QSME: 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.
QSME
Largest movements
- Cash +€12,558
up €12,558 (+1,315%), from €955 to €13,512
mainly Trade debts (+€13,672) and Depreciation (+€4,554)
- Receivables within one year +€9,986
up €9,986 (+81.0%), from €12,333 to €22,318
of which Trade receivables: +€11,424
- Intangible fixed assets -€3,776
down €3,776 (-25.0%), from €15,102 to €11,327
- Tangible fixed assets +€1,231
up €1,231 (+16.9%), from €7,267 to €8,498
- Deferred charges and accrued income -€980
no longer reported in 2025 (was €980)
- Trade debts +€13,672
up €13,672 (+970%), from €1,410 to €15,082
- Profit (loss) carried forward +€3,173
up €3,173 (+36.4%), from -€8,723 to -€5,550
- Other debts +€2,173
up €2,173 (+6.4%), from €33,950 to €36,123
- Gross operating margin +€7,807
up €7,807 (+1,480%), from €528 to €8,334
- Depreciation +€439
up €439 (+10.7%), from €4,115 to €4,554
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 | €36,637 | €55,655 | +€19,018 | +51.9% |
| Fixed assets | 21/28 | €22,369 | €19,824 | -€2,545 | -11.4% |
| Intangible fixed assets | 21 | €15,102 | €11,327 | -€3,776 | -25.0% |
| Tangible fixed assets | 22/27 | €7,267 | €8,498 | +€1,231 | +16.9% |
| Plant, machinery and equipment | 23 | €7,267 | €8,498 | +€1,231 | +16.9% |
| Current assets | 29/58 | €14,267 | €35,831 | +€21,563 | +151% |
| Amounts receivable within one year | 40/41 | €12,333 | €22,318 | +€9,986 | +81.0% |
| Trade receivables | 40 | €8,327 | €19,751 | +€11,424 | +137% |
| Other amounts receivable | 41 | €4,005 | €2,567 | -€1,438 | -35.9% |
| Cash at bank and in hand | 54/58 | €955 | €13,512 | +€12,558 | +1,315% |
| Deferred charges and accrued income | 490/1 | €980 | - | -€980 | |
| Total equity and liabilities | 10/49 | €36,637 | €55,655 | +€19,018 | +51.9% |
| Equity | 10/15 | €1,277 | €4,450 | +€3,173 | +248% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€8,723 | -€5,550 | +€3,173 | +36.4% |
| Amounts payable | 17/49 | €35,360 | €51,205 | +€15,845 | +44.8% |
| Amounts payable within one year | 42/48 | €35,360 | €51,205 | +€15,845 | +44.8% |
| Trade debts | 44 | €1,410 | €15,082 | +€13,672 | +970% |
| Suppliers | 440/4 | €1,410 | €15,082 | +€13,672 | +970% |
| Other amounts payable | 47/48 | €33,950 | €36,123 | +€2,173 | +6.4% |
| Non-recurring operating income | 76A | €55,856 | €63,939 | +€8,084 | +14.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,115 | €4,554 | +€439 | +10.7% |
| Other operating charges | 640/8 | €513 | €528 | +€14 | +2.8% |
| Gross operating margin | 9900 | €528 | €8,334 | +€7,807 | +1,480% |
| Operating profit (loss) | 9901 | -€4,100 | €3,253 | +€7,353 | |
| Financial charges | 65/66B | €46 | €80 | +€33 | +71.4% |
| Recurring financial charges | 65 | €46 | €80 | +€33 | +71.4% |
| Profit (loss) for the period before taxes | 9903 | -€4,147 | €3,173 | +€7,320 | |
| Profit (loss) for the period | 9904 | -€4,147 | €3,173 | +€7,320 | |
| Profit (loss) for the period to be appropriated | 9905 | -€4,147 | €3,173 | +€7,320 |
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 19 October 2026 via checked.be.