QVO: 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.
QVO
Largest movements
- Current investments +€157,500
up €157,500 (+105%), from €150,113 to €307,613
- Tangible fixed assets -€96,538
down €96,538 (-2.6%), from €3.8m to €3.7m
of which Land and buildings: -€88,412
- Cash -€88,505
down €88,505 (-63.5%), from €139,317 to €50,812
mainly Debts after one year (-€359,925) and Investment in fixed assets (net) (-€190,976)
- Profit (loss) carried forward +€400,417
up €400,417 (+43.9%), from €912,428 to €1.3m
- Debts after one year -€359,925
down €359,925 (-12.4%), from €2.9m to €2.5m
- Trade debts -€140,859
down €140,859 (-78.6%), from €179,242 to €38,382
- Current portion of long-term debt +€57,585
up €57,585 (+47.6%), from €121,000 to €178,585
- Staff costs -€158,233
down €158,233 (-60.0%), from €263,662 to €105,430
- Gross operating margin +€136,300
up €136,300 (+15.1%), from €901,471 to €1.0m
- Taxes +€75,166
up €75,166 (+120%), from €62,500 to €137,666
- Financial charges +€27,852
up €27,852 (+45.1%), from €61,712 to €89,565
- Depreciation +€18,022
up €18,022 (+6.7%), from €269,492 to €287,514
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 | €4,142,132 | €4,104,826 | -€37,306 | -0.9% |
| Fixed assets | 21/28 | €3,838,516 | €3,741,977 | -€96,538 | -2.5% |
| Tangible fixed assets | 22/27 | €3,768,956 | €3,672,417 | -€96,538 | -2.6% |
| Land and buildings | 22 | €3,760,830 | €3,672,417 | -€88,412 | -2.4% |
| Furniture and vehicles | 24 | €8,126 | €0 | -€8,126 | -100% |
| Financial fixed assets | 28 | €69,560 | €69,560 | = | 0.0% |
| Current assets | 29/58 | €303,616 | €362,849 | +€59,233 | +19.5% |
| Amounts receivable within one year | 40/41 | €12,500 | €2,800 | -€9,700 | -77.6% |
| Trade receivables | 40 | - | €2,800 | +€2,800 | |
| Other amounts receivable | 41 | €12,500 | €0 | -€12,500 | -100% |
| Current investments | 50/53 | €150,113 | €307,613 | +€157,500 | +105% |
| Cash at bank and in hand | 54/58 | €139,317 | €50,812 | -€88,505 | -63.5% |
| Deferred charges and accrued income | 490/1 | €1,686 | €1,624 | -€62 | -3.7% |
| Total equity and liabilities | 10/49 | €4,142,132 | €4,104,826 | -€37,306 | -0.9% |
| Equity | 10/15 | €933,134 | €1,333,551 | +€400,417 | +42.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €2,106 | €2,106 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €2,106 | €2,106 | = | 0.0% |
| Profit (loss) carried forward | 14 | €912,428 | €1,312,845 | +€400,417 | +43.9% |
| Amounts payable | 17/49 | €3,208,998 | €2,771,276 | -€437,722 | -13.6% |
| Amounts payable after more than one year | 17 | €2,897,981 | €2,538,056 | -€359,925 | -12.4% |
| Financial debts | 170/4 | €2,897,981 | €2,538,056 | -€359,925 | -12.4% |
| Amounts payable within one year | 42/48 | €311,017 | €232,133 | -€78,884 | -25.4% |
| Current portion of amounts payable after more than one year | 42 | €121,000 | €178,585 | +€57,585 | +47.6% |
| Trade debts | 44 | €179,242 | €38,382 | -€140,859 | -78.6% |
| Suppliers | 440/4 | €179,242 | €38,382 | -€140,859 | -78.6% |
| Taxes, remuneration and social security | 45 | €10,775 | €15,166 | +€4,391 | +40.7% |
| Taxes | 450/3 | - | €15,166 | +€15,166 | |
| Remuneration and social security | 454/9 | €10,775 | €0 | -€10,775 | -100% |
| Accrued charges and deferred income | 492/3 | €0 | €1,086 | +€1,086 | |
| Non-recurring operating income | 76A | - | €2,800 | +€2,800 | |
| Remuneration, social security and pensions | 62 | €263,662 | €105,430 | -€158,233 | -60.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €269,492 | €287,514 | +€18,022 | +6.7% |
| Other operating charges | 640/8 | €21,647 | €16,899 | -€4,748 | -21.9% |
| Non-recurring operating charges | 66A | - | €3,626 | +€3,626 | |
| Gross operating margin | 9900 | €901,471 | €1,037,771 | +€136,300 | +15.1% |
| Operating profit (loss) | 9901 | €346,670 | €624,303 | +€277,633 | +80.1% |
| Financial income | 75/76B | - | €3,344 | +€3,344 | |
| Recurring financial income | 75 | - | €3,344 | +€3,344 | |
| Financial charges | 65/66B | €61,712 | €89,565 | +€27,852 | +45.1% |
| Recurring financial charges | 65 | €61,712 | €89,565 | +€27,852 | +45.1% |
| Profit (loss) for the period before taxes | 9903 | €284,957 | €538,082 | +€253,125 | +88.8% |
| Income taxes | 67/77 | €62,500 | €137,666 | +€75,166 | +120% |
| Profit (loss) for the period | 9904 | €222,457 | €400,417 | +€177,959 | +80.0% |
| Profit (loss) for the period to be appropriated | 9905 | €222,457 | €400,417 | +€177,959 | +80.0% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.