VQTM: 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.
VQTM
Largest movements
- Cash -€9,618
down €9,618 (-95.4%), from €10,087 to €469
mainly Debts after one year (-€5,360) and Stocks and contracts (-€4,653)
- Stocks and contracts +€4,653
new in 2025: €4,653
- Tangible fixed assets -€3,386
down €3,386 (-40.8%), from €8,289 to €4,903
of which Furniture and vehicles: -€2,684
- Receivables within one year +€985
up €985 (+11.6%), from €8,523 to €9,508
of which Trade receivables: +€3,173
- Financial fixed assets -€900
down €900 (-50.0%), from €1,800 to €900
- Debts after one year -€5,360
down €5,360 (-40.4%), from €13,261 to €7,901
- Profit (loss) carried forward -€3,014
down €3,014 (-42.9%), from -€7,028 to -€10,042
- Trade debts -€2,574
down €2,574 (-25.7%), from €10,013 to €7,439
- Tax, wage and social debts +€2,343
up €2,343 (+35.9%), from €6,533 to €8,875
of which Taxes: +€2,823
- Current portion of long-term debt +€440
up €440 (+8.9%), from €4,920 to €5,360
- Purchases and services -€32,758
down €32,758 (-18.4%), from €178,273 to €145,514
- Gross operating margin +€6,822
up €6,822 (+10.8%), from €63,400 to €70,222
- Financial charges +€2,760
up €2,760 (+129%), from €2,145 to €4,905
of which Non-recurring financial charges: +€2,823
- Taxes -€2,514
no longer reported in 2025 (was €2,514)
- Staff costs +€2,138
up €2,138 (+3.8%), from €56,685 to €58,823
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 | €28,699 | €20,533 | -€8,166 | -28.5% |
| Fixed assets | 21/28 | €10,089 | €5,803 | -€4,286 | -42.5% |
| Tangible fixed assets | 22/27 | €8,289 | €4,903 | -€3,386 | -40.8% |
| Plant, machinery and equipment | 23 | €1,087 | €385 | -€702 | -64.6% |
| Furniture and vehicles | 24 | €7,202 | €4,518 | -€2,684 | -37.3% |
| Financial fixed assets | 28 | €1,800 | €900 | -€900 | -50.0% |
| Current assets | 29/58 | €18,610 | €14,730 | -€3,880 | -20.8% |
| Stocks and contracts in progress | 3 | - | €4,653 | +€4,653 | |
| Stocks | 30/36 | - | €4,653 | +€4,653 | |
| Amounts receivable within one year | 40/41 | €8,523 | €9,508 | +€985 | +11.6% |
| Trade receivables | 40 | €3,666 | €6,839 | +€3,173 | +86.5% |
| Other amounts receivable | 41 | €4,857 | €2,669 | -€2,188 | -45.0% |
| Cash at bank and in hand | 54/58 | €10,087 | €469 | -€9,618 | -95.4% |
| Deferred charges and accrued income | 490/1 | - | €100 | +€100 | |
| Total equity and liabilities | 10/49 | €28,699 | €20,533 | -€8,166 | -28.5% |
| Equity | 10/15 | -€6,028 | -€9,042 | -€3,014 | -50.0% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€7,028 | -€10,042 | -€3,014 | -42.9% |
| Amounts payable | 17/49 | €34,727 | €29,576 | -€5,152 | -14.8% |
| Amounts payable after more than one year | 17 | €13,261 | €7,901 | -€5,360 | -40.4% |
| Financial debts | 170/4 | €13,261 | €7,901 | -€5,360 | -40.4% |
| Amounts payable within one year | 42/48 | €21,466 | €21,675 | +€209 | +1.0% |
| Current portion of amounts payable after more than one year | 42 | €4,920 | €5,360 | +€440 | +8.9% |
| Trade debts | 44 | €10,013 | €7,439 | -€2,574 | -25.7% |
| Suppliers | 440/4 | €10,013 | €7,439 | -€2,574 | -25.7% |
| Taxes, remuneration and social security | 45 | €6,533 | €8,875 | +€2,343 | +35.9% |
| Taxes | 450/3 | €2,514 | €5,338 | +€2,823 | +112% |
| Remuneration and social security | 454/9 | €4,018 | €3,538 | -€481 | -12.0% |
| Non-recurring operating income | 76A | €0 | €76 | +€76 | +21,056% |
| Goods, raw materials, services and sundry goods | 60/61 | €178,273 | €145,514 | -€32,758 | -18.4% |
| Remuneration, social security and pensions | 62 | €56,685 | €58,823 | +€2,138 | +3.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,873 | €3,386 | +€513 | +17.9% |
| Other operating charges | 640/8 | €888 | €1,097 | +€210 | +23.6% |
| Non-recurring operating charges | 66A | €600 | €5,024 | +€4,424 | +738% |
| Gross operating margin | 9900 | €63,400 | €70,222 | +€6,822 | +10.8% |
| Operating profit (loss) | 9901 | €2,355 | €1,891 | -€463 | -19.7% |
| Financial charges | 65/66B | €2,145 | €4,905 | +€2,760 | +129% |
| Recurring financial charges | 65 | €2,145 | €2,082 | -€63 | -2.9% |
| Non-recurring financial charges | 66B | - | €2,823 | +€2,823 | |
| Profit (loss) for the period before taxes | 9903 | €209 | -€3,014 | -€3,224 | |
| Income taxes | 67/77 | €2,514 | - | -€2,514 | |
| Profit (loss) for the period | 9904 | -€2,305 | -€3,014 | -€709 | -30.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,305 | -€3,014 | -€709 | -30.8% |
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 18 October 2026 via checked.be.