Qelvin: 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.
Qelvin
Largest movements
- Cash -€4,245
down €4,245 (-71.5%), from €5,933 to €1,689
mainly Trade debts (-€2,834) and Current portion of long-term debt (-€777)
- Tangible fixed assets -€666
down €666 (-53.8%), from €1,238 to €571
- Deferred charges and accrued income +€475
up €475 (+226%), from €210 to €686
- Receivables within one year -€168
down €168 (-18.0%), from €935 to €766
of which Trade receivables: -€169
- Trade debts -€2,834
down €2,834 (-69.5%), from €4,075 to €1,241
- Current portion of long-term debt -€777
no longer reported in 2025 (was €777)
- Other debts -€746
no longer reported in 2025 (was €746)
- Profit (loss) carried forward -€248
down €248 (-2.6%), from -€9,682 to -€9,929
- Gross operating margin -€582
down €582 (-33.8%), from €1,725 to €1,142
- Depreciation -€157
down €157 (-19.1%), from €824 to €666
- Other operating charges +€118
up €118 (+26.8%), from €439 to €557
- Financial charges -€44
down €44 (-20.9%), from €213 to €168
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 | €8,316 | €3,712 | -€4,604 | -55.4% |
| Fixed assets | 21/28 | €1,238 | €571 | -€666 | -53.8% |
| Tangible fixed assets | 22/27 | €1,238 | €571 | -€666 | -53.8% |
| Plant, machinery and equipment | 23 | €1,238 | €571 | -€666 | -53.8% |
| Current assets | 29/58 | €7,078 | €3,141 | -€3,938 | -55.6% |
| Amounts receivable within one year | 40/41 | €935 | €766 | -€168 | -18.0% |
| Trade receivables | 40 | €281 | €112 | -€169 | -60.2% |
| Other amounts receivable | 41 | €653 | €654 | +€1 | +0.1% |
| Cash at bank and in hand | 54/58 | €5,933 | €1,689 | -€4,245 | -71.5% |
| Deferred charges and accrued income | 490/1 | €210 | €686 | +€475 | +226% |
| Total equity and liabilities | 10/49 | €8,316 | €3,712 | -€4,604 | -55.4% |
| Equity | 10/15 | €2,718 | €2,471 | -€248 | -9.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€9,682 | -€9,929 | -€248 | -2.6% |
| Amounts payable | 17/49 | €5,598 | €1,241 | -€4,356 | -77.8% |
| Amounts payable within one year | 42/48 | €5,598 | €1,241 | -€4,356 | -77.8% |
| Current portion of amounts payable after more than one year | 42 | €777 | - | -€777 | |
| Trade debts | 44 | €4,075 | €1,241 | -€2,834 | -69.5% |
| Suppliers | 440/4 | €4,075 | €1,241 | -€2,834 | -69.5% |
| Other amounts payable | 47/48 | €746 | - | -€746 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €824 | €666 | -€157 | -19.1% |
| Other operating charges | 640/8 | €439 | €557 | +€118 | +26.8% |
| Non-recurring operating charges | 66A | €2,603 | - | -€2,603 | |
| Gross operating margin | 9900 | €1,725 | €1,142 | -€582 | -33.8% |
| Operating profit (loss) | 9901 | -€2,142 | -€81 | +€2,061 | +96.2% |
| Financial income | 75/76B | - | €2 | +€2 | |
| Recurring financial income | 75 | - | €2 | +€2 | |
| Financial charges | 65/66B | €213 | €168 | -€44 | -20.9% |
| Recurring financial charges | 65 | €213 | €168 | -€44 | -20.9% |
| Profit (loss) for the period before taxes | 9903 | -€2,354 | -€248 | +€2,107 | +89.5% |
| Profit (loss) for the period | 9904 | -€2,354 | -€248 | +€2,107 | +89.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,354 | -€248 | +€2,107 | +89.5% |
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 23 October 2026 via checked.be.