QRetread: 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.
QRetread
Largest movements
- Receivables within one year +€1.2m
up €1.2m (+43.0%), from €2.9m to €4.1m
of which Other amounts receivable: +€1.2m
- Cash -€400,163
down €400,163 (-99.7%), from €401,552 to €1,390
mainly Receivables within one year (-€1.2m) and Investment in fixed assets (net) (-€92,117)
- Tangible fixed assets -€83,649
down €83,649 (-15.5%), from €538,450 to €454,801
of which Plant, machinery and equipment: -€79,845
- Trade debts +€371,943
up €371,943 (+42.0%), from €885,479 to €1.3m
- Profit (loss) carried forward +€353,943
up €353,943 (+15.1%), from €2.4m to €2.7m
- Investment grants +€65,000
new in 2025: €65,000
- Gross operating margin -€324,123
down €324,123 (-16.0%), from €2.0m to €1.7m
- Taxes -€65,519
down €65,519 (-34.7%), from €188,731 to €123,212
- Staff costs -€36,695
down €36,695 (-3.2%), from €1.1m to €1.1m
- Financial income +€35,987
up €35,987 (+57.3%), from €62,801 to €98,788
- Write-downs -€24,400
down €24,400, from €20,371 to -€4,028
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 | €4,407,421 | €5,142,373 | +€734,952 | +16.7% |
| Fixed assets | 21/28 | €538,630 | €454,981 | -€83,649 | -15.5% |
| Tangible fixed assets | 22/27 | €538,450 | €454,801 | -€83,649 | -15.5% |
| Plant, machinery and equipment | 23 | €509,878 | €430,033 | -€79,845 | -15.7% |
| Other tangible fixed assets | 26 | €28,572 | €24,768 | -€3,804 | -13.3% |
| Financial fixed assets | 28 | €180 | €180 | = | 0.0% |
| Current assets | 29/58 | €3,868,791 | €4,687,392 | +€818,601 | +21.2% |
| Stocks and contracts in progress | 3 | €595,392 | €578,178 | -€17,214 | -2.9% |
| Stocks | 30/36 | €595,392 | €578,178 | -€17,214 | -2.9% |
| Amounts receivable within one year | 40/41 | €2,871,847 | €4,107,825 | +€1.2m | +43.0% |
| Trade receivables | 40 | €1,252,556 | €1,275,839 | +€23,283 | +1.9% |
| Other amounts receivable | 41 | €1,619,290 | €2,831,985 | +€1.2m | +74.9% |
| Cash at bank and in hand | 54/58 | €401,552 | €1,390 | -€400,163 | -99.7% |
| Total equity and liabilities | 10/49 | €4,407,421 | €5,142,373 | +€734,952 | +16.7% |
| Equity | 10/15 | €3,359,480 | €3,778,423 | +€418,943 | +12.5% |
| Contributions | 10/11 | €310,000 | €310,000 | = | 0.0% |
| Capital | 10 | €310,000 | €310,000 | = | 0.0% |
| Issued capital | 100 | €310,000 | €310,000 | = | 0.0% |
| Reserves | 13 | €697,772 | €697,772 | = | 0.0% |
| Non-distributable reserves | 130/1 | €31,000 | €31,000 | = | 0.0% |
| Legal reserve | 130 | €31,000 | €31,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €16,916 | €16,916 | = | 0.0% |
| Distributable reserves | 133 | €649,856 | €649,856 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,351,708 | €2,705,651 | +€353,943 | +15.1% |
| Investment grants | 15 | - | €65,000 | +€65,000 | |
| Amounts payable | 17/49 | €1,047,941 | €1,363,950 | +€316,009 | +30.2% |
| Amounts payable within one year | 42/48 | €999,134 | €1,359,678 | +€360,544 | +36.1% |
| Trade debts | 44 | €885,479 | €1,257,422 | +€371,943 | +42.0% |
| Suppliers | 440/4 | €885,479 | €1,257,422 | +€371,943 | +42.0% |
| Taxes, remuneration and social security | 45 | €113,655 | €102,256 | -€11,399 | -10.0% |
| Taxes | 450/3 | €25,974 | - | -€25,974 | |
| Remuneration and social security | 454/9 | €87,680 | €102,256 | +€14,575 | +16.6% |
| Accrued charges and deferred income | 492/3 | €48,807 | €4,272 | -€44,535 | -91.2% |
| Remuneration, social security and pensions | 62 | €1,145,710 | €1,109,016 | -€36,695 | -3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €162,169 | €175,765 | +€13,596 | +8.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €20,371 | -€4,028 | -€24,400 | |
| Other operating charges | 640/8 | €21,914 | €37,642 | +€15,729 | +71.8% |
| Non-recurring operating charges | 66A | - | €1,193 | +€1,193 | |
| Gross operating margin | 9900 | €2,029,151 | €1,705,029 | -€324,123 | -16.0% |
| Operating profit (loss) | 9901 | €678,987 | €385,441 | -€293,546 | -43.2% |
| Financial income | 75/76B | €62,801 | €98,788 | +€35,987 | +57.3% |
| Recurring financial income | 75 | €62,801 | €98,788 | +€35,987 | +57.3% |
| Financial charges | 65/66B | €3,371 | €7,074 | +€3,702 | +110% |
| Recurring financial charges | 65 | €3,371 | €7,074 | +€3,702 | +110% |
| Profit (loss) for the period before taxes | 9903 | €738,416 | €477,156 | -€261,261 | -35.4% |
| Income taxes | 67/77 | €188,731 | €123,212 | -€65,519 | -34.7% |
| Profit (loss) for the period | 9904 | €549,685 | €353,943 | -€195,742 | -35.6% |
| Profit (loss) for the period to be appropriated | 9905 | €549,685 | €353,943 | -€195,742 | -35.6% |
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.