QMUL: 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.
QMUL
Largest movements
- Cash +€40,532
up €40,532 (+309.4%), from €13,100 to €53,632
mainly Net result for the year (+€60,688) and Depreciation (+€2,782)
- Receivables within one year +€5,059
up €5,059 (+30.5%), from €16,593 to €21,653
of which Trade receivables: +€4,170
- Reserves +€36,651
up €36,651 (+29.3%), from €125,234 to €161,884
- Profit (loss) carried forward +€10,000
up €10,000 (+37.3%), from -€26,810 to -€16,810
- Tax, wage and social debts +€1,909
up €1,909 (+29.5%), from €6,466 to €8,375
- Gross operating margin +€25,875
up €25,875 (+42.0%), from €61,555 to €87,430
- Taxes +€6,924
up €6,924 (+41.7%), from €16,599 to €23,522
- Depreciation -€1,545
down €1,545 (-35.7%), from €4,327 to €2,782
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 | €107,798 | €155,267 | +€47,469 | +44.0% |
| Fixed assets | 21/28 | €5,482 | €6,137 | +€655 | +11.9% |
| Tangible fixed assets | 22/27 | €5,482 | €6,137 | +€655 | +11.9% |
| Plant, machinery and equipment | 23 | €5,482 | €4,070 | -€1,412 | -25.8% |
| Furniture and vehicles | 24 | €0 | €2,067 | +€2,067 | |
| Current assets | 29/58 | €102,316 | €149,130 | +€46,814 | +45.8% |
| Amounts receivable after more than one year | 29 | - | €415 | +€415 | |
| Other amounts receivable | 291 | - | €415 | +€415 | |
| Amounts receivable within one year | 40/41 | €16,593 | €21,653 | +€5,059 | +30.5% |
| Trade receivables | 40 | €16,102 | €20,272 | +€4,170 | +25.9% |
| Other amounts receivable | 41 | €491 | €1,380 | +€889 | +180.9% |
| Current investments | 50/53 | €70,000 | €70,201 | +€201 | +0.3% |
| Cash at bank and in hand | 54/58 | €13,100 | €53,632 | +€40,532 | +309.4% |
| Deferred charges and accrued income | 490/1 | €2,622 | €3,229 | +€607 | +23.1% |
| Total equity and liabilities | 10/49 | €107,798 | €155,267 | +€47,469 | +44.0% |
| Equity | 10/15 | €98,924 | €145,575 | +€46,651 | +47.2% |
| Contributions | 10/11 | €500 | €500 | = | 0.0% |
| Reserves | 13 | €125,234 | €161,884 | +€36,651 | +29.3% |
| Distributable reserves | 133 | €125,234 | €161,884 | +€36,651 | +29.3% |
| Profit (loss) carried forward | 14 | -€26,810 | -€16,810 | +€10,000 | +37.3% |
| Amounts payable | 17/49 | €8,874 | €9,692 | +€818 | +9.2% |
| Amounts payable within one year | 42/48 | €8,874 | €9,692 | +€818 | +9.2% |
| Financial debts | 43 | €1,056 | €323 | -€732 | -69.4% |
| Credit institutions | 430/8 | €1,056 | €323 | -€732 | -69.4% |
| Trade debts | 44 | €498 | €315 | -€183 | -36.8% |
| Suppliers | 440/4 | €498 | €315 | -€183 | -36.8% |
| Taxes, remuneration and social security | 45 | €6,466 | €8,375 | +€1,909 | +29.5% |
| Taxes | 450/3 | €6,466 | €8,375 | +€1,909 | +29.5% |
| Other amounts payable | 47/48 | €854 | €678 | -€175 | -20.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,327 | €2,782 | -€1,545 | -35.7% |
| Other operating charges | 640/8 | €505 | €520 | +€14 | +2.8% |
| Gross operating margin | 9900 | €61,555 | €87,430 | +€25,875 | +42.0% |
| Operating profit (loss) | 9901 | €56,723 | €84,128 | +€27,405 | +48.3% |
| Financial income | 75/76B | €443 | €511 | +€68 | +15.4% |
| Recurring financial income | 75 | €443 | €511 | +€68 | +15.4% |
| Financial charges | 65/66B | €369 | €428 | +€60 | +16.2% |
| Recurring financial charges | 65 | €369 | €428 | +€60 | +16.2% |
| Profit (loss) for the period before taxes | 9903 | €56,797 | €84,210 | +€27,413 | +48.3% |
| Income taxes | 67/77 | €16,599 | €23,522 | +€6,924 | +41.7% |
| Profit (loss) for the period | 9904 | €40,198 | €60,688 | +€20,490 | +51.0% |
| Profit (loss) for the period to be appropriated | 9905 | €40,198 | €60,688 | +€20,490 | +51.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.