QPINCH: what changed
QPINCH
Largest movements
- Current investments -€1.4m
no longer reported in 2025 (was €1.4m)
- Stocks and contracts -€506,938
down €506,938 (-36.6%), from €1.4m to €879,161
of which Contracts in progress: -€504,157
- Cash -€331,500
down €331,500 (-65.9%), from €503,249 to €171,749
mainly Net result for the year (-€1.5m) and Advances received (-€837,261)
- Receivables within one year -€177,075
down €177,075 (-23.7%), from €747,918 to €570,843
of which Trade receivables: -€105,635
- Profit (loss) carried forward -€1.5m
down €1.5m (-23.3%), from -€6.4m to -€7.9m
- Advances received -€837,261
no longer reported in 2025 (was €837,261)
- Trade debts -€306,844
down €306,844 (-49.4%), from €621,331 to €314,487
- Provisions +€244,000
up €244,000 (+174%), from €140,000 to €384,000
- Tax, wage and social debts -€45,370
down €45,370 (-37.6%), from €120,826 to €75,455
- Gross operating margin -€681,468
down €681,468, from €541,023 to -€140,445
- Staff costs -€126,506
down €126,506 (-11.1%), from €1.1m to €1.0m
- Provisions +€104,000
up €104,000 (+74.3%), from €140,000 to €244,000
- Write-downs +€52,189
no longer reported in 2025 (was -€52,189)
- Financial charges -€24,085
down €24,085 (-20.6%), from €116,760 to €92,675
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,052,737 | €1,634,987 | -€2.4m | -59.7% |
| Fixed assets | 21/28 | €2,337 | - | -€2,337 | |
| Tangible fixed assets | 22/27 | €2,337 | - | -€2,337 | |
| Furniture and vehicles | 24 | €2,337 | - | -€2,337 | |
| Current assets | 29/58 | €4,050,399 | €1,634,987 | -€2.4m | -59.6% |
| Stocks and contracts in progress | 3 | €1,386,099 | €879,161 | -€506,938 | -36.6% |
| Stocks | 30/36 | €20,565 | €17,784 | -€2,781 | -13.5% |
| Contracts in progress | 37 | €1,365,534 | €861,377 | -€504,157 | -36.9% |
| Amounts receivable within one year | 40/41 | €747,918 | €570,843 | -€177,075 | -23.7% |
| Trade receivables | 40 | €645,775 | €540,140 | -€105,635 | -16.4% |
| Other amounts receivable | 41 | €102,143 | €30,703 | -€71,440 | -69.9% |
| Current investments | 50/53 | €1,400,000 | - | -€1.4m | |
| Cash at bank and in hand | 54/58 | €503,249 | €171,749 | -€331,500 | -65.9% |
| Deferred charges and accrued income | 490/1 | €13,133 | €13,234 | +€100 | +0.8% |
| Total equity and liabilities | 10/49 | €4,052,737 | €1,634,987 | -€2.4m | -59.7% |
| Equity | 10/15 | €1,278,875 | -€203,638 | -€1.5m | |
| Contributions | 10/11 | €7,650,000 | €7,650,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€6,371,125 | -€7,853,638 | -€1.5m | -23.3% |
| Provisions and deferred taxes | 16 | €140,000 | €384,000 | +€244,000 | +174% |
| Provisions for liabilities and charges | 160/5 | €140,000 | €384,000 | +€244,000 | +174% |
| Major repairs and maintenance | 162 | €140,000 | - | -€140,000 | |
| Other liabilities and charges | 164/5 | - | €384,000 | +€384,000 | |
| Amounts payable | 17/49 | €2,633,861 | €1,454,625 | -€1.2m | -44.8% |
| Amounts payable within one year | 42/48 | €2,633,861 | €1,417,125 | -€1.2m | -46.2% |
| Trade debts | 44 | €621,331 | €314,487 | -€306,844 | -49.4% |
| Suppliers | 440/4 | €621,331 | €314,487 | -€306,844 | -49.4% |
| Advances received on contracts in progress | 46 | €837,261 | - | -€837,261 | |
| Taxes, remuneration and social security | 45 | €120,826 | €75,455 | -€45,370 | -37.6% |
| Remuneration and social security | 454/9 | €120,826 | €75,455 | -€45,370 | -37.6% |
| Other amounts payable | 47/48 | €1,054,443 | €1,027,182 | -€27,261 | -2.6% |
| Accrued charges and deferred income | 492/3 | - | €37,500 | +€37,500 | |
| Non-recurring operating income | 76A | - | €8,934 | +€8,934 | |
| Remuneration, social security and pensions | 62 | €1,142,147 | €1,015,641 | -€126,506 | -11.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,169 | €412 | -€1,757 | -81.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€52,189 | - | +€52,189 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €140,000 | €244,000 | +€104,000 | +74.3% |
| Other operating charges | 640/8 | €4,332 | €915 | -€3,417 | -78.9% |
| Gross operating margin | 9900 | €541,023 | -€140,445 | -€681,468 | |
| Operating profit (loss) | 9901 | -€695,436 | -€1,401,413 | -€705,977 | -102% |
| Financial income | 75/76B | €10,130 | €12,765 | +€2,635 | +26.0% |
| Recurring financial income | 75 | €10,130 | €12,765 | +€2,635 | +26.0% |
| Financial charges | 65/66B | €116,760 | €92,675 | -€24,085 | -20.6% |
| Recurring financial charges | 65 | €116,760 | €92,675 | -€24,085 | -20.6% |
| Profit (loss) for the period before taxes | 9903 | -€802,066 | -€1,481,323 | -€679,257 | -84.7% |
| Income taxes | 67/77 | €3,000 | €1,190 | -€1,810 | -60.3% |
| Profit (loss) for the period | 9904 | -€805,066 | -€1,482,514 | -€677,448 | -84.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€805,066 | -€1,482,514 | -€677,448 | -84.1% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.