QVH: 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.
QVH
Largest movements
- Cash +€49,392
up €49,392 (+464.5%), from €10,634 to €60,026
mainly Accrued charges and deferred income (+€59,935) and Receivables within one year (+€24,365)
- Receivables within one year -€24,365
down €24,365 (-61.3%), from €39,769 to €15,404
of which Trade receivables: -€29,717
- Tangible fixed assets +€11,806
up €11,806 (+24.5%), from €48,263 to €60,069
of which Plant, machinery and equipment: +€18,752
- Deferred charges and accrued income +€8,676
up €8,676 (+6.7%), from €129,897 to €138,573
- Financial fixed assets +€4,950
new in 2025: €4,950
- Accrued charges and deferred income +€59,935
up €59,935 (+83.6%), from €71,724 to €131,659
- Trade debts -€34,312
down €34,312 (-82.4%), from €41,645 to €7,333
- Reserves +€19,460
up €19,460 (+102.8%), from €18,929 to €38,390
- Tax, wage and social debts +€3,447
up €3,447 (+7.1%), from €48,490 to €51,937
of which Remuneration and social security: +€3,878
- Gross operating margin +€23,099
up €23,099 (+5.1%), from €451,303 to €474,402
- Staff costs -€7,458
down €7,458 (-1.7%), from €426,362 to €418,904
- Taxes +€5,612
up €5,612 (+61.7%), from €9,092 to €14,704
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 | €234,604 | €282,984 | +€48,380 | +20.6% |
| Fixed assets | 21/28 | €54,303 | €68,981 | +€14,678 | +27.0% |
| Intangible fixed assets | 21 | €6,040 | €3,961 | -€2,078 | -34.4% |
| Tangible fixed assets | 22/27 | €48,263 | €60,069 | +€11,806 | +24.5% |
| Plant, machinery and equipment | 23 | €1,452 | €20,204 | +€18,752 | +1291.2% |
| Furniture and vehicles | 24 | €46,811 | €39,865 | -€6,946 | -14.8% |
| Financial fixed assets | 28 | - | €4,950 | +€4,950 | |
| Current assets | 29/58 | €180,300 | €214,003 | +€33,703 | +18.7% |
| Amounts receivable within one year | 40/41 | €39,769 | €15,404 | -€24,365 | -61.3% |
| Trade receivables | 40 | €38,991 | €9,274 | -€29,717 | -76.2% |
| Other amounts receivable | 41 | €778 | €6,130 | +€5,352 | +687.7% |
| Cash at bank and in hand | 54/58 | €10,634 | €60,026 | +€49,392 | +464.5% |
| Deferred charges and accrued income | 490/1 | €129,897 | €138,573 | +€8,676 | +6.7% |
| Total equity and liabilities | 10/49 | €234,604 | €282,984 | +€48,380 | +20.6% |
| Equity | 10/15 | €68,774 | €88,234 | +€19,460 | +28.3% |
| Contributions | 10/11 | €49,845 | €49,845 | = | 0.0% |
| Reserves | 13 | €18,929 | €38,390 | +€19,460 | +102.8% |
| Distributable reserves | 133 | €18,929 | €38,390 | +€19,460 | +102.8% |
| Amounts payable | 17/49 | €165,830 | €194,750 | +€28,920 | +17.4% |
| Amounts payable within one year | 42/48 | €94,106 | €63,090 | -€31,015 | -33.0% |
| Trade debts | 44 | €41,645 | €7,333 | -€34,312 | -82.4% |
| Suppliers | 440/4 | €41,645 | €7,333 | -€34,312 | -82.4% |
| Taxes, remuneration and social security | 45 | €48,490 | €51,937 | +€3,447 | +7.1% |
| Taxes | 450/3 | €11,499 | €11,068 | -€431 | -3.7% |
| Remuneration and social security | 454/9 | €36,991 | €40,869 | +€3,878 | +10.5% |
| Other amounts payable | 47/48 | €3,971 | €3,821 | -€150 | -3.8% |
| Accrued charges and deferred income | 492/3 | €71,724 | €131,659 | +€59,935 | +83.6% |
| Remuneration, social security and pensions | 62 | €426,362 | €418,904 | -€7,458 | -1.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,902 | €13,164 | +€3,261 | +32.9% |
| Other operating charges | 640/8 | €5,043 | €5,309 | +€266 | +5.3% |
| Gross operating margin | 9900 | €451,303 | €474,402 | +€23,099 | +5.1% |
| Operating profit (loss) | 9901 | €9,995 | €37,025 | +€27,030 | +270.4% |
| Financial income | 75/76B | €434 | €1,095 | +€661 | +152.3% |
| Recurring financial income | 75 | €434 | €1,095 | +€661 | +152.3% |
| Financial charges | 65/66B | €1,049 | €3,956 | +€2,908 | +277.3% |
| Recurring financial charges | 65 | €1,049 | €3,956 | +€2,908 | +277.3% |
| Profit (loss) for the period before taxes | 9903 | €9,381 | €34,164 | +€24,783 | +264.2% |
| Income taxes | 67/77 | €9,092 | €14,704 | +€5,612 | +61.7% |
| Profit (loss) for the period | 9904 | €289 | €19,460 | +€19,172 | +6636.5% |
| Profit (loss) for the period to be appropriated | 9905 | €289 | €19,460 | +€19,172 | +6636.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 January 2024 and 31 January 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.