HQAV: 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.
HQAV
Largest movements
- Cash +€107,701
up €107,701 (+118%), from €91,412 to €199,113
mainly Net result for the year (+€86,641) and Tax, wage and social debts (+€23,040)
- Tangible fixed assets -€4,475
down €4,475 (-23.6%), from €18,942 to €14,467
of which Furniture and vehicles: -€4,268
- Profit (loss) carried forward +€86,641
up €86,641 (+91.8%), from €94,375 to €181,016
- Tax, wage and social debts +€23,040
up €23,040 (+88.3%), from €26,091 to €49,131
- Trade debts -€6,046
down €6,046 (-75.6%), from €7,996 to €1,950
- Gross operating margin +€13,735
up €13,735 (+13.4%), from €102,420 to €116,156
- Taxes +€3,081
up €3,081 (+14.2%), from €21,683 to €24,764
- Depreciation +€1,448
up €1,448 (+47.9%), from €3,027 to €4,475
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 | €131,502 | €235,718 | +€104,216 | +79.3% |
| Fixed assets | 21/28 | €18,942 | €14,467 | -€4,475 | -23.6% |
| Tangible fixed assets | 22/27 | €18,942 | €14,467 | -€4,475 | -23.6% |
| Plant, machinery and equipment | 23 | €963 | €755 | -€207 | -21.5% |
| Furniture and vehicles | 24 | €17,980 | €13,712 | -€4,268 | -23.7% |
| Current assets | 29/58 | €112,560 | €221,250 | +€108,691 | +96.6% |
| Amounts receivable within one year | 40/41 | €20,540 | €21,610 | +€1,070 | +5.2% |
| Trade receivables | 40 | €20,540 | €21,610 | +€1,070 | +5.2% |
| Cash at bank and in hand | 54/58 | €91,412 | €199,113 | +€107,701 | +118% |
| Deferred charges and accrued income | 490/1 | €608 | €527 | -€80 | -13.2% |
| Total equity and liabilities | 10/49 | €131,502 | €235,718 | +€104,216 | +79.3% |
| Equity | 10/15 | €97,375 | €184,016 | +€86,641 | +89.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €94,375 | €181,016 | +€86,641 | +91.8% |
| Amounts payable | 17/49 | €34,127 | €51,701 | +€17,574 | +51.5% |
| Amounts payable within one year | 42/48 | €34,127 | €51,701 | +€17,574 | +51.5% |
| Trade debts | 44 | €7,996 | €1,950 | -€6,046 | -75.6% |
| Suppliers | 440/4 | €7,996 | €1,950 | -€6,046 | -75.6% |
| Taxes, remuneration and social security | 45 | €26,091 | €49,131 | +€23,040 | +88.3% |
| Taxes | 450/3 | €26,091 | €49,131 | +€23,040 | +88.3% |
| Other amounts payable | 47/48 | €40 | €620 | +€580 | +1,464% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,027 | €4,475 | +€1,448 | +47.9% |
| Other operating charges | 640/8 | €296 | €251 | -€45 | -15.2% |
| Non-recurring operating charges | 66A | €63 | - | -€63 | |
| Gross operating margin | 9900 | €102,420 | €116,156 | +€13,735 | +13.4% |
| Operating profit (loss) | 9901 | €99,035 | €111,430 | +€12,395 | +12.5% |
| Financial charges | 65/66B | €80 | €25 | -€55 | -69.1% |
| Recurring financial charges | 65 | €80 | €25 | -€55 | -69.1% |
| Profit (loss) for the period before taxes | 9903 | €98,955 | €111,405 | +€12,450 | +12.6% |
| Income taxes | 67/77 | €21,683 | €24,764 | +€3,081 | +14.2% |
| Profit (loss) for the period | 9904 | €77,272 | €86,641 | +€9,369 | +12.1% |
| Profit (loss) for the period to be appropriated | 9905 | €77,272 | €86,641 | +€9,369 | +12.1% |
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 18 October 2026 via checked.be.