QUALITY FIRST: 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.
What changed
QUALITY FIRST
NACE 68.121, Development of residential building projects
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€54,699
2024 · €85,997-€31,298
Equity
€971,054
2024 · €916,355+€54,699
Cash
€7,226
2024 · €13,363-€6,138
Balance sheet total
€5.5m
2024 · €5.2m+€300,855
Largest movements
Assets
- Stocks and contracts +€650,622
up €650,622 (+15.1%), from €4.3m to €5.0m
- Receivables within one year -€311,342
down €311,342 (-87.8%), from €354,461 to €43,119
of which Trade receivables: -€354,461
Equity and liabilities
- Other debts +€389,642
up €389,642 (+15.7%), from €2.5m to €2.9m
- Tax, wage and social debts -€86,210
down €86,210 (-88.8%), from €97,082 to €10,872
- Trade debts -€72,309
down €72,309 (-23.1%), from €313,513 to €241,203
- Profit (loss) carried forward +€71,571
up €71,571 (+18.0%), from €397,790 to €469,361
Income statement
- Gross operating margin -€51,517
down €51,517 (-20.0%), from €257,073 to €205,556
- Financial charges -€14,773
down €14,773 (-14.3%), from €102,990 to €88,217
- Taxes -€11,799
down €11,799 (-31.3%), from €37,671 to €25,872
- Other operating charges +€3,778
up €3,778 (+46.9%), from €8,064 to €11,843
- Financial income -€2,575
down €2,575 (-49.6%), from €5,197 to €2,622
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.
Result 2024
€85,997
Gross operating margin
-€51,517
Other operating charges
-€3,778
Financial income
-€2,575
Financial charges
+€14,773
Taxes
+€11,799
Result 2025
€54,699
raises the resultlowers the result
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.
From operations
-€23,226
Investment
€0
Financing
+€17,088
Cash 2024
€13,363
From operations (derived)
-€23,226
Net result for the year
+€54,699
Depreciation
+€33,171
Stocks and contracts
-€650,622
Receivables within one year
+€311,342
Deferred charges and accrued income
-€883
Provisions
-€5,624
Trade debts
-€72,309
Tax, wage and social debts
-€86,210
Other debts
+€389,642
Accrued charges and deferred income
+€3,568
Financing
+€17,088
Debts after one year
-€18,667
Short-term financial debts
+€35,755
Cash 2025
€7,226
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,248,646 | €5,549,501 | +€300,855 | +5.7% |
| Fixed assets | 21/28 | €563,321 | €530,150 | -€33,171 | -5.9% |
| Tangible fixed assets | 22/27 | €563,321 | €530,150 | -€33,171 | -5.9% |
| Land and buildings | 22 | €560,102 | €527,350 | -€32,753 | -5.8% |
| Plant, machinery and equipment | 23 | €3,219 | €2,801 | -€418 | -13.0% |
| Current assets | 29/58 | €4,685,325 | €5,019,350 | +€334,025 | +7.1% |
| Stocks and contracts in progress | 3 | €4,316,569 | €4,967,190 | +€650,622 | +15.1% |
| Stocks | 30/36 | €4,316,569 | €4,967,190 | +€650,622 | +15.1% |
| Amounts receivable within one year | 40/41 | €354,461 | €43,119 | -€311,342 | -87.8% |
| Trade receivables | 40 | €354,461 | €0 | -€354,461 | -100% |
| Other amounts receivable | 41 | - | €43,119 | +€43,119 | |
| Cash at bank and in hand | 54/58 | €13,363 | €7,226 | -€6,138 | -45.9% |
| Deferred charges and accrued income | 490/1 | €933 | €1,816 | +€883 | +94.7% |
| Total equity and liabilities | 10/49 | €5,248,646 | €5,549,501 | +€300,855 | +5.7% |
| Equity | 10/15 | €916,355 | €971,054 | +€54,699 | +6.0% |
| Contributions | 10/11 | €337,500 | €337,500 | = | 0.0% |
| Reserves | 13 | €181,066 | €164,193 | -€16,872 | -9.3% |
| Non-distributable reserves | 130/1 | €5,629 | €5,629 | = | 0.0% |
| Reserves not available under the articles | 1311 | €5,629 | €5,629 | = | 0.0% |
| Tax-exempt reserves | 132 | €175,436 | €158,564 | -€16,872 | -9.6% |
| Profit (loss) carried forward | 14 | €397,790 | €469,361 | +€71,571 | +18.0% |
| Provisions and deferred taxes | 16 | €99,527 | €93,903 | -€5,624 | -5.7% |
| Deferred taxes | 168 | €99,527 | €93,903 | -€5,624 | -5.7% |
| Amounts payable | 17/49 | €4,232,764 | €4,484,543 | +€251,780 | +5.9% |
| Amounts payable after more than one year | 17 | €115,111 | €96,444 | -€18,667 | -16.2% |
| Financial debts | 170/4 | €115,111 | €96,444 | -€18,667 | -16.2% |
| Amounts payable within one year | 42/48 | €4,079,636 | €4,346,514 | +€266,879 | +6.5% |
| Current portion of amounts payable after more than one year | 42 | €18,667 | €18,667 | = | 0.0% |
| Financial debts | 43 | €1,163,417 | €1,199,172 | +€35,755 | +3.1% |
| Credit institutions | 430/8 | €1,163,417 | €1,199,172 | +€35,755 | +3.1% |
| Trade debts | 44 | €313,513 | €241,203 | -€72,309 | -23.1% |
| Suppliers | 440/4 | €313,513 | €241,203 | -€72,309 | -23.1% |
| Taxes, remuneration and social security | 45 | €97,082 | €10,872 | -€86,210 | -88.8% |
| Taxes | 450/3 | €97,082 | €10,872 | -€86,210 | -88.8% |
| Other amounts payable | 47/48 | €2,486,958 | €2,876,600 | +€389,642 | +15.7% |
| Accrued charges and deferred income | 492/3 | €38,017 | €41,585 | +€3,568 | +9.4% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,171 | €33,171 | = | 0.0% |
| Other operating charges | 640/8 | €8,064 | €11,843 | +€3,778 | +46.9% |
| Gross operating margin | 9900 | €257,073 | €205,556 | -€51,517 | -20.0% |
| Operating profit (loss) | 9901 | €215,837 | €160,542 | -€55,295 | -25.6% |
| Financial income | 75/76B | €5,197 | €2,622 | -€2,575 | -49.6% |
| Recurring financial income | 75 | €5,197 | €2,622 | -€2,575 | -49.6% |
| Financial charges | 65/66B | €102,990 | €88,217 | -€14,773 | -14.3% |
| Recurring financial charges | 65 | €102,990 | €88,217 | -€14,773 | -14.3% |
| Profit (loss) for the period before taxes | 9903 | €118,045 | €74,947 | -€43,097 | -36.5% |
| Transfer from deferred taxes | 780 | €5,624 | €5,624 | = | 0.0% |
| Income taxes | 67/77 | €37,671 | €25,872 | -€11,799 | -31.3% |
| Profit (loss) for the period | 9904 | €85,997 | €54,699 | -€31,298 | -36.4% |
| Transfer from tax-exempt reserves | 789 | €16,872 | €16,872 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €102,870 | €71,571 | -€31,298 | -30.4% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.