QRF MANAGEMENT: 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.
QRF MANAGEMENT
Largest movements
- Deferred charges and accrued income -€28,757
down €28,757 (-9.6%), from €299,774 to €271,017
- Cash +€12,438
up €12,438 (+15.9%), from €78,225 to €90,663
mainly Net result for the year (+€188,156) and Other debts (+€50,000)
- Financial fixed assets +€7,879
up €7,879 (+12.8%), from €61,450 to €69,329
- Receivables within one year +€6,932
up €6,932 (+35.4%), from €19,589 to €26,521
of which Other amounts receivable: +€12,593
- Profit (loss) carried forward -€61,844
down €61,844 (-67.8%), from €91,201 to €29,357
- Other debts +€50,000
up €50,000 (+22.2%), from €225,000 to €275,000
- Trade debts +€12,960
up €12,960 (+19.0%), from €68,267 to €81,227
- Gross operating margin -€28,996
down €28,996 (-9.6%), from €300,540 to €271,544
- Other operating charges -€21,894
down €21,894 (-97.6%), from €22,422 to €528
- Taxes +€14,385
up €14,385 (+20.6%), from €69,754 to €84,139
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €459,039 | €457,530 | -€1,509 | -0.3% |
| Fixed assets | 21/28 | €61,450 | €69,329 | +€7,879 | +12.8% |
| Financial fixed assets | 28 | €61,450 | €69,329 | +€7,879 | +12.8% |
| Current assets | 29/58 | €397,589 | €388,201 | -€9,388 | -2.4% |
| Amounts receivable within one year | 40/41 | €19,589 | €26,521 | +€6,932 | +35.4% |
| Trade receivables | 40 | €6,719 | €1,059 | -€5,660 | -84.2% |
| Other amounts receivable | 41 | €12,870 | €25,463 | +€12,593 | +97.8% |
| Cash at bank and in hand | 54/58 | €78,225 | €90,663 | +€12,438 | +15.9% |
| Deferred charges and accrued income | 490/1 | €299,774 | €271,017 | -€28,757 | -9.6% |
| Total equity and liabilities | 10/49 | €459,039 | €457,530 | -€1,509 | -0.3% |
| Equity | 10/15 | €162,906 | €101,062 | -€61,844 | -38.0% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €10,205 | €10,205 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Distributable reserves | 133 | €4,055 | €4,055 | = | 0.0% |
| Profit (loss) carried forward | 14 | €91,201 | €29,357 | -€61,844 | -67.8% |
| Amounts payable | 17/49 | €296,133 | €356,468 | +€60,335 | +20.4% |
| Amounts payable within one year | 42/48 | €296,133 | €356,468 | +€60,335 | +20.4% |
| Trade debts | 44 | €68,267 | €81,227 | +€12,960 | +19.0% |
| Suppliers | 440/4 | €68,267 | €81,227 | +€12,960 | +19.0% |
| Taxes, remuneration and social security | 45 | €2,866 | €242 | -€2,624 | -91.6% |
| Taxes | 450/3 | €0 | - | = | |
| Remuneration and social security | 454/9 | €2,866 | €242 | -€2,624 | -91.6% |
| Other amounts payable | 47/48 | €225,000 | €275,000 | +€50,000 | +22.2% |
| Other operating charges | 640/8 | €22,422 | €528 | -€21,894 | -97.6% |
| Gross operating margin | 9900 | €300,540 | €271,544 | -€28,996 | -9.6% |
| Operating profit (loss) | 9901 | €278,118 | €271,017 | -€7,101 | -2.6% |
| Financial income | 75/76B | €1,680 | €1,446 | -€234 | -13.9% |
| Recurring financial income | 75 | €1,680 | €1,446 | -€234 | -13.9% |
| Financial charges | 65/66B | €681 | €168 | -€513 | -75.3% |
| Recurring financial charges | 65 | €681 | €168 | -€513 | -75.3% |
| Profit (loss) for the period before taxes | 9903 | €279,116 | €272,295 | -€6,821 | -2.4% |
| Income taxes | 67/77 | €69,754 | €84,139 | +€14,385 | +20.6% |
| Profit (loss) for the period | 9904 | €209,362 | €188,156 | -€21,206 | -10.1% |
| Profit (loss) for the period to be appropriated | 9905 | €209,362 | €188,156 | -€21,206 | -10.1% |
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 3 October 2026 via checked.be.