QUEVRAINVEST: what changed
Two fiscal 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.
QUEVRAINVEST
Largest movements
- Intangible fixed assets -€47,851
down €47,851 (-10.4%), from €458,378 to €410,526
- Receivables within one year +€16,610
up €16,610 (+240.0%), from €6,921 to €23,531
of which Trade receivables: +€9,946
- Debts after one year -€52,628
down €52,628 (-6.0%), from €881,141 to €828,513
of which Financial debts: -€52,628
- Profit (loss) carried forward +€15,454
up €15,454 (+4.8%), from -€319,855 to -€304,402
- Gross operating margin +€38,020
up €38,020 (+31.4%), from €120,985 to €159,005
- Depreciation +€34,594
up €34,594 (+61.2%), from €56,544 to €91,138
- Taxes +€8,405
up €8,405 (+53.9%), from €15,597 to €24,002
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.
Cash bridge derived
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 | €1,234,799 | €1,198,990 | -€35,809 | -2.9% |
| Fixed assets | 21/28 | €1,079,602 | €1,032,064 | -€47,537 | -4.4% |
| Intangible fixed assets | 21 | €458,378 | €410,526 | -€47,851 | -10.4% |
| Tangible fixed assets | 22/27 | €621,181 | €621,494 | +€314 | +0.1% |
| Land and buildings | 22 | €599,201 | €568,478 | -€30,724 | -5.1% |
| Plant, machinery and equipment | 23 | €20,117 | €14,566 | -€5,551 | -27.6% |
| Furniture and vehicles | 24 | €1,862 | €38,451 | +€36,589 | +1964.8% |
| Financial fixed assets | 28 | €43 | €43 | = | 0.0% |
| Current assets | 29/58 | €155,197 | €166,925 | +€11,728 | +7.6% |
| Amounts receivable within one year | 40/41 | €6,921 | €23,531 | +€16,610 | +240.0% |
| Trade receivables | 40 | €2,154 | €12,100 | +€9,946 | +461.8% |
| Other amounts receivable | 41 | €4,767 | €11,431 | +€6,664 | +139.8% |
| Cash at bank and in hand | 54/58 | €144,752 | €139,326 | -€5,426 | -3.7% |
| Deferred charges and accrued income | 490/1 | €3,524 | €4,069 | +€544 | +15.4% |
| Total equity and liabilities | 10/49 | €1,234,799 | €1,198,990 | -€35,809 | -2.9% |
| Equity | 10/15 | €208,656 | €224,110 | +€15,454 | +7.4% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €478,512 | €478,512 | = | 0.0% |
| Tax-exempt reserves | 132 | €458,378 | €410,526 | -€47,851 | -10.4% |
| Distributable reserves | 133 | €20,134 | €67,985 | +€47,851 | +237.7% |
| Profit (loss) carried forward | 14 | -€319,855 | -€304,402 | +€15,454 | +4.8% |
| Amounts payable | 17/49 | €1,026,142 | €974,880 | -€51,263 | -5.0% |
| Amounts payable after more than one year | 17 | €881,141 | €828,513 | -€52,628 | -6.0% |
| Financial debts | 170/4 | €681,141 | €628,513 | -€52,628 | -7.7% |
| Other amounts payable | 178/9 | €200,000 | €200,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €144,351 | €143,768 | -€583 | -0.4% |
| Current portion of amounts payable after more than one year | 42 | €51,723 | €52,628 | +€905 | +1.7% |
| Trade debts | 44 | €981 | €1,799 | +€818 | +83.4% |
| Suppliers | 440/4 | €981 | €1,799 | +€818 | +83.4% |
| Taxes, remuneration and social security | 45 | €21,026 | €15,161 | -€5,865 | -27.9% |
| Taxes | 450/3 | €21,026 | €15,161 | -€5,865 | -27.9% |
| Other amounts payable | 47/48 | €70,622 | €74,181 | +€3,559 | +5.0% |
| Accrued charges and deferred income | 492/3 | €650 | €2,598 | +€1,948 | +299.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,544 | €91,138 | +€34,594 | +61.2% |
| Other operating charges | 640/8 | €12,221 | €12,416 | +€195 | +1.6% |
| Gross operating margin | 9900 | €120,985 | €159,005 | +€38,020 | +31.4% |
| Operating profit (loss) | 9901 | €52,220 | €55,451 | +€3,231 | +6.2% |
| Financial charges | 65/66B | €17,068 | €15,995 | -€1,073 | -6.3% |
| Recurring financial charges | 65 | €17,068 | €15,995 | -€1,073 | -6.3% |
| Profit (loss) for the period before taxes | 9903 | €35,152 | €39,456 | +€4,304 | +12.2% |
| Income taxes | 67/77 | €15,597 | €24,002 | +€8,405 | +53.9% |
| Profit (loss) for the period | 9904 | €19,555 | €15,454 | -€4,101 | -21.0% |
| Transfer to tax-exempt reserves | 689 | €478,512 | - | -€478,512 | |
| Profit (loss) for the period to be appropriated | 9905 | -€458,957 | €15,454 | +€474,411 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.