QULACO: 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.
QULACO
Largest movements
- Receivables within one year -€442,823
down €442,823 (-28.3%), from €1.6m to €1.1m
of which Trade receivables: -€432,558
- Stocks and contracts +€415,945
up €415,945 (+147.2%), from €282,622 to €698,567
- Tangible fixed assets -€169,594
down €169,594 (-14.1%), from €1.2m to €1.0m
of which Leasing and similar rights: -€120,178
- Debts after one year -€258,230
down €258,230 (-32.5%), from €793,576 to €535,346
- Reserves +€89,796
up €89,796 (+8.9%), from €1.0m to €1.1m
of which Distributable reserves: +€89,796
- Short-term financial debts -€75,000
down €75,000 (-37.5%), from €200,000 to €125,000
- Tax, wage and social debts +€63,161
up €63,161 (+36.6%), from €172,578 to €235,739
of which Taxes: +€42,807
- Gross operating margin +€306,617
up €306,617 (+23.6%), from €1.3m to €1.6m
- Staff costs +€159,593
up €159,593 (+16.3%), from €980,120 to €1.1m
- Taxes +€53,862
up €53,862 (+528.0%), from €10,201 to €64,063
- Financial charges -€35,919
down €35,919 (-42.8%), from €83,853 to €47,934
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 | €3,323,622 | €3,106,760 | -€216,862 | -6.5% |
| Fixed assets | 21/28 | €1,202,057 | €1,032,463 | -€169,594 | -14.1% |
| Tangible fixed assets | 22/27 | €1,202,057 | €1,032,463 | -€169,594 | -14.1% |
| Land and buildings | 22 | €266,838 | €266,838 | = | 0.0% |
| Plant, machinery and equipment | 23 | €191,973 | €141,178 | -€50,795 | -26.5% |
| Furniture and vehicles | 24 | €22,176 | €23,554 | +€1,378 | +6.2% |
| Leasing and similar rights | 25 | €721,070 | €600,892 | -€120,178 | -16.7% |
| Current assets | 29/58 | €2,121,564 | €2,074,297 | -€47,268 | -2.2% |
| Stocks and contracts in progress | 3 | €282,622 | €698,567 | +€415,945 | +147.2% |
| Stocks | 30/36 | €282,622 | €698,567 | +€415,945 | +147.2% |
| Amounts receivable within one year | 40/41 | €1,565,143 | €1,122,319 | -€442,823 | -28.3% |
| Trade receivables | 40 | €1,545,299 | €1,112,740 | -€432,558 | -28.0% |
| Other amounts receivable | 41 | €19,844 | €9,579 | -€10,265 | -51.7% |
| Cash at bank and in hand | 54/58 | €240,091 | €242,467 | +€2,376 | +1.0% |
| Deferred charges and accrued income | 490/1 | €33,709 | €10,943 | -€22,766 | -67.5% |
| Total equity and liabilities | 10/49 | €3,323,622 | €3,106,760 | -€216,862 | -6.5% |
| Equity | 10/15 | €1,077,930 | €1,167,726 | +€89,796 | +8.3% |
| Contributions | 10/11 | €68,600 | €68,600 | = | 0.0% |
| Reserves | 13 | €1,009,330 | €1,099,126 | +€89,796 | +8.9% |
| Non-distributable reserves | 130/1 | €6,860 | €6,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,860 | €6,860 | = | 0.0% |
| Distributable reserves | 133 | €1,002,470 | €1,092,266 | +€89,796 | +9.0% |
| Amounts payable | 17/49 | €2,245,691 | €1,939,033 | -€306,658 | -13.7% |
| Amounts payable after more than one year | 17 | €793,576 | €535,346 | -€258,230 | -32.5% |
| Financial debts | 170/4 | €793,576 | €535,346 | -€258,230 | -32.5% |
| Amounts payable within one year | 42/48 | €1,452,116 | €1,403,687 | -€48,428 | -3.3% |
| Current portion of amounts payable after more than one year | 42 | €293,759 | €273,339 | -€20,420 | -7.0% |
| Financial debts | 43 | €200,000 | €125,000 | -€75,000 | -37.5% |
| Credit institutions | 430/8 | €200,000 | €125,000 | -€75,000 | -37.5% |
| Trade debts | 44 | €785,439 | €768,678 | -€16,762 | -2.1% |
| Suppliers | 440/4 | €785,439 | €768,678 | -€16,762 | -2.1% |
| Taxes, remuneration and social security | 45 | €172,578 | €235,739 | +€63,161 | +36.6% |
| Taxes | 450/3 | €31,387 | €74,193 | +€42,807 | +136.4% |
| Remuneration and social security | 454/9 | €141,192 | €161,545 | +€20,354 | +14.4% |
| Other amounts payable | 47/48 | €339 | €932 | +€592 | +174.5% |
| Non-recurring operating income | 76A | - | €413 | +€413 | |
| Remuneration, social security and pensions | 62 | €980,120 | €1,139,713 | +€159,593 | +16.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €195,120 | €198,875 | +€3,755 | +1.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €8,892 | +€8,892 | |
| Other operating charges | 640/8 | €28,879 | €27,718 | -€1,161 | -4.0% |
| Gross operating margin | 9900 | €1,300,553 | €1,607,170 | +€306,617 | +23.6% |
| Operating profit (loss) | 9901 | €96,435 | €231,972 | +€135,537 | +140.5% |
| Financial income | 75/76B | €7,137 | €1,820 | -€5,317 | -74.5% |
| Recurring financial income | 75 | €7,137 | €1,820 | -€5,317 | -74.5% |
| Financial charges | 65/66B | €83,853 | €47,934 | -€35,919 | -42.8% |
| Recurring financial charges | 65 | €83,853 | €47,934 | -€35,919 | -42.8% |
| Profit (loss) for the period before taxes | 9903 | €19,719 | €185,859 | +€166,140 | +842.5% |
| Income taxes | 67/77 | €10,201 | €64,063 | +€53,862 | +528.0% |
| Profit (loss) for the period | 9904 | €9,518 | €121,796 | +€112,278 | +1179.7% |
| Profit (loss) for the period to be appropriated | 9905 | €9,518 | €121,796 | +€112,278 | +1179.7% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.