QUVA INVEST: 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.
What changed
QUVA INVEST
NACE 64.210, Activities of holding companies
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€121.1m
2024 · €26.5m-€147.6m
Equity
€1.94bn
2024 · €2.06bn-€121.1m
Cash
€5.5m
2024 · €4.8m+€720,616
Balance sheet total
€1.95bn
2024 · €2.07bn-€119.5m
Largest movements
Assets
- Financial fixed assets -€99.8m
down €99.8m (-5.5%), from €1.81bn to €1.71bn
- Current investments -€35.4m
down €35.4m (-18.4%), from €192.8m to €157.4m
- Receivables after one year +€29.5m
up €29.5m (+2172.5%), from €1.4m to €30.8m
Equity and liabilities
- Reserves -€121.1m
down €121.1m (-22.9%), from €528.6m to €407.4m
of which Distributable reserves: -€120.9m
Income statement
- Financial charges +€161.1m
up €161.1m (+3276.9%), from €4.9m to €166.1m
of which Non-recurring financial charges: +€165.3m
- Financial income +€17.7m
up €17.7m (+47.1%), from €37.7m to €55.4m
of which Financial income: +€10.2m
- Gross operating margin -€2.2m
down €2.2m, from €767,974 to -€1.4m
- Taxes +€1.9m
up €1.9m (+30.1%), from €6.2m to €8.1m
- Staff costs +€87,752
up €87,752 (+27.9%), from €314,652 to €402,405
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.
Result 2024
€26.5m
Gross operating margin
-€2.2m
Staff costs
-€87,752
Depreciation
-€61,666
Other operating charges
-€15,741
Financial income
+€17.7m
Financial charges
-€161.1m
Taxes
-€1.9m
Result 2025
-€121.1m
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.
From operations
-€131.1m
Investment
+€131.9m
Financing
€0
Cash 2024
€4.8m
From operations (derived)
-€131.1m
Net result for the year
-€121.1m
Depreciation
+€276,388
Receivables after one year
-€29.5m
Receivables within one year
+€17.5m
Smaller working-capital items
+€29,358
Other debts
+€1.7m
Investment (derived)
+€131.9m
Investment in fixed assets (net)
+€96.5m
Current investments
+€35.4m
Cash 2025
€5.5m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,068,792,784 | €1,949,276,467 | -€119.5m | -5.8% |
| Fixed assets | 21/28 | €1,814,809,279 | €1,718,067,750 | -€96.7m | -5.3% |
| Tangible fixed assets | 22/27 | €3,008,999 | €6,065,765 | +€3.1m | +101.6% |
| Land and buildings | 22 | €2,803,306 | €2,680,599 | -€122,706 | -4.4% |
| Plant, machinery and equipment | 23 | €21,278 | €10,791 | -€10,486 | -49.3% |
| Furniture and vehicles | 24 | €184,416 | €3,374,375 | +€3.2m | +1729.8% |
| Financial fixed assets | 28 | €1,811,800,280 | €1,712,001,985 | -€99.8m | -5.5% |
| Current assets | 29/58 | €253,983,505 | €231,208,717 | -€22.8m | -9.0% |
| Amounts receivable after more than one year | 29 | €1,357,500 | €30,849,783 | +€29.5m | +2172.5% |
| Other amounts receivable | 291 | €1,357,500 | €30,849,783 | +€29.5m | +2172.5% |
| Amounts receivable within one year | 40/41 | €54,861,432 | €37,339,608 | -€17.5m | -31.9% |
| Trade receivables | 40 | €456,549 | €1,023,458 | +€566,909 | +124.2% |
| Other amounts receivable | 41 | €54,404,882 | €36,316,150 | -€18.1m | -33.2% |
| Current investments | 50/53 | €192,836,771 | €157,439,668 | -€35.4m | -18.4% |
| Cash at bank and in hand | 54/58 | €4,759,104 | €5,479,720 | +€720,616 | +15.1% |
| Deferred charges and accrued income | 490/1 | €168,698 | €99,937 | -€68,761 | -40.8% |
| Total equity and liabilities | 10/49 | €2,068,792,784 | €1,949,276,467 | -€119.5m | -5.8% |
| Equity | 10/15 | €2,057,183,969 | €1,936,048,848 | -€121.1m | -5.9% |
| Contributions | 10/11 | €1,528,601,750 | €1,528,601,750 | = | 0.0% |
| Capital | 10 | €1,528,601,750 | €1,528,601,750 | = | 0.0% |
| Issued capital | 100 | €1,528,601,750 | €1,528,601,750 | = | 0.0% |
| Reserves | 13 | €528,582,219 | €407,447,098 | -€121.1m | -22.9% |
| Non-distributable reserves | 130/1 | €26,329,334 | €26,329,334 | = | 0.0% |
| Legal reserve | 130 | €26,329,334 | €26,329,334 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,995,540 | €1,763,197 | -€232,343 | -11.6% |
| Distributable reserves | 133 | €500,257,345 | €379,354,567 | -€120.9m | -24.2% |
| Amounts payable | 17/49 | €11,608,815 | €13,227,619 | +€1.6m | +13.9% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €10,765,214 | €12,512,229 | +€1.7m | +16.2% |
| Trade debts | 44 | €415,448 | €257,247 | -€158,201 | -38.1% |
| Suppliers | 440/4 | €415,448 | €257,247 | -€158,201 | -38.1% |
| Advances received on contracts in progress | 46 | €17,500 | €0 | -€17,500 | -100.0% |
| Taxes, remuneration and social security | 45 | €469,995 | €734,503 | +€264,508 | +56.3% |
| Taxes | 450/3 | €418,718 | €668,517 | +€249,799 | +59.7% |
| Remuneration and social security | 454/9 | €51,277 | €65,986 | +€14,709 | +28.7% |
| Other amounts payable | 47/48 | €9,862,271 | €11,520,479 | +€1.7m | +16.8% |
| Accrued charges and deferred income | 492/3 | €843,601 | €715,390 | -€128,211 | -15.2% |
| Non-recurring operating income | 76A | €970,517 | €0 | -€970,517 | -100.0% |
| Remuneration, social security and pensions | 62 | €314,652 | €402,405 | +€87,752 | +27.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €214,722 | €276,388 | +€61,666 | +28.7% |
| Other operating charges | 640/8 | €308,427 | €324,168 | +€15,741 | +5.1% |
| Gross operating margin | 9900 | €767,974 | -€1,388,499 | -€2.2m | |
| Operating profit (loss) | 9901 | -€69,828 | -€2,391,460 | -€2.3m | -3324.8% |
| Financial income | 75/76B | €37,680,961 | €55,424,760 | +€17.7m | +47.1% |
| Recurring financial income | 75 | €28,747,630 | €38,981,157 | +€10.2m | +35.6% |
| Non-recurring financial income | 76B | €8,933,332 | €16,443,603 | +€7.5m | +84.1% |
| Financial charges | 65/66B | €4,917,572 | €166,062,676 | +€161.1m | +3276.9% |
| Recurring financial charges | 65 | €4,917,572 | €746,666 | -€4.2m | -84.8% |
| Non-recurring financial charges | 66B | - | €165,316,010 | +€165.3m | |
| Profit (loss) for the period before taxes | 9903 | €32,693,561 | -€113,029,376 | -€145.7m | |
| Income taxes | 67/77 | €6,229,034 | €8,105,744 | +€1.9m | +30.1% |
| Profit (loss) for the period | 9904 | €26,464,527 | -€121,135,121 | -€147.6m | |
| Transfer from tax-exempt reserves | 789 | - | €232,343 | +€232,343 | |
| Transfer to tax-exempt reserves | 689 | €997,770 | €0 | -€997,770 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €25,466,757 | -€120,902,778 | -€146.4m |
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 12 October 2026 via checked.be.