QSL: 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.
QSL
Largest movements
- Receivables within one year -€112,350
down €112,350 (-45.1%), from €248,886 to €136,536
of which Trade receivables: -€114,306
- Tangible fixed assets +€40,017
up €40,017 (+5.8%), from €686,291 to €726,308
of which Plant, machinery and equipment: +€53,116
- Cash +€15,952
up €15,952 (+42.0%), from €38,003 to €53,956
mainly Depreciation (+€186,297) and Receivables within one year (+€112,350)
- Trade debts -€144,238
down €144,238 (-41.7%), from €346,251 to €202,013
- Debts after one year +€47,168
up €47,168 (+26.9%), from €175,241 to €222,409
- Other debts +€41,863
up €41,863 (+52.8%), from €79,245 to €121,109
- Current portion of long-term debt -€38,673
down €38,673 (-34.9%), from €110,929 to €72,256
- Reserves +€34,952
up €34,952 (+15.8%), from €221,695 to €256,647
of which Distributable reserves: +€34,952
- Financial charges -€77,500
down €77,500 (-86.8%), from €89,271 to €11,772
- Depreciation +€62,155
up €62,155 (+50.1%), from €124,142 to €186,297
- Staff costs -€14,671
down €14,671 (-18.4%), from €79,879 to €65,208
- Taxes +€8,930
up €8,930 (+132%), from €6,780 to €15,709
- Gross operating margin -€8,088
down €8,088 (-2.5%), from €323,963 to €315,875
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 | €973,180 | €916,799 | -€56,380 | -5.8% |
| Fixed assets | 21/28 | €686,291 | €726,308 | +€40,017 | +5.8% |
| Tangible fixed assets | 22/27 | €686,291 | €726,308 | +€40,017 | +5.8% |
| Land and buildings | 22 | €1,782 | €1,680 | -€102 | -5.7% |
| Plant, machinery and equipment | 23 | €657,459 | €710,575 | +€53,116 | +8.1% |
| Furniture and vehicles | 24 | €27,050 | €14,053 | -€12,997 | -48.0% |
| Current assets | 29/58 | €286,889 | €190,492 | -€96,397 | -33.6% |
| Amounts receivable within one year | 40/41 | €248,886 | €136,536 | -€112,350 | -45.1% |
| Trade receivables | 40 | €237,153 | €122,846 | -€114,306 | -48.2% |
| Other amounts receivable | 41 | €11,733 | €13,690 | +€1,957 | +16.7% |
| Cash at bank and in hand | 54/58 | €38,003 | €53,956 | +€15,952 | +42.0% |
| Total equity and liabilities | 10/49 | €973,180 | €916,799 | -€56,380 | -5.8% |
| Equity | 10/15 | €221,695 | €256,647 | +€34,952 | +15.8% |
| Reserves | 13 | €221,695 | €256,647 | +€34,952 | +15.8% |
| 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 | €219,835 | €254,787 | +€34,952 | +15.9% |
| Amounts payable | 17/49 | €751,484 | €660,152 | -€91,332 | -12.2% |
| Amounts payable after more than one year | 17 | €175,241 | €222,409 | +€47,168 | +26.9% |
| Financial debts | 170/4 | €175,241 | €222,409 | +€47,168 | +26.9% |
| Amounts payable within one year | 42/48 | €541,768 | €405,619 | -€136,149 | -25.1% |
| Current portion of amounts payable after more than one year | 42 | €110,929 | €72,256 | -€38,673 | -34.9% |
| Trade debts | 44 | €346,251 | €202,013 | -€144,238 | -41.7% |
| Suppliers | 440/4 | €346,251 | €202,013 | -€144,238 | -41.7% |
| Taxes, remuneration and social security | 45 | €5,342 | €10,241 | +€4,899 | +91.7% |
| Remuneration and social security | 454/9 | €5,342 | €10,241 | +€4,899 | +91.7% |
| Other amounts payable | 47/48 | €79,245 | €121,109 | +€41,863 | +52.8% |
| Accrued charges and deferred income | 492/3 | €34,475 | €32,124 | -€2,352 | -6.8% |
| Remuneration, social security and pensions | 62 | €79,879 | €65,208 | -€14,671 | -18.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €124,142 | €186,297 | +€62,155 | +50.1% |
| Other operating charges | 640/8 | €351 | €3,982 | +€3,631 | +1,034% |
| Gross operating margin | 9900 | €323,963 | €315,875 | -€8,088 | -2.5% |
| Operating profit (loss) | 9901 | €119,591 | €60,388 | -€59,203 | -49.5% |
| Financial income | 75/76B | €2,621 | €2,045 | -€576 | -22.0% |
| Recurring financial income | 75 | €2,621 | €2,045 | -€576 | -22.0% |
| Financial charges | 65/66B | €89,271 | €11,772 | -€77,500 | -86.8% |
| Recurring financial charges | 65 | €89,271 | €11,772 | -€77,500 | -86.8% |
| Profit (loss) for the period before taxes | 9903 | €32,941 | €50,661 | +€17,720 | +53.8% |
| Income taxes | 67/77 | €6,780 | €15,709 | +€8,930 | +132% |
| Profit (loss) for the period | 9904 | €26,161 | €34,952 | +€8,791 | +33.6% |
| Profit (loss) for the period to be appropriated | 9905 | €26,161 | €34,952 | +€8,791 | +33.6% |
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 15 October 2026 via checked.be.