QVDR: 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.
QVDR
Largest movements
- Receivables within one year +€7,055
up €7,055 (+7,939%), from €89 to €7,144
of which Trade receivables: +€7,055
- Cash +€5,600
up €5,600 (+21.3%), from €26,277 to €31,876
mainly Net result for the year (+€14,501) and Tax, wage and social debts (+€1,976)
- Profit (loss) carried forward +€14,501
up €14,501 (+1.7%), from -€852,128 to -€837,627
- Other debts -€2,900
down €2,900 (-2.4%), from €121,294 to €118,394
- Tax, wage and social debts +€1,976
new in 2025: €1,976
- Trade debts -€972
no longer reported in 2025 (was €972)
- Gross operating margin +€9,759
up €9,759 (+72.4%), from €13,485 to €23,243
- Taxes +€2,565
up €2,565 (+106%), from €2,411 to €4,976
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 | €38,614 | €51,221 | +€12,606 | +32.6% |
| Fixed assets | 21/28 | €11,803 | €12,200 | +€397 | +3.4% |
| Tangible fixed assets | 22/27 | €11,803 | €12,200 | +€397 | +3.4% |
| Land and buildings | 22 | €11,655 | €11,406 | -€249 | -2.1% |
| Furniture and vehicles | 24 | €149 | €795 | +€646 | +435% |
| Current assets | 29/58 | €26,811 | €39,020 | +€12,209 | +45.5% |
| Amounts receivable within one year | 40/41 | €89 | €7,144 | +€7,055 | +7,939% |
| Trade receivables | 40 | - | €7,055 | +€7,055 | |
| Other amounts receivable | 41 | €89 | €89 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €26,277 | €31,876 | +€5,600 | +21.3% |
| Deferred charges and accrued income | 490/1 | €446 | - | -€446 | |
| Total equity and liabilities | 10/49 | €38,614 | €51,221 | +€12,606 | +32.6% |
| Equity | 10/15 | -€83,658 | -€69,157 | +€14,501 | +17.3% |
| Contributions | 10/11 | €768,470 | €768,470 | = | 0.0% |
| Capital | 10 | €768,470 | €768,470 | = | 0.0% |
| Issued capital | 100 | €768,470 | €768,470 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€852,128 | -€837,627 | +€14,501 | +1.7% |
| Amounts payable | 17/49 | €122,272 | €120,378 | -€1,895 | -1.5% |
| Amounts payable within one year | 42/48 | €122,265 | €120,370 | -€1,895 | -1.5% |
| Trade debts | 44 | €972 | - | -€972 | |
| Suppliers | 440/4 | €972 | - | -€972 | |
| Taxes, remuneration and social security | 45 | - | €1,976 | +€1,976 | |
| Taxes | 450/3 | - | €1,976 | +€1,976 | |
| Other amounts payable | 47/48 | €121,294 | €118,394 | -€2,900 | -2.4% |
| Accrued charges and deferred income | 492/3 | €7 | €7 | +€0 | +2.5% |
| Non-recurring operating income | 76A | - | €9,463 | +€9,463 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €693 | €526 | -€168 | -24.2% |
| Other operating charges | 640/8 | €3,112 | €3,203 | +€91 | +2.9% |
| Gross operating margin | 9900 | €13,485 | €23,243 | +€9,759 | +72.4% |
| Operating profit (loss) | 9901 | €9,679 | €19,515 | +€9,835 | +102% |
| Financial income | 75/76B | - | €31 | +€31 | |
| Recurring financial income | 75 | - | €31 | +€31 | |
| Financial charges | 65/66B | €68 | €68 | +€1 | +1.1% |
| Recurring financial charges | 65 | €68 | €68 | +€1 | +1.1% |
| Profit (loss) for the period before taxes | 9903 | €9,612 | €19,478 | +€9,866 | +103% |
| Income taxes | 67/77 | €2,411 | €4,976 | +€2,565 | +106% |
| Profit (loss) for the period | 9904 | €7,201 | €14,501 | +€7,301 | +101% |
| Profit (loss) for the period to be appropriated | 9905 | €7,201 | €14,501 | +€7,301 | +101% |
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 30 October 2026 via checked.be.