QMO: 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.
QMO
Largest movements
- Cash -€99,302
down €99,302 (-54.3%), from €183,005 to €83,703
mainly Contributions, distributions and other (-€135,000) and Receivables within one year (-€50,709)
- Receivables within one year +€50,709
up €50,709 (+119%), from €42,752 to €93,461
of which Trade receivables: +€37,142
- Tangible fixed assets -€11,338
down €11,338 (-8.6%), from €131,396 to €120,058
of which Land and buildings: -€9,999
- Other debts -€43,911
down €43,911 (-21.6%), from €202,984 to €159,073
- Debts after one year -€7,862
down €7,862 (-7.3%), from €108,154 to €100,292
- Profit (loss) carried forward -€7,743
down €7,743 (-74.4%), from €10,410 to €2,667
- Gross operating margin -€72,630
down €72,630 (-28.7%), from €253,312 to €180,682
- Taxes -€18,561
down €18,561 (-33.9%), from €54,782 to €36,221
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 | €359,508 | €299,690 | -€59,819 | -16.6% |
| Fixed assets | 21/28 | €131,506 | €120,168 | -€11,338 | -8.6% |
| Tangible fixed assets | 22/27 | €131,396 | €120,058 | -€11,338 | -8.6% |
| Land and buildings | 22 | €126,139 | €116,140 | -€9,999 | -7.9% |
| Furniture and vehicles | 24 | €5,258 | €3,919 | -€1,339 | -25.5% |
| Financial fixed assets | 28 | €110 | €110 | = | 0.0% |
| Current assets | 29/58 | €228,002 | €179,522 | -€48,481 | -21.3% |
| Amounts receivable within one year | 40/41 | €42,752 | €93,461 | +€50,709 | +119% |
| Trade receivables | 40 | €41,258 | €78,400 | +€37,142 | +90.0% |
| Other amounts receivable | 41 | €1,494 | €15,061 | +€13,567 | +908% |
| Cash at bank and in hand | 54/58 | €183,005 | €83,703 | -€99,302 | -54.3% |
| Deferred charges and accrued income | 490/1 | €2,246 | €2,358 | +€112 | +5.0% |
| Total equity and liabilities | 10/49 | €359,508 | €299,690 | -€59,819 | -16.6% |
| Equity | 10/15 | €30,815 | €23,072 | -€7,743 | -25.1% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €1,855 | €1,855 | = | 0.0% |
| Profit (loss) carried forward | 14 | €10,410 | €2,667 | -€7,743 | -74.4% |
| Amounts payable | 17/49 | €328,694 | €276,618 | -€52,075 | -15.8% |
| Amounts payable after more than one year | 17 | €108,154 | €100,292 | -€7,862 | -7.3% |
| Financial debts | 170/4 | €108,154 | €100,292 | -€7,862 | -7.3% |
| Amounts payable within one year | 42/48 | €220,039 | €175,827 | -€44,213 | -20.1% |
| Current portion of amounts payable after more than one year | 42 | €7,706 | €7,862 | +€157 | +2.0% |
| Trade debts | 44 | €5,102 | €4,229 | -€873 | -17.1% |
| Suppliers | 440/4 | €5,102 | €4,229 | -€873 | -17.1% |
| Taxes, remuneration and social security | 45 | €4,248 | €4,662 | +€414 | +9.7% |
| Taxes | 450/3 | €4,248 | €2,662 | -€1,586 | -37.3% |
| Remuneration and social security | 454/9 | - | €2,000 | +€2,000 | |
| Other amounts payable | 47/48 | €202,984 | €159,073 | -€43,911 | -21.6% |
| Accrued charges and deferred income | 492/3 | €500 | €500 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,979 | €12,731 | -€247 | -1.9% |
| Other operating charges | 640/8 | €817 | €2,196 | +€1,378 | +169% |
| Gross operating margin | 9900 | €253,312 | €180,682 | -€72,630 | -28.7% |
| Operating profit (loss) | 9901 | €239,516 | €165,755 | -€73,761 | -30.8% |
| Financial income | 75/76B | €664 | €663 | -€2 | -0.2% |
| Recurring financial income | 75 | €664 | €663 | -€2 | -0.2% |
| Financial charges | 65/66B | €3,220 | €2,940 | -€279 | -8.7% |
| Recurring financial charges | 65 | €3,220 | €2,940 | -€279 | -8.7% |
| Profit (loss) for the period before taxes | 9903 | €236,961 | €163,478 | -€73,483 | -31.0% |
| Income taxes | 67/77 | €54,782 | €36,221 | -€18,561 | -33.9% |
| Profit (loss) for the period | 9904 | €182,179 | €127,257 | -€54,922 | -30.1% |
| Profit (loss) for the period to be appropriated | 9905 | €182,179 | €127,257 | -€54,922 | -30.1% |
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 20 October 2026 via checked.be.