QUALHEMA: 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.
QUALHEMA
Largest movements
- Cash +€40,202
up €40,202 (+55.8%), from €72,100 to €112,302
mainly Net result for the year (+€17,253) and Depreciation (+€14,254)
- Tangible fixed assets -€14,254
down €14,254 (-8.2%), from €174,139 to €159,886
of which Land and buildings: -€12,423
- Reserves +€16,420
up €16,420 (+12.4%), from €132,309 to €148,729
- Other debts +€4,245
up €4,245 (+6.6%), from €64,286 to €68,531
- Current portion of long-term debt +€3,367
new in 2025: €3,367
- Gross operating margin -€3,996
down €3,996 (-8.1%), from €49,509 to €45,513
- Taxes -€877
down €877 (-9.9%), from €8,864 to €7,986
- Depreciation -€866
down €866 (-5.7%), from €15,119 to €14,254
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 | €251,391 | €274,662 | +€23,271 | +9.3% |
| Fixed assets | 21/28 | €174,139 | €159,886 | -€14,254 | -8.2% |
| Tangible fixed assets | 22/27 | €174,139 | €159,886 | -€14,254 | -8.2% |
| Land and buildings | 22 | €167,275 | €154,851 | -€12,423 | -7.4% |
| Furniture and vehicles | 24 | €6,865 | €5,035 | -€1,830 | -26.7% |
| Current assets | 29/58 | €77,251 | €114,776 | +€37,525 | +48.6% |
| Amounts receivable within one year | 40/41 | €4,641 | €2,014 | -€2,628 | -56.6% |
| Trade receivables | 40 | €3,630 | €0 | -€3,630 | -100% |
| Other amounts receivable | 41 | €1,011 | €2,014 | +€1,002 | +99.1% |
| Cash at bank and in hand | 54/58 | €72,100 | €112,302 | +€40,202 | +55.8% |
| Deferred charges and accrued income | 490/1 | €510 | €461 | -€50 | -9.7% |
| Total equity and liabilities | 10/49 | €251,391 | €274,662 | +€23,271 | +9.3% |
| Equity | 10/15 | €180,867 | €197,288 | +€16,420 | +9.1% |
| Contributions | 10/11 | €10,413 | €10,413 | = | 0.0% |
| Reserves | 13 | €132,309 | €148,729 | +€16,420 | +12.4% |
| Distributable reserves | 133 | €132,309 | €148,729 | +€16,420 | +12.4% |
| Profit (loss) carried forward | 14 | €38,145 | €38,145 | = | 0.0% |
| Amounts payable | 17/49 | €70,523 | €77,374 | +€6,851 | +9.7% |
| Amounts payable within one year | 42/48 | €70,523 | €77,374 | +€6,851 | +9.7% |
| Current portion of amounts payable after more than one year | 42 | - | €3,367 | +€3,367 | |
| Trade debts | 44 | €1,442 | €2,498 | +€1,056 | +73.2% |
| Suppliers | 440/4 | €1,442 | €2,498 | +€1,056 | +73.2% |
| Taxes, remuneration and social security | 45 | €4,796 | €2,978 | -€1,817 | -37.9% |
| Taxes | 450/3 | €4,796 | €2,978 | -€1,817 | -37.9% |
| Other amounts payable | 47/48 | €64,286 | €68,531 | +€4,245 | +6.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,119 | €14,254 | -€866 | -5.7% |
| Other operating charges | 640/8 | €1,823 | €1,713 | -€110 | -6.0% |
| Gross operating margin | 9900 | €49,509 | €45,513 | -€3,996 | -8.1% |
| Operating profit (loss) | 9901 | €32,567 | €29,546 | -€3,021 | -9.3% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €4,326 | €4,307 | -€19 | -0.4% |
| Recurring financial charges | 65 | €4,326 | €4,307 | -€19 | -0.4% |
| Profit (loss) for the period before taxes | 9903 | €28,242 | €25,240 | -€3,002 | -10.6% |
| Income taxes | 67/77 | €8,864 | €7,986 | -€877 | -9.9% |
| Profit (loss) for the period | 9904 | €19,378 | €17,253 | -€2,125 | -11.0% |
| Profit (loss) for the period to be appropriated | 9905 | €19,378 | €17,253 | -€2,125 | -11.0% |
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 14 October 2026 via checked.be.