Qu'ALU: 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.
Qu'ALU
Largest movements
- Receivables within one year +€97,490
up €97,490 (+17.9%), from €543,393 to €640,883
of which Trade receivables: +€97,490
- Tangible fixed assets +€74,392
up €74,392 (+506%), from €14,713 to €89,105
of which Plant, machinery and equipment: +€64,705
- Deferred charges and accrued income -€70,344
down €70,344 (-98.7%), from €71,236 to €892
- Cash +€51,664
up €51,664 (+105%), from €49,395 to €101,059
mainly Deferred charges and accrued income (+€70,344) and Trade debts (+€66,864)
- Stocks and contracts -€34,059
down €34,059 (-20.9%), from €163,044 to €128,985
of which Contracts in progress: -€30,727
- Trade debts +€66,864
up €66,864 (+20.3%), from €329,089 to €395,953
- Profit (loss) carried forward +€26,003
up €26,003 (+22.4%), from €116,036 to €142,039
- Short-term financial debts +€25,000
up €25,000 (+10.0%), from €250,000 to €275,000
- Tax, wage and social debts +€15,923
up €15,923 (+25.8%), from €61,693 to €77,616
of which Taxes: +€12,899
- Other debts -€13,623
no longer reported in 2025 (was €13,623)
- Staff costs +€12,826
up €12,826 (+7.9%), from €162,955 to €175,781
- Financial charges +€8,260
up €8,260 (+26.7%), from €30,922 to €39,182
- Taxes -€5,810
down €5,810 (-34.3%), from €16,963 to €11,152
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 | €841,782 | €960,924 | +€119,142 | +14.2% |
| Fixed assets | 21/28 | €14,713 | €89,105 | +€74,392 | +506% |
| Tangible fixed assets | 22/27 | €14,713 | €89,105 | +€74,392 | +506% |
| Plant, machinery and equipment | 23 | €13,275 | €77,979 | +€64,705 | +487% |
| Furniture and vehicles | 24 | €175 | - | -€175 | |
| Other tangible fixed assets | 26 | €1,263 | €90 | -€1,174 | -92.9% |
| Assets under construction and advance payments | 27 | - | €11,035 | +€11,035 | |
| Current assets | 29/58 | €827,068 | €871,819 | +€44,751 | +5.4% |
| Stocks and contracts in progress | 3 | €163,044 | €128,985 | -€34,059 | -20.9% |
| Stocks | 30/36 | €119,603 | €116,271 | -€3,332 | -2.8% |
| Contracts in progress | 37 | €43,441 | €12,714 | -€30,727 | -70.7% |
| Amounts receivable within one year | 40/41 | €543,393 | €640,883 | +€97,490 | +17.9% |
| Trade receivables | 40 | €543,393 | €640,883 | +€97,490 | +17.9% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €49,395 | €101,059 | +€51,664 | +105% |
| Deferred charges and accrued income | 490/1 | €71,236 | €892 | -€70,344 | -98.7% |
| Total equity and liabilities | 10/49 | €841,782 | €960,924 | +€119,142 | +14.2% |
| Equity | 10/15 | €183,686 | €209,689 | +€26,003 | +14.2% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €6,150 | €6,150 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Profit (loss) carried forward | 14 | €116,036 | €142,039 | +€26,003 | +22.4% |
| Amounts payable | 17/49 | €658,095 | €751,235 | +€93,139 | +14.2% |
| Amounts payable within one year | 42/48 | €654,405 | €748,569 | +€94,164 | +14.4% |
| Financial debts | 43 | €250,000 | €275,000 | +€25,000 | +10.0% |
| Credit institutions | 430/8 | €250,000 | €275,000 | +€25,000 | +10.0% |
| Trade debts | 44 | €329,089 | €395,953 | +€66,864 | +20.3% |
| Suppliers | 440/4 | €329,089 | €395,953 | +€66,864 | +20.3% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €61,693 | €77,616 | +€15,923 | +25.8% |
| Taxes | 450/3 | €30,004 | €42,903 | +€12,899 | +43.0% |
| Remuneration and social security | 454/9 | €31,689 | €34,713 | +€3,024 | +9.5% |
| Other amounts payable | 47/48 | €13,623 | - | -€13,623 | |
| Accrued charges and deferred income | 492/3 | €3,690 | €2,666 | -€1,024 | -27.8% |
| Non-recurring operating income | 76A | €5,035 | €1,143 | -€3,892 | -77.3% |
| Remuneration, social security and pensions | 62 | €162,955 | €175,781 | +€12,826 | +7.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,440 | €24,262 | +€823 | +3.5% |
| Other operating charges | 640/8 | €491 | €1,198 | +€707 | +144% |
| Gross operating margin | 9900 | €276,499 | €277,578 | +€1,079 | +0.4% |
| Operating profit (loss) | 9901 | €89,613 | €76,337 | -€13,276 | -14.8% |
| Financial income | 75/76B | €22 | - | -€22 | |
| Recurring financial income | 75 | €22 | - | -€22 | |
| Financial charges | 65/66B | €30,922 | €39,182 | +€8,260 | +26.7% |
| Recurring financial charges | 65 | €30,922 | €39,182 | +€8,260 | +26.7% |
| Profit (loss) for the period before taxes | 9903 | €58,713 | €37,155 | -€21,558 | -36.7% |
| Income taxes | 67/77 | €16,963 | €11,152 | -€5,810 | -34.3% |
| Profit (loss) for the period | 9904 | €41,750 | €26,003 | -€15,748 | -37.7% |
| Profit (loss) for the period to be appropriated | 9905 | €41,750 | €26,003 | -€15,748 | -37.7% |
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 24 October 2026 via checked.be.