QUAESTOR RCF VII: 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 RCF VII
Largest movements
- Financial fixed assets +€13.7m
up €13.7m (+87.6%), from €15.6m to €29.3m
- Cash -€2.4m
down €2.4m (-94.0%), from €2.6m to €154,333
mainly Investment in fixed assets (net) (-€13.7m) and Net result for the year (-€2.3m)
- Contributions +€13.5m
up €13.5m (+72.1%), from €18.7m to €32.1m
- Profit (loss) carried forward -€2.3m
down €2.3m (-560%), from -€418,553 to -€2.8m
- Financial charges +€2.0m
up €2.0m (+3,331,838%), from €61 to €2.0m
of which Non-recurring financial charges: +€2.0m
- Gross operating margin +€85,747
up €85,747 (+20.2%), from -€425,515 to -€339,768
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 | €18,353,904 | €29,458,371 | +€11.1m | +60.5% |
| Formation expenses | 20 | €19,198 | €13,814 | -€5,383 | -28.0% |
| Fixed assets | 21/28 | €15,612,490 | €29,289,846 | +€13.7m | +87.6% |
| Financial fixed assets | 28 | €15,612,490 | €29,289,846 | +€13.7m | +87.6% |
| Current assets | 29/58 | €2,722,217 | €154,710 | -€2.6m | -94.3% |
| Amounts receivable within one year | 40/41 | €128,500 | €0 | -€128,500 | -100% |
| Other amounts receivable | 41 | €128,500 | €0 | -€128,500 | -100% |
| Cash at bank and in hand | 54/58 | €2,593,516 | €154,333 | -€2.4m | -94.0% |
| Deferred charges and accrued income | 490/1 | €201 | €378 | +€177 | +88.0% |
| Total equity and liabilities | 10/49 | €18,353,904 | €29,458,371 | +€11.1m | +60.5% |
| Equity | 10/15 | €18,260,272 | €29,387,679 | +€11.1m | +60.9% |
| Contributions | 10/11 | €18,678,825 | €32,148,450 | +€13.5m | +72.1% |
| Profit (loss) carried forward | 14 | -€418,553 | -€2,760,771 | -€2.3m | -560% |
| Amounts payable | 17/49 | €93,632 | €70,692 | -€22,940 | -24.5% |
| Amounts payable within one year | 42/48 | €48,282 | €70,692 | +€22,410 | +46.4% |
| Trade debts | 44 | €48,282 | €70,692 | +€22,410 | +46.4% |
| Suppliers | 440/4 | €48,282 | €70,692 | +€22,410 | +46.4% |
| Accrued charges and deferred income | 492/3 | €45,350 | €0 | -€45,350 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,718 | €5,383 | -€2,334 | -30.2% |
| Other operating charges | 640/8 | €1,213 | €332 | -€881 | -72.6% |
| Gross operating margin | 9900 | -€425,515 | -€339,768 | +€85,747 | +20.2% |
| Operating profit (loss) | 9901 | -€434,446 | -€345,483 | +€88,963 | +20.5% |
| Financial income | 75/76B | €15,953 | €19,088 | +€3,135 | +19.6% |
| Recurring financial income | 75 | €15,953 | €19,088 | +€3,135 | +19.6% |
| Financial charges | 65/66B | €61 | €2,015,823 | +€2.0m | +3,331,838% |
| Recurring financial charges | 65 | €61 | €1,829 | +€1,769 | +2,924% |
| Non-recurring financial charges | 66B | - | €2,013,993 | +€2.0m | |
| Profit (loss) for the period before taxes | 9903 | -€418,553 | -€2,342,218 | -€1.9m | -460% |
| Profit (loss) for the period | 9904 | -€418,553 | -€2,342,218 | -€1.9m | -460% |
| Profit (loss) for the period to be appropriated | 9905 | -€418,553 | -€2,342,218 | -€1.9m | -460% |
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 31 October 2026 via checked.be.