QW MANAGEMENT: 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.
QW MANAGEMENT
Largest movements
- Financial fixed assets +€90,029
up €90,029 (+50.2%), from €179,416 to €269,445
- Cash -€8,208
down €8,208 (-49.3%), from €16,648 to €8,440
mainly Investment in fixed assets (net) (-€91,103) and Net result for the year (-€27,839)
- Tangible fixed assets -€4,879
down €4,879 (-30.7%), from €15,884 to €11,005
of which Furniture and vehicles: -€2,678
- Receivables within one year -€4,621
down €4,621 (-99.4%), from €4,649 to €29
of which Trade receivables: -€3,562
- Other debts +€101,996
up €101,996 (+68.7%), from €148,477 to €250,474
- Profit (loss) carried forward -€27,839
down €27,839, from €7,433 to -€20,405
- Financial income +€23,217
up €23,217 (+2,052%), from €1,132 to €24,348
- Staff costs +€13,333
up €13,333 (+90.0%), from €14,813 to €28,147
- Financial charges +€259
up €259 (+23.8%), from €1,085 to €1,344
- Gross operating margin +€206
up €206 (+1.3%), from -€16,271 to -€16,065
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 | €217,386 | €289,221 | +€71,835 | +33.0% |
| Fixed assets | 21/28 | €195,299 | €280,450 | +€85,151 | +43.6% |
| Tangible fixed assets | 22/27 | €15,884 | €11,005 | -€4,879 | -30.7% |
| Furniture and vehicles | 24 | €9,282 | €6,604 | -€2,678 | -28.9% |
| Other tangible fixed assets | 26 | €6,601 | €4,401 | -€2,200 | -33.3% |
| Financial fixed assets | 28 | €179,416 | €269,445 | +€90,029 | +50.2% |
| Current assets | 29/58 | €22,087 | €8,770 | -€13,316 | -60.3% |
| Amounts receivable within one year | 40/41 | €4,649 | €29 | -€4,621 | -99.4% |
| Trade receivables | 40 | €3,591 | €29 | -€3,562 | -99.2% |
| Other amounts receivable | 41 | €1,059 | - | -€1,059 | |
| Cash at bank and in hand | 54/58 | €16,648 | €8,440 | -€8,208 | -49.3% |
| Deferred charges and accrued income | 490/1 | €789 | €302 | -€487 | -61.7% |
| Total equity and liabilities | 10/49 | €217,386 | €289,221 | +€71,835 | +33.0% |
| Equity | 10/15 | €27,893 | €55 | -€27,839 | -99.8% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Profit (loss) carried forward | 14 | €7,433 | -€20,405 | -€27,839 | |
| Amounts payable | 17/49 | €189,492 | €289,166 | +€99,673 | +52.6% |
| Amounts payable after more than one year | 17 | €29,016 | €28,000 | -€1,016 | -3.5% |
| Financial debts | 170/4 | €1,016 | - | -€1,016 | |
| Other amounts payable | 178/9 | €28,000 | €28,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €157,803 | €257,568 | +€99,765 | +63.2% |
| Current portion of amounts payable after more than one year | 42 | €1,174 | €1,016 | -€158 | -13.5% |
| Trade debts | 44 | €2,675 | €3,145 | +€469 | +17.5% |
| Suppliers | 440/4 | €2,675 | €3,145 | +€469 | +17.5% |
| Taxes, remuneration and social security | 45 | €5,476 | €2,934 | -€2,543 | -46.4% |
| Taxes | 450/3 | - | €898 | +€898 | |
| Remuneration and social security | 454/9 | €5,476 | €2,036 | -€3,441 | -62.8% |
| Other amounts payable | 47/48 | €148,477 | €250,474 | +€101,996 | +68.7% |
| Accrued charges and deferred income | 492/3 | €2,673 | €3,598 | +€924 | +34.6% |
| Remuneration, social security and pensions | 62 | €14,813 | €28,147 | +€13,333 | +90.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,848 | €5,952 | +€104 | +1.8% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | -€16,271 | -€16,065 | +€206 | +1.3% |
| Operating profit (loss) | 9901 | -€37,320 | -€50,564 | -€13,244 | -35.5% |
| Financial income | 75/76B | €1,132 | €24,348 | +€23,217 | +2,052% |
| Recurring financial income | 75 | €1,132 | €24,348 | +€23,217 | +2,052% |
| Financial charges | 65/66B | €1,085 | €1,344 | +€259 | +23.8% |
| Recurring financial charges | 65 | €1,085 | €1,344 | +€259 | +23.8% |
| Profit (loss) for the period before taxes | 9903 | -€37,274 | -€27,559 | +€9,714 | +26.1% |
| Income taxes | 67/77 | €242 | €279 | +€37 | +15.2% |
| Profit (loss) for the period | 9904 | -€37,516 | -€27,839 | +€9,678 | +25.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€37,516 | -€27,839 | +€9,678 | +25.8% |
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 22 October 2026 via checked.be.