VOQUALS: 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.
VOQUALS
Largest movements
- Current investments +€50,554
up €50,554 (+15.0%), from €338,102 to €388,656
- Tangible fixed assets +€32,930
up €32,930 (+1.7%), from €1.9m to €1.9m
of which Land and buildings: +€33,764
- Debts after one year +€63,225
up €63,225 (+13.4%), from €470,906 to €534,131
of which Financial debts: +€68,764
- Reserves +€29,884
up €29,884 (+6.8%), from €442,707 to €472,591
of which Distributable reserves: +€29,884
- Short-term financial debts +€25,000
up €25,000 (+38.5%), from €65,000 to €90,000
- Financial income -€54,761
down €54,761 (-72.1%), from €75,902 to €21,141
- Gross operating margin +€6,304
up €6,304 (+4.3%), from €145,469 to €151,773
- Taxes -€4,355
down €4,355 (-50.4%), from €8,643 to €4,289
- Depreciation +€3,258
up €3,258 (+4.8%), from €67,954 to €71,212
- Financial charges -€2,863
down €2,863 (-6.6%), from €43,235 to €40,372
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 | €2,301,660 | €2,406,928 | +€105,269 | +4.6% |
| Fixed assets | 21/28 | €1,915,777 | €1,948,706 | +€32,930 | +1.7% |
| Tangible fixed assets | 22/27 | €1,915,777 | €1,948,706 | +€32,930 | +1.7% |
| Land and buildings | 22 | €1,873,338 | €1,907,102 | +€33,764 | +1.8% |
| Plant, machinery and equipment | 23 | €2,989 | €14,900 | +€11,911 | +399% |
| Furniture and vehicles | 24 | €39,450 | €26,705 | -€12,745 | -32.3% |
| Current assets | 29/58 | €385,883 | €458,222 | +€72,339 | +18.7% |
| Amounts receivable within one year | 40/41 | €39,532 | €58,516 | +€18,984 | +48.0% |
| Trade receivables | 40 | €17,246 | €46,205 | +€28,959 | +168% |
| Other amounts receivable | 41 | €22,286 | €12,311 | -€9,975 | -44.8% |
| Current investments | 50/53 | €338,102 | €388,656 | +€50,554 | +15.0% |
| Cash at bank and in hand | 54/58 | €2,859 | €6,165 | +€3,306 | +116% |
| Deferred charges and accrued income | 490/1 | €5,389 | €4,885 | -€504 | -9.4% |
| Total equity and liabilities | 10/49 | €2,301,660 | €2,406,928 | +€105,269 | +4.6% |
| Equity | 10/15 | €1,604,707 | €1,634,591 | +€29,884 | +1.9% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Contributions outside capital | 11 | €62,000 | €62,000 | = | 0.0% |
| Other | 1109/19 | €62,000 | €62,000 | = | 0.0% |
| Revaluation surpluses | 12 | €1,100,000 | €1,100,000 | = | 0.0% |
| Reserves | 13 | €442,707 | €472,591 | +€29,884 | +6.8% |
| Tax-exempt reserves | 132 | €26,750 | €26,750 | = | 0.0% |
| Distributable reserves | 133 | €415,957 | €445,841 | +€29,884 | +7.2% |
| Amounts payable | 17/49 | €696,953 | €772,337 | +€75,385 | +10.8% |
| Amounts payable after more than one year | 17 | €470,906 | €534,131 | +€63,225 | +13.4% |
| Financial debts | 170/4 | €128,503 | €197,267 | +€68,764 | +53.5% |
| Other amounts payable | 178/9 | €342,403 | €336,865 | -€5,539 | -1.6% |
| Amounts payable within one year | 42/48 | €194,680 | €210,956 | +€16,276 | +8.4% |
| Current portion of amounts payable after more than one year | 42 | €97,512 | €84,582 | -€12,930 | -13.3% |
| Financial debts | 43 | €65,000 | €90,000 | +€25,000 | +38.5% |
| Credit institutions | 430/8 | €65,000 | €90,000 | +€25,000 | +38.5% |
| Trade debts | 44 | €4,015 | €11,209 | +€7,194 | +179% |
| Suppliers | 440/4 | €4,015 | €11,209 | +€7,194 | +179% |
| Taxes, remuneration and social security | 45 | €9,591 | €8,145 | -€1,447 | -15.1% |
| Taxes | 450/3 | €9,591 | €8,145 | -€1,447 | -15.1% |
| Other amounts payable | 47/48 | €18,562 | €17,020 | -€1,542 | -8.3% |
| Accrued charges and deferred income | 492/3 | €31,366 | €27,250 | -€4,116 | -13.1% |
| Non-recurring operating income | 76A | €1,351 | €5,737 | +€4,386 | +325% |
| Remuneration, social security and pensions | 62 | €681 | €1,753 | +€1,072 | +157% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,954 | €71,212 | +€3,258 | +4.8% |
| Other operating charges | 640/8 | €22,775 | €25,403 | +€2,629 | +11.5% |
| Gross operating margin | 9900 | €145,469 | €151,773 | +€6,304 | +4.3% |
| Operating profit (loss) | 9901 | €54,059 | €53,404 | -€655 | -1.2% |
| Financial income | 75/76B | €75,902 | €21,141 | -€54,761 | -72.1% |
| Recurring financial income | 75 | €75,902 | €21,141 | -€54,761 | -72.1% |
| Financial charges | 65/66B | €43,235 | €40,372 | -€2,863 | -6.6% |
| Recurring financial charges | 65 | €43,235 | €40,372 | -€2,863 | -6.6% |
| Profit (loss) for the period before taxes | 9903 | €86,725 | €34,173 | -€52,553 | -60.6% |
| Income taxes | 67/77 | €8,643 | €4,289 | -€4,355 | -50.4% |
| Profit (loss) for the period | 9904 | €78,082 | €29,884 | -€48,198 | -61.7% |
| Profit (loss) for the period to be appropriated | 9905 | €78,082 | €29,884 | -€48,198 | -61.7% |
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 14 October 2026 via checked.be.