QWA: 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.
QWA
Largest movements
- Cash -€31,191
down €31,191 (-17.7%), from €175,732 to €144,541
mainly Tax, wage and social debts (-€23,593) and Receivables within one year (-€13,195)
- Receivables within one year +€13,195
up €13,195 (+86.8%), from €15,200 to €28,395
of which Trade receivables: +€12,082
- Tangible fixed assets -€2,968
down €2,968 (-28.9%), from €10,281 to €7,312
of which Furniture and vehicles: -€2,545
- Tax, wage and social debts -€23,593
down €23,593 (-75.9%), from €31,078 to €7,486
of which Taxes: -€26,183
- Trade debts +€3,791
up €3,791 (+344.9%), from €1,099 to €4,890
- Gross operating margin -€121,683
down €121,683 (-96.6%), from €125,963 to €4,281
- Taxes -€24,950
down €24,950 (-91.9%), from €27,159 to €2,209
- Other operating charges -€3,649
no longer reported in 2025 (was €3,649)
- Financial charges -€1,730
down €1,730 (-96.4%), from €1,794 to €64
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 | €201,213 | €180,450 | -€20,762 | -10.3% |
| Fixed assets | 21/28 | €10,281 | €7,312 | -€2,968 | -28.9% |
| Tangible fixed assets | 22/27 | €10,281 | €7,312 | -€2,968 | -28.9% |
| Furniture and vehicles | 24 | €6,518 | €3,973 | -€2,545 | -39.1% |
| Other tangible fixed assets | 26 | €3,762 | €3,339 | -€423 | -11.2% |
| Current assets | 29/58 | €190,932 | €173,138 | -€17,794 | -9.3% |
| Amounts receivable within one year | 40/41 | €15,200 | €28,395 | +€13,195 | +86.8% |
| Trade receivables | 40 | €15,200 | €27,282 | +€12,082 | +79.5% |
| Other amounts receivable | 41 | €0 | €1,113 | +€1,113 | |
| Cash at bank and in hand | 54/58 | €175,732 | €144,541 | -€31,191 | -17.7% |
| Deferred charges and accrued income | 490/1 | - | €202 | +€202 | |
| Total equity and liabilities | 10/49 | €201,213 | €180,450 | -€20,762 | -10.3% |
| Equity | 10/15 | €169,035 | €168,074 | -€961 | -0.6% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €167,535 | €166,574 | -€961 | -0.6% |
| Amounts payable | 17/49 | €32,177 | €12,376 | -€19,801 | -61.5% |
| Amounts payable within one year | 42/48 | €32,177 | €12,376 | -€19,801 | -61.5% |
| Trade debts | 44 | €1,099 | €4,890 | +€3,791 | +344.9% |
| Suppliers | 440/4 | €1,099 | €4,890 | +€3,791 | +344.9% |
| Taxes, remuneration and social security | 45 | €31,078 | €7,486 | -€23,593 | -75.9% |
| Taxes | 450/3 | €28,393 | €2,210 | -€26,183 | -92.2% |
| Remuneration and social security | 454/9 | €2,685 | €5,276 | +€2,591 | +96.5% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,614 | €2,968 | +€355 | +13.6% |
| Other operating charges | 640/8 | €3,649 | - | -€3,649 | |
| Gross operating margin | 9900 | €125,963 | €4,281 | -€121,683 | -96.6% |
| Operating profit (loss) | 9901 | €119,701 | €1,312 | -€118,388 | -98.9% |
| Financial charges | 65/66B | €1,794 | €64 | -€1,730 | -96.4% |
| Recurring financial charges | 65 | €1,794 | €64 | -€1,730 | -96.4% |
| Profit (loss) for the period before taxes | 9903 | €117,907 | €1,248 | -€116,659 | -98.9% |
| Income taxes | 67/77 | €27,159 | €2,209 | -€24,950 | -91.9% |
| Profit (loss) for the period | 9904 | €90,748 | -€961 | -€91,708 | |
| Profit (loss) for the period to be appropriated | 9905 | €90,748 | -€961 | -€91,708 |
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 3 October 2026 via checked.be.