QRSG: 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.
QRSG
Largest movements
- Current investments +€176,326
new in 2025: €176,326
- Cash -€92,267
down €92,267 (-51.1%), from €180,583 to €88,316
mainly Current investments (-€176,326) and Investment in fixed assets (net) (-€18,378)
- Tangible fixed assets +€11,949
up €11,949 (+3021.5%), from €395 to €12,344
of which Furniture and vehicles: +€12,314
- Profit (loss) carried forward +€98,490
up €98,490 (+51.7%), from €190,445 to €288,935
- Depreciation +€5,746
up €5,746 (+840.9%), from €683 to €6,430
- Gross operating margin -€3,582
down €3,582 (-2.6%), from €136,659 to €133,077
- Taxes -€2,403
down €2,403 (-7.8%), from €30,868 to €28,465
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 | €200,654 | €297,551 | +€96,897 | +48.3% |
| Fixed assets | 21/28 | €395 | €12,344 | +€11,949 | +3021.5% |
| Tangible fixed assets | 22/27 | €395 | €12,344 | +€11,949 | +3021.5% |
| Plant, machinery and equipment | 23 | €395 | €30 | -€365 | -92.3% |
| Furniture and vehicles | 24 | - | €12,314 | +€12,314 | |
| Current assets | 29/58 | €200,259 | €285,207 | +€84,948 | +42.4% |
| Current investments | 50/53 | - | €176,326 | +€176,326 | |
| Cash at bank and in hand | 54/58 | €180,583 | €88,316 | -€92,267 | -51.1% |
| Deferred charges and accrued income | 490/1 | €19,676 | €20,564 | +€888 | +4.5% |
| Total equity and liabilities | 10/49 | €200,654 | €297,551 | +€96,897 | +48.3% |
| Equity | 10/15 | €193,445 | €291,935 | +€98,490 | +50.9% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €190,445 | €288,935 | +€98,490 | +51.7% |
| Amounts payable | 17/49 | €7,209 | €5,616 | -€1,593 | -22.1% |
| Amounts payable within one year | 42/48 | €7,209 | €5,616 | -€1,593 | -22.1% |
| Trade debts | 44 | €1,934 | €1,662 | -€272 | -14.1% |
| Suppliers | 440/4 | €1,934 | €1,662 | -€272 | -14.1% |
| Taxes, remuneration and social security | 45 | €3,951 | €1,481 | -€2,470 | -62.5% |
| Taxes | 450/3 | €3,951 | €1,481 | -€2,470 | -62.5% |
| Other amounts payable | 47/48 | €1,325 | €2,474 | +€1,149 | +86.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €683 | €6,430 | +€5,746 | +840.9% |
| Other operating charges | 640/8 | - | €871 | +€871 | |
| Gross operating margin | 9900 | €136,659 | €133,077 | -€3,582 | -2.6% |
| Operating profit (loss) | 9901 | €135,976 | €125,777 | -€10,199 | -7.5% |
| Financial income | 75/76B | €40 | €1,326 | +€1,286 | +3223.9% |
| Recurring financial income | 75 | €40 | €1,326 | +€1,286 | +3223.9% |
| Financial charges | 65/66B | €49 | €148 | +€99 | +202.0% |
| Recurring financial charges | 65 | €49 | €148 | +€99 | +202.0% |
| Profit (loss) for the period before taxes | 9903 | €135,967 | €126,955 | -€9,012 | -6.6% |
| Income taxes | 67/77 | €30,868 | €28,465 | -€2,403 | -7.8% |
| Profit (loss) for the period | 9904 | €105,099 | €98,490 | -€6,609 | -6.3% |
| Profit (loss) for the period to be appropriated | 9905 | €105,099 | €98,490 | -€6,609 | -6.3% |
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 12 October 2026 via checked.be.