QSTM: 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.
QSTM
Largest movements
- Receivables within one year -€43,015
down €43,015 (-99.0%), from €43,459 to €444
of which Trade receivables: -€43,090
- Reserves -€45,547
down €45,547 (-8.2%), from €556,321 to €510,774
- Other debts +€23,941
up €23,941 (+131%), from €18,231 to €42,173
- Tax, wage and social debts -€10,263
down €10,263 (-94.8%), from €10,832 to €569
- Financial income +€49,889
up €49,889, from €0 to €49,889
- Gross operating margin -€28,867
down €28,867 (-87.6%), from €32,935 to €4,068
- Taxes -€10,298
down €10,298 (-64.7%), from €15,926 to €5,628
- Financial charges -€578
down €578 (-84.9%), from €681 to €103
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 | €612,983 | €577,299 | -€35,684 | -5.8% |
| Fixed assets | 21/28 | €548,778 | €548,778 | = | 0.0% |
| Financial fixed assets | 28 | €548,778 | €548,778 | = | 0.0% |
| Current assets | 29/58 | €64,205 | €28,521 | -€35,684 | -55.6% |
| Amounts receivable within one year | 40/41 | €43,459 | €444 | -€43,015 | -99.0% |
| Trade receivables | 40 | €43,090 | €0 | -€43,090 | -100% |
| Other amounts receivable | 41 | €369 | €444 | +€75 | +20.4% |
| Cash at bank and in hand | 54/58 | €19,998 | €22,998 | +€3,001 | +15.0% |
| Deferred charges and accrued income | 490/1 | €748 | €5,078 | +€4,330 | +579% |
| Total equity and liabilities | 10/49 | €612,983 | €577,299 | -€35,684 | -5.8% |
| Equity | 10/15 | €574,921 | €529,374 | -€45,547 | -7.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €556,321 | €510,774 | -€45,547 | -8.2% |
| Distributable reserves | 133 | €556,321 | €510,774 | -€45,547 | -8.2% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €38,062 | €47,925 | +€9,863 | +25.9% |
| Amounts payable within one year | 42/48 | €38,062 | €47,925 | +€9,863 | +25.9% |
| Trade debts | 44 | €8,999 | €5,184 | -€3,815 | -42.4% |
| Suppliers | 440/4 | €8,999 | €5,184 | -€3,815 | -42.4% |
| Taxes, remuneration and social security | 45 | €10,832 | €569 | -€10,263 | -94.8% |
| Taxes | 450/3 | €10,832 | €569 | -€10,263 | -94.8% |
| Other amounts payable | 47/48 | €18,231 | €42,173 | +€23,941 | +131% |
| Other operating charges | 640/8 | €513 | €540 | +€26 | +5.1% |
| Gross operating margin | 9900 | €32,935 | €4,068 | -€28,867 | -87.6% |
| Operating profit (loss) | 9901 | €32,422 | €3,528 | -€28,893 | -89.1% |
| Financial income | 75/76B | €0 | €49,889 | +€49,889 | |
| Recurring financial income | 75 | €0 | €49,889 | +€49,889 | |
| Financial charges | 65/66B | €681 | €103 | -€578 | -84.9% |
| Recurring financial charges | 65 | €681 | €103 | -€578 | -84.9% |
| Profit (loss) for the period before taxes | 9903 | €31,741 | €53,314 | +€21,573 | +68.0% |
| Income taxes | 67/77 | €15,926 | €5,628 | -€10,298 | -64.7% |
| Profit (loss) for the period | 9904 | €15,815 | €47,686 | +€31,871 | +202% |
| Profit (loss) for the period to be appropriated | 9905 | €15,815 | €47,686 | +€31,871 | +202% |
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.