QUVE: 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.
QUVE
Largest movements
- Cash -€119,528
down €119,528 (-48.6%), from €246,010 to €126,481
mainly Contributions, distributions and other (-€93,949) and Debts after one year (-€15,560)
- Tangible fixed assets -€31,315
down €31,315 (-22.7%), from €137,679 to €106,364
of which Leasing and similar rights: -€27,310
- Deferred charges and accrued income -€5,605
down €5,605 (-80.1%), from €7,000 to €1,395
- Reserves -€93,949
down €93,949 (-44.4%), from €211,534 to €117,586
of which Distributable reserves: -€93,949
- Debts after one year -€15,560
down €15,560 (-26.6%), from €58,394 to €42,834
- Tax, wage and social debts -€15,008
down €15,008 (-28.0%), from €53,689 to €38,681
- Other debts -€10,467
down €10,467 (-66.4%), from €15,763 to €5,296
- Trade debts -€7,034
down €7,034 (-50.9%), from €13,806 to €6,772
- Gross operating margin -€128,219
down €128,219 (-76.4%), from €167,865 to €39,646
- Taxes -€35,218
down €35,218 (-99.0%), from €35,576 to €357
- Depreciation +€4,648
up €4,648 (+17.4%), from €26,667 to €31,315
- Other operating charges +€2,252
up €2,252 (+54.9%), from €4,103 to €6,355
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 | €394,091 | €241,004 | -€153,088 | -38.8% |
| Fixed assets | 21/28 | €137,679 | €106,364 | -€31,315 | -22.7% |
| Tangible fixed assets | 22/27 | €137,679 | €106,364 | -€31,315 | -22.7% |
| Plant, machinery and equipment | 23 | €5,985 | €4,478 | -€1,507 | -25.2% |
| Furniture and vehicles | 24 | €12,645 | €10,147 | -€2,498 | -19.8% |
| Leasing and similar rights | 25 | €119,050 | €91,740 | -€27,310 | -22.9% |
| Current assets | 29/58 | €256,412 | €134,640 | -€121,772 | -47.5% |
| Amounts receivable within one year | 40/41 | €3,402 | €6,764 | +€3,361 | +98.8% |
| Trade receivables | 40 | €3,402 | €121 | -€3,281 | -96.4% |
| Other amounts receivable | 41 | - | €6,643 | +€6,643 | |
| Cash at bank and in hand | 54/58 | €246,010 | €126,481 | -€119,528 | -48.6% |
| Deferred charges and accrued income | 490/1 | €7,000 | €1,395 | -€5,605 | -80.1% |
| Total equity and liabilities | 10/49 | €394,091 | €241,004 | -€153,088 | -38.8% |
| Equity | 10/15 | €230,134 | €131,861 | -€98,274 | -42.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €211,534 | €117,586 | -€93,949 | -44.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €209,674 | €115,726 | -€93,949 | -44.8% |
| Profit (loss) carried forward | 14 | - | -€4,325 | -€4,325 | |
| Amounts payable | 17/49 | €163,957 | €109,143 | -€54,814 | -33.4% |
| Amounts payable after more than one year | 17 | €58,394 | €42,834 | -€15,560 | -26.6% |
| Financial debts | 170/4 | €58,394 | €42,834 | -€15,560 | -26.6% |
| Amounts payable within one year | 42/48 | €105,563 | €66,309 | -€39,253 | -37.2% |
| Current portion of amounts payable after more than one year | 42 | €22,305 | €15,560 | -€6,745 | -30.2% |
| Trade debts | 44 | €13,806 | €6,772 | -€7,034 | -50.9% |
| Suppliers | 440/4 | €13,806 | €6,772 | -€7,034 | -50.9% |
| Taxes, remuneration and social security | 45 | €53,689 | €38,681 | -€15,008 | -28.0% |
| Taxes | 450/3 | €53,689 | €38,681 | -€15,008 | -28.0% |
| Other amounts payable | 47/48 | €15,763 | €5,296 | -€10,467 | -66.4% |
| Non-recurring operating income | 76A | €98,113 | - | -€98,113 | |
| Remuneration, social security and pensions | 62 | €3,726 | €3,000 | -€726 | -19.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,667 | €31,315 | +€4,648 | +17.4% |
| Other operating charges | 640/8 | €4,103 | €6,355 | +€2,252 | +54.9% |
| Gross operating margin | 9900 | €167,865 | €39,646 | -€128,219 | -76.4% |
| Operating profit (loss) | 9901 | €133,369 | -€1,024 | -€134,393 | |
| Financial charges | 65/66B | €2,696 | €2,943 | +€247 | +9.2% |
| Recurring financial charges | 65 | €2,696 | €2,943 | +€247 | +9.2% |
| Profit (loss) for the period before taxes | 9903 | €130,673 | -€3,968 | -€134,640 | |
| Income taxes | 67/77 | €35,576 | €357 | -€35,218 | -99.0% |
| Profit (loss) for the period | 9904 | €95,097 | -€4,325 | -€99,422 | |
| Profit (loss) for the period to be appropriated | 9905 | €95,097 | -€4,325 | -€99,422 |
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 26 October 2026 via checked.be.