QS LOGISTICS: 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.
What changed
QS LOGISTICS
NACE 68.121, Development of residential building projects
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€198,775
2024 · €296,260-€97,485
Equity
€1.1m
2024 · €897,808+€198,775
Cash
€5,025
2024 · €9,562-€4,536
Balance sheet total
€6.6m
2024 · €7.7m-€1.1m
Largest movements
Assets
- Receivables within one year -€759,173
down €759,173 (-16.6%), from €4.6m to €3.8m
of which Other amounts receivable: -€804,880
- Tangible fixed assets -€326,167
down €326,167 (-10.4%), from €3.1m to €2.8m
of which Land and buildings: -€329,315
Equity and liabilities
- Short-term financial debts -€605,000
down €605,000 (-15.1%), from €4.0m to €3.4m
- Debts after one year -€604,563
down €604,563 (-31.0%), from €1.9m to €1.3m
- Profit (loss) carried forward +€198,775
up €198,775 (+24.0%), from €828,093 to €1.0m
Income statement
- Financial charges +€83,777
up €83,777 (+50.9%), from €164,543 to €248,320
- Gross operating margin -€59,295
down €59,295 (-5.8%), from €1.0m to €971,276
- Taxes -€49,510
down €49,510 (-42.8%), from €115,768 to €66,258
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.
Result 2024
€296,260
Gross operating margin
-€59,295
Depreciation
-€3,931
Other operating charges
-€2,498
Financial income
+€2,506
Financial charges
-€83,777
Taxes
+€49,510
Result 2025
€198,775
raises the resultlowers the result
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.
From operations
+€1.3m
Investment
-€58,320
Financing
-€1.2m
Cash 2024
€9,562
From operations (derived)
+€1.3m
Net result for the year
+€198,775
Depreciation
+€384,487
Receivables within one year
+€759,173
Deferred charges and accrued income
-€1,178
Trade debts
-€2,050
Tax, wage and social debts
+€3,566
Other debts
-€65,000
Accrued charges and deferred income
-€24,480
Investment (derived)
-€58,320
Investment in fixed assets (net)
-€58,320
Financing
-€1.2m
Debts after one year
-€604,563
Current portion of long-term debt
+€10,053
Short-term financial debts
-€605,000
Cash 2025
€5,025
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,720,601 | €6,631,902 | -€1.1m | -14.1% |
| Fixed assets | 21/28 | €3,124,811 | €2,798,644 | -€326,167 | -10.4% |
| Tangible fixed assets | 22/27 | €3,124,811 | €2,798,644 | -€326,167 | -10.4% |
| Land and buildings | 22 | €3,090,717 | €2,761,402 | -€329,315 | -10.7% |
| Other tangible fixed assets | 26 | €34,094 | €37,241 | +€3,148 | +9.2% |
| Current assets | 29/58 | €4,595,790 | €3,833,259 | -€762,532 | -16.6% |
| Amounts receivable within one year | 40/41 | €4,560,347 | €3,801,174 | -€759,173 | -16.6% |
| Trade receivables | 40 | €103,653 | €149,360 | +€45,707 | +44.1% |
| Other amounts receivable | 41 | €4,456,694 | €3,651,814 | -€804,880 | -18.1% |
| Cash at bank and in hand | 54/58 | €9,562 | €5,025 | -€4,536 | -47.4% |
| Deferred charges and accrued income | 490/1 | €25,882 | €27,060 | +€1,178 | +4.5% |
| Total equity and liabilities | 10/49 | €7,720,601 | €6,631,902 | -€1.1m | -14.1% |
| Equity | 10/15 | €897,808 | €1,096,582 | +€198,775 | +22.1% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €7,715 | €7,715 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €1,515 | €1,515 | = | 0.0% |
| Profit (loss) carried forward | 14 | €828,093 | €1,026,868 | +€198,775 | +24.0% |
| Amounts payable | 17/49 | €6,822,793 | €5,535,320 | -€1.3m | -18.9% |
| Amounts payable after more than one year | 17 | €1,949,751 | €1,345,188 | -€604,563 | -31.0% |
| Financial debts | 170/4 | €1,949,751 | €1,345,188 | -€604,563 | -31.0% |
| Amounts payable within one year | 42/48 | €4,848,563 | €4,190,132 | -€658,431 | -13.6% |
| Current portion of amounts payable after more than one year | 42 | €594,510 | €604,563 | +€10,053 | +1.7% |
| Financial debts | 43 | €4,000,000 | €3,395,000 | -€605,000 | -15.1% |
| Credit institutions | 430/8 | €4,000,000 | €3,395,000 | -€605,000 | -15.1% |
| Trade debts | 44 | €153,867 | €151,817 | -€2,050 | -1.3% |
| Suppliers | 440/4 | €153,867 | €151,817 | -€2,050 | -1.3% |
| Taxes, remuneration and social security | 45 | €35,186 | €38,752 | +€3,566 | +10.1% |
| Taxes | 450/3 | €35,186 | €38,752 | +€3,566 | +10.1% |
| Other amounts payable | 47/48 | €65,000 | €0 | -€65,000 | -100% |
| Accrued charges and deferred income | 492/3 | €24,480 | €0 | -€24,480 | -100% |
| Non-recurring operating income | 76A | - | €813 | +€813 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €380,556 | €384,487 | +€3,931 | +1.0% |
| Other operating charges | 640/8 | €73,445 | €75,943 | +€2,498 | +3.4% |
| Gross operating margin | 9900 | €1,030,571 | €971,276 | -€59,295 | -5.8% |
| Operating profit (loss) | 9901 | €576,571 | €510,847 | -€65,724 | -11.4% |
| Financial income | 75/76B | €0 | €2,506 | +€2,506 | +25,059,900% |
| Recurring financial income | 75 | €0 | €2,506 | +€2,506 | +25,059,900% |
| Financial charges | 65/66B | €164,543 | €248,320 | +€83,777 | +50.9% |
| Recurring financial charges | 65 | €164,543 | €248,320 | +€83,777 | +50.9% |
| Profit (loss) for the period before taxes | 9903 | €412,028 | €265,033 | -€146,995 | -35.7% |
| Income taxes | 67/77 | €115,768 | €66,258 | -€49,510 | -42.8% |
| Profit (loss) for the period | 9904 | €296,260 | €198,775 | -€97,485 | -32.9% |
| Profit (loss) for the period to be appropriated | 9905 | €296,260 | €198,775 | -€97,485 | -32.9% |
Source: filed annual accounts (NBB), financial years ended 31 August 2024 and 31 August 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.