Quo Vadis: 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.
Quo Vadis
Largest movements
- Cash +€170,180
up €170,180 (+27.9%), from €610,933 to €781,113
mainly Net result for the year (+€98,337) and Depreciation (+€65,286)
- Tangible fixed assets -€65,286
down €65,286 (-16.7%), from €390,066 to €324,780
of which Furniture and vehicles: -€65,286
- Receivables within one year -€47,477
down €47,477 (-61.9%), from €76,682 to €29,205
of which Other amounts receivable: -€41,625
- Reserves +€28,024
up €28,024 (+3.2%), from €869,770 to €897,794
of which Distributable reserves: +€50,824
- Trade debts +€27,025
up €27,025 (+277%), from €9,763 to €36,787
- Gross operating margin -€43,517
down €43,517 (-11.5%), from €379,272 to €335,755
- Staff costs +€7,596
up €7,596 (+8.0%), from €95,040 to €102,635
- Taxes +€6,396
up €6,396 (+13.5%), from €47,550 to €53,946
- Depreciation +€4,938
up €4,938 (+8.2%), from €60,348 to €65,286
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 | €1,092,703 | €1,146,246 | +€53,543 | +4.9% |
| Fixed assets | 21/28 | €390,066 | €324,780 | -€65,286 | -16.7% |
| Tangible fixed assets | 22/27 | €390,066 | €324,780 | -€65,286 | -16.7% |
| Land and buildings | 22 | €69,348 | €69,348 | = | 0.0% |
| Furniture and vehicles | 24 | €320,718 | €255,432 | -€65,286 | -20.4% |
| Current assets | 29/58 | €702,638 | €821,466 | +€118,829 | +16.9% |
| Amounts receivable within one year | 40/41 | €76,682 | €29,205 | -€47,477 | -61.9% |
| Trade receivables | 40 | €15,169 | €9,317 | -€5,852 | -38.6% |
| Other amounts receivable | 41 | €61,513 | €19,888 | -€41,625 | -67.7% |
| Cash at bank and in hand | 54/58 | €610,933 | €781,113 | +€170,180 | +27.9% |
| Deferred charges and accrued income | 490/1 | €15,022 | €11,148 | -€3,874 | -25.8% |
| Total equity and liabilities | 10/49 | €1,092,703 | €1,146,246 | +€53,543 | +4.9% |
| Equity | 10/15 | €1,006,111 | €1,034,135 | +€28,024 | +2.8% |
| Contributions | 10/11 | €136,341 | €136,341 | = | 0.0% |
| Reserves | 13 | €869,770 | €897,794 | +€28,024 | +3.2% |
| Tax-exempt reserves | 132 | €392,282 | €369,482 | -€22,800 | -5.8% |
| Distributable reserves | 133 | €477,487 | €528,311 | +€50,824 | +10.6% |
| Amounts payable | 17/49 | €86,592 | €112,111 | +€25,519 | +29.5% |
| Amounts payable within one year | 42/48 | €80,819 | €107,276 | +€26,457 | +32.7% |
| Trade debts | 44 | €9,763 | €36,787 | +€27,025 | +277% |
| Suppliers | 440/4 | €9,763 | €36,787 | +€27,025 | +277% |
| Taxes, remuneration and social security | 45 | €22,936 | €22,368 | -€568 | -2.5% |
| Taxes | 450/3 | €17,220 | €17,539 | +€319 | +1.9% |
| Remuneration and social security | 454/9 | €5,716 | €4,829 | -€887 | -15.5% |
| Other amounts payable | 47/48 | €48,121 | €48,121 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €5,773 | €4,835 | -€937 | -16.2% |
| Remuneration, social security and pensions | 62 | €95,040 | €102,635 | +€7,596 | +8.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €60,348 | €65,286 | +€4,938 | +8.2% |
| Other operating charges | 640/8 | €14,591 | €13,097 | -€1,494 | -10.2% |
| Gross operating margin | 9900 | €379,272 | €335,755 | -€43,517 | -11.5% |
| Operating profit (loss) | 9901 | €209,293 | €154,736 | -€54,557 | -26.1% |
| Financial income | 75/76B | €2,369 | €1,379 | -€990 | -41.8% |
| Recurring financial income | 75 | €2,369 | €1,379 | -€990 | -41.8% |
| Financial charges | 65/66B | €4,096 | €3,833 | -€264 | -6.4% |
| Recurring financial charges | 65 | €4,096 | €3,833 | -€264 | -6.4% |
| Profit (loss) for the period before taxes | 9903 | €207,566 | €152,283 | -€55,283 | -26.6% |
| Income taxes | 67/77 | €47,550 | €53,946 | +€6,396 | +13.5% |
| Profit (loss) for the period | 9904 | €160,016 | €98,337 | -€61,679 | -38.5% |
| Transfer from tax-exempt reserves | 789 | €10,400 | €22,800 | +€12,400 | +119% |
| Transfer to tax-exempt reserves | 689 | €62,000 | - | -€62,000 | |
| Profit (loss) for the period to be appropriated | 9905 | €108,416 | €121,137 | +€12,721 | +11.7% |
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.