QRST: 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.
QRST
Largest movements
- Tangible fixed assets -€119,306
down €119,306 (-16.9%), from €707,460 to €588,154
of which Furniture and vehicles: -€59,950
- Cash -€20,639
down €20,639 (-36.3%), from €56,843 to €36,204
mainly Contributions, distributions and other (-€115,699) and Debts after one year (-€90,000)
- Receivables after one year -€20,000
down €20,000 (-44.4%), from €45,000 to €25,000
- Receivables within one year -€19,102
down €19,102 (-6.2%), from €305,771 to €286,669
of which Trade receivables: -€40,538
- Debts after one year -€90,000
down €90,000 (-17.0%), from €528,333 to €438,333
- Reserves -€87,261
down €87,261 (-21.2%), from €412,184 to €324,923
of which Distributable reserves: -€87,261
- Tax, wage and social debts -€34,755
down €34,755 (-40.2%), from €86,503 to €51,748
- Other debts +€18,882
up €18,882 (+556%), from €3,397 to €22,280
- Gross operating margin -€69,475
down €69,475 (-25.1%), from €276,933 to €207,457
- Taxes -€24,811
down €24,811 (-62.3%), from €39,827 to €15,016
- Depreciation +€20,588
up €20,588 (+19.1%), from €107,621 to €128,209
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 | €1,133,092 | €943,319 | -€189,773 | -16.7% |
| Fixed assets | 21/28 | €708,736 | €589,431 | -€119,306 | -16.8% |
| Tangible fixed assets | 22/27 | €707,460 | €588,154 | -€119,306 | -16.9% |
| Land and buildings | 22 | €343,322 | €283,436 | -€59,886 | -17.4% |
| Plant, machinery and equipment | 23 | €551 | €1,797 | +€1,246 | +226% |
| Furniture and vehicles | 24 | €357,856 | €297,906 | -€59,950 | -16.8% |
| Other tangible fixed assets | 26 | €5,731 | €5,014 | -€717 | -12.5% |
| Financial fixed assets | 28 | €1,277 | €1,277 | = | 0.0% |
| Current assets | 29/58 | €424,356 | €353,888 | -€70,468 | -16.6% |
| Amounts receivable after more than one year | 29 | €45,000 | €25,000 | -€20,000 | -44.4% |
| Other amounts receivable | 291 | €45,000 | €25,000 | -€20,000 | -44.4% |
| Amounts receivable within one year | 40/41 | €305,771 | €286,669 | -€19,102 | -6.2% |
| Trade receivables | 40 | €292,223 | €251,685 | -€40,538 | -13.9% |
| Other amounts receivable | 41 | €13,548 | €34,984 | +€21,436 | +158% |
| Cash at bank and in hand | 54/58 | €56,843 | €36,204 | -€20,639 | -36.3% |
| Deferred charges and accrued income | 490/1 | €16,742 | €6,014 | -€10,727 | -64.1% |
| Total equity and liabilities | 10/49 | €1,133,092 | €943,319 | -€189,773 | -16.7% |
| Equity | 10/15 | €420,860 | €333,600 | -€87,261 | -20.7% |
| Contributions | 10/11 | €8,676 | €8,676 | = | 0.0% |
| Reserves | 13 | €412,184 | €324,923 | -€87,261 | -21.2% |
| Tax-exempt reserves | 132 | €20,000 | €20,000 | = | 0.0% |
| Distributable reserves | 133 | €392,184 | €304,923 | -€87,261 | -22.2% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €712,232 | €609,719 | -€102,513 | -14.4% |
| Amounts payable after more than one year | 17 | €528,333 | €438,333 | -€90,000 | -17.0% |
| Financial debts | 170/4 | €528,333 | €438,333 | -€90,000 | -17.0% |
| Amounts payable within one year | 42/48 | €183,773 | €171,386 | -€12,387 | -6.7% |
| Current portion of amounts payable after more than one year | 42 | €90,000 | €90,000 | = | 0.0% |
| Trade debts | 44 | €3,872 | €7,358 | +€3,486 | +90.0% |
| Suppliers | 440/4 | €3,872 | €7,358 | +€3,486 | +90.0% |
| Taxes, remuneration and social security | 45 | €86,503 | €51,748 | -€34,755 | -40.2% |
| Taxes | 450/3 | €86,503 | €51,748 | -€34,755 | -40.2% |
| Other amounts payable | 47/48 | €3,397 | €22,280 | +€18,882 | +556% |
| Accrued charges and deferred income | 492/3 | €126 | €0 | -€126 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €107,621 | €128,209 | +€20,588 | +19.1% |
| Other operating charges | 640/8 | €14,977 | €15,684 | +€707 | +4.7% |
| Gross operating margin | 9900 | €276,933 | €207,457 | -€69,475 | -25.1% |
| Operating profit (loss) | 9901 | €154,335 | €63,564 | -€90,771 | -58.8% |
| Financial income | 75/76B | €797 | €1,009 | +€212 | +26.6% |
| Recurring financial income | 75 | €797 | €1,009 | +€212 | +26.6% |
| Financial charges | 65/66B | €21,061 | €21,119 | +€58 | +0.3% |
| Recurring financial charges | 65 | €21,061 | €21,119 | +€58 | +0.3% |
| Profit (loss) for the period before taxes | 9903 | €134,070 | €43,454 | -€90,617 | -67.6% |
| Income taxes | 67/77 | €39,827 | €15,016 | -€24,811 | -62.3% |
| Profit (loss) for the period | 9904 | €94,243 | €28,438 | -€65,805 | -69.8% |
| Profit (loss) for the period to be appropriated | 9905 | €94,243 | €28,438 | -€65,805 | -69.8% |
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 16 October 2026 via checked.be.