QUVADEC: 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
QUVADEC
financial year 2023 against 2024filed annual accounts (NBB)
Net result for the year
€9.5m
2023 · €28.1m-€18.6m
Equity
€366.6m
2023 · €357.1m+€9.5m
Cash
€292,396
2023 · €210,229+€82,167
Balance sheet total
€471.9m
2023 · €472.4m-€495,353
Largest movements
Assets
No asset line moved by more than 1% of the balance sheet total.
Equity and liabilities
- Debts after one year -€10.0m
down €10.0m (-9.5%), from €105.0m to €95.0m
- Profit (loss) carried forward +€9.0m
up €9.0m (+29.6%), from €30.5m to €39.6m
Income statement
- Financial income -€19.0m
down €19.0m (-61.0%), from €31.2m to €12.2m
From the 2023 result to the 2024 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 2023
€28.1m
Other operating charges
-€141
Other operating items
+€35
Financial income
-€19.0m
Financial charges
+€425,053
Result 2024
€9.5m
Cash bridge derived
Derived from the 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€10.1m
Investment
€0
Financing
-€10.0m
Cash 2023
€210,229
From operations (derived)
+€10.1m
Net result for the year
+€9.5m
Receivables within one year
+€577,520
Smaller working-capital items
-€12,661
Financing
-€10.0m
Debts after one year
-€10.0m
Cash 2024
€292,396
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €472,351,206 | €471,855,853 | -€495,353 | -0.1% |
| Fixed assets | 21/28 | €471,312,677 | €471,312,677 | = | 0.0% |
| Financial fixed assets | 28 | €471,312,677 | €471,312,677 | = | 0.0% |
| Affiliated companies | 280/1 | €471,312,677 | €471,312,677 | = | 0.0% |
| Participating interests | 280 | €471,312,677 | €471,312,677 | = | 0.0% |
| Current assets | 29/58 | €1,038,529 | €543,176 | -€495,353 | -47.7% |
| Amounts receivable within one year | 40/41 | €828,300 | €250,780 | -€577,520 | -69.7% |
| Other amounts receivable | 41 | €828,300 | €250,780 | -€577,520 | -69.7% |
| Cash at bank and in hand | 54/58 | €210,229 | €292,396 | +€82,167 | +39.1% |
| Total equity and liabilities | 10/49 | €472,351,206 | €471,855,853 | -€495,353 | -0.1% |
| Equity | 10/15 | €357,120,913 | €366,638,221 | +€9.5m | +2.7% |
| Contributions | 10/11 | €325,000,000 | €325,000,000 | = | 0.0% |
| Capital | 10 | €325,000,000 | €325,000,000 | = | 0.0% |
| Issued capital | 100 | €325,000,000 | €325,000,000 | = | 0.0% |
| Reserves | 13 | €1,606,046 | €2,081,911 | +€475,865 | +29.6% |
| Non-distributable reserves | 130/1 | €1,606,046 | €2,081,911 | +€475,865 | +29.6% |
| Legal reserve | 130 | €1,606,046 | €2,081,911 | +€475,865 | +29.6% |
| Profit (loss) carried forward | 14 | €30,514,867 | €39,556,310 | +€9.0m | +29.6% |
| Amounts payable | 17/49 | €115,230,294 | €105,217,633 | -€10.0m | -8.7% |
| Amounts payable after more than one year | 17 | €105,000,000 | €95,000,000 | -€10.0m | -9.5% |
| Financial debts | 170/4 | €105,000,000 | €95,000,000 | -€10.0m | -9.5% |
| Subordinated loans | 170 | €30,000,000 | €30,000,000 | = | 0.0% |
| Credit institutions | 173 | €75,000,000 | €65,000,000 | -€10.0m | -13.3% |
| Amounts payable within one year | 42/48 | €10,002,223 | €10,000,000 | -€2,223 | 0.0% |
| Current portion of amounts payable after more than one year | 42 | €10,000,000 | €10,000,000 | = | 0.0% |
| Trade debts | 44 | €2,223 | - | -€2,223 | |
| Suppliers | 440/4 | €2,223 | - | -€2,223 | |
| Accrued charges and deferred income | 492/3 | €228,070 | €217,633 | -€10,438 | -4.6% |
| Operating charges | 60/66A | €8,001 | €8,106 | +€105 | +1.3% |
| Services and other goods | 61 | €7,862 | €7,827 | -€35 | -0.4% |
| Other operating charges | 640/8 | €139 | €279 | +€141 | +101.3% |
| Operating profit (loss) | 9901 | -€8,001 | -€8,106 | -€105 | -1.3% |
| Financial income | 75/76B | €31,184,746 | €12,159,913 | -€19.0m | -61.0% |
| Recurring financial income | 75 | €31,184,746 | €12,159,913 | -€19.0m | -61.0% |
| Income from financial fixed assets | 750 | €31,000,000 | €12,000,000 | -€19.0m | -61.3% |
| Income from current assets | 751 | €184,571 | €159,913 | -€24,657 | -13.4% |
| Other financial income | 752/9 | €175 | - | -€175 | |
| Financial charges | 65/66B | €3,059,552 | €2,634,499 | -€425,053 | -13.9% |
| Recurring financial charges | 65 | €3,059,552 | €2,634,499 | -€425,053 | -13.9% |
| Debt charges | 650 | €3,058,668 | €2,633,442 | -€425,225 | -13.9% |
| Other financial charges | 652/9 | €884 | €1,056 | +€172 | +19.5% |
| Profit (loss) for the period before taxes | 9903 | €28,117,193 | €9,517,308 | -€18.6m | -66.2% |
| Profit (loss) for the period | 9904 | €28,117,193 | €9,517,308 | -€18.6m | -66.2% |
| Profit (loss) for the period to be appropriated | 9905 | €28,117,193 | €9,517,308 | -€18.6m | -66.2% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.