QUALITY LEDS: 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.
QUALITY LEDS
Largest movements
- Stocks and contracts +€330,404
up €330,404 (+77.6%), from €425,848 to €756,253
- Receivables within one year -€120,132
down €120,132 (-23.9%), from €502,688 to €382,556
of which Trade receivables: -€120,020
- Other debts +€95,191
up €95,191 (+786.0%), from €12,111 to €107,303
- Reserves +€92,275
up €92,275 (+28.4%), from €325,240 to €417,515
of which Distributable reserves: +€94,989
- Debts after one year -€32,732
down €32,732 (-7.7%), from €426,243 to €393,511
- Current portion of long-term debt -€27,283
down €27,283 (-45.5%), from €60,015 to €32,732
- Tax, wage and social debts +€19,192
up €19,192 (+38.9%), from €49,353 to €68,546
of which Remuneration and social security: +€15,161
- Gross operating margin +€93,416
up €93,416 (+16.0%), from €584,825 to €678,242
- Financial charges -€36,181
down €36,181 (-29.4%), from €122,989 to €86,808
- Staff costs +€23,470
up €23,470 (+9.0%), from €261,575 to €285,045
- Other operating charges +€20,039
up €20,039 (+34.1%), from €58,727 to €78,765
- Taxes +€10,229
up €10,229 (+21.3%), from €48,105 to €58,334
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 | €1,691,934 | €1,870,191 | +€178,257 | +10.5% |
| Fixed assets | 21/28 | €639,409 | €623,481 | -€15,927 | -2.5% |
| Tangible fixed assets | 22/27 | €636,622 | €617,976 | -€18,646 | -2.9% |
| Land and buildings | 22 | €602,623 | €583,982 | -€18,641 | -3.1% |
| Plant, machinery and equipment | 23 | €27,116 | €27,435 | +€319 | +1.2% |
| Furniture and vehicles | 24 | €6,882 | €6,559 | -€323 | -4.7% |
| Financial fixed assets | 28 | €2,787 | €5,506 | +€2,719 | +97.6% |
| Current assets | 29/58 | €1,052,526 | €1,246,710 | +€194,184 | +18.4% |
| Stocks and contracts in progress | 3 | €425,848 | €756,253 | +€330,404 | +77.6% |
| Stocks | 30/36 | €425,848 | €756,253 | +€330,404 | +77.6% |
| Amounts receivable within one year | 40/41 | €502,688 | €382,556 | -€120,132 | -23.9% |
| Trade receivables | 40 | €495,583 | €375,562 | -€120,020 | -24.2% |
| Other amounts receivable | 41 | €7,106 | €6,994 | -€112 | -1.6% |
| Cash at bank and in hand | 54/58 | €76,079 | €64,891 | -€11,189 | -14.7% |
| Deferred charges and accrued income | 490/1 | €47,910 | €43,010 | -€4,899 | -10.2% |
| Total equity and liabilities | 10/49 | €1,691,934 | €1,870,191 | +€178,257 | +10.5% |
| Equity | 10/15 | €409,240 | €501,515 | +€92,275 | +22.5% |
| Contributions | 10/11 | €84,000 | €84,000 | = | 0.0% |
| Reserves | 13 | €325,240 | €417,515 | +€92,275 | +28.4% |
| Non-distributable reserves | 130/1 | €3,475 | €761 | -€2,714 | -78.1% |
| Reserves not available under the articles | 1311 | €3,475 | €0 | -€3,475 | -100.0% |
| Other | 1319 | - | €761 | +€761 | |
| Distributable reserves | 133 | €321,764 | €416,754 | +€94,989 | +29.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,282,695 | €1,368,677 | +€85,982 | +6.7% |
| Amounts payable after more than one year | 17 | €426,243 | €393,511 | -€32,732 | -7.7% |
| Financial debts | 170/4 | €426,243 | €393,511 | -€32,732 | -7.7% |
| Amounts payable within one year | 42/48 | €840,218 | €954,556 | +€114,338 | +13.6% |
| Current portion of amounts payable after more than one year | 42 | €60,015 | €32,732 | -€27,283 | -45.5% |
| Financial debts | 43 | €550,000 | €566,821 | +€16,821 | +3.1% |
| Credit institutions | 430/8 | €550,000 | €566,821 | +€16,821 | +3.1% |
| Trade debts | 44 | €168,738 | €168,691 | -€47 | 0.0% |
| Suppliers | 440/4 | €168,738 | €168,691 | -€47 | 0.0% |
| Advances received on contracts in progress | 46 | - | €10,463 | +€10,463 | |
| Taxes, remuneration and social security | 45 | €49,353 | €68,546 | +€19,192 | +38.9% |
| Taxes | 450/3 | €30,327 | €34,358 | +€4,031 | +13.3% |
| Remuneration and social security | 454/9 | €19,027 | €34,188 | +€15,161 | +79.7% |
| Other amounts payable | 47/48 | €12,111 | €107,303 | +€95,191 | +786.0% |
| Accrued charges and deferred income | 492/3 | €16,234 | €20,609 | +€4,376 | +27.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €261,575 | €285,045 | +€23,470 | +9.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,166 | €29,996 | -€2,170 | -6.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €10,055 | +€10,055 | |
| Other operating charges | 640/8 | €58,727 | €78,765 | +€20,039 | +34.1% |
| Gross operating margin | 9900 | €584,825 | €678,242 | +€93,416 | +16.0% |
| Operating profit (loss) | 9901 | €232,358 | €274,381 | +€42,023 | +18.1% |
| Financial income | 75/76B | €1,697 | €6,045 | +€4,348 | +256.2% |
| Recurring financial income | 75 | €1,697 | €6,045 | +€4,348 | +256.2% |
| Financial charges | 65/66B | €122,989 | €86,808 | -€36,181 | -29.4% |
| Recurring financial charges | 65 | €122,989 | €86,808 | -€36,181 | -29.4% |
| Profit (loss) for the period before taxes | 9903 | €111,067 | €193,618 | +€82,551 | +74.3% |
| Income taxes | 67/77 | €48,105 | €58,334 | +€10,229 | +21.3% |
| Profit (loss) for the period | 9904 | €62,962 | €135,284 | +€72,323 | +114.9% |
| Profit (loss) for the period to be appropriated | 9905 | €62,962 | €135,284 | +€72,323 | +114.9% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.