VQO: 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.
VQO
Largest movements
- Cash +€353,280
up €353,280 (+3,031%), from €11,655 to €364,935
mainly Receivables after one year (+€186,339) and Investment in fixed assets (net) (+€125,529)
- Receivables after one year -€186,339
down €186,339 (-24.2%), from €768,788 to €582,450
- Tangible fixed assets -€180,444
down €180,444 (-20.6%), from €877,854 to €697,411
of which Land and buildings: -€246,693
- Receivables within one year +€88,361
up €88,361 (+833%), from €10,604 to €98,965
of which Other amounts receivable: +€91,386
- Deferred charges and accrued income -€37,134
no longer reported in 2025 (was €37,134)
- Tax, wage and social debts +€73,565
up €73,565 (+1,988%), from €3,700 to €77,266
- Debts after one year -€46,846
down €46,846 (-22.3%), from €210,540 to €163,694
- Provisions -€35,328
down €35,328 (-22.3%), from €158,593 to €123,265
- Reserves +€33,489
up €33,489 (+3.6%), from €921,177 to €954,666
of which Distributable reserves: +€139,473
- Other debts +€18,361
up €18,361 (+13.2%), from €139,394 to €157,755
- Gross operating margin +€207,154
up €207,154, from -€17,292 to €189,861
- Taxes +€69,962
up €69,962 (+2,382%), from €2,937 to €72,900
- Financial charges +€38,384
up €38,384 (+288%), from €13,332 to €51,716
- Other operating charges +€10,640
up €10,640 (+86.7%), from €12,267 to €22,906
- Depreciation -€5,402
down €5,402 (-9.0%), from €60,317 to €54,914
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 | €1,706,036 | €1,743,761 | +€37,725 | +2.2% |
| Fixed assets | 21/28 | €877,854 | €697,411 | -€180,444 | -20.6% |
| Tangible fixed assets | 22/27 | €877,854 | €697,411 | -€180,444 | -20.6% |
| Land and buildings | 22 | €842,063 | €595,370 | -€246,693 | -29.3% |
| Furniture and vehicles | 24 | €35,791 | €102,040 | +€66,249 | +185% |
| Current assets | 29/58 | €828,182 | €1,046,350 | +€218,168 | +26.3% |
| Amounts receivable after more than one year | 29 | €768,788 | €582,450 | -€186,339 | -24.2% |
| Trade receivables | 290 | €768,788 | €582,450 | -€186,339 | -24.2% |
| Amounts receivable within one year | 40/41 | €10,604 | €98,965 | +€88,361 | +833% |
| Trade receivables | 40 | €9,075 | €6,050 | -€3,025 | -33.3% |
| Other amounts receivable | 41 | €1,529 | €92,915 | +€91,386 | +5,976% |
| Cash at bank and in hand | 54/58 | €11,655 | €364,935 | +€353,280 | +3,031% |
| Deferred charges and accrued income | 490/1 | €37,134 | - | -€37,134 | |
| Total equity and liabilities | 10/49 | €1,706,036 | €1,743,761 | +€37,725 | +2.2% |
| Equity | 10/15 | €1,128,742 | €1,162,231 | +€33,489 | +3.0% |
| Contributions | 10/11 | €293,300 | €293,300 | = | 0.0% |
| Capital | 10 | €293,300 | €293,300 | = | 0.0% |
| Issued capital | 100 | €293,300 | €293,300 | = | 0.0% |
| Reserves | 13 | €921,177 | €954,666 | +€33,489 | +3.6% |
| Non-distributable reserves | 130/1 | €29,330 | €29,330 | = | 0.0% |
| Legal reserve | 130 | €29,330 | €29,330 | = | 0.0% |
| Tax-exempt reserves | 132 | €226,285 | €120,301 | -€105,984 | -46.8% |
| Distributable reserves | 133 | €665,562 | €805,035 | +€139,473 | +21.0% |
| Profit (loss) carried forward | 14 | -€85,734 | -€85,734 | = | 0.0% |
| Provisions and deferred taxes | 16 | €158,593 | €123,265 | -€35,328 | -22.3% |
| Deferred taxes | 168 | €158,593 | €123,265 | -€35,328 | -22.3% |
| Amounts payable | 17/49 | €418,701 | €458,264 | +€39,563 | +9.4% |
| Amounts payable after more than one year | 17 | €210,540 | €163,694 | -€46,846 | -22.3% |
| Financial debts | 170/4 | €210,540 | €163,694 | -€46,846 | -22.3% |
| Amounts payable within one year | 42/48 | €202,764 | €286,009 | +€83,244 | +41.1% |
| Current portion of amounts payable after more than one year | 42 | €54,478 | €46,846 | -€7,632 | -14.0% |
| Trade debts | 44 | €5,192 | €4,142 | -€1,050 | -20.2% |
| Suppliers | 440/4 | €5,192 | €4,142 | -€1,050 | -20.2% |
| Taxes, remuneration and social security | 45 | €3,700 | €77,266 | +€73,565 | +1,988% |
| Taxes | 450/3 | €3,700 | €77,266 | +€73,565 | +1,988% |
| Other amounts payable | 47/48 | €139,394 | €157,755 | +€18,361 | +13.2% |
| Accrued charges and deferred income | 492/3 | €5,396 | €8,561 | +€3,165 | +58.6% |
| Non-recurring operating income | 76A | - | €229,939 | +€229,939 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €60,317 | €54,914 | -€5,402 | -9.0% |
| Other operating charges | 640/8 | €12,267 | €22,906 | +€10,640 | +86.7% |
| Gross operating margin | 9900 | -€17,292 | €189,861 | +€207,154 | |
| Operating profit (loss) | 9901 | -€89,876 | €112,041 | +€201,916 | |
| Financial income | 75/76B | €14,515 | €10,736 | -€3,778 | -26.0% |
| Recurring financial income | 75 | €14,515 | €10,736 | -€3,778 | -26.0% |
| Financial charges | 65/66B | €13,332 | €51,716 | +€38,384 | +288% |
| Recurring financial charges | 65 | €13,332 | €51,716 | +€38,384 | +288% |
| Profit (loss) for the period before taxes | 9903 | -€88,693 | €71,061 | +€159,754 | |
| Transfer from deferred taxes | 780 | €10,601 | €35,328 | +€24,727 | +233% |
| Income taxes | 67/77 | €2,937 | €72,900 | +€69,962 | +2,382% |
| Profit (loss) for the period | 9904 | -€81,030 | €33,489 | +€114,519 | |
| Transfer from tax-exempt reserves | 789 | €31,803 | €105,984 | +€74,181 | +233% |
| Profit (loss) for the period to be appropriated | 9905 | -€49,227 | €139,473 | +€188,700 |
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 21 October 2026 via checked.be.