QVM: 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.
QVM
Largest movements
- Cash +€15,442
up €15,442 (+55.7%), from €27,739 to €43,181
mainly Net result for the year (+€16,680) and Receivables within one year (+€6,879)
- Receivables within one year -€6,879
down €6,879 (-40.9%), from €16,803 to €9,924
- Tangible fixed assets -€1,653
down €1,653 (-50.0%), from €3,306 to €1,653
- Other debts +€2,639
up €2,639 (+700%), from €377 to €3,016
- Reserves +€2,000
up €2,000 (+3.3%), from €59,860 to €61,860
- Trade debts +€1,243
up €1,243 (+763%), from €163 to €1,406
- Profit (loss) carried forward +€680
up €680 (+2.8%), from -€23,881 to -€23,201
- Gross operating margin +€21,740
up €21,740 (+189%), from €11,527 to €33,267
- Taxes +€8,944
up €8,944 (+1,661%), from €538 to €9,483
- Other operating charges +€780
up €780 (+17.5%), from €4,462 to €5,242
- Depreciation -€675
down €675 (-29.0%), from €2,328 to €1,653
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 | €47,848 | €54,757 | +€6,909 | +14.4% |
| Fixed assets | 21/28 | €3,306 | €1,653 | -€1,653 | -50.0% |
| Tangible fixed assets | 22/27 | €3,306 | €1,653 | -€1,653 | -50.0% |
| Furniture and vehicles | 24 | €3,306 | €1,653 | -€1,653 | -50.0% |
| Current assets | 29/58 | €44,542 | €53,105 | +€8,562 | +19.2% |
| Amounts receivable within one year | 40/41 | €16,803 | €9,924 | -€6,879 | -40.9% |
| Trade receivables | 40 | €16,803 | €9,924 | -€6,879 | -40.9% |
| Cash at bank and in hand | 54/58 | €27,739 | €43,181 | +€15,442 | +55.7% |
| Total equity and liabilities | 10/49 | €47,848 | €54,757 | +€6,909 | +14.4% |
| Equity | 10/15 | €42,379 | €45,059 | +€2,680 | +6.3% |
| Contributions | 10/11 | €6,400 | €6,400 | = | 0.0% |
| Reserves | 13 | €59,860 | €61,860 | +€2,000 | +3.3% |
| Distributable reserves | 133 | €59,860 | €61,860 | +€2,000 | +3.3% |
| Profit (loss) carried forward | 14 | -€23,881 | -€23,201 | +€680 | +2.8% |
| Amounts payable | 17/49 | €5,469 | €9,698 | +€4,229 | +77.3% |
| Amounts payable within one year | 42/48 | €5,469 | €9,698 | +€4,229 | +77.3% |
| Trade debts | 44 | €163 | €1,406 | +€1,243 | +763% |
| Suppliers | 440/4 | €163 | €1,406 | +€1,243 | +763% |
| Taxes, remuneration and social security | 45 | €4,929 | €5,276 | +€347 | +7.0% |
| Taxes | 450/3 | €4,929 | €5,276 | +€347 | +7.0% |
| Other amounts payable | 47/48 | €377 | €3,016 | +€2,639 | +700% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,328 | €1,653 | -€675 | -29.0% |
| Other operating charges | 640/8 | €4,462 | €5,242 | +€780 | +17.5% |
| Non-recurring operating charges | 66A | €35 | €3 | -€32 | -90.6% |
| Gross operating margin | 9900 | €11,527 | €33,267 | +€21,740 | +189% |
| Operating profit (loss) | 9901 | €4,702 | €26,369 | +€21,667 | +461% |
| Financial charges | 65/66B | €242 | €206 | -€36 | -14.7% |
| Recurring financial charges | 65 | €242 | €206 | -€36 | -14.7% |
| Profit (loss) for the period before taxes | 9903 | €4,460 | €26,163 | +€21,703 | +487% |
| Income taxes | 67/77 | €538 | €9,483 | +€8,944 | +1,661% |
| Profit (loss) for the period | 9904 | €3,922 | €16,680 | +€12,758 | +325% |
| Profit (loss) for the period to be appropriated | 9905 | €3,922 | €16,680 | +€12,758 | +325% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.