QVP: 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.
QVP
Largest movements
- Receivables within one year -€96,845
down €96,845 (-27.7%), from €349,643 to €252,798
of which Trade receivables: -€84,514
- Cash -€90,831
down €90,831 (-97.6%), from €93,075 to €2,245
mainly Trade debts (-€322,811) and Net result for the year (-€34,396)
- Stocks and contracts -€7,531
no longer reported in 2025 (was €7,531)
- Trade debts -€322,811
no longer reported in 2025 (was €322,811)
- Short-term financial debts +€167,532
up €167,532 (+83.8%), from €200,000 to €367,532
of which Other loans: +€167,405
- Reserves -€36,256
down €36,256 (-26.2%), from €138,170 to €101,914
of which Distributable reserves: -€34,396
- Debts after one year -€11,462
down €11,462 (-23.5%), from €48,714 to €37,252
- Gross operating margin -€33,586
down €33,586, from €23,115 to -€10,471
- Financial charges +€18,429
up €18,429 (+168.2%), from €10,955 to €29,384
- Financial income +€16,619
up €16,619 (+311.6%), from €5,334 to €21,953
of which Financial income: +€14,068
- Other operating charges +€8,826
up €8,826 (+595.8%), from €1,481 to €10,307
- Depreciation +€487
up €487 (+8.5%), from €5,700 to €6,187
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 | €742,301 | €538,620 | -€203,681 | -27.4% |
| Fixed assets | 21/28 | €289,899 | €283,577 | -€6,322 | -2.2% |
| Tangible fixed assets | 22/27 | €289,764 | €283,577 | -€6,187 | -2.1% |
| Land and buildings | 22 | €289,764 | €283,577 | -€6,187 | -2.1% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €0 | - | = | |
| Financial fixed assets | 28 | €135 | - | -€135 | |
| Current assets | 29/58 | €452,402 | €255,043 | -€197,359 | -43.6% |
| Stocks and contracts in progress | 3 | €7,531 | - | -€7,531 | |
| Stocks | 30/36 | €7,531 | - | -€7,531 | |
| Amounts receivable within one year | 40/41 | €349,643 | €252,798 | -€96,845 | -27.7% |
| Trade receivables | 40 | €90,852 | €6,338 | -€84,514 | -93.0% |
| Other amounts receivable | 41 | €258,791 | €246,460 | -€12,331 | -4.8% |
| Cash at bank and in hand | 54/58 | €93,075 | €2,245 | -€90,831 | -97.6% |
| Deferred charges and accrued income | 490/1 | €2,152 | - | -€2,152 | |
| Total equity and liabilities | 10/49 | €742,301 | €538,620 | -€203,681 | -27.4% |
| Equity | 10/15 | €156,770 | €122,374 | -€34,396 | -21.9% |
| Contributions | 10/11 | €18,600 | €20,460 | +€1,860 | +10.0% |
| Reserves | 13 | €138,170 | €101,914 | -€36,256 | -26.2% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | €136,310 | €101,914 | -€34,396 | -25.2% |
| Amounts payable | 17/49 | €585,531 | €416,246 | -€169,285 | -28.9% |
| Amounts payable after more than one year | 17 | €48,714 | €37,252 | -€11,462 | -23.5% |
| Financial debts | 170/4 | €48,714 | €37,252 | -€11,462 | -23.5% |
| Amounts payable within one year | 42/48 | €536,817 | €378,994 | -€157,823 | -29.4% |
| Current portion of amounts payable after more than one year | 42 | €11,462 | €11,462 | = | 0.0% |
| Financial debts | 43 | €200,000 | €367,532 | +€167,532 | +83.8% |
| Credit institutions | 430/8 | €200,000 | €200,127 | +€127 | +0.1% |
| Other loans | 439 | - | €167,405 | +€167,405 | |
| Trade debts | 44 | €322,811 | - | -€322,811 | |
| Suppliers | 440/4 | €322,811 | - | -€322,811 | |
| Taxes, remuneration and social security | 45 | €2,544 | - | -€2,544 | |
| Taxes | 450/3 | €2,544 | - | -€2,544 | |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,700 | €6,187 | +€487 | +8.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €1,481 | €10,307 | +€8,826 | +595.8% |
| Gross operating margin | 9900 | €23,115 | -€10,471 | -€33,586 | |
| Operating profit (loss) | 9901 | €15,933 | -€26,965 | -€42,898 | |
| Financial income | 75/76B | €5,334 | €21,953 | +€16,619 | +311.6% |
| Recurring financial income | 75 | €5,334 | €19,402 | +€14,068 | +263.7% |
| Non-recurring financial income | 76B | - | €2,551 | +€2,551 | |
| Financial charges | 65/66B | €10,955 | €29,384 | +€18,429 | +168.2% |
| Recurring financial charges | 65 | €10,955 | €29,384 | +€18,429 | +168.2% |
| Profit (loss) for the period before taxes | 9903 | €10,312 | -€34,396 | -€44,708 | |
| Profit (loss) for the period | 9904 | €10,312 | -€34,396 | -€44,708 | |
| Profit (loss) for the period to be appropriated | 9905 | €10,312 | -€34,396 | -€44,708 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.