 | -€11,211 | -34.9% |
| Tangible fixed assets | 22/27 | €32,115 | €20,904 | -€11,211 | -34.9% |
| Furniture and vehicles | 24 | €32,115 | €20,904 | -€11,211 | -34.9% |
| Current assets | 29/58 | €297,233 | €104,702 | -€192,531 | -64.8% |
| Amounts receivable within one year | 40/41 | €193,732 | €47,196 | -€146,536 | -75.6% |
| Trade receivables | 40 | €166,225 | €23,743 | -€142,482 | -85.7% |
| Other amounts receivable | 41 | €27,507 | €23,453 | -€4,053 | -14.7% |
| Cash at bank and in hand | 54/58 | €100,990 | €55,113 | -€45,877 | -45.4% |
| Deferred charges and accrued income | 490/1 | €2,511 | €2,392 | -€118 | -4.7% |
| Total equity and liabilities | 10/49 | €329,347 | €125,605 | -€203,742 | -61.9% |
| Equity | 10/15 | €90,998 | €29,795 | -€61,203 | -67.3% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €90,898 | €29,695 | -€61,203 | -67.3% |
| Distributable reserves | 133 | €90,898 | €29,695 | -€61,203 | -67.3% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €238,350 | €95,811 | -€142,539 | -59.8% |
| Amounts payable after more than one year | 17 | €19,223 | €8,871 | -€10,352 | -53.9% |
| Financial debts | 170/4 | €19,223 | €8,871 | -€10,352 | -53.9% |
| Amounts payable within one year | 42/48 | €219,127 | €86,940 | -€132,187 | -60.3% |
| Current portion of amounts payable after more than one year | 42 | €10,042 | €10,352 | +€311 | +3.1% |
| Trade debts | 44 | €165,460 | €2,566 | -€162,894 | -98.4% |
| Suppliers | 440/4 | €165,460 | €2,566 | -€162,894 | -98.4% |
| Taxes, remuneration and social security | 45 | €43,626 | €22,406 | -€21,219 | -48.6% |
| Taxes | 450/3 | €43,626 | €20,666 | -€22,959 | -52.6% |
| Remuneration and social security | 454/9 | €0 | €1,740 | +€1,740 | |
| Other amounts payable | 47/48 | - | €51,616 | +€51,616 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,789 | €11,211 | +€422 | +3.9% |
| Other operating charges | 640/8 | €3,415 | €3,067 | -€348 | -10.2% |
| Gross operating margin | 9900 | €18,151 | €27,587 | +€9,435 | +52.0% |
| Operating profit (loss) | 9901 | €3,947 | €13,309 | +€9,362 | +237.2% |
| Financial income | 75/76B | €103 | €492 | +€389 | +378.0% |
| Recurring financial income | 75 | €103 | €492 | +€389 | +378.0% |
| Financial charges | 65/66B | €1,489 | €1,413 | -€77 | -5.2% |
| Recurring financial charges | 65 | €1,489 | €1,413 | -€77 | -5.2% |
| Profit (loss) for the period before taxes | 9903 | €2,561 | €12,389 | +€9,828 | +383.8% |
| Income taxes | 67/77 | €3,423 | €6,624 | +€3,201 | +93.5% |
| Profit (loss) for the period | 9904 | -€862 | €5,765 | +€6,627 | |
| Profit (loss) for the period to be appropriated | 9905 | -€862 | €5,765 | +€6,627 |
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.