Quaestor HV V: 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.
Quaestor HV V
Largest movements
- Financial fixed assets +€29.9m
up €29.9m (+370%), from €8.1m to €38.0m
- Current investments +€3.5m
new in 2025: €3.5m
- Cash -€1.2m
down €1.2m (-71.8%), from €1.7m to €468,888
mainly Investment in fixed assets (net) (-€29.9m) and Current investments (-€3.5m)
- Contributions +€26.5m
up €26.5m (+163%), from €16.2m to €42.7m
- Profit (loss) carried forward +€4.8m
up €4.8m (+72.8%), from -€6.5m to -€1.8m
- Trade debts +€928,911
up €928,911 (+1,715%), from €54,154 to €983,064
- Financial charges -€6.2m
down €6.2m (-99.9%), from €6.2m to €3,626
of which Non-recurring financial charges: -€6.2m
- Financial income +€6.1m
up €6.1m (+4,558%), from €133,394 to €6.2m
of which Non-recurring financial income: +€6.1m
- Gross operating margin -€939,313
down €939,313 (-188%), from -€499,545 to -€1.4m
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 | €9,754,285 | €41,955,494 | +€32.2m | +330% |
| Formation expenses | 20 | €8,799 | €6,320 | -€2,479 | -28.2% |
| Fixed assets | 21/28 | €8,085,128 | €37,979,800 | +€29.9m | +370% |
| Financial fixed assets | 28 | €8,085,128 | €37,979,800 | +€29.9m | +370% |
| Current assets | 29/58 | €1,660,358 | €3,969,374 | +€2.3m | +139% |
| Current investments | 50/53 | - | €3,500,000 | +€3.5m | |
| Cash at bank and in hand | 54/58 | €1,659,961 | €468,888 | -€1.2m | -71.8% |
| Deferred charges and accrued income | 490/1 | €397 | €486 | +€88 | +22.3% |
| Total equity and liabilities | 10/49 | €9,754,285 | €41,955,494 | +€32.2m | +330% |
| Equity | 10/15 | €9,700,132 | €40,972,430 | +€31.3m | +322% |
| Contributions | 10/11 | €16,246,000 | €42,749,750 | +€26.5m | +163% |
| Profit (loss) carried forward | 14 | -€6,545,868 | -€1,777,320 | +€4.8m | +72.8% |
| Amounts payable | 17/49 | €54,154 | €983,064 | +€928,911 | +1,715% |
| Amounts payable within one year | 42/48 | €54,154 | €983,064 | +€928,911 | +1,715% |
| Trade debts | 44 | €54,154 | €983,064 | +€928,911 | +1,715% |
| Suppliers | 440/4 | €54,154 | €983,064 | +€928,911 | +1,715% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,597 | €2,479 | -€1,117 | -31.1% |
| Other operating charges | 640/8 | €139 | €224 | +€85 | +60.9% |
| Gross operating margin | 9900 | -€499,545 | -€1,438,859 | -€939,313 | -188% |
| Operating profit (loss) | 9901 | -€503,281 | -€1,441,562 | -€938,281 | -186% |
| Financial income | 75/76B | €133,394 | €6,213,736 | +€6.1m | +4,558% |
| Recurring financial income | 75 | €133,394 | €69,064 | -€64,330 | -48.2% |
| Non-recurring financial income | 76B | - | €6,144,672 | +€6.1m | |
| Financial charges | 65/66B | €6,175,981 | €3,626 | -€6.2m | -99.9% |
| Recurring financial charges | 65 | €11,109 | €3,626 | -€7,483 | -67.4% |
| Non-recurring financial charges | 66B | €6,164,872 | €0 | -€6.2m | -100% |
| Profit (loss) for the period before taxes | 9903 | -€6,545,868 | €4,768,548 | +€11.3m | |
| Income taxes | 67/77 | €0 | €0 | -€0 | -100% |
| Profit (loss) for the period | 9904 | -€6,545,868 | €4,768,548 | +€11.3m | |
| Profit (loss) for the period to be appropriated | 9905 | -€6,545,868 | €4,768,548 | +€11.3m |
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 30 October 2026 via checked.be.