QSIM: 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.
QSIM
Largest movements
- Tangible fixed assets +€135,068
up €135,068 (+11.4%), from €1.2m to €1.3m
of which Land and buildings: +€135,559
- Receivables within one year +€133,322
up €133,322 (+26.4%), from €504,559 to €637,881
of which Other amounts receivable: +€140,670
- Cash +€45,405
up €45,405 (+72.8%), from €62,350 to €107,755
mainly Debts after one year (+€686,255) and Contributions, distributions and other (+€177,180)
- Debts after one year +€686,255
up €686,255 (+400%), from €171,637 to €857,891
- Short-term financial debts -€532,507
no longer reported in 2025 (was €532,507)
- Investment grants +€177,180
new in 2025: €177,180
- Current portion of long-term debt -€23,040
down €23,040 (-50.7%), from €45,429 to €22,389
- Gross operating margin -€62,898
down €62,898 (-48.4%), from €130,051 to €67,153
- Financial income +€62,442
up €62,442 (+521%), from €11,979 to €74,420
- Taxes +€9,408
up €9,408 (+3,740%), from €252 to €9,659
- Depreciation -€6,598
down €6,598 (-6.7%), from €98,875 to €92,277
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 | €1,965,791 | €2,277,820 | +€312,029 | +15.9% |
| Fixed assets | 21/28 | €1,394,655 | €1,529,722 | +€135,068 | +9.7% |
| Tangible fixed assets | 22/27 | €1,188,855 | €1,323,922 | +€135,068 | +11.4% |
| Land and buildings | 22 | €1,184,628 | €1,320,187 | +€135,559 | +11.4% |
| Plant, machinery and equipment | 23 | €1,518 | €1,057 | -€461 | -30.4% |
| Furniture and vehicles | 24 | €2,708 | €2,678 | -€30 | -1.1% |
| Financial fixed assets | 28 | €205,800 | €205,800 | = | 0.0% |
| Current assets | 29/58 | €571,136 | €748,098 | +€176,962 | +31.0% |
| Amounts receivable within one year | 40/41 | €504,559 | €637,881 | +€133,322 | +26.4% |
| Trade receivables | 40 | €78,436 | €71,088 | -€7,348 | -9.4% |
| Other amounts receivable | 41 | €426,123 | €566,794 | +€140,670 | +33.0% |
| Cash at bank and in hand | 54/58 | €62,350 | €107,755 | +€45,405 | +72.8% |
| Deferred charges and accrued income | 490/1 | €4,227 | €2,462 | -€1,765 | -41.8% |
| Total equity and liabilities | 10/49 | €1,965,791 | €2,277,820 | +€312,029 | +15.9% |
| Equity | 10/15 | €1,010,402 | €1,206,785 | +€196,383 | +19.4% |
| Contributions | 10/11 | €591,517 | €591,517 | = | 0.0% |
| Reserves | 13 | €418,519 | €437,672 | +€19,153 | +4.6% |
| Tax-exempt reserves | 132 | €324,519 | €295,922 | -€28,597 | -8.8% |
| Distributable reserves | 133 | €94,000 | €141,750 | +€47,750 | +50.8% |
| Profit (loss) carried forward | 14 | €366 | €416 | +€50 | +13.7% |
| Investment grants | 15 | - | €177,180 | +€177,180 | |
| Provisions and deferred taxes | 16 | €167,089 | €152,364 | -€14,725 | -8.8% |
| Deferred taxes | 168 | €167,089 | €152,364 | -€14,725 | -8.8% |
| Amounts payable | 17/49 | €788,300 | €918,671 | +€130,371 | +16.5% |
| Amounts payable after more than one year | 17 | €171,637 | €857,891 | +€686,255 | +400% |
| Financial debts | 170/4 | €171,637 | €857,891 | +€686,255 | +400% |
| Amounts payable within one year | 42/48 | €613,783 | €60,726 | -€553,057 | -90.1% |
| Current portion of amounts payable after more than one year | 42 | €45,429 | €22,389 | -€23,040 | -50.7% |
| Financial debts | 43 | €532,507 | - | -€532,507 | |
| Credit institutions | 430/8 | €532,507 | - | -€532,507 | |
| Trade debts | 44 | €28,348 | €25,609 | -€2,739 | -9.7% |
| Suppliers | 440/4 | €28,348 | €25,609 | -€2,739 | -9.7% |
| Taxes, remuneration and social security | 45 | €7,499 | €12,728 | +€5,230 | +69.7% |
| Taxes | 450/3 | €7,499 | €12,728 | +€5,230 | +69.7% |
| Accrued charges and deferred income | 492/3 | €2,880 | €53 | -€2,827 | -98.2% |
| Remuneration, social security and pensions | 62 | €337 | - | -€337 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €98,875 | €92,277 | -€6,598 | -6.7% |
| Other operating charges | 640/8 | €6,821 | €6,136 | -€685 | -10.0% |
| Gross operating margin | 9900 | €130,051 | €67,153 | -€62,898 | -48.4% |
| Operating profit (loss) | 9901 | €24,018 | -€31,259 | -€55,277 | |
| Financial income | 75/76B | €11,979 | €74,420 | +€62,442 | +521% |
| Recurring financial income | 75 | €11,979 | €74,420 | +€62,442 | +521% |
| Financial charges | 65/66B | €28,248 | €29,024 | +€776 | +2.7% |
| Recurring financial charges | 65 | €28,248 | €29,024 | +€776 | +2.7% |
| Profit (loss) for the period before taxes | 9903 | €7,749 | €14,137 | +€6,388 | +82.4% |
| Transfer from deferred taxes | 780 | €18,439 | €14,725 | -€3,714 | -20.1% |
| Income taxes | 67/77 | €252 | €9,659 | +€9,408 | +3,740% |
| Profit (loss) for the period | 9904 | €25,937 | €19,203 | -€6,733 | -26.0% |
| Transfer from tax-exempt reserves | 789 | €35,805 | €28,597 | -€7,208 | -20.1% |
| Profit (loss) for the period to be appropriated | 9905 | €61,742 | €47,800 | -€13,941 | -22.6% |
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 13 October 2026 via checked.be.