QUMAX: 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.
QUMAX
Largest movements
- Receivables after one year +€429,645
up €429,645 (+68.8%), from €624,124 to €1.1m
- Cash -€429,242
down €429,242 (-86.4%), from €496,726 to €67,484
mainly Receivables after one year (-€429,645) and Receivables within one year (-€186,832)
- Receivables within one year +€186,832
up €186,832 (+275%), from €67,939 to €254,770
- Reserves +€122,057
up €122,057 (+26.6%), from €459,701 to €581,758
- Other debts +€42,776
up €42,776 (+143%), from €29,958 to €72,733
- Tax, wage and social debts +€24,152
up €24,152 (+104%), from €23,165 to €47,317
- Gross operating margin +€166,117
up €166,117 (+214%), from €77,458 to €243,575
- Provisions +€50,695
up €50,695, from -€50,695 to €0
- Financial charges +€45,950
up €45,950 (+171%), from €26,940 to €72,889
- Financial income +€39,086
up €39,086 (+113%), from €34,569 to €73,655
- Taxes +€38,687
up €38,687 (+138%), from €28,003 to €66,690
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,439,465 | €1,626,546 | +€187,081 | +13.0% |
| Fixed assets | 21/28 | €247,563 | €248,407 | +€844 | +0.3% |
| Tangible fixed assets | 22/27 | €5,909 | €6,753 | +€844 | +14.3% |
| Furniture and vehicles | 24 | €5,909 | €6,753 | +€844 | +14.3% |
| Financial fixed assets | 28 | €241,654 | €241,654 | = | 0.0% |
| Current assets | 29/58 | €1,191,902 | €1,378,139 | +€186,237 | +15.6% |
| Amounts receivable after more than one year | 29 | €624,124 | €1,053,769 | +€429,645 | +68.8% |
| Other amounts receivable | 291 | €624,124 | €1,053,769 | +€429,645 | +68.8% |
| Amounts receivable within one year | 40/41 | €67,939 | €254,770 | +€186,832 | +275% |
| Trade receivables | 40 | €67,939 | €254,770 | +€186,832 | +275% |
| Cash at bank and in hand | 54/58 | €496,726 | €67,484 | -€429,242 | -86.4% |
| Deferred charges and accrued income | 490/1 | €3,113 | €2,116 | -€998 | -32.0% |
| Total equity and liabilities | 10/49 | €1,439,465 | €1,626,546 | +€187,081 | +13.0% |
| Equity | 10/15 | €479,701 | €601,758 | +€122,057 | +25.4% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €459,701 | €581,758 | +€122,057 | +26.6% |
| Distributable reserves | 133 | €459,701 | €581,758 | +€122,057 | +26.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €0 | - | = | |
| Provisions for liabilities and charges | 160/5 | €0 | - | = | |
| Other liabilities and charges | 164/5 | €0 | - | = | |
| Amounts payable | 17/49 | €959,764 | €1,024,788 | +€65,024 | +6.8% |
| Amounts payable after more than one year | 17 | €897,423 | €898,876 | +€1,453 | +0.2% |
| Other amounts payable | 178/9 | €897,423 | €898,876 | +€1,453 | +0.2% |
| Amounts payable within one year | 42/48 | €59,142 | €122,713 | +€63,571 | +107% |
| Trade debts | 44 | €6,019 | €2,662 | -€3,357 | -55.8% |
| Suppliers | 440/4 | €6,019 | €2,662 | -€3,357 | -55.8% |
| Taxes, remuneration and social security | 45 | €23,165 | €47,317 | +€24,152 | +104% |
| Taxes | 450/3 | €23,165 | €47,317 | +€24,152 | +104% |
| Other amounts payable | 47/48 | €29,958 | €72,733 | +€42,776 | +143% |
| Accrued charges and deferred income | 492/3 | €3,200 | €3,200 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,155 | €3,165 | +€10 | +0.3% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€50,695 | €0 | +€50,695 | |
| Other operating charges | 640/8 | €1,300 | €3,429 | +€2,129 | +164% |
| Gross operating margin | 9900 | €77,458 | €243,575 | +€166,117 | +214% |
| Operating profit (loss) | 9901 | €123,697 | €236,981 | +€113,283 | +91.6% |
| Financial income | 75/76B | €34,569 | €73,655 | +€39,086 | +113% |
| Recurring financial income | 75 | €34,569 | €73,655 | +€39,086 | +113% |
| Financial charges | 65/66B | €26,940 | €72,889 | +€45,950 | +171% |
| Recurring financial charges | 65 | €26,940 | €72,889 | +€45,950 | +171% |
| Profit (loss) for the period before taxes | 9903 | €131,327 | €237,747 | +€106,419 | +81.0% |
| Income taxes | 67/77 | €28,003 | €66,690 | +€38,687 | +138% |
| Profit (loss) for the period | 9904 | €103,325 | €171,057 | +€67,732 | +65.6% |
| Profit (loss) for the period to be appropriated | 9905 | €103,325 | €171,057 | +€67,732 | +65.6% |
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 23 October 2026 via checked.be.