QSD: 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.
QSD
Largest movements
- Receivables within one year -€48,512
down €48,512 (-42.5%), from €114,050 to €65,538
of which Other amounts receivable: -€50,000
- Tangible fixed assets -€15,279
down €15,279 (-79.7%), from €19,167 to €3,889
of which Furniture and vehicles: -€16,136
- Deferred charges and accrued income +€3,844
new in 2025: €3,844
- Reserves -€68,477
down €68,477 (-29.2%), from €234,145 to €165,668
of which Distributable reserves: -€68,477
- Tax, wage and social debts +€4,174
up €4,174 (+40.8%), from €10,235 to €14,410
of which Taxes: +€6,589
- Other debts +€3,695
new in 2025: €3,695
- Gross operating margin +€9,880
up €9,880 (+15.5%), from €63,758 to €73,638
- Depreciation -€5,094
down €5,094 (-28.4%), from €17,965 to €12,871
- Taxes +€3,114
up €3,114 (+21.6%), from €14,436 to €17,550
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 | €258,734 | €198,145 | -€60,589 | -23.4% |
| Fixed assets | 21/28 | €19,167 | €3,889 | -€15,279 | -79.7% |
| Tangible fixed assets | 22/27 | €19,167 | €3,889 | -€15,279 | -79.7% |
| Land and buildings | 22 | - | €0 | = | |
| Plant, machinery and equipment | 23 | €584 | €1,441 | +€857 | +147% |
| Furniture and vehicles | 24 | €18,583 | €2,448 | -€16,136 | -86.8% |
| Current assets | 29/58 | €239,567 | €194,256 | -€45,310 | -18.9% |
| Amounts receivable within one year | 40/41 | €114,050 | €65,538 | -€48,512 | -42.5% |
| Trade receivables | 40 | €18,423 | €19,910 | +€1,488 | +8.1% |
| Other amounts receivable | 41 | €95,627 | €45,627 | -€50,000 | -52.3% |
| Cash at bank and in hand | 54/58 | €125,517 | €124,874 | -€643 | -0.5% |
| Deferred charges and accrued income | 490/1 | - | €3,844 | +€3,844 | |
| Total equity and liabilities | 10/49 | €258,734 | €198,145 | -€60,589 | -23.4% |
| Equity | 10/15 | €246,545 | €178,068 | -€68,477 | -27.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €234,145 | €165,668 | -€68,477 | -29.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €232,285 | €163,808 | -€68,477 | -29.5% |
| Amounts payable | 17/49 | €12,189 | €20,078 | +€7,888 | +64.7% |
| Amounts payable within one year | 42/48 | €12,189 | €20,078 | +€7,888 | +64.7% |
| Trade debts | 44 | €1,954 | €1,973 | +€19 | +1.0% |
| Suppliers | 440/4 | €1,954 | €1,973 | +€19 | +1.0% |
| Taxes, remuneration and social security | 45 | €10,235 | €14,410 | +€4,174 | +40.8% |
| Taxes | 450/3 | €7,820 | €14,410 | +€6,589 | +84.3% |
| Remuneration and social security | 454/9 | €2,415 | - | -€2,415 | |
| Other amounts payable | 47/48 | - | €3,695 | +€3,695 | |
| Non-recurring operating income | 76A | - | €7,693 | +€7,693 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,965 | €12,871 | -€5,094 | -28.4% |
| Other operating charges | 640/8 | €1,306 | €1,117 | -€190 | -14.5% |
| Gross operating margin | 9900 | €63,758 | €73,638 | +€9,880 | +15.5% |
| Operating profit (loss) | 9901 | €44,487 | €59,649 | +€15,163 | +34.1% |
| Financial income | 75/76B | €378 | €815 | +€437 | +116% |
| Recurring financial income | 75 | €378 | €815 | +€437 | +116% |
| Financial charges | 65/66B | €795 | €611 | -€183 | -23.1% |
| Recurring financial charges | 65 | €795 | €611 | -€183 | -23.1% |
| Profit (loss) for the period before taxes | 9903 | €44,069 | €59,853 | +€15,784 | +35.8% |
| Income taxes | 67/77 | €14,436 | €17,550 | +€3,114 | +21.6% |
| Profit (loss) for the period | 9904 | €29,633 | €42,303 | +€12,670 | +42.8% |
| Profit (loss) for the period to be appropriated | 9905 | €29,633 | €42,303 | +€12,670 | +42.8% |
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 17 October 2026 via checked.be.