VQ-MAXE: 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.
VQ-MAXE
Largest movements
- Financial fixed assets -€753,114
no longer reported in 2025 (was €753,114)
- Cash -€383,005
down €383,005 (-20.4%), from €1.9m to €1.5m
mainly Contributions, distributions and other (-€716,498) and Current investments (-€325,000)
- Current investments +€325,000
new in 2025: €325,000
- Receivables after one year +€156,648
up €156,648 (+278.7%), from €56,207 to €212,855
- Tangible fixed assets +€44,355
up €44,355 (+3.6%), from €1.2m to €1.3m
of which Land and buildings: +€62,276
- Reserves -€648,853
down €648,853 (-37.3%), from €1.7m to €1.1m
- Other debts +€226,235
up €226,235 (+394.5%), from €57,346 to €283,581
- Debts after one year -€168,035
down €168,035 (-11.8%), from €1.4m to €1.3m
of which Financial debts: -€168,035
- Financial income -€1.9m
down €1.9m (-98.8%), from €1.9m to €22,182
- Financial charges -€1.1m
down €1.1m (-96.8%), from €1.1m to €35,163
of which Non-recurring financial charges: -€1.1m
- Taxes -€75,200
down €75,200 (-62.1%), from €121,188 to €45,987
- Gross operating margin +€32,178
up €32,178 (+12.9%), from €250,319 to €282,497
- Depreciation +€15,200
up €15,200 (+44.3%), from €34,320 to €49,520
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 | €3,935,361 | €3,355,528 | -€579,833 | -14.7% |
| Formation expenses | 20 | - | €0 | = | |
| Fixed assets | 21/28 | €1,995,095 | €1,286,336 | -€708,759 | -35.5% |
| Tangible fixed assets | 22/27 | €1,241,981 | €1,286,336 | +€44,355 | +3.6% |
| Land and buildings | 22 | €1,213,638 | €1,275,914 | +€62,276 | +5.1% |
| Plant, machinery and equipment | 23 | €6,556 | €6,224 | -€332 | -5.1% |
| Furniture and vehicles | 24 | €21,787 | €4,198 | -€17,589 | -80.7% |
| Financial fixed assets | 28 | €753,114 | - | -€753,114 | |
| Current assets | 29/58 | €1,940,266 | €2,069,192 | +€128,926 | +6.6% |
| Amounts receivable after more than one year | 29 | €56,207 | €212,855 | +€156,648 | +278.7% |
| Other amounts receivable | 291 | €56,207 | €212,855 | +€156,648 | +278.7% |
| Amounts receivable within one year | 40/41 | €1,883 | €32,484 | +€30,601 | +1625.2% |
| Trade receivables | 40 | €1,883 | €1,961 | +€78 | +4.1% |
| Other amounts receivable | 41 | - | €30,523 | +€30,523 | |
| Current investments | 50/53 | - | €325,000 | +€325,000 | |
| Cash at bank and in hand | 54/58 | €1,880,934 | €1,497,929 | -€383,005 | -20.4% |
| Deferred charges and accrued income | 490/1 | €1,242 | €924 | -€318 | -25.6% |
| Total equity and liabilities | 10/49 | €3,935,361 | €3,355,528 | -€579,833 | -14.7% |
| Equity | 10/15 | €2,229,886 | €1,581,033 | -€648,853 | -29.1% |
| Contributions | 10/11 | €492,400 | €492,400 | = | 0.0% |
| Reserves | 13 | €1,737,486 | €1,088,633 | -€648,853 | -37.3% |
| Distributable reserves | 133 | €1,737,486 | €1,088,633 | -€648,853 | -37.3% |
| Profit (loss) carried forward | 14 | - | €0 | +€0 | |
| Amounts payable | 17/49 | €1,705,475 | €1,774,495 | +€69,021 | +4.0% |
| Amounts payable after more than one year | 17 | €1,423,526 | €1,255,491 | -€168,035 | -11.8% |
| Financial debts | 170/4 | €1,411,126 | €1,243,091 | -€168,035 | -11.9% |
| Other amounts payable | 178/9 | €12,400 | €12,400 | = | 0.0% |
| Amounts payable within one year | 42/48 | €278,121 | €515,124 | +€237,003 | +85.2% |
| Current portion of amounts payable after more than one year | 42 | €171,637 | €168,035 | -€3,602 | -2.1% |
| Trade debts | 44 | €6,347 | €13,745 | +€7,398 | +116.6% |
| Suppliers | 440/4 | €6,347 | €13,745 | +€7,398 | +116.6% |
| Taxes, remuneration and social security | 45 | €42,792 | €49,763 | +€6,971 | +16.3% |
| Taxes | 450/3 | €42,094 | €48,862 | +€6,768 | +16.1% |
| Remuneration and social security | 454/9 | €698 | €902 | +€203 | +29.1% |
| Other amounts payable | 47/48 | €57,346 | €283,581 | +€226,235 | +394.5% |
| Accrued charges and deferred income | 492/3 | €3,828 | €3,880 | +€53 | +1.4% |
| Remuneration, social security and pensions | 62 | €8,320 | €6,579 | -€1,741 | -20.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,320 | €49,520 | +€15,200 | +44.3% |
| Other operating charges | 640/8 | €36,553 | €50,412 | +€13,859 | +37.9% |
| Non-recurring operating charges | 66A | - | €49,374 | +€49,374 | |
| Gross operating margin | 9900 | €250,319 | €282,497 | +€32,178 | +12.9% |
| Operating profit (loss) | 9901 | €171,126 | €126,613 | -€44,514 | -26.0% |
| Financial income | 75/76B | €1,898,227 | €22,182 | -€1.9m | -98.8% |
| Recurring financial income | 75 | €1,898,227 | €22,182 | -€1.9m | -98.8% |
| Financial charges | 65/66B | €1,111,178 | €35,163 | -€1.1m | -96.8% |
| Recurring financial charges | 65 | €36,178 | €35,163 | -€1,015 | -2.8% |
| Non-recurring financial charges | 66B | €1,075,000 | - | -€1.1m | |
| Profit (loss) for the period before taxes | 9903 | €958,176 | €113,632 | -€844,544 | -88.1% |
| Income taxes | 67/77 | €121,188 | €45,987 | -€75,200 | -62.1% |
| Profit (loss) for the period | 9904 | €836,988 | €67,644 | -€769,344 | -91.9% |
| Profit (loss) for the period to be appropriated | 9905 | €836,988 | €67,644 | -€769,344 | -91.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.