QSLD: what changed
Two fiscal 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.
QSLD
Largest movements
- Tangible fixed assets +€75,662
up €75,662 (+43.2%), from €175,298 to €250,960
of which Other tangible fixed assets: +€183,276
- Cash +€13,722
up €13,722 (+67.1%), from €20,441 to €34,163
mainly Other debts (+€65,089) and Depreciation (+€27,962)
- Intangible fixed assets -€8,000
down €8,000 (-22.4%), from €35,738 to €27,738
- Other debts +€65,089
up €65,089 (+73.2%), from €88,862 to €153,951
- Profit (loss) carried forward +€15,329
up €15,329, from -€11,656 to €3,673
- Debts after one year -€10,645
down €10,645 (-17.9%), from €59,331 to €48,686
- Tax, wage and social debts +€8,703
up €8,703 (+44.1%), from €19,753 to €28,456
of which Remuneration and social security: +€5,268
- Trade debts -€4,654
down €4,654 (-51.1%), from €9,100 to €4,445
- Staff costs -€10,340
down €10,340 (-3.7%), from €278,670 to €268,330
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 | €266,909 | €343,621 | +€76,712 | +28.7% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €211,035 | €278,697 | +€67,662 | +32.1% |
| Intangible fixed assets | 21 | €35,738 | €27,738 | -€8,000 | -22.4% |
| Tangible fixed assets | 22/27 | €175,298 | €250,960 | +€75,662 | +43.2% |
| Plant, machinery and equipment | 23 | €61,976 | €54,272 | -€7,704 | -12.4% |
| Furniture and vehicles | 24 | €6,893 | €8,259 | +€1,366 | +19.8% |
| Other tangible fixed assets | 26 | €5,152 | €188,428 | +€183,276 | +3557.3% |
| Assets under construction and advance payments | 27 | €101,277 | - | -€101,277 | |
| Current assets | 29/58 | €55,874 | €64,924 | +€9,050 | +16.2% |
| Stocks and contracts in progress | 3 | €16,461 | €15,758 | -€702 | -4.3% |
| Stocks | 30/36 | €16,461 | €15,758 | -€702 | -4.3% |
| Amounts receivable within one year | 40/41 | €4,552 | €2,227 | -€2,325 | -51.1% |
| Trade receivables | 40 | €4,022 | €1,418 | -€2,605 | -64.8% |
| Other amounts receivable | 41 | €529 | €809 | +€280 | +52.9% |
| Cash at bank and in hand | 54/58 | €20,441 | €34,163 | +€13,722 | +67.1% |
| Deferred charges and accrued income | 490/1 | €14,420 | €12,775 | -€1,645 | -11.4% |
| Total equity and liabilities | 10/49 | €266,909 | €343,621 | +€76,712 | +28.7% |
| Equity | 10/15 | €79,344 | €94,673 | +€15,329 | +19.3% |
| Contributions | 10/11 | €51,000 | €51,000 | = | 0.0% |
| Reserves | 13 | €40,000 | €40,000 | = | 0.0% |
| Distributable reserves | 133 | €40,000 | €40,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€11,656 | €3,673 | +€15,329 | |
| Amounts payable | 17/49 | €187,565 | €248,948 | +€61,383 | +32.7% |
| Amounts payable after more than one year | 17 | €59,331 | €48,686 | -€10,645 | -17.9% |
| Financial debts | 170/4 | €59,331 | €48,686 | -€10,645 | -17.9% |
| Amounts payable within one year | 42/48 | €128,234 | €200,261 | +€72,027 | +56.2% |
| Current portion of amounts payable after more than one year | 42 | €10,339 | €10,645 | +€306 | +3.0% |
| Trade debts | 44 | €9,100 | €4,445 | -€4,654 | -51.1% |
| Suppliers | 440/4 | €9,100 | €4,445 | -€4,654 | -51.1% |
| Advances received on contracts in progress | 46 | €180 | €2,764 | +€2,584 | +1435.6% |
| Taxes, remuneration and social security | 45 | €19,753 | €28,456 | +€8,703 | +44.1% |
| Taxes | 450/3 | €9,732 | €13,167 | +€3,434 | +35.3% |
| Remuneration and social security | 454/9 | €10,021 | €15,289 | +€5,268 | +52.6% |
| Other amounts payable | 47/48 | €88,862 | €153,951 | +€65,089 | +73.2% |
| Remuneration, social security and pensions | 62 | €278,670 | €268,330 | -€10,340 | -3.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,798 | €27,962 | +€2,164 | +8.4% |
| Other operating charges | 640/8 | €343 | €624 | +€282 | +82.2% |
| Gross operating margin | 9900 | €314,853 | €315,695 | +€841 | +0.3% |
| Operating profit (loss) | 9901 | €10,043 | €18,779 | +€8,736 | +87.0% |
| Financial income | 75/76B | €10 | €187 | +€176 | +1679.6% |
| Recurring financial income | 75 | €10 | €187 | +€176 | +1679.6% |
| Financial charges | 65/66B | €3,586 | €3,636 | +€50 | +1.4% |
| Recurring financial charges | 65 | €3,586 | €3,636 | +€50 | +1.4% |
| Profit (loss) for the period before taxes | 9903 | €6,467 | €15,329 | +€8,862 | +137.0% |
| Income taxes | 67/77 | -€9 | - | +€9 | |
| Profit (loss) for the period | 9904 | €6,477 | €15,329 | +€8,853 | +136.7% |
| Profit (loss) for the period to be appropriated | 9905 | €6,477 | €15,329 | +€8,853 | +136.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.