QNG: 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.
QNG
Largest movements
- Receivables within one year +€154,607
up €154,607 (+29.6%), from €522,560 to €677,167
- Reserves +€900,652
up €900,652 (+34.7%), from €2.6m to €3.5m
- Current portion of long-term debt -€749,188
no longer reported in 2025 (was €749,188)
- Other debts +€463,093
new in 2025: €463,093
- Debts after one year -€438,638
down €438,638 (-18.0%), from €2.4m to €2.0m
of which Financial debts: -€2.4m
- Financial income +€117,824
up €117,824 (+14.7%), from €804,000 to €921,824
- Taxes -€13,109
down €13,109 (-98.4%), from €13,326 to €217
- Gross operating margin -€7,018
down €7,018 (-8.0%), from €88,187 to €81,169
- Financial charges +€1,006
up €1,006 (+2.0%), from €49,912 to €50,918
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 | €7,044,134 | €7,213,800 | +€169,667 | +2.4% |
| Fixed assets | 21/28 | €6,450,000 | €6,450,000 | = | 0.0% |
| Financial fixed assets | 28 | €6,450,000 | €6,450,000 | = | 0.0% |
| Current assets | 29/58 | €594,134 | €763,800 | +€169,667 | +28.6% |
| Amounts receivable within one year | 40/41 | €522,560 | €677,167 | +€154,607 | +29.6% |
| Other amounts receivable | 41 | €522,560 | €677,167 | +€154,607 | +29.6% |
| Cash at bank and in hand | 54/58 | €71,574 | €86,634 | +€15,060 | +21.0% |
| Total equity and liabilities | 10/49 | €7,044,134 | €7,213,800 | +€169,667 | +2.4% |
| Equity | 10/15 | €3,843,525 | €4,744,177 | +€900,652 | +23.4% |
| Contributions | 10/11 | €1,250,000 | €1,250,000 | = | 0.0% |
| Reserves | 13 | €2,593,525 | €3,494,177 | +€900,652 | +34.7% |
| Distributable reserves | 133 | €2,593,525 | €3,494,177 | +€900,652 | +34.7% |
| Amounts payable | 17/49 | €3,200,609 | €2,469,623 | -€730,986 | -22.8% |
| Amounts payable after more than one year | 17 | €2,438,638 | €2,000,000 | -€438,638 | -18.0% |
| Financial debts | 170/4 | €2,438,638 | - | -€2.4m | |
| Other amounts payable | 178/9 | - | €2,000,000 | +€2.0m | |
| Amounts payable within one year | 42/48 | €757,116 | €469,623 | -€287,492 | -38.0% |
| Current portion of amounts payable after more than one year | 42 | €749,188 | - | -€749,188 | |
| Trade debts | 44 | - | €108 | +€108 | |
| Suppliers | 440/4 | - | €108 | +€108 | |
| Taxes, remuneration and social security | 45 | €7,927 | €6,422 | -€1,505 | -19.0% |
| Taxes | 450/3 | €7,927 | €6,422 | -€1,505 | -19.0% |
| Other amounts payable | 47/48 | - | €463,093 | +€463,093 | |
| Accrued charges and deferred income | 492/3 | €4,855 | - | -€4,855 | |
| Other operating charges | 640/8 | €1,171 | €1,206 | +€36 | +3.0% |
| Gross operating margin | 9900 | €88,187 | €81,169 | -€7,018 | -8.0% |
| Operating profit (loss) | 9901 | €87,017 | €79,963 | -€7,054 | -8.1% |
| Financial income | 75/76B | €804,000 | €921,824 | +€117,824 | +14.7% |
| Recurring financial income | 75 | €804,000 | €921,824 | +€117,824 | +14.7% |
| Financial charges | 65/66B | €49,912 | €50,918 | +€1,006 | +2.0% |
| Recurring financial charges | 65 | €49,912 | €50,918 | +€1,006 | +2.0% |
| Profit (loss) for the period before taxes | 9903 | €841,105 | €950,870 | +€109,765 | +13.1% |
| Income taxes | 67/77 | €13,326 | €217 | -€13,109 | -98.4% |
| Profit (loss) for the period | 9904 | €827,779 | €950,652 | +€122,874 | +14.8% |
| Profit (loss) for the period to be appropriated | 9905 | €827,779 | €950,652 | +€122,874 | +14.8% |
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.