QSD: what changed
QSD
Largest movements
- Receivables within one year -€48,512
down €48,512 (-42.5%), from €114,050 to €65,538
of which Other amounts receivable: -€50,000
- Tangible fixed assets -€15,279
down €15,279 (-79.7%), from €19,167 to €3,889
of which Furniture and vehicles: -€16,136
- Deferred charges and accrued income +€3,844
new in 2025: €3,844
- Reserves -€68,477
down €68,477 (-29.2%), from €234,145 to €165,668
of which Distributable reserves: -€68,477
- Tax, wage and social debts +€4,174
up €4,174 (+40.8%), from €10,235 to €14,410
of which Taxes: +€6,589
- Other debts +€3,695
new in 2025: €3,695
- Gross operating margin +€9,880
up €9,880 (+15.5%), from €63,758 to €73,638
- Depreciation -€5,094
down €5,094 (-28.4%), from €17,965 to €12,871
- Taxes +€3,114
up €3,114 (+21.6%), from €14,436 to €17,550
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 | €258,734 | €198,145 | -€60,589 | -23.4% |
| Fixed assets | 21/28 | €19,167 | €3,889 | -€15,279 | -79.7% |
| Tangible fixed assets | 22/27 | €19,167 | €3,889 | -€15,279 | -79.7% |
| Land and buildings | 22 | - | €0 | = | |
| Plant, machinery and equipment | 23 | €584 | €1,441 | +€857 | +147% |
| Furniture and vehicles | 24 | €18,583 | €2,448 | -€16,136 | -86.8% |
| Current assets | 29/58 | €239,567 | €194,256 | -€45,310 | -18.9% |
| Amounts receivable within one year | 40/41 | €114,050 | €65,538 | -€48,512 | -42.5% |
| Trade receivables | 40 | €18,423 | €19,910 | +€1,488 | +8.1% |
| Other amounts receivable | 41 | €95,627 | €45,627 | -€50,000 | -52.3% |
| Cash at bank and in hand | 54/58 | €125,517 | €124,874 | -€643 | -0.5% |
| Deferred charges and accrued income | 490/1 | - | €3,844 | +€3,844 | |
| Total equity and liabilities | 10/49 | €258,734 | €198,145 | -€60,589 | -23.4% |
| Equity | 10/15 | €246,545 | €178,068 | -€68,477 | -27.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €234,145 | €165,668 | -€68,477 | -29.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €232,285 | €163,808 | -€68,477 | -29.5% |
| Amounts payable | 17/49 | €12,189 | €20,078 | +€7,888 | +64.7% |
| Amounts payable within one year | 42/48 | €12,189 | €20,078 | +€7,888 | +64.7% |
| Trade debts | 44 | €1,954 | €1,973 | +€19 | +1.0% |
| Suppliers | 440/4 | €1,954 | €1,973 | +€19 | +1.0% |
| Taxes, remuneration and social security | 45 | €10,235 | €14,410 | +€4,174 | +40.8% |
| Taxes | 450/3 | €7,820 | €14,410 | +€6,589 | +84.3% |
| Remuneration and social security | 454/9 | €2,415 | - | -€2,415 | |
| Other amounts payable | 47/48 | - | €3,695 | +€3,695 | |
| Non-recurring operating income | 76A | - | €7,693 | +€7,693 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,965 | €12,871 | -€5,094 | -28.4% |
| Other operating charges | 640/8 | €1,306 | €1,117 | -€190 | -14.5% |
| Gross operating margin | 9900 | €63,758 | €73,638 | +€9,880 | +15.5% |
| Operating profit (loss) | 9901 | €44,487 | €59,649 | +€15,163 | +34.1% |
| Financial income | 75/76B | €378 | €815 | +€437 | +116% |
| Recurring financial income | 75 | €378 | €815 | +€437 | +116% |
| Financial charges | 65/66B | €795 | €611 | -€183 | -23.1% |
| Recurring financial charges | 65 | €795 | €611 | -€183 | -23.1% |
| Profit (loss) for the period before taxes | 9903 | €44,069 | €59,853 | +€15,784 | +35.8% |
| Income taxes | 67/77 | €14,436 | €17,550 | +€3,114 | +21.6% |
| Profit (loss) for the period | 9904 | €29,633 | €42,303 | +€12,670 | +42.8% |
| Profit (loss) for the period to be appropriated | 9905 | €29,633 | €42,303 | +€12,670 | +42.8% |
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 4 November 2026 via checked.be.