Quality Guard: 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.
Quality Guard
Largest movements
- Receivables within one year +€961,269
up €961,269 (+85.4%), from €1.1m to €2.1m
of which Other amounts receivable: +€804,620
- Intangible fixed assets -€579,745
down €579,745 (-35.5%), from €1.6m to €1.1m
- Financial fixed assets +€458,220
up €458,220 (+22911.0%), from €2,000 to €460,220
- Cash +€111,116
up €111,116 (+19.8%), from €562,236 to €673,352
mainly Depreciation (+€853,358) and Trade debts (+€370,546)
- Tangible fixed assets -€98,412
down €98,412 (-11.8%), from €836,224 to €737,812
of which Plant, machinery and equipment: -€82,034
- Trade debts +€370,546
up €370,546 (+53.5%), from €693,143 to €1.1m
- Debts after one year +€300,000
up €300,000 (+125.9%), from €238,333 to €538,333
- Profit (loss) carried forward +€271,355
up €271,355 (+12.5%), from €2.2m to €2.4m
- Current portion of long-term debt +€100,000
up €100,000 (+100.0%), from €100,000 to €200,000
- Short-term financial debts -€90,000
no longer reported in 2025 (was €90,000)
- Gross operating margin -€510,702
down €510,702 (-23.5%), from €2.2m to €1.7m
- Taxes -€188,308
down €188,308 (-97.0%), from €194,154 to €5,846
- Staff costs +€137,370
up €137,370 (+37.6%), from €365,672 to €503,042
- Depreciation +€52,199
up €52,199 (+6.5%), from €801,159 to €853,358
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 | €4,365,448 | €5,345,280 | +€979,833 | +22.4% |
| Fixed assets | 21/28 | €2,470,780 | €2,250,843 | -€219,937 | -8.9% |
| Intangible fixed assets | 21 | €1,632,557 | €1,052,812 | -€579,745 | -35.5% |
| Tangible fixed assets | 22/27 | €836,224 | €737,812 | -€98,412 | -11.8% |
| Land and buildings | 22 | €49,623 | €44,390 | -€5,233 | -10.5% |
| Plant, machinery and equipment | 23 | €557,192 | €475,158 | -€82,034 | -14.7% |
| Furniture and vehicles | 24 | €124,352 | €113,695 | -€10,657 | -8.6% |
| Other tangible fixed assets | 26 | €105,056 | €104,568 | -€487 | -0.5% |
| Financial fixed assets | 28 | €2,000 | €460,220 | +€458,220 | +22911.0% |
| Current assets | 29/58 | €1,894,667 | €3,094,437 | +€1.2m | +63.3% |
| Stocks and contracts in progress | 3 | €165,764 | €239,553 | +€73,789 | +44.5% |
| Stocks | 30/36 | €165,764 | €239,553 | +€73,789 | +44.5% |
| Amounts receivable within one year | 40/41 | €1,125,237 | €2,086,506 | +€961,269 | +85.4% |
| Trade receivables | 40 | €709,685 | €866,334 | +€156,649 | +22.1% |
| Other amounts receivable | 41 | €415,552 | €1,220,171 | +€804,620 | +193.6% |
| Cash at bank and in hand | 54/58 | €562,236 | €673,352 | +€111,116 | +19.8% |
| Deferred charges and accrued income | 490/1 | €41,430 | €95,026 | +€53,596 | +129.4% |
| Total equity and liabilities | 10/49 | €4,365,448 | €5,345,280 | +€979,833 | +22.4% |
| Equity | 10/15 | €3,039,875 | €3,311,231 | +€271,355 | +8.9% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €806,150 | €806,150 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Distributable reserves | 133 | €800,000 | €800,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,172,225 | €2,443,581 | +€271,355 | +12.5% |
| Amounts payable | 17/49 | €1,325,572 | €2,034,050 | +€708,478 | +53.4% |
| Amounts payable after more than one year | 17 | €238,333 | €538,333 | +€300,000 | +125.9% |
| Financial debts | 170/4 | €238,333 | €538,333 | +€300,000 | +125.9% |
| Amounts payable within one year | 42/48 | €1,055,239 | €1,495,716 | +€440,478 | +41.7% |
| Current portion of amounts payable after more than one year | 42 | €100,000 | €200,000 | +€100,000 | +100.0% |
| Financial debts | 43 | €90,000 | - | -€90,000 | |
| Credit institutions | 430/8 | €90,000 | - | -€90,000 | |
| Trade debts | 44 | €693,143 | €1,063,688 | +€370,546 | +53.5% |
| Suppliers | 440/4 | €693,143 | €1,063,688 | +€370,546 | +53.5% |
| Taxes, remuneration and social security | 45 | €169,740 | €232,028 | +€62,288 | +36.7% |
| Taxes | 450/3 | €147,501 | €175,419 | +€27,918 | +18.9% |
| Remuneration and social security | 454/9 | €22,239 | €56,609 | +€34,371 | +154.6% |
| Other amounts payable | 47/48 | €2,356 | - | -€2,356 | |
| Accrued charges and deferred income | 492/3 | €32,000 | - | -€32,000 | |
| Non-recurring operating income | 76A | €474 | €2,620 | +€2,145 | +452.2% |
| Remuneration, social security and pensions | 62 | €365,672 | €503,042 | +€137,370 | +37.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €801,159 | €853,358 | +€52,199 | +6.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €30,970 | €52,493 | +€21,523 | +69.5% |
| Other operating charges | 640/8 | €16,033 | €14,165 | -€1,868 | -11.7% |
| Non-recurring operating charges | 66A | €442 | - | -€442 | |
| Gross operating margin | 9900 | €2,176,424 | €1,665,722 | -€510,702 | -23.5% |
| Operating profit (loss) | 9901 | €962,149 | €242,664 | -€719,484 | -74.8% |
| Financial income | 75/76B | €35,367 | €51,977 | +€16,610 | +47.0% |
| Recurring financial income | 75 | €34,992 | €51,977 | +€16,985 | +48.5% |
| Non-recurring financial income | 76B | €375 | - | -€375 | |
| Financial charges | 65/66B | €26,027 | €17,440 | -€8,587 | -33.0% |
| Recurring financial charges | 65 | €26,027 | €17,440 | -€8,587 | -33.0% |
| Profit (loss) for the period before taxes | 9903 | €971,489 | €277,201 | -€694,288 | -71.5% |
| Income taxes | 67/77 | €194,154 | €5,846 | -€188,308 | -97.0% |
| Profit (loss) for the period | 9904 | €777,336 | €271,355 | -€505,980 | -65.1% |
| Profit (loss) for the period to be appropriated | 9905 | €777,336 | €271,355 | -€505,980 | -65.1% |
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 1 October 2026 via checked.be.