QSDR Management: 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.
QSDR Management
Largest movements
- Cash +€36,766
up €36,766 (+57.9%), from €63,551 to €100,317
mainly Net result for the year (+€43,219) and Tax, wage and social debts (+€31,985)
- Receivables within one year +€14,297
up €14,297 (+822.8%), from €1,738 to €16,035
of which Trade receivables: +€10,890
- Deferred charges and accrued income -€2,061
down €2,061 (-81.5%), from €2,528 to €467
- Tangible fixed assets -€2,056
down €2,056 (-5.9%), from €34,816 to €32,761
of which Furniture and vehicles: -€1,065
- Tax, wage and social debts +€31,985
up €31,985 (+300.7%), from €10,636 to €42,621
of which Remuneration and social security: +€18,400
- Reserves +€19,200
up €19,200 (+35.6%), from €53,880 to €73,080
- Other debts -€5,000
no longer reported in 2025 (was €5,000)
- Gross operating margin +€14,056
up €14,056 (+30.4%), from €46,171 to €60,227
- Taxes -€2,051
down €2,051 (-17.0%), from €12,050 to €10,000
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 | €102,633 | €149,579 | +€46,946 | +45.7% |
| Fixed assets | 21/28 | €34,816 | €32,761 | -€2,056 | -5.9% |
| Tangible fixed assets | 22/27 | €34,816 | €32,761 | -€2,056 | -5.9% |
| Plant, machinery and equipment | 23 | €30,995 | €30,005 | -€991 | -3.2% |
| Furniture and vehicles | 24 | €3,821 | €2,756 | -€1,065 | -27.9% |
| Current assets | 29/58 | €67,817 | €116,819 | +€49,002 | +72.3% |
| Amounts receivable within one year | 40/41 | €1,738 | €16,035 | +€14,297 | +822.8% |
| Trade receivables | 40 | - | €10,890 | +€10,890 | |
| Other amounts receivable | 41 | €1,738 | €5,145 | +€3,407 | +196.1% |
| Cash at bank and in hand | 54/58 | €63,551 | €100,317 | +€36,766 | +57.9% |
| Deferred charges and accrued income | 490/1 | €2,528 | €467 | -€2,061 | -81.5% |
| Total equity and liabilities | 10/49 | €102,633 | €149,579 | +€46,946 | +45.7% |
| Equity | 10/15 | €86,236 | €105,455 | +€19,219 | +22.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €53,880 | €73,080 | +€19,200 | +35.6% |
| Distributable reserves | 133 | €53,880 | €73,080 | +€19,200 | +35.6% |
| Profit (loss) carried forward | 14 | €26,156 | €26,175 | +€19 | +0.1% |
| Amounts payable | 17/49 | €16,397 | €44,125 | +€27,727 | +169.1% |
| Amounts payable within one year | 42/48 | €16,397 | €43,934 | +€27,537 | +167.9% |
| Financial debts | 43 | €572 | €1,142 | +€570 | +99.7% |
| Credit institutions | 430/8 | €572 | €1,142 | +€570 | +99.7% |
| Trade debts | 44 | €190 | €171 | -€19 | -9.8% |
| Suppliers | 440/4 | €190 | €171 | -€19 | -9.8% |
| Taxes, remuneration and social security | 45 | €10,636 | €42,621 | +€31,985 | +300.7% |
| Taxes | 450/3 | €8,236 | €21,821 | +€13,585 | +165.0% |
| Remuneration and social security | 454/9 | €2,400 | €20,800 | +€18,400 | +766.7% |
| Other amounts payable | 47/48 | €5,000 | - | -€5,000 | |
| Accrued charges and deferred income | 492/3 | - | €190 | +€190 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,394 | €6,506 | +€111 | +1.7% |
| Other operating charges | 640/8 | €522 | €581 | +€59 | +11.3% |
| Gross operating margin | 9900 | €46,171 | €60,227 | +€14,056 | +30.4% |
| Operating profit (loss) | 9901 | €39,254 | €53,140 | +€13,886 | +35.4% |
| Financial income | 75/76B | €495 | €345 | -€150 | -30.3% |
| Recurring financial income | 75 | €495 | €345 | -€150 | -30.3% |
| Financial charges | 65/66B | €268 | €266 | -€2 | -0.7% |
| Recurring financial charges | 65 | €268 | €266 | -€2 | -0.7% |
| Profit (loss) for the period before taxes | 9903 | €39,481 | €53,219 | +€13,738 | +34.8% |
| Income taxes | 67/77 | €12,050 | €10,000 | -€2,051 | -17.0% |
| Profit (loss) for the period | 9904 | €27,430 | €43,219 | +€15,789 | +57.6% |
| Profit (loss) for the period to be appropriated | 9905 | €27,430 | €43,219 | +€15,789 | +57.6% |
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 9 October 2026 via checked.be.