Quivadec: 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.
Quivadec
Largest movements
- Current investments +€391,892
up €391,892 (+21.8%), from €1.8m to €2.2m
- Cash -€311,733
down €311,733 (-40.9%), from €761,970 to €450,237
mainly Current investments (-€391,892) and Investment in fixed assets (net) (-€312,221)
- Receivables within one year +€267,524
up €267,524 (+285%), from €93,830 to €361,354
of which Other amounts receivable: +€258,630
- Tangible fixed assets +€127,348
up €127,348 (+14.6%), from €871,321 to €998,669
of which Land and buildings: +€168,611
- Debts after one year +€186,689
up €186,689 (+183%), from €101,892 to €288,580
- Profit (loss) carried forward +€128,490
up €128,490 (+11.2%), from €1.1m to €1.3m
- Trade debts +€73,232
up €73,232 (+26.0%), from €281,348 to €354,580
- Tax, wage and social debts +€72,686
up €72,686 (+23.2%), from €312,919 to €385,605
of which Remuneration and social security: +€95,747
- Staff costs +€108,502
up €108,502 (+4.3%), from €2.5m to €2.6m
- Financial charges +€54,623
up €54,623, from -€25,264 to €29,359
- Gross operating margin +€40,538
up €40,538 (+1.2%), from €3.3m to €3.4m
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 | €3,902,118 | €4,366,334 | +€464,216 | +11.9% |
| Fixed assets | 21/28 | €897,350 | €1,024,698 | +€127,348 | +14.2% |
| Tangible fixed assets | 22/27 | €871,321 | €998,669 | +€127,348 | +14.6% |
| Land and buildings | 22 | €455,907 | €624,518 | +€168,611 | +37.0% |
| Plant, machinery and equipment | 23 | €221,545 | €183,913 | -€37,632 | -17.0% |
| Furniture and vehicles | 24 | €193,868 | €190,238 | -€3,630 | -1.9% |
| Financial fixed assets | 28 | €26,029 | €26,029 | = | 0.0% |
| Current assets | 29/58 | €3,004,768 | €3,341,636 | +€336,868 | +11.2% |
| Stocks and contracts in progress | 3 | €325,663 | €317,798 | -€7,865 | -2.4% |
| Stocks | 30/36 | €325,663 | €317,798 | -€7,865 | -2.4% |
| Amounts receivable within one year | 40/41 | €93,830 | €361,354 | +€267,524 | +285% |
| Trade receivables | 40 | €83,219 | €92,113 | +€8,894 | +10.7% |
| Other amounts receivable | 41 | €10,611 | €269,241 | +€258,630 | +2,437% |
| Current investments | 50/53 | €1,795,670 | €2,187,562 | +€391,892 | +21.8% |
| Cash at bank and in hand | 54/58 | €761,970 | €450,237 | -€311,733 | -40.9% |
| Deferred charges and accrued income | 490/1 | €27,635 | €24,685 | -€2,951 | -10.7% |
| Total equity and liabilities | 10/49 | €3,902,118 | €4,366,334 | +€464,216 | +11.9% |
| Equity | 10/15 | €2,540,050 | €2,668,540 | +€128,490 | +5.1% |
| Contributions | 10/11 | €148,736 | €148,736 | = | 0.0% |
| Capital | 10 | €148,736 | €148,736 | = | 0.0% |
| Issued capital | 100 | €148,736 | €148,736 | = | 0.0% |
| Reserves | 13 | €1,247,184 | €1,247,184 | = | 0.0% |
| Non-distributable reserves | 130/1 | €14,874 | €14,874 | = | 0.0% |
| Legal reserve | 130 | €14,874 | €14,874 | = | 0.0% |
| Tax-exempt reserves | 132 | €108,311 | €108,311 | = | 0.0% |
| Distributable reserves | 133 | €1,124,000 | €1,124,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,144,130 | €1,272,620 | +€128,490 | +11.2% |
| Amounts payable | 17/49 | €1,362,067 | €1,697,794 | +€335,726 | +24.6% |
| Amounts payable after more than one year | 17 | €101,892 | €288,580 | +€186,689 | +183% |
| Financial debts | 170/4 | €101,892 | €288,580 | +€186,689 | +183% |
| Amounts payable within one year | 42/48 | €1,255,272 | €1,409,213 | +€153,941 | +12.3% |
| Current portion of amounts payable after more than one year | 42 | €136,271 | €125,942 | -€10,329 | -7.6% |
| Financial debts | 43 | €274,733 | €293,086 | +€18,352 | +6.7% |
| Credit institutions | 430/8 | €274,733 | €293,086 | +€18,352 | +6.7% |
| Trade debts | 44 | €281,348 | €354,580 | +€73,232 | +26.0% |
| Suppliers | 440/4 | €281,348 | €354,580 | +€73,232 | +26.0% |
| Taxes, remuneration and social security | 45 | €312,919 | €385,605 | +€72,686 | +23.2% |
| Taxes | 450/3 | €27,194 | €4,133 | -€23,061 | -84.8% |
| Remuneration and social security | 454/9 | €285,725 | €381,472 | +€95,747 | +33.5% |
| Other amounts payable | 47/48 | €250,000 | €250,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €4,904 | - | -€4,904 | |
| Remuneration, social security and pensions | 62 | €2,538,520 | €2,647,022 | +€108,502 | +4.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €177,808 | €184,872 | +€7,065 | +4.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€15,569 | - | +€15,569 | |
| Other operating charges | 640/8 | €31,796 | €8,045 | -€23,751 | -74.7% |
| Gross operating margin | 9900 | €3,335,863 | €3,376,401 | +€40,538 | +1.2% |
| Operating profit (loss) | 9901 | €603,309 | €536,462 | -€66,847 | -11.1% |
| Financial income | 75/76B | €63,293 | €52,196 | -€11,096 | -17.5% |
| Recurring financial income | 75 | €63,293 | €52,196 | -€11,096 | -17.5% |
| Financial charges | 65/66B | -€25,264 | €29,359 | +€54,623 | |
| Recurring financial charges | 65 | -€25,264 | €29,359 | +€54,623 | |
| Profit (loss) for the period before taxes | 9903 | €691,866 | €559,300 | -€132,566 | -19.2% |
| Income taxes | 67/77 | €213,130 | €180,810 | -€32,320 | -15.2% |
| Profit (loss) for the period | 9904 | €478,736 | €378,490 | -€100,246 | -20.9% |
| Profit (loss) for the period to be appropriated | 9905 | €478,736 | €378,490 | -€100,246 | -20.9% |
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.