Qzem Holding: what changed
Qzem Holding
Largest movements
- Receivables within one year +€38,668
up €38,668 (+207%), from €18,671 to €57,339
of which Trade receivables: +€27,263
- Tangible fixed assets -€10,954
down €10,954 (-3.3%), from €330,511 to €319,557
of which Land and buildings: -€10,452
- Deferred charges and accrued income -€5,519
down €5,519 (-58.8%), from €9,382 to €3,863
- Cash -€5,297
down €5,297 (-27.3%), from €19,375 to €14,078
mainly Receivables within one year (-€38,668) and Debts after one year (-€22,889)
- Reserves +€56,899
up €56,899 (+583%), from €9,760 to €66,659
- Debts after one year -€22,889
down €22,889 (-7.7%), from €298,700 to €275,810
- Profit (loss) carried forward -€17,561
no longer reported in 2025 (was €17,561)
- Gross operating margin +€20,751
up €20,751 (+45.9%), from €45,223 to €65,974
- Depreciation +€1,409
up €1,409 (+10.8%), from €13,045 to €14,454
- Financial charges -€763
down €763 (-6.7%), from €11,330 to €10,567
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €377,939 | €394,837 | +€16,898 | +4.5% |
| Fixed assets | 21/28 | €330,511 | €319,557 | -€10,954 | -3.3% |
| Tangible fixed assets | 22/27 | €330,511 | €319,557 | -€10,954 | -3.3% |
| Land and buildings | 22 | €308,785 | €298,333 | -€10,452 | -3.4% |
| Furniture and vehicles | 24 | €21,726 | €21,224 | -€502 | -2.3% |
| Current assets | 29/58 | €47,428 | €75,280 | +€27,852 | +58.7% |
| Amounts receivable within one year | 40/41 | €18,671 | €57,339 | +€38,668 | +207% |
| Trade receivables | 40 | €11,272 | €38,535 | +€27,263 | +242% |
| Other amounts receivable | 41 | €7,399 | €18,804 | +€11,405 | +154% |
| Cash at bank and in hand | 54/58 | €19,375 | €14,078 | -€5,297 | -27.3% |
| Deferred charges and accrued income | 490/1 | €9,382 | €3,863 | -€5,519 | -58.8% |
| Total equity and liabilities | 10/49 | €377,939 | €394,837 | +€16,898 | +4.5% |
| Equity | 10/15 | €45,921 | €85,259 | +€39,338 | +85.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €9,760 | €66,659 | +€56,899 | +583% |
| Distributable reserves | 133 | €9,760 | €66,659 | +€56,899 | +583% |
| Profit (loss) carried forward | 14 | €17,561 | - | -€17,561 | |
| Amounts payable | 17/49 | €332,018 | €309,578 | -€22,440 | -6.8% |
| Amounts payable after more than one year | 17 | €298,700 | €275,810 | -€22,889 | -7.7% |
| Financial debts | 170/4 | €298,700 | €275,810 | -€22,889 | -7.7% |
| Amounts payable within one year | 42/48 | €33,073 | €33,550 | +€477 | +1.4% |
| Current portion of amounts payable after more than one year | 42 | €23,062 | €23,830 | +€767 | +3.3% |
| Trade debts | 44 | €6,384 | €5,879 | -€506 | -7.9% |
| Suppliers | 440/4 | €6,384 | €5,879 | -€506 | -7.9% |
| Taxes, remuneration and social security | 45 | €3,626 | €3,841 | +€215 | +5.9% |
| Taxes | 450/3 | €3,626 | €3,841 | +€215 | +5.9% |
| Accrued charges and deferred income | 492/3 | €246 | €218 | -€28 | -11.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,045 | €14,454 | +€1,409 | +10.8% |
| Other operating charges | 640/8 | €1,410 | €1,615 | +€205 | +14.5% |
| Gross operating margin | 9900 | €45,223 | €65,974 | +€20,751 | +45.9% |
| Operating profit (loss) | 9901 | €30,767 | €49,905 | +€19,137 | +62.2% |
| Financial charges | 65/66B | €11,330 | €10,567 | -€763 | -6.7% |
| Recurring financial charges | 65 | €11,330 | €10,567 | -€763 | -6.7% |
| Profit (loss) for the period before taxes | 9903 | €19,438 | €39,338 | +€19,900 | +102% |
| Profit (loss) for the period | 9904 | €19,438 | €39,338 | +€19,900 | +102% |
| Profit (loss) for the period to be appropriated | 9905 | €19,438 | €39,338 | +€19,900 | +102% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.