QTHERM: 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.
QTHERM
Largest movements
- Cash +€34,962
up €34,962 (+728%), from €4,801 to €39,764
mainly Net result for the year (+€36,373) and Trade debts (+€5,645)
- Receivables within one year +€11,901
up €11,901 (+46.2%), from €25,788 to €37,689
of which Trade receivables: +€10,088
- Tangible fixed assets -€3,727
down €3,727 (-10.6%), from €35,053 to €31,326
of which Plant, machinery and equipment: -€3,665
- Deferred charges and accrued income +€2,855
up €2,855 (+1,024%), from €279 to €3,134
- Profit (loss) carried forward +€25,676
no longer reported in 2025 (was -€25,676)
- Reserves +€10,697
new in 2025: €10,697
- Trade debts +€5,645
up €5,645 (+37.6%), from €15,021 to €20,666
- Tax, wage and social debts +€2,287
up €2,287 (+46.9%), from €4,880 to €7,167
- Short-term financial debts +€1,687
new in 2025: €1,687
- Gross operating margin +€36,237
up €36,237 (+317%), from €11,446 to €47,684
- Taxes +€6,105
new in 2025: €6,105
- Other operating charges -€918
down €918 (-52.8%), from €1,740 to €822
- Financial charges +€541
up €541 (+145%), from €373 to €914
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 | €65,921 | €111,914 | +€45,992 | +69.8% |
| Fixed assets | 21/28 | €35,053 | €31,326 | -€3,727 | -10.6% |
| Tangible fixed assets | 22/27 | €35,053 | €31,326 | -€3,727 | -10.6% |
| Plant, machinery and equipment | 23 | €34,923 | €31,258 | -€3,665 | -10.5% |
| Furniture and vehicles | 24 | €130 | €68 | -€62 | -47.8% |
| Current assets | 29/58 | €30,868 | €80,588 | +€49,719 | +161% |
| Amounts receivable within one year | 40/41 | €25,788 | €37,689 | +€11,901 | +46.2% |
| Trade receivables | 40 | €20,930 | €31,018 | +€10,088 | +48.2% |
| Other amounts receivable | 41 | €4,858 | €6,672 | +€1,814 | +37.3% |
| Cash at bank and in hand | 54/58 | €4,801 | €39,764 | +€34,962 | +728% |
| Deferred charges and accrued income | 490/1 | €279 | €3,134 | +€2,855 | +1,024% |
| Total equity and liabilities | 10/49 | €65,921 | €111,914 | +€45,992 | +69.8% |
| Equity | 10/15 | €45,722 | €82,095 | +€36,373 | +79.6% |
| Contributions | 10/11 | €71,398 | €71,398 | = | 0.0% |
| Reserves | 13 | - | €10,697 | +€10,697 | |
| Distributable reserves | 133 | - | €10,697 | +€10,697 | |
| Profit (loss) carried forward | 14 | -€25,676 | - | +€25,676 | |
| Amounts payable | 17/49 | €20,199 | €29,819 | +€9,620 | +47.6% |
| Amounts payable within one year | 42/48 | €20,199 | €29,819 | +€9,620 | +47.6% |
| Financial debts | 43 | - | €1,687 | +€1,687 | |
| Credit institutions | 430/8 | - | €1,687 | +€1,687 | |
| Trade debts | 44 | €15,021 | €20,666 | +€5,645 | +37.6% |
| Suppliers | 440/4 | €15,021 | €20,666 | +€5,645 | +37.6% |
| Taxes, remuneration and social security | 45 | €4,880 | €7,167 | +€2,287 | +46.9% |
| Taxes | 450/3 | €4,880 | €7,167 | +€2,287 | +46.9% |
| Other amounts payable | 47/48 | €298 | €298 | = | 0.0% |
| Non-recurring operating income | 76A | €6,217 | - | -€6,217 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,727 | €3,727 | = | 0.0% |
| Other operating charges | 640/8 | €1,740 | €822 | -€918 | -52.8% |
| Non-recurring operating charges | 66A | €437 | - | -€437 | |
| Gross operating margin | 9900 | €11,446 | €47,684 | +€36,237 | +317% |
| Operating profit (loss) | 9901 | €5,543 | €43,135 | +€37,592 | +678% |
| Financial income | 75/76B | €131 | €257 | +€126 | +96.0% |
| Recurring financial income | 75 | €131 | €257 | +€126 | +96.0% |
| Financial charges | 65/66B | €373 | €914 | +€541 | +145% |
| Recurring financial charges | 65 | €373 | €914 | +€541 | +145% |
| Profit (loss) for the period before taxes | 9903 | €5,301 | €42,478 | +€37,177 | +701% |
| Income taxes | 67/77 | - | €6,105 | +€6,105 | |
| Profit (loss) for the period | 9904 | €5,301 | €36,373 | +€31,072 | +586% |
| Profit (loss) for the period to be appropriated | 9905 | €5,301 | €36,373 | +€31,072 | +586% |
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 22 October 2026 via checked.be.