QUALEXCO: 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.
QUALEXCO
Largest movements
- Tangible fixed assets +€334,331
up €334,331 (+161%), from €207,421 to €541,753
of which Plant, machinery and equipment: +€345,844
- Cash -€83,198
down €83,198 (-69.3%), from €119,973 to €36,775
mainly Investment in fixed assets (net) (-€369,083) and Other debts (-€60,495)
- Receivables within one year -€53,455
down €53,455 (-72.7%), from €73,520 to €20,065
of which Other amounts receivable: -€29,606
- Debts after one year +€278,356
up €278,356, from €0 to €278,356
- Other debts -€60,495
down €60,495 (-40.3%), from €150,000 to €89,505
- Profit (loss) carried forward -€29,379
down €29,379 (-15.8%), from €186,266 to €156,887
- Trade debts +€18,915
up €18,915 (+453%), from €4,172 to €23,087
- Tax, wage and social debts -€9,338
down €9,338 (-47.1%), from €19,817 to €10,479
of which Taxes: -€9,338
- Gross operating margin -€325,606
down €325,606 (-94.2%), from €345,804 to €20,198
- Taxes -€77,494
down €77,494 (-99.5%), from €77,877 to €383
- Depreciation +€20,757
up €20,757 (+148%), from €13,994 to €34,751
- Financial charges +€3,867
up €3,867 (+49.4%), from €7,822 to €11,689
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 | €403,876 | €603,834 | +€199,958 | +49.5% |
| Fixed assets | 21/28 | €207,421 | €541,753 | +€334,331 | +161% |
| Tangible fixed assets | 22/27 | €207,421 | €541,753 | +€334,331 | +161% |
| Land and buildings | 22 | €104,305 | €96,151 | -€8,154 | -7.8% |
| Plant, machinery and equipment | 23 | €86,050 | €431,894 | +€345,844 | +402% |
| Furniture and vehicles | 24 | €15,067 | €12,075 | -€2,992 | -19.9% |
| Other tangible fixed assets | 26 | €1,999 | €1,633 | -€366 | -18.3% |
| Current assets | 29/58 | €196,455 | €62,081 | -€134,374 | -68.4% |
| Amounts receivable within one year | 40/41 | €73,520 | €20,065 | -€53,455 | -72.7% |
| Trade receivables | 40 | €31,525 | €7,677 | -€23,849 | -75.6% |
| Other amounts receivable | 41 | €41,994 | €12,389 | -€29,606 | -70.5% |
| Cash at bank and in hand | 54/58 | €119,973 | €36,775 | -€83,198 | -69.3% |
| Deferred charges and accrued income | 490/1 | €2,962 | €5,241 | +€2,279 | +76.9% |
| Total equity and liabilities | 10/49 | €403,876 | €603,834 | +€199,958 | +49.5% |
| Equity | 10/15 | €206,726 | €177,347 | -€29,379 | -14.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €186,266 | €156,887 | -€29,379 | -15.8% |
| Amounts payable | 17/49 | €197,150 | €426,487 | +€229,337 | +116% |
| Amounts payable after more than one year | 17 | €0 | €278,356 | +€278,356 | |
| Financial debts | 170/4 | €0 | €278,356 | +€278,356 | |
| Amounts payable within one year | 42/48 | €197,150 | €148,131 | -€49,019 | -24.9% |
| Current portion of amounts payable after more than one year | 42 | €23,161 | €23,820 | +€660 | +2.8% |
| Financial debts | 43 | - | €1,240 | +€1,240 | |
| Credit institutions | 430/8 | - | €1,240 | +€1,240 | |
| Trade debts | 44 | €4,172 | €23,087 | +€18,915 | +453% |
| Suppliers | 440/4 | €4,172 | €23,087 | +€18,915 | +453% |
| Taxes, remuneration and social security | 45 | €19,817 | €10,479 | -€9,338 | -47.1% |
| Taxes | 450/3 | €19,817 | €10,479 | -€9,338 | -47.1% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €150,000 | €89,505 | -€60,495 | -40.3% |
| Non-recurring operating income | 76A | €4,636 | €0 | -€4,636 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,994 | €34,751 | +€20,757 | +148% |
| Other operating charges | 640/8 | €3,595 | €2,778 | -€817 | -22.7% |
| Gross operating margin | 9900 | €345,804 | €20,198 | -€325,606 | -94.2% |
| Operating profit (loss) | 9901 | €328,216 | -€17,331 | -€345,547 | |
| Financial income | 75/76B | €919 | €24 | -€895 | -97.4% |
| Recurring financial income | 75 | €919 | €24 | -€895 | -97.4% |
| Financial charges | 65/66B | €7,822 | €11,689 | +€3,867 | +49.4% |
| Recurring financial charges | 65 | €7,822 | €11,689 | +€3,867 | +49.4% |
| Profit (loss) for the period before taxes | 9903 | €321,312 | -€28,996 | -€350,309 | |
| Income taxes | 67/77 | €77,877 | €383 | -€77,494 | -99.5% |
| Profit (loss) for the period | 9904 | €243,435 | -€29,379 | -€272,814 | |
| Profit (loss) for the period to be appropriated | 9905 | €243,435 | -€29,379 | -€272,814 |
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 25 October 2026 via checked.be.