Qvas: 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.
Qvas
Largest movements
- Stocks and contracts +€55,884
up €55,884 (+21.2%), from €263,599 to €319,482
- Deferred charges and accrued income +€31,453
up €31,453 (+796%), from €3,951 to €35,404
- Cash +€18,605
up €18,605 (+29.1%), from €63,895 to €82,500
mainly Debts after one year (+€120,000) and Short-term financial debts (+€19,866)
- Receivables within one year -€5,015
down €5,015 (-9.1%), from €55,059 to €50,044
of which Trade receivables: -€18,167
- Debts after one year +€120,000
new in 2025: €120,000
- Trade debts -€36,344
down €36,344 (-37.1%), from €97,952 to €61,608
- Short-term financial debts +€19,866
up €19,866 (+10.6%), from €187,202 to €207,069
of which Other loans: +€101,000
- Gross operating margin -€6,971
down €6,971 (-13.5%), from €51,692 to €44,721
- Staff costs -€6,647
down €6,647 (-16.6%), from €40,013 to €33,366
- Financial charges +€5,726
up €5,726 (+275%), from €2,083 to €7,809
- Depreciation -€4,411
down €4,411 (-71.2%), from €6,196 to €1,785
- Financial income +€960
up €960 (+155%), from €617 to €1,577
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 | €389,095 | €489,975 | +€100,880 | +25.9% |
| Fixed assets | 21/28 | €2,591 | €2,545 | -€46 | -1.8% |
| Tangible fixed assets | 22/27 | €2,266 | €2,220 | -€46 | -2.0% |
| Plant, machinery and equipment | 23 | €697 | €0 | -€697 | -100% |
| Furniture and vehicles | 24 | €1,569 | €2,220 | +€651 | +41.5% |
| Financial fixed assets | 28 | €325 | €325 | = | 0.0% |
| Current assets | 29/58 | €386,504 | €487,430 | +€100,926 | +26.1% |
| Stocks and contracts in progress | 3 | €263,599 | €319,482 | +€55,884 | +21.2% |
| Stocks | 30/36 | €263,599 | €319,482 | +€55,884 | +21.2% |
| Amounts receivable within one year | 40/41 | €55,059 | €50,044 | -€5,015 | -9.1% |
| Trade receivables | 40 | €40,206 | €22,039 | -€18,167 | -45.2% |
| Other amounts receivable | 41 | €14,853 | €28,005 | +€13,152 | +88.5% |
| Cash at bank and in hand | 54/58 | €63,895 | €82,500 | +€18,605 | +29.1% |
| Deferred charges and accrued income | 490/1 | €3,951 | €35,404 | +€31,453 | +796% |
| Total equity and liabilities | 10/49 | €389,095 | €489,975 | +€100,880 | +25.9% |
| Equity | 10/15 | €97,510 | €97,022 | -€488 | -0.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €24,610 | €24,610 | = | 0.0% |
| Tax-exempt reserves | 132 | €22,750 | €22,750 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €54,300 | €53,812 | -€488 | -0.9% |
| Amounts payable | 17/49 | €291,585 | €392,953 | +€101,368 | +34.8% |
| Amounts payable after more than one year | 17 | - | €120,000 | +€120,000 | |
| Financial debts | 170/4 | - | €120,000 | +€120,000 | |
| Amounts payable within one year | 42/48 | €291,585 | €272,953 | -€18,632 | -6.4% |
| Financial debts | 43 | €187,202 | €207,069 | +€19,866 | +10.6% |
| Credit institutions | 430/8 | €187,202 | €106,069 | -€81,134 | -43.3% |
| Other loans | 439 | - | €101,000 | +€101,000 | |
| Trade debts | 44 | €97,952 | €61,608 | -€36,344 | -37.1% |
| Suppliers | 440/4 | €97,952 | €61,608 | -€36,344 | -37.1% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €2,841 | €1,140 | -€1,702 | -59.9% |
| Taxes | 450/3 | €0 | - | = | |
| Remuneration and social security | 454/9 | €2,841 | €1,140 | -€1,702 | -59.9% |
| Other amounts payable | 47/48 | €3,590 | €3,137 | -€453 | -12.6% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €40,013 | €33,366 | -€6,647 | -16.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,196 | €1,785 | -€4,411 | -71.2% |
| Other operating charges | 640/8 | €3,215 | €3,740 | +€525 | +16.3% |
| Gross operating margin | 9900 | €51,692 | €44,721 | -€6,971 | -13.5% |
| Operating profit (loss) | 9901 | €2,268 | €5,830 | +€3,562 | +157% |
| Financial income | 75/76B | €617 | €1,577 | +€960 | +155% |
| Recurring financial income | 75 | €617 | €1,577 | +€960 | +155% |
| Financial charges | 65/66B | €2,083 | €7,809 | +€5,726 | +275% |
| Recurring financial charges | 65 | €2,083 | €7,809 | +€5,726 | +275% |
| Profit (loss) for the period before taxes | 9903 | €802 | -€402 | -€1,204 | |
| Income taxes | 67/77 | €74 | €86 | +€13 | +17.0% |
| Profit (loss) for the period | 9904 | €728 | -€488 | -€1,216 | |
| Profit (loss) for the period to be appropriated | 9905 | €728 | -€488 | -€1,216 |
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 18 October 2026 via checked.be.