QUALIMANDJARO: 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.
QUALIMANDJARO
Largest movements
- Stocks and contracts -€43,893
down €43,893 (-11.6%), from €378,294 to €334,401
- Tangible fixed assets -€32,715
down €32,715 (-7.4%), from €444,753 to €412,038
of which Plant, machinery and equipment: -€20,508
- Cash -€18,772
down €18,772 (-18.2%), from €103,238 to €84,466
mainly Debts after one year (-€91,407) and Investment in fixed assets (net) (-€51,189)
- Receivables within one year +€13,120
up €13,120 (+15.3%), from €85,949 to €99,068
of which Trade receivables: +€13,120
- Debts after one year -€91,407
down €91,407 (-38.7%), from €236,485 to €145,077
- Profit (loss) carried forward +€29,919
up €29,919 (+94.5%), from €31,665 to €61,584
- Current portion of long-term debt -€25,255
down €25,255 (-18.5%), from €136,405 to €111,150
- Gross operating margin +€54,081
up €54,081 (+22.1%), from €244,510 to €298,591
- Write-downs +€18,602
new in 2025: €18,602
- Depreciation +€14,386
up €14,386 (+18.9%), from €75,995 to €90,382
- Staff costs +€5,958
up €5,958 (+5.7%), from €104,278 to €110,236
- Taxes +€4,269
up €4,269 (+76.9%), from €5,549 to €9,817
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 | €1,020,732 | €931,993 | -€88,738 | -8.7% |
| Formation expenses | 20 | €8,328 | €1,851 | -€6,478 | -77.8% |
| Fixed assets | 21/28 | €444,811 | €412,096 | -€32,715 | -7.4% |
| Tangible fixed assets | 22/27 | €444,753 | €412,038 | -€32,715 | -7.4% |
| Land and buildings | 22 | €295,256 | €282,410 | -€12,846 | -4.4% |
| Plant, machinery and equipment | 23 | €103,183 | €82,675 | -€20,508 | -19.9% |
| Furniture and vehicles | 24 | €42,930 | €46,952 | +€4,023 | +9.4% |
| Leasing and similar rights | 25 | €3,384 | - | -€3,384 | |
| Financial fixed assets | 28 | €58 | €58 | = | 0.0% |
| Current assets | 29/58 | €567,592 | €518,047 | -€49,545 | -8.7% |
| Stocks and contracts in progress | 3 | €378,294 | €334,401 | -€43,893 | -11.6% |
| Stocks | 30/36 | €378,294 | €334,401 | -€43,893 | -11.6% |
| Amounts receivable within one year | 40/41 | €85,949 | €99,068 | +€13,120 | +15.3% |
| Trade receivables | 40 | €85,898 | €99,017 | +€13,120 | +15.3% |
| Other amounts receivable | 41 | €51 | €51 | = | 0.0% |
| Current investments | 50/53 | €112 | €112 | +€0 | +0.3% |
| Cash at bank and in hand | 54/58 | €103,238 | €84,466 | -€18,772 | -18.2% |
| Total equity and liabilities | 10/49 | €1,020,732 | €931,993 | -€88,738 | -8.7% |
| Equity | 10/15 | €113,470 | €143,389 | +€29,919 | +26.4% |
| Contributions | 10/11 | €74,368 | €74,368 | = | 0.0% |
| Reserves | 13 | €7,437 | €7,437 | = | 0.0% |
| Distributable reserves | 133 | €7,437 | €7,437 | = | 0.0% |
| Profit (loss) carried forward | 14 | €31,665 | €61,584 | +€29,919 | +94.5% |
| Amounts payable | 17/49 | €907,261 | €788,605 | -€118,657 | -13.1% |
| Amounts payable after more than one year | 17 | €236,485 | €145,077 | -€91,407 | -38.7% |
| Financial debts | 170/4 | €236,485 | €145,077 | -€91,407 | -38.7% |
| Amounts payable within one year | 42/48 | €670,776 | €639,463 | -€31,314 | -4.7% |
| Current portion of amounts payable after more than one year | 42 | €136,405 | €111,150 | -€25,255 | -18.5% |
| Financial debts | 43 | €425,000 | €425,000 | = | 0.0% |
| Credit institutions | 430/8 | €425,000 | €425,000 | = | 0.0% |
| Trade debts | 44 | €74,273 | €66,262 | -€8,011 | -10.8% |
| Suppliers | 440/4 | €74,273 | €66,262 | -€8,011 | -10.8% |
| Advances received on contracts in progress | 46 | €623 | €223 | -€400 | -64.2% |
| Taxes, remuneration and social security | 45 | €33,640 | €36,385 | +€2,746 | +8.2% |
| Taxes | 450/3 | €22,131 | €25,901 | +€3,771 | +17.0% |
| Remuneration and social security | 454/9 | €11,509 | €10,484 | -€1,025 | -8.9% |
| Other amounts payable | 47/48 | €836 | €443 | -€394 | -47.1% |
| Accrued charges and deferred income | 492/3 | - | €4,065 | +€4,065 | |
| Non-recurring operating income | 76A | - | €234 | +€234 | |
| Remuneration, social security and pensions | 62 | €104,278 | €110,236 | +€5,958 | +5.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €75,995 | €90,382 | +€14,386 | +18.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €18,602 | +€18,602 | |
| Other operating charges | 640/8 | €8,959 | €8,882 | -€77 | -0.9% |
| Gross operating margin | 9900 | €244,510 | €298,591 | +€54,081 | +22.1% |
| Operating profit (loss) | 9901 | €55,278 | €70,489 | +€15,211 | +27.5% |
| Financial income | 75/76B | €6,082 | €7,771 | +€1,689 | +27.8% |
| Recurring financial income | 75 | €6,082 | €7,771 | +€1,689 | +27.8% |
| Financial charges | 65/66B | €37,780 | €38,524 | +€744 | +2.0% |
| Recurring financial charges | 65 | €37,780 | €38,274 | +€494 | +1.3% |
| Non-recurring financial charges | 66B | - | €250 | +€250 | |
| Profit (loss) for the period before taxes | 9903 | €23,579 | €39,736 | +€16,156 | +68.5% |
| Income taxes | 67/77 | €5,549 | €9,817 | +€4,269 | +76.9% |
| Profit (loss) for the period | 9904 | €18,031 | €29,919 | +€11,888 | +65.9% |
| Profit (loss) for the period to be appropriated | 9905 | €18,031 | €29,919 | +€11,888 | +65.9% |
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 26 October 2026 via checked.be.