Qphi: 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.
Qphi
Largest movements
- Cash -€46,607
down €46,607 (-49.5%), from €94,073 to €47,466
mainly Contributions, distributions and other (-€68,890) and Investment in fixed assets (net) (-€46,995)
- Tangible fixed assets +€44,550
up €44,550 (+158.1%), from €28,172 to €72,722
of which Furniture and vehicles: +€45,295
- Receivables within one year +€30,287
up €30,287 (+341.0%), from €8,883 to €39,170
of which Trade receivables: +€34,001
- Debts after one year +€38,236
new in 2025: €38,236
- Profit (loss) carried forward -€14,656
down €14,656 (-100.0%), from €14,656 to €0
- Current portion of long-term debt +€8,764
up €8,764, from €0 to €8,764
- Accrued charges and deferred income -€3,696
down €3,696 (-69.1%), from €5,352 to €1,656
- Trade debts -€2,398
down €2,398 (-73.8%), from €3,249 to €852
- Gross operating margin +€49,615
up €49,615 (+204.3%), from €24,288 to €73,904
- Taxes +€9,428
up €9,428 (+183.8%), from €5,128 to €14,557
- Financial charges -€1,326
down €1,326 (-41.1%), from €3,225 to €1,900
- Depreciation +€1,120
up €1,120 (+84.5%), from €1,326 to €2,445
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 | €134,430 | €163,278 | +€28,848 | +21.5% |
| Fixed assets | 21/28 | €28,212 | €72,762 | +€44,550 | +157.9% |
| Tangible fixed assets | 22/27 | €28,172 | €72,722 | +€44,550 | +158.1% |
| Land and buildings | 22 | €26,519 | €25,774 | -€745 | -2.8% |
| Furniture and vehicles | 24 | €1,653 | €46,947 | +€45,295 | +2740.4% |
| Financial fixed assets | 28 | €40 | €40 | = | 0.0% |
| Current assets | 29/58 | €106,218 | €90,516 | -€15,702 | -14.8% |
| Amounts receivable within one year | 40/41 | €8,883 | €39,170 | +€30,287 | +341.0% |
| Trade receivables | 40 | €0 | €34,001 | +€34,001 | |
| Other amounts receivable | 41 | €8,883 | €5,169 | -€3,714 | -41.8% |
| Cash at bank and in hand | 54/58 | €94,073 | €47,466 | -€46,607 | -49.5% |
| Deferred charges and accrued income | 490/1 | €3,262 | €3,880 | +€618 | +18.9% |
| Total equity and liabilities | 10/49 | €134,430 | €163,278 | +€28,848 | +21.5% |
| Equity | 10/15 | €33,443 | €18,600 | -€14,843 | -44.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €187 | €0 | -€187 | -100.0% |
| Distributable reserves | 133 | €187 | €0 | -€187 | -100.0% |
| Profit (loss) carried forward | 14 | €14,656 | €0 | -€14,656 | -100.0% |
| Amounts payable | 17/49 | €100,987 | €144,678 | +€43,691 | +43.3% |
| Amounts payable after more than one year | 17 | - | €38,236 | +€38,236 | |
| Financial debts | 170/4 | - | €38,236 | +€38,236 | |
| Amounts payable within one year | 42/48 | €95,634 | €104,786 | +€9,151 | +9.6% |
| Current portion of amounts payable after more than one year | 42 | €0 | €8,764 | +€8,764 | |
| Trade debts | 44 | €3,249 | €852 | -€2,398 | -73.8% |
| Suppliers | 440/4 | €3,249 | €852 | -€2,398 | -73.8% |
| Taxes, remuneration and social security | 45 | €4,387 | €5,478 | +€1,090 | +24.8% |
| Taxes | 450/3 | €4,387 | €5,478 | +€1,090 | +24.8% |
| Other amounts payable | 47/48 | €87,998 | €89,692 | +€1,695 | +1.9% |
| Accrued charges and deferred income | 492/3 | €5,352 | €1,656 | -€3,696 | -69.1% |
| Non-recurring operating income | 76A | - | €4,500 | +€4,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,326 | €2,445 | +€1,120 | +84.5% |
| Other operating charges | 640/8 | €919 | €956 | +€37 | +4.1% |
| Gross operating margin | 9900 | €24,288 | €73,904 | +€49,615 | +204.3% |
| Operating profit (loss) | 9901 | €22,044 | €70,502 | +€48,458 | +219.8% |
| Financial income | 75/76B | €0 | €0 | +€0 | +1400.0% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +1400.0% |
| Financial charges | 65/66B | €3,225 | €1,900 | -€1,326 | -41.1% |
| Recurring financial charges | 65 | €3,225 | €1,900 | -€1,326 | -41.1% |
| Profit (loss) for the period before taxes | 9903 | €18,819 | €68,603 | +€49,784 | +264.5% |
| Income taxes | 67/77 | €5,128 | €14,557 | +€9,428 | +183.8% |
| Profit (loss) for the period | 9904 | €13,690 | €54,046 | +€40,356 | +294.8% |
| Profit (loss) for the period to be appropriated | 9905 | €13,690 | €54,046 | +€40,356 | +294.8% |
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 6 October 2026 via checked.be.