QVETS: 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.
QVETS
Largest movements
- Cash +€93,928
up €93,928 (+210.2%), from €44,676 to €138,604
mainly Net result for the year (+€63,997) and Receivables within one year (+€28,558)
- Receivables within one year -€28,558
down €28,558 (-44.7%), from €63,886 to €35,328
of which Other amounts receivable: -€26,389
- Tangible fixed assets -€9,084
down €9,084 (-9.4%), from €96,353 to €87,268
of which Furniture and vehicles: -€14,087
- Stocks and contracts +€3,471
up €3,471 (+7.5%), from €46,016 to €49,487
- Reserves +€63,997
up €63,997 (+67.8%), from €94,326 to €158,323
- Trade debts +€28,263
up €28,263 (+313.3%), from €9,020 to €37,282
- Other debts -€28,217
down €28,217 (-50.8%), from €55,568 to €27,351
- Debts after one year -€13,934
down €13,934 (-20.6%), from €67,687 to €53,753
- Tax, wage and social debts +€7,900
up €7,900 (+49.2%), from €16,040 to €23,940
of which Taxes: +€7,407
- Gross operating margin +€45,734
up €45,734 (+38.2%), from €119,792 to €165,527
- Taxes +€8,063
up €8,063 (+99.8%), from €8,077 to €16,140
- Depreciation +€2,980
up €2,980 (+12.5%), from €23,895 to €26,875
- Financial charges +€2,196
up €2,196 (+36.1%), from €6,091 to €8,287
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 | €257,989 | €316,583 | +€58,594 | +22.7% |
| Fixed assets | 21/28 | €100,588 | €92,754 | -€7,834 | -7.8% |
| Intangible fixed assets | 21 | €4,236 | €3,736 | -€500 | -11.8% |
| Tangible fixed assets | 22/27 | €96,353 | €87,268 | -€9,084 | -9.4% |
| Plant, machinery and equipment | 23 | €4,023 | €15,746 | +€11,723 | +291.4% |
| Furniture and vehicles | 24 | €53,253 | €39,166 | -€14,087 | -26.5% |
| Other tangible fixed assets | 26 | €39,077 | €32,357 | -€6,720 | -17.2% |
| Financial fixed assets | 28 | - | €1,750 | +€1,750 | |
| Current assets | 29/58 | €157,401 | €223,829 | +€66,428 | +42.2% |
| Stocks and contracts in progress | 3 | €46,016 | €49,487 | +€3,471 | +7.5% |
| Stocks | 30/36 | €46,016 | €49,487 | +€3,471 | +7.5% |
| Amounts receivable within one year | 40/41 | €63,886 | €35,328 | -€28,558 | -44.7% |
| Trade receivables | 40 | €25,991 | €23,823 | -€2,169 | -8.3% |
| Other amounts receivable | 41 | €37,895 | €11,506 | -€26,389 | -69.6% |
| Cash at bank and in hand | 54/58 | €44,676 | €138,604 | +€93,928 | +210.2% |
| Deferred charges and accrued income | 490/1 | €2,823 | €410 | -€2,413 | -85.5% |
| Total equity and liabilities | 10/49 | €257,989 | €316,583 | +€58,594 | +22.7% |
| Equity | 10/15 | €96,326 | €160,323 | +€63,997 | +66.4% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €94,326 | €158,323 | +€63,997 | +67.8% |
| Distributable reserves | 133 | €94,326 | €158,323 | +€63,997 | +67.8% |
| Amounts payable | 17/49 | €161,664 | €156,260 | -€5,404 | -3.3% |
| Amounts payable after more than one year | 17 | €67,687 | €53,753 | -€13,934 | -20.6% |
| Financial debts | 170/4 | €67,687 | €53,753 | -€13,934 | -20.6% |
| Amounts payable within one year | 42/48 | €93,977 | €102,508 | +€8,531 | +9.1% |
| Current portion of amounts payable after more than one year | 42 | €13,349 | €13,934 | +€585 | +4.4% |
| Trade debts | 44 | €9,020 | €37,282 | +€28,263 | +313.3% |
| Suppliers | 440/4 | €9,020 | €37,282 | +€28,263 | +313.3% |
| Taxes, remuneration and social security | 45 | €16,040 | €23,940 | +€7,900 | +49.2% |
| Taxes | 450/3 | €4,226 | €11,633 | +€7,407 | +175.3% |
| Remuneration and social security | 454/9 | €11,814 | €12,307 | +€493 | +4.2% |
| Other amounts payable | 47/48 | €55,568 | €27,351 | -€28,217 | -50.8% |
| Remuneration, social security and pensions | 62 | €50,348 | €49,715 | -€633 | -1.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,895 | €26,875 | +€2,980 | +12.5% |
| Other operating charges | 640/8 | €502 | €526 | +€23 | +4.7% |
| Gross operating margin | 9900 | €119,792 | €165,527 | +€45,734 | +38.2% |
| Operating profit (loss) | 9901 | €45,047 | €88,411 | +€43,364 | +96.3% |
| Financial income | 75/76B | - | €14 | +€14 | |
| Recurring financial income | 75 | - | €14 | +€14 | |
| Financial charges | 65/66B | €6,091 | €8,287 | +€2,196 | +36.1% |
| Recurring financial charges | 65 | €6,091 | €8,287 | +€2,196 | +36.1% |
| Profit (loss) for the period before taxes | 9903 | €38,956 | €80,137 | +€41,181 | +105.7% |
| Income taxes | 67/77 | €8,077 | €16,140 | +€8,063 | +99.8% |
| Profit (loss) for the period | 9904 | €30,879 | €63,997 | +€33,118 | +107.3% |
| Profit (loss) for the period to be appropriated | 9905 | €30,879 | €63,997 | +€33,118 | +107.3% |
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 10 October 2026 via checked.be.