QSALT: 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.
QSALT
Largest movements
- Stocks and contracts +€599,166
up €599,166 (+74.4%), from €805,608 to €1.4m
- Tangible fixed assets +€132,281
up €132,281 (+48.8%), from €270,803 to €403,084
of which Furniture and vehicles: +€82,561
- Receivables within one year -€61,134
down €61,134 (-5.0%), from €1.2m to €1.2m
of which Other amounts receivable: -€111,937
- Cash +€47,214
up €47,214 (+65.7%), from €71,907 to €119,121
mainly Net result for the year (+€678,343) and Debts after one year (+€135,717)
- Reserves +€278,343
up €278,343 (+35.9%), from €774,985 to €1.1m
of which Distributable reserves: +€278,343
- Debts after one year +€135,717
new in 2025: €135,717
- Other debts +€132,415
up €132,415 (+49.3%), from €268,858 to €401,273
- Trade debts +€127,912
up €127,912 (+28.3%), from €451,374 to €579,286
- Investment grants +€116,800
new in 2025: €116,800
- Taxes -€99,621
down €99,621 (-54.0%), from €184,570 to €84,950
- Staff costs -€26,838
down €26,838 (-8.9%), from €301,704 to €274,866
- Write-downs +€21,003
up €21,003 (+4,299%), from €489 to €21,492
- Financial income +€19,253
up €19,253 (+65.7%), from €29,283 to €48,536
- Other operating charges -€13,524
down €13,524 (-26.9%), from €50,286 to €36,762
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 | €2,426,139 | €3,141,641 | +€715,502 | +29.5% |
| Fixed assets | 21/28 | €300,753 | €428,458 | +€127,705 | +42.5% |
| Intangible fixed assets | 21 | €27,305 | €22,729 | -€4,576 | -16.8% |
| Tangible fixed assets | 22/27 | €270,803 | €403,084 | +€132,281 | +48.8% |
| Land and buildings | 22 | €169,003 | €164,138 | -€4,864 | -2.9% |
| Plant, machinery and equipment | 23 | €98,219 | €152,803 | +€54,584 | +55.6% |
| Furniture and vehicles | 24 | €3,582 | €86,143 | +€82,561 | +2,305% |
| Financial fixed assets | 28 | €2,645 | €2,645 | = | 0.0% |
| Current assets | 29/58 | €2,125,385 | €2,713,183 | +€587,797 | +27.7% |
| Stocks and contracts in progress | 3 | €805,608 | €1,404,774 | +€599,166 | +74.4% |
| Stocks | 30/36 | €805,608 | €1,404,774 | +€599,166 | +74.4% |
| Amounts receivable within one year | 40/41 | €1,220,918 | €1,159,785 | -€61,134 | -5.0% |
| Trade receivables | 40 | €537,396 | €588,199 | +€50,804 | +9.5% |
| Other amounts receivable | 41 | €683,523 | €571,585 | -€111,937 | -16.4% |
| Cash at bank and in hand | 54/58 | €71,907 | €119,121 | +€47,214 | +65.7% |
| Deferred charges and accrued income | 490/1 | €26,953 | €29,503 | +€2,550 | +9.5% |
| Total equity and liabilities | 10/49 | €2,426,139 | €3,141,641 | +€715,502 | +29.5% |
| Equity | 10/15 | €830,761 | €1,225,904 | +€395,143 | +47.6% |
| Contributions | 10/11 | €55,776 | €55,776 | = | 0.0% |
| Reserves | 13 | €774,985 | €1,053,328 | +€278,343 | +35.9% |
| Non-distributable reserves | 130/1 | €5,607 | €5,607 | = | 0.0% |
| Reserves not available under the articles | 1311 | €5,607 | €5,607 | = | 0.0% |
| Tax-exempt reserves | 132 | €88,060 | €88,060 | = | 0.0% |
| Distributable reserves | 133 | €681,319 | €959,661 | +€278,343 | +40.9% |
| Investment grants | 15 | - | €116,800 | +€116,800 | |
| Amounts payable | 17/49 | €1,595,377 | €1,915,737 | +€320,360 | +20.1% |
| Amounts payable after more than one year | 17 | - | €135,717 | +€135,717 | |
| Financial debts | 170/4 | - | €135,717 | +€135,717 | |
| Amounts payable within one year | 42/48 | €1,595,377 | €1,780,021 | +€184,643 | +11.6% |
| Current portion of amounts payable after more than one year | 42 | - | €15,820 | +€15,820 | |
| Financial debts | 43 | €780,294 | €737,642 | -€42,651 | -5.5% |
| Credit institutions | 430/8 | €780,294 | €737,642 | -€42,651 | -5.5% |
| Trade debts | 44 | €451,374 | €579,286 | +€127,912 | +28.3% |
| Suppliers | 440/4 | €451,374 | €579,286 | +€127,912 | +28.3% |
| Taxes, remuneration and social security | 45 | €94,852 | €46,000 | -€48,853 | -51.5% |
| Taxes | 450/3 | €61,301 | €17,231 | -€44,071 | -71.9% |
| Remuneration and social security | 454/9 | €33,551 | €28,769 | -€4,782 | -14.3% |
| Other amounts payable | 47/48 | €268,858 | €401,273 | +€132,415 | +49.3% |
| Remuneration, social security and pensions | 62 | €301,704 | €274,866 | -€26,838 | -8.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,204 | €53,679 | +€10,475 | +24.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €489 | €21,492 | +€21,003 | +4,299% |
| Other operating charges | 640/8 | €50,286 | €36,762 | -€13,524 | -26.9% |
| Gross operating margin | 9900 | €1,161,484 | €1,150,657 | -€10,827 | -0.9% |
| Operating profit (loss) | 9901 | €765,801 | €763,858 | -€1,943 | -0.3% |
| Financial income | 75/76B | €29,283 | €48,536 | +€19,253 | +65.7% |
| Recurring financial income | 75 | €29,283 | €48,536 | +€19,253 | +65.7% |
| Financial charges | 65/66B | €58,062 | €49,102 | -€8,960 | -15.4% |
| Recurring financial charges | 65 | €58,062 | €49,102 | -€8,960 | -15.4% |
| Profit (loss) for the period before taxes | 9903 | €737,022 | €763,292 | +€26,270 | +3.6% |
| Income taxes | 67/77 | €184,570 | €84,950 | -€99,621 | -54.0% |
| Profit (loss) for the period | 9904 | €552,452 | €678,343 | +€125,891 | +22.8% |
| Profit (loss) for the period to be appropriated | 9905 | €552,452 | €678,343 | +€125,891 | +22.8% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.