Qzem: 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.
Qzem
Largest movements
- Cash +€60,733
up €60,733 (+217%), from €27,961 to €88,695
mainly Trade debts (+€56,642) and Tax, wage and social debts (+€15,986)
- Receivables within one year +€16,637
up €16,637 (+18.0%), from €92,330 to €108,968
of which Other amounts receivable: +€8,758
- Receivables after one year -€2,393
down €2,393 (-13.4%), from €17,878 to €15,484
- Tangible fixed assets +€2,301
up €2,301 (+47.9%), from €4,809 to €7,111
of which Land and buildings: +€2,870
- Reserves +€77,105
new in 2025: €77,105
- Profit (loss) carried forward -€76,168
no longer reported in 2025 (was €76,168)
- Trade debts +€56,642
up €56,642 (+163%), from €34,725 to €91,367
- Tax, wage and social debts +€15,986
up €15,986 (+85.3%), from €18,742 to €34,728
of which Taxes: +€10,511
- Other debts +€4,142
new in 2025: €4,142
- Staff costs +€26,623
up €26,623 (+18.6%), from €142,833 to €169,456
- Taxes -€8,215
down €8,215 (-81.5%), from €10,086 to €1,871
- Gross operating margin -€4,335
down €4,335 (-2.4%), from €182,062 to €177,727
- Other operating charges +€2,265
up €2,265 (+134%), from €1,693 to €3,957
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 | €148,235 | €225,942 | +€77,707 | +52.4% |
| Fixed assets | 21/28 | €4,809 | €7,111 | +€2,301 | +47.9% |
| Tangible fixed assets | 22/27 | €4,809 | €7,111 | +€2,301 | +47.9% |
| Land and buildings | 22 | - | €2,870 | +€2,870 | |
| Other tangible fixed assets | 26 | €4,809 | €4,240 | -€569 | -11.8% |
| Current assets | 29/58 | €143,426 | €218,831 | +€75,406 | +52.6% |
| Amounts receivable after more than one year | 29 | €17,878 | €15,484 | -€2,393 | -13.4% |
| Other amounts receivable | 291 | €17,878 | €15,484 | -€2,393 | -13.4% |
| Amounts receivable within one year | 40/41 | €92,330 | €108,968 | +€16,637 | +18.0% |
| Trade receivables | 40 | €84,019 | €91,898 | +€7,879 | +9.4% |
| Other amounts receivable | 41 | €8,311 | €17,069 | +€8,758 | +105% |
| Cash at bank and in hand | 54/58 | €27,961 | €88,695 | +€60,733 | +217% |
| Deferred charges and accrued income | 490/1 | €5,257 | €5,685 | +€428 | +8.1% |
| Total equity and liabilities | 10/49 | €148,235 | €225,942 | +€77,707 | +52.4% |
| Equity | 10/15 | €94,768 | €95,705 | +€937 | +1.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | - | €77,105 | +€77,105 | |
| Distributable reserves | 133 | - | €77,105 | +€77,105 | |
| Profit (loss) carried forward | 14 | €76,168 | - | -€76,168 | |
| Amounts payable | 17/49 | €53,468 | €130,237 | +€76,770 | +144% |
| Amounts payable within one year | 42/48 | €53,468 | €130,237 | +€76,770 | +144% |
| Trade debts | 44 | €34,725 | €91,367 | +€56,642 | +163% |
| Suppliers | 440/4 | €34,725 | €91,367 | +€56,642 | +163% |
| Taxes, remuneration and social security | 45 | €18,742 | €34,728 | +€15,986 | +85.3% |
| Taxes | 450/3 | €5,544 | €16,055 | +€10,511 | +190% |
| Remuneration and social security | 454/9 | €13,198 | €18,673 | +€5,475 | +41.5% |
| Other amounts payable | 47/48 | - | €4,142 | +€4,142 | |
| Remuneration, social security and pensions | 62 | €142,833 | €169,456 | +€26,623 | +18.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €569 | €591 | +€22 | +3.9% |
| Other operating charges | 640/8 | €1,693 | €3,957 | +€2,265 | +134% |
| Gross operating margin | 9900 | €182,062 | €177,727 | -€4,335 | -2.4% |
| Operating profit (loss) | 9901 | €36,967 | €3,722 | -€33,245 | -89.9% |
| Financial income | 75/76B | €774 | €1,292 | +€518 | +67.0% |
| Recurring financial income | 75 | €774 | €1,292 | +€518 | +67.0% |
| Financial charges | 65/66B | €2,066 | €2,207 | +€141 | +6.8% |
| Recurring financial charges | 65 | €2,066 | €2,207 | +€141 | +6.8% |
| Profit (loss) for the period before taxes | 9903 | €35,675 | €2,808 | -€32,867 | -92.1% |
| Income taxes | 67/77 | €10,086 | €1,871 | -€8,215 | -81.5% |
| Profit (loss) for the period | 9904 | €25,589 | €937 | -€24,652 | -96.3% |
| Profit (loss) for the period to be appropriated | 9905 | €25,589 | €937 | -€24,652 | -96.3% |
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 30 October 2026 via checked.be.