QSL Immo: 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 Immo
Largest movements
- Stocks and contracts +€1.6m
new in 2025: €1.6m
- Tangible fixed assets -€1.3m
down €1.3m (-20.1%), from €6.7m to €5.3m
of which Land and buildings: -€2.5m
- Short-term financial debts +€4.3m
new in 2025: €4.3m
- Other debts -€3.5m
down €3.5m (-80.3%), from €4.4m to €861,496
- Profit (loss) carried forward -€514,211
down €514,211 (-18.2%), from -€2.8m to -€3.3m
- Trade debts +€401,238
up €401,238 (+300%), from €133,681 to €534,919
- Debts after one year -€311,755
down €311,755 (-6.9%), from €4.5m to €4.2m
of which Financial debts: -€319,195
- Turnover -€472,822
no longer reported in 2025 (was €472,822)
- Financial charges +€150,058
up €150,058 (+149%), from €100,508 to €250,566
- Purchases and services -€147,958
no longer reported in 2025 (was €147,958)
- Gross operating margin +€44,689
up €44,689 (+13.8%), from €324,864 to €369,553
- Other operating charges +€40,581
up €40,581 (+27.2%), from €149,089 to €189,670
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 | €6,726,825 | €7,084,512 | +€357,687 | +5.3% |
| Fixed assets | 21/28 | €6,685,895 | €5,343,605 | -€1.3m | -20.1% |
| Tangible fixed assets | 22/27 | €6,685,895 | €5,343,605 | -€1.3m | -20.1% |
| Land and buildings | 22 | €6,685,895 | €4,158,099 | -€2.5m | -37.8% |
| Plant, machinery and equipment | 23 | - | €1,185,505 | +€1.2m | |
| Current assets | 29/58 | €40,930 | €1,740,907 | +€1.7m | +4,153% |
| Stocks and contracts in progress | 3 | - | €1,575,930 | +€1.6m | |
| Stocks | 30/36 | - | €1,575,930 | +€1.6m | |
| Amounts receivable within one year | 40/41 | €21,979 | €75,799 | +€53,820 | +245% |
| Trade receivables | 40 | - | €40,006 | +€40,006 | |
| Other amounts receivable | 41 | €21,979 | €35,792 | +€13,813 | +62.8% |
| Cash at bank and in hand | 54/58 | €6,315 | €49,365 | +€43,050 | +682% |
| Deferred charges and accrued income | 490/1 | €12,636 | €39,813 | +€27,177 | +215% |
| Total equity and liabilities | 10/49 | €6,726,825 | €7,084,512 | +€357,687 | +5.3% |
| Equity | 10/15 | -€2,618,271 | -€3,132,482 | -€514,211 | -19.6% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,818,271 | -€3,332,482 | -€514,211 | -18.2% |
| Amounts payable | 17/49 | €9,345,096 | €10,216,994 | +€871,898 | +9.3% |
| Amounts payable after more than one year | 17 | €4,501,951 | €4,190,196 | -€311,755 | -6.9% |
| Financial debts | 170/4 | €4,501,951 | €4,182,756 | -€319,195 | -7.1% |
| Other amounts payable | 178/9 | - | €7,440 | +€7,440 | |
| Amounts payable within one year | 42/48 | €4,822,104 | €6,015,745 | +€1.2m | +24.8% |
| Current portion of amounts payable after more than one year | 42 | €306,362 | €319,330 | +€12,968 | +4.2% |
| Financial debts | 43 | - | €4,300,000 | +€4.3m | |
| Credit institutions | 430/8 | - | €4,300,000 | +€4.3m | |
| Trade debts | 44 | €133,681 | €534,919 | +€401,238 | +300% |
| Suppliers | 440/4 | €133,681 | €534,919 | +€401,238 | +300% |
| Other amounts payable | 47/48 | €4,382,061 | €861,496 | -€3.5m | -80.3% |
| Accrued charges and deferred income | 492/3 | €21,040 | €11,053 | -€9,987 | -47.5% |
| Turnover | 70 | €472,822 | - | -€472,822 | |
| Goods, raw materials, services and sundry goods | 60/61 | €147,958 | - | -€147,958 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €473,468 | €444,994 | -€28,474 | -6.0% |
| Other operating charges | 640/8 | €149,089 | €189,670 | +€40,581 | +27.2% |
| Gross operating margin | 9900 | €324,864 | €369,553 | +€44,689 | +13.8% |
| Operating profit (loss) | 9901 | -€297,693 | -€265,111 | +€32,582 | +10.9% |
| Financial income | 75/76B | €4,178 | €1,466 | -€2,712 | -64.9% |
| Recurring financial income | 75 | €4,178 | €1,466 | -€2,712 | -64.9% |
| Financial charges | 65/66B | €100,508 | €250,566 | +€150,058 | +149% |
| Recurring financial charges | 65 | €100,508 | €250,566 | +€150,058 | +149% |
| Profit (loss) for the period before taxes | 9903 | -€394,023 | -€514,211 | -€120,188 | -30.5% |
| Profit (loss) for the period | 9904 | -€394,023 | -€514,211 | -€120,188 | -30.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€394,023 | -€514,211 | -€120,188 | -30.5% |
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 18 October 2026 via checked.be.