QTECS: 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.
QTECS
Largest movements
- Receivables within one year -€42,140
down €42,140 (-20.0%), from €210,449 to €168,309
of which Trade receivables: -€40,266
- Tangible fixed assets -€36,845
down €36,845 (-14.6%), from €252,198 to €215,353
of which Furniture and vehicles: -€27,311
- Stocks and contracts +€13,668
up €13,668 (+42.9%), from €31,858 to €45,526
- Profit (loss) carried forward -€46,345
down €46,345 (-37.1%), from €125,047 to €78,702
- Trade debts -€38,692
down €38,692 (-29.3%), from €131,881 to €93,189
- Advances received +€10,863
new in 2025: €10,863
- Tax, wage and social debts +€9,652
up €9,652 (+28.4%), from €33,986 to €43,638
- Debts after one year -€9,110
down €9,110 (-6.1%), from €148,365 to €139,255
- Gross operating margin -€74,745
down €74,745 (-22.1%), from €338,225 to €263,480
- Other operating charges -€21,028
down €21,028 (-93.9%), from €22,397 to €1,369
- Staff costs -€13,989
down €13,989 (-5.1%), from €272,932 to €258,943
- Write-downs -€6,501
no longer reported in 2025 (was €6,501)
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 | €504,300 | €434,499 | -€69,801 | -13.8% |
| Fixed assets | 21/28 | €252,198 | €215,353 | -€36,845 | -14.6% |
| Tangible fixed assets | 22/27 | €252,198 | €215,353 | -€36,845 | -14.6% |
| Land and buildings | 22 | €174,079 | €169,167 | -€4,912 | -2.8% |
| Plant, machinery and equipment | 23 | €8,785 | €4,163 | -€4,622 | -52.6% |
| Furniture and vehicles | 24 | €69,334 | €42,023 | -€27,311 | -39.4% |
| Current assets | 29/58 | €252,102 | €219,146 | -€32,956 | -13.1% |
| Stocks and contracts in progress | 3 | €31,858 | €45,526 | +€13,668 | +42.9% |
| Stocks | 30/36 | €31,858 | €45,526 | +€13,668 | +42.9% |
| Amounts receivable within one year | 40/41 | €210,449 | €168,309 | -€42,140 | -20.0% |
| Trade receivables | 40 | €177,416 | €137,150 | -€40,266 | -22.7% |
| Other amounts receivable | 41 | €33,033 | €31,159 | -€1,874 | -5.7% |
| Cash at bank and in hand | 54/58 | €11 | €11 | = | 0.0% |
| Deferred charges and accrued income | 490/1 | €9,784 | €5,300 | -€4,484 | -45.8% |
| Total equity and liabilities | 10/49 | €504,300 | €434,499 | -€69,801 | -13.8% |
| Equity | 10/15 | €144,631 | €98,286 | -€46,345 | -32.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €984 | €984 | = | 0.0% |
| Distributable reserves | 133 | €984 | €984 | = | 0.0% |
| Profit (loss) carried forward | 14 | €125,047 | €78,702 | -€46,345 | -37.1% |
| Amounts payable | 17/49 | €359,669 | €336,213 | -€23,456 | -6.5% |
| Amounts payable after more than one year | 17 | €148,365 | €139,255 | -€9,110 | -6.1% |
| Financial debts | 170/4 | €148,365 | €139,255 | -€9,110 | -6.1% |
| Amounts payable within one year | 42/48 | €211,304 | €196,958 | -€14,346 | -6.8% |
| Current portion of amounts payable after more than one year | 42 | €33,423 | €34,110 | +€687 | +2.1% |
| Financial debts | 43 | €12,014 | €13,972 | +€1,958 | +16.3% |
| Credit institutions | 430/8 | €12,014 | €13,972 | +€1,958 | +16.3% |
| Trade debts | 44 | €131,881 | €93,189 | -€38,692 | -29.3% |
| Suppliers | 440/4 | €131,881 | €93,189 | -€38,692 | -29.3% |
| Advances received on contracts in progress | 46 | - | €10,863 | +€10,863 | |
| Taxes, remuneration and social security | 45 | €33,986 | €43,638 | +€9,652 | +28.4% |
| Remuneration and social security | 454/9 | €33,986 | €43,638 | +€9,652 | +28.4% |
| Other amounts payable | 47/48 | - | €1,186 | +€1,186 | |
| Remuneration, social security and pensions | 62 | €272,932 | €258,943 | -€13,989 | -5.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,941 | €40,257 | -€1,684 | -4.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €6,501 | - | -€6,501 | |
| Other operating charges | 640/8 | €22,397 | €1,369 | -€21,028 | -93.9% |
| Gross operating margin | 9900 | €338,225 | €263,480 | -€74,745 | -22.1% |
| Operating profit (loss) | 9901 | -€5,546 | -€37,089 | -€31,543 | -568.8% |
| Financial income | 75/76B | €1,367 | €338 | -€1,029 | -75.3% |
| Recurring financial income | 75 | €1,367 | €338 | -€1,029 | -75.3% |
| Financial charges | 65/66B | €11,137 | €8,810 | -€2,327 | -20.9% |
| Recurring financial charges | 65 | €11,137 | €8,810 | -€2,327 | -20.9% |
| Profit (loss) for the period before taxes | 9903 | -€15,316 | -€45,561 | -€30,245 | -197.5% |
| Income taxes | 67/77 | €879 | €784 | -€95 | -10.8% |
| Profit (loss) for the period | 9904 | -€16,195 | -€46,345 | -€30,150 | -186.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€16,195 | -€46,345 | -€30,150 | -186.2% |
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 7 October 2026 via checked.be.