QValue: what changed
Two fiscal 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.
QValue
Largest movements
- Cash +€233,294
up €233,294 (+291.1%), from €80,152 to €313,446
mainly Net result for the year (+€176,176) and Other debts (+€149,749)
- Current investments -€100,000
down €100,000 (-50.0%), from €200,000 to €100,000
- Receivables within one year +€36,438
up €36,438 (+63.3%), from €57,534 to €93,972
of which Other amounts receivable: +€45,670
- Deferred charges and accrued income +€5,911
up €5,911 (+589.3%), from €1,003 to €6,914
- Other debts +€149,749
new in 2025: €149,749
- Tax, wage and social debts +€24,920
up €24,920 (+312.5%), from €7,975 to €32,895
- Gross operating margin +€43,233
up €43,233 (+20.6%), from €209,668 to €252,901
- Financial income +€8,489
up €8,489 (+411.4%), from €2,064 to €10,553
- Financial charges -€3,255
down €3,255 (-9.4%), from €34,633 to €31,377
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €340,262 | €515,181 | +€174,919 | +51.4% |
| Fixed assets | 21/28 | €1,574 | €849 | -€724 | -46.0% |
| Tangible fixed assets | 22/27 | €1,574 | €849 | -€724 | -46.0% |
| Furniture and vehicles | 24 | €1,574 | €849 | -€724 | -46.0% |
| Current assets | 29/58 | €338,689 | €514,332 | +€175,643 | +51.9% |
| Amounts receivable within one year | 40/41 | €57,534 | €93,972 | +€36,438 | +63.3% |
| Trade receivables | 40 | €41,890 | €32,659 | -€9,231 | -22.0% |
| Other amounts receivable | 41 | €15,643 | €61,313 | +€45,670 | +291.9% |
| Current investments | 50/53 | €200,000 | €100,000 | -€100,000 | -50.0% |
| Cash at bank and in hand | 54/58 | €80,152 | €313,446 | +€233,294 | +291.1% |
| Deferred charges and accrued income | 490/1 | €1,003 | €6,914 | +€5,911 | +589.3% |
| Total equity and liabilities | 10/49 | €340,262 | €515,181 | +€174,919 | +51.4% |
| Equity | 10/15 | €302,654 | €302,654 | = | 0.0% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €292,654 | €292,654 | = | 0.0% |
| Distributable reserves | 133 | €292,654 | €292,654 | = | 0.0% |
| Provisions and deferred taxes | 16 | €28,846 | €29,734 | +€887 | +3.1% |
| Provisions for liabilities and charges | 160/5 | €28,846 | €29,734 | +€887 | +3.1% |
| Other liabilities and charges | 164/5 | €28,846 | €29,734 | +€887 | +3.1% |
| Amounts payable | 17/49 | €8,762 | €182,793 | +€174,031 | +1986.3% |
| Amounts payable within one year | 42/48 | €8,762 | €182,793 | +€174,031 | +1986.3% |
| Trade debts | 44 | €787 | €148 | -€638 | -81.1% |
| Suppliers | 440/4 | €787 | €148 | -€638 | -81.1% |
| Taxes, remuneration and social security | 45 | €7,975 | €32,895 | +€24,920 | +312.5% |
| Taxes | 450/3 | €7,975 | €32,895 | +€24,920 | +312.5% |
| Other amounts payable | 47/48 | - | €149,749 | +€149,749 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €454 | €724 | +€271 | +59.6% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€569 | €887 | +€1,456 | |
| Gross operating margin | 9900 | €209,668 | €252,901 | +€43,233 | +20.6% |
| Operating profit (loss) | 9901 | €209,783 | €251,289 | +€41,506 | +19.8% |
| Financial income | 75/76B | €2,064 | €10,553 | +€8,489 | +411.4% |
| Recurring financial income | 75 | €2,064 | €10,553 | +€8,489 | +411.4% |
| Financial charges | 65/66B | €34,633 | €31,377 | -€3,255 | -9.4% |
| Recurring financial charges | 65 | €34,633 | €31,377 | -€3,255 | -9.4% |
| Profit (loss) for the period before taxes | 9903 | €177,214 | €230,465 | +€53,251 | +30.0% |
| Income taxes | 67/77 | €53,014 | €54,289 | +€1,275 | +2.4% |
| Profit (loss) for the period | 9904 | €124,200 | €176,176 | +€51,976 | +41.8% |
| Profit (loss) for the period to be appropriated | 9905 | €124,200 | €176,176 | +€51,976 | +41.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.