QuALuDEL: 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.
QuALuDEL
Largest movements
- Tangible fixed assets +€497,598
up €497,598 (+807.5%), from €61,623 to €559,221
of which Other tangible fixed assets: +€446,527
- Cash -€60,933
down €60,933 (-16.9%), from €360,869 to €299,936
mainly Investment in fixed assets (net) (-€532,322) and Receivables within one year (-€31,470)
- Receivables within one year +€31,470
up €31,470 (+75.6%), from €41,647 to €73,118
of which Trade receivables: +€24,756
- Debts after one year +€431,309
new in 2025: €431,309
of which Financial debts: +€426,301
- Current portion of long-term debt +€24,683
new in 2025: €24,683
- Reserves +€20,368
up €20,368 (+4.6%), from €446,396 to €466,764
- Other operating charges +€63,521
up €63,521 (+5350.1%), from €1,187 to €64,709
- Depreciation +€24,471
up €24,471 (+238.7%), from €10,253 to €34,724
- Gross operating margin +€22,340
up €22,340 (+18.8%), from €118,538 to €140,878
- Taxes -€15,074
down €15,074 (-58.9%), from €25,596 to €10,522
- Financial charges +€10,404
up €10,404 (+6872.4%), from €151 to €10,556
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 | €467,859 | €937,484 | +€469,625 | +100.4% |
| Fixed assets | 21/28 | €61,623 | €559,221 | +€497,598 | +807.5% |
| Tangible fixed assets | 22/27 | €61,623 | €559,221 | +€497,598 | +807.5% |
| Furniture and vehicles | 24 | €8,215 | €59,286 | +€51,071 | +621.7% |
| Other tangible fixed assets | 26 | €53,408 | €499,935 | +€446,527 | +836.1% |
| Current assets | 29/58 | €406,236 | €378,263 | -€27,973 | -6.9% |
| Amounts receivable within one year | 40/41 | €41,647 | €73,118 | +€31,470 | +75.6% |
| Trade receivables | 40 | €31,884 | €56,640 | +€24,756 | +77.6% |
| Other amounts receivable | 41 | €9,764 | €16,478 | +€6,714 | +68.8% |
| Cash at bank and in hand | 54/58 | €360,869 | €299,936 | -€60,933 | -16.9% |
| Deferred charges and accrued income | 490/1 | €3,720 | €5,209 | +€1,489 | +40.0% |
| Total equity and liabilities | 10/49 | €467,859 | €937,484 | +€469,625 | +100.4% |
| Equity | 10/15 | €448,396 | €468,764 | +€20,368 | +4.5% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €446,396 | €466,764 | +€20,368 | +4.6% |
| Distributable reserves | 133 | €446,396 | €466,764 | +€20,368 | +4.6% |
| Amounts payable | 17/49 | €19,463 | €468,720 | +€449,257 | +2308.3% |
| Amounts payable after more than one year | 17 | - | €431,309 | +€431,309 | |
| Financial debts | 170/4 | - | €426,301 | +€426,301 | |
| Other amounts payable | 178/9 | - | €5,008 | +€5,008 | |
| Amounts payable within one year | 42/48 | €19,375 | €34,112 | +€14,737 | +76.1% |
| Current portion of amounts payable after more than one year | 42 | - | €24,683 | +€24,683 | |
| Trade debts | 44 | €1,196 | €11 | -€1,186 | -99.1% |
| Suppliers | 440/4 | €1,196 | €11 | -€1,186 | -99.1% |
| Taxes, remuneration and social security | 45 | €18,178 | €9,419 | -€8,759 | -48.2% |
| Taxes | 450/3 | €18,178 | €9,419 | -€8,759 | -48.2% |
| Accrued charges and deferred income | 492/3 | €88 | €3,299 | +€3,211 | +3646.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,253 | €34,724 | +€24,471 | +238.7% |
| Other operating charges | 640/8 | €1,187 | €64,709 | +€63,521 | +5350.1% |
| Gross operating margin | 9900 | €118,538 | €140,878 | +€22,340 | +18.8% |
| Operating profit (loss) | 9901 | €107,097 | €41,445 | -€65,652 | -61.3% |
| Financial income | 75/76B | €6,200 | - | -€6,200 | |
| Recurring financial income | 75 | €6,200 | - | -€6,200 | |
| Financial charges | 65/66B | €151 | €10,556 | +€10,404 | +6872.4% |
| Recurring financial charges | 65 | €151 | €10,556 | +€10,404 | +6872.4% |
| Profit (loss) for the period before taxes | 9903 | €113,146 | €30,890 | -€82,256 | -72.7% |
| Income taxes | 67/77 | €25,596 | €10,522 | -€15,074 | -58.9% |
| Profit (loss) for the period | 9904 | €87,550 | €20,368 | -€67,182 | -76.7% |
| Profit (loss) for the period to be appropriated | 9905 | €87,550 | €20,368 | -€67,182 | -76.7% |
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 7 October 2026 via checked.be.