QAVIAAR: 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.
QAVIAAR
Largest movements
- Cash +€48,159
up €48,159 (+62.8%), from €76,654 to €124,813
mainly Other debts (+€98,036) and Net result for the year (+€70,534)
- Receivables within one year -€9,713
down €9,713 (-7.8%), from €124,656 to €114,942
of which Other amounts receivable: -€6,877
- Current investments +€8,000
new in 2025: €8,000
- Tangible fixed assets -€7,582
down €7,582 (-7.3%), from €103,821 to €96,239
of which Land and buildings: -€5,864
- Other debts +€98,036
up €98,036 (+357%), from €27,431 to €125,468
- Reserves -€54,934
down €54,934 (-30.3%), from €181,332 to €126,398
of which Distributable reserves: -€54,934
- Debts after one year -€8,429
down €8,429 (-14.5%), from €58,122 to €49,693
- Tax, wage and social debts +€5,571
up €5,571 (+72.5%), from €7,683 to €13,254
- Short-term financial debts -€3,849
down €3,849 (-24.5%), from €15,716 to €11,867
- Gross operating margin +€15,465
up €15,465 (+17.6%), from €87,645 to €103,110
- Depreciation -€7,475
down €7,475 (-51.3%), from €14,576 to €7,101
- Taxes +€3,208
up €3,208 (+20.3%), from €15,806 to €19,014
- Other operating charges +€1,674
up €1,674 (+169%), from €988 to €2,663
- Financial charges -€1,080
down €1,080 (-22.7%), from €4,762 to €3,683
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 | €306,356 | €344,870 | +€38,514 | +12.6% |
| Fixed assets | 21/28 | €103,821 | €96,239 | -€7,582 | -7.3% |
| Tangible fixed assets | 22/27 | €103,821 | €96,239 | -€7,582 | -7.3% |
| Land and buildings | 22 | €100,912 | €95,047 | -€5,864 | -5.8% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €2,910 | €1,192 | -€1,718 | -59.0% |
| Current assets | 29/58 | €202,535 | €248,631 | +€46,097 | +22.8% |
| Amounts receivable within one year | 40/41 | €124,656 | €114,942 | -€9,713 | -7.8% |
| Trade receivables | 40 | €93,262 | €90,425 | -€2,837 | -3.0% |
| Other amounts receivable | 41 | €31,394 | €24,518 | -€6,877 | -21.9% |
| Current investments | 50/53 | - | €8,000 | +€8,000 | |
| Cash at bank and in hand | 54/58 | €76,654 | €124,813 | +€48,159 | +62.8% |
| Deferred charges and accrued income | 490/1 | €1,225 | €876 | -€349 | -28.5% |
| Total equity and liabilities | 10/49 | €306,356 | €344,870 | +€38,514 | +12.6% |
| Equity | 10/15 | €187,532 | €132,598 | -€54,934 | -29.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €181,332 | €126,398 | -€54,934 | -30.3% |
| 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 | €179,472 | €124,538 | -€54,934 | -30.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €118,824 | €212,272 | +€93,448 | +78.6% |
| Amounts payable after more than one year | 17 | €58,122 | €49,693 | -€8,429 | -14.5% |
| Financial debts | 170/4 | €58,122 | €49,693 | -€8,429 | -14.5% |
| Amounts payable within one year | 42/48 | €60,702 | €161,411 | +€100,709 | +166% |
| Current portion of amounts payable after more than one year | 42 | €9,572 | €8,429 | -€1,142 | -11.9% |
| Financial debts | 43 | €15,716 | €11,867 | -€3,849 | -24.5% |
| Credit institutions | 430/8 | €15,716 | €11,867 | -€3,849 | -24.5% |
| Trade debts | 44 | €300 | €2,393 | +€2,093 | +698% |
| Suppliers | 440/4 | €300 | €2,393 | +€2,093 | +698% |
| Taxes, remuneration and social security | 45 | €7,683 | €13,254 | +€5,571 | +72.5% |
| Taxes | 450/3 | €7,683 | €13,254 | +€5,571 | +72.5% |
| Other amounts payable | 47/48 | €27,431 | €125,468 | +€98,036 | +357% |
| Accrued charges and deferred income | 492/3 | €0 | €1,169 | +€1,169 | |
| Non-recurring operating income | 76A | €10,522 | €9,403 | -€1,119 | -10.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,576 | €7,101 | -€7,475 | -51.3% |
| Other operating charges | 640/8 | €988 | €2,663 | +€1,674 | +169% |
| Non-recurring operating charges | 66A | €100 | €117 | +€17 | +16.6% |
| Gross operating margin | 9900 | €87,645 | €103,110 | +€15,465 | +17.6% |
| Operating profit (loss) | 9901 | €71,980 | €93,230 | +€21,250 | +29.5% |
| Financial income | 75/76B | €0 | €0 | +€0 | |
| Recurring financial income | 75 | €0 | €0 | +€0 | |
| Financial charges | 65/66B | €4,762 | €3,683 | -€1,080 | -22.7% |
| Recurring financial charges | 65 | €4,762 | €3,683 | -€1,080 | -22.7% |
| Profit (loss) for the period before taxes | 9903 | €67,218 | €89,547 | +€22,329 | +33.2% |
| Income taxes | 67/77 | €15,806 | €19,014 | +€3,208 | +20.3% |
| Profit (loss) for the period | 9904 | €51,412 | €70,534 | +€19,121 | +37.2% |
| Profit (loss) for the period to be appropriated | 9905 | €51,412 | €70,534 | +€19,121 | +37.2% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.