QUALIPSO: what changed
Two fiscal 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.
QUALIPSO
Largest movements
- Tangible fixed assets +€484,695
up €484,695 (+611.4%), from €79,278 to €563,973
of which Furniture and vehicles: +€461,122
- Receivables within one year +€198,190
up €198,190 (+33.8%), from €585,966 to €784,156
of which Trade receivables: +€108,877
- Cash -€117,256
down €117,256 (-41.8%), from €280,201 to €162,944
mainly Investment in fixed assets (net) (-€495,534) and Receivables within one year (-€198,190)
- Financial fixed assets -€105,577
down €105,577 (-55.9%), from €189,017 to €83,440
- Deferred charges and accrued income +€30,353
up €30,353 (+298.3%), from €10,175 to €40,528
- Debts after one year +€308,356
up €308,356 (+1484.7%), from €20,768 to €329,124
- Profit (loss) carried forward +€86,890
up €86,890 (+16.0%), from €542,315 to €629,205
- Current portion of long-term debt +€69,739
up €69,739 (+179.3%), from €38,901 to €108,639
- Contributions +€61,973
up €61,973 (+333.3%), from €18,592 to €80,565
- Other debts -€50,000
down €50,000 (-50.0%), from €100,000 to €50,000
- Gross operating margin +€165,930
up €165,930 (+10.0%), from €1.7m to €1.8m
- Staff costs +€157,939
up €157,939 (+11.9%), from €1.3m to €1.5m
- Depreciation +€71,236
up €71,236 (+238.5%), from €29,874 to €101,110
- Taxes -€28,948
down €28,948 (-65.2%), from €44,407 to €15,459
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.
Cash bridge derived
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 | €1,332,195 | €1,837,906 | +€505,711 | +38.0% |
| Fixed assets | 21/28 | €268,296 | €662,720 | +€394,424 | +147.0% |
| Intangible fixed assets | 21 | - | €15,307 | +€15,307 | |
| Tangible fixed assets | 22/27 | €79,278 | €563,973 | +€484,695 | +611.4% |
| Plant, machinery and equipment | 23 | €8,610 | €32,183 | +€23,573 | +273.8% |
| Furniture and vehicles | 24 | €70,668 | €531,790 | +€461,122 | +652.5% |
| Financial fixed assets | 28 | €189,017 | €83,440 | -€105,577 | -55.9% |
| Current assets | 29/58 | €1,063,900 | €1,175,186 | +€111,287 | +10.5% |
| Amounts receivable within one year | 40/41 | €585,966 | €784,156 | +€198,190 | +33.8% |
| Trade receivables | 40 | €517,711 | €626,587 | +€108,877 | +21.0% |
| Other amounts receivable | 41 | €68,255 | €157,569 | +€89,313 | +130.9% |
| Current investments | 50/53 | €187,558 | €187,558 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €280,201 | €162,944 | -€117,256 | -41.8% |
| Deferred charges and accrued income | 490/1 | €10,175 | €40,528 | +€30,353 | +298.3% |
| Total equity and liabilities | 10/49 | €1,332,195 | €1,837,906 | +€505,711 | +38.0% |
| Equity | 10/15 | €818,825 | €973,885 | +€155,060 | +18.9% |
| Contributions | 10/11 | €18,592 | €80,565 | +€61,973 | +333.3% |
| Reserves | 13 | €257,918 | €264,115 | +€6,197 | +2.4% |
| Non-distributable reserves | 130/1 | €189,418 | €189,418 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Own shares acquired | 1312 | €187,558 | €187,558 | = | 0.0% |
| Distributable reserves | 133 | €68,500 | €74,697 | +€6,197 | +9.0% |
| Profit (loss) carried forward | 14 | €542,315 | €629,205 | +€86,890 | +16.0% |
| Amounts payable | 17/49 | €513,370 | €864,021 | +€350,650 | +68.3% |
| Amounts payable after more than one year | 17 | €20,768 | €329,124 | +€308,356 | +1484.7% |
| Financial debts | 170/4 | €20,768 | €329,124 | +€308,356 | +1484.7% |
| Amounts payable within one year | 42/48 | €427,226 | €468,302 | +€41,076 | +9.6% |
| Current portion of amounts payable after more than one year | 42 | €38,901 | €108,639 | +€69,739 | +179.3% |
| Trade debts | 44 | €123,494 | €134,708 | +€11,214 | +9.1% |
| Suppliers | 440/4 | €123,494 | €134,708 | +€11,214 | +9.1% |
| Taxes, remuneration and social security | 45 | €164,831 | €174,954 | +€10,123 | +6.1% |
| Taxes | 450/3 | €38,973 | €36,041 | -€2,932 | -7.5% |
| Remuneration and social security | 454/9 | €125,858 | €138,913 | +€13,055 | +10.4% |
| Other amounts payable | 47/48 | €100,000 | €50,000 | -€50,000 | -50.0% |
| Accrued charges and deferred income | 492/3 | €65,376 | €66,595 | +€1,219 | +1.9% |
| Remuneration, social security and pensions | 62 | €1,325,964 | €1,483,903 | +€157,939 | +11.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,874 | €101,110 | +€71,236 | +238.5% |
| Other operating charges | 640/8 | €3,848 | €11,635 | +€7,787 | +202.4% |
| Gross operating margin | 9900 | €1,655,531 | €1,821,461 | +€165,930 | +10.0% |
| Operating profit (loss) | 9901 | €295,845 | €224,813 | -€71,032 | -24.0% |
| Financial income | 75/76B | €1,789 | €5,000 | +€3,211 | +179.5% |
| Recurring financial income | 75 | €1,789 | €5,000 | +€3,211 | +179.5% |
| Financial charges | 65/66B | €2,610 | €10,716 | +€8,106 | +310.6% |
| Recurring financial charges | 65 | €2,610 | €10,716 | +€8,106 | +310.6% |
| Profit (loss) for the period before taxes | 9903 | €295,025 | €219,098 | -€75,927 | -25.7% |
| Income taxes | 67/77 | €44,407 | €15,459 | -€28,948 | -65.2% |
| Profit (loss) for the period | 9904 | €250,618 | €203,638 | -€46,980 | -18.7% |
| Profit (loss) for the period to be appropriated | 9905 | €250,618 | €203,638 | -€46,980 | -18.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.