QPAS: 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.
QPAS
Largest movements
- Tangible fixed assets +€46,387
new in 2025: €46,387
of which Furniture and vehicles: +€45,852
- Current investments +€17,998
up €17,998 (+168%), from €10,736 to €28,733
- Cash -€9,092
down €9,092 (-2.9%), from €312,571 to €303,480
mainly Investment in fixed assets (net) (-€47,286) and Current investments (-€17,998)
- Reserves +€54,074
up €54,074 (+16.6%), from €326,278 to €380,352
of which Distributable reserves: +€54,074
- Gross operating margin +€31,000
up €31,000 (+70.7%), from €43,877 to €74,877
- Taxes +€7,522
up €7,522 (+62.5%), from €12,034 to €19,557
- Depreciation +€865
up €865 (+2,572%), from €34 to €899
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 | €357,790 | €412,662 | +€54,872 | +15.3% |
| Fixed assets | 21/28 | - | €46,387 | +€46,387 | |
| Tangible fixed assets | 22/27 | - | €46,387 | +€46,387 | |
| Plant, machinery and equipment | 23 | - | €535 | +€535 | |
| Furniture and vehicles | 24 | - | €45,852 | +€45,852 | |
| Current assets | 29/58 | €357,790 | €366,275 | +€8,486 | +2.4% |
| Stocks and contracts in progress | 3 | €1,470 | - | -€1,470 | |
| Stocks | 30/36 | €1,470 | - | -€1,470 | |
| Amounts receivable within one year | 40/41 | €29,493 | €28,635 | -€858 | -2.9% |
| Trade receivables | 40 | €29,493 | €27,696 | -€1,797 | -6.1% |
| Other amounts receivable | 41 | - | €939 | +€939 | |
| Current investments | 50/53 | €10,736 | €28,733 | +€17,998 | +168% |
| Cash at bank and in hand | 54/58 | €312,571 | €303,480 | -€9,092 | -2.9% |
| Deferred charges and accrued income | 490/1 | €3,520 | €5,427 | +€1,907 | +54.2% |
| Total equity and liabilities | 10/49 | €357,790 | €412,662 | +€54,872 | +15.3% |
| Equity | 10/15 | €344,878 | €398,952 | +€54,074 | +15.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €326,278 | €380,352 | +€54,074 | +16.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €324,418 | €378,492 | +€54,074 | +16.7% |
| Amounts payable | 17/49 | €12,911 | €13,709 | +€798 | +6.2% |
| Amounts payable within one year | 42/48 | €12,911 | €13,709 | +€798 | +6.2% |
| Trade debts | 44 | €1,089 | €1,486 | +€397 | +36.5% |
| Suppliers | 440/4 | €1,089 | €1,486 | +€397 | +36.5% |
| Taxes, remuneration and social security | 45 | €11,310 | €11,591 | +€281 | +2.5% |
| Taxes | 450/3 | €11,310 | €11,591 | +€281 | +2.5% |
| Other amounts payable | 47/48 | €512 | €632 | +€120 | +23.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34 | €899 | +€865 | +2,572% |
| Other operating charges | 640/8 | €1,036 | €1,084 | +€48 | +4.7% |
| Gross operating margin | 9900 | €43,877 | €74,877 | +€31,000 | +70.7% |
| Operating profit (loss) | 9901 | €42,808 | €72,894 | +€30,086 | +70.3% |
| Financial income | 75/76B | €249 | €737 | +€488 | +196% |
| Recurring financial income | 75 | €249 | €737 | +€488 | +196% |
| Financial charges | 65/66B | €0 | €0 | -€0 | -75.0% |
| Recurring financial charges | 65 | €0 | €0 | -€0 | -75.0% |
| Profit (loss) for the period before taxes | 9903 | €43,057 | €73,631 | +€30,574 | +71.0% |
| Income taxes | 67/77 | €12,034 | €19,557 | +€7,522 | +62.5% |
| Profit (loss) for the period | 9904 | €31,022 | €54,074 | +€23,052 | +74.3% |
| Profit (loss) for the period to be appropriated | 9905 | €31,022 | €54,074 | +€23,052 | +74.3% |
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 14 October 2026 via checked.be.