15SQUARE: 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.
15SQUARE
Largest movements
- Receivables within one year +€93,304
up €93,304 (+38.6%), from €241,668 to €334,972
of which Other amounts receivable: +€102,688
- Tangible fixed assets -€61,935
down €61,935 (-3.2%), from €1.9m to €1.9m
of which Plant, machinery and equipment: -€52,711
- Cash -€23,507
down €23,507 (-30.8%), from €76,411 to €52,905
mainly Debts after one year (-€130,914) and Receivables within one year (-€93,304)
- Debts after one year -€130,914
down €130,914 (-22.3%), from €586,594 to €455,680
- Reserves +€63,471
up €63,471 (+63.1%), from €100,635 to €164,106
of which Distributable reserves: +€63,471
- Other debts +€47,777
up €47,777 (+50.5%), from €94,604 to €142,380
- Gross operating margin -€46,375
down €46,375 (-20.1%), from €231,258 to €184,884
- Taxes +€17,477
up €17,477 (+4417.6%), from €396 to €17,873
- Financial charges -€14,719
down €14,719 (-38.1%), from €38,624 to €23,905
- Depreciation +€8,024
up €8,024 (+11.8%), from €67,810 to €75,835
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 | €2,266,943 | €2,269,228 | +€2,285 | +0.1% |
| Fixed assets | 21/28 | €1,942,604 | €1,880,670 | -€61,935 | -3.2% |
| Tangible fixed assets | 22/27 | €1,942,604 | €1,880,670 | -€61,935 | -3.2% |
| Land and buildings | 22 | €1,079,592 | €1,060,998 | -€18,594 | -1.7% |
| Plant, machinery and equipment | 23 | €855,342 | €802,631 | -€52,711 | -6.2% |
| Furniture and vehicles | 24 | €7,670 | €17,040 | +€9,370 | +122.2% |
| Current assets | 29/58 | €324,339 | €388,559 | +€64,220 | +19.8% |
| Amounts receivable within one year | 40/41 | €241,668 | €334,972 | +€93,304 | +38.6% |
| Trade receivables | 40 | €11,625 | €2,241 | -€9,384 | -80.7% |
| Other amounts receivable | 41 | €230,043 | €332,731 | +€102,688 | +44.6% |
| Cash at bank and in hand | 54/58 | €76,411 | €52,905 | -€23,507 | -30.8% |
| Deferred charges and accrued income | 490/1 | €6,259 | €681 | -€5,578 | -89.1% |
| Total equity and liabilities | 10/49 | €2,266,943 | €2,269,228 | +€2,285 | +0.1% |
| Equity | 10/15 | €1,431,800 | €1,495,271 | +€63,471 | +4.4% |
| Contributions | 10/11 | €1,331,165 | €1,331,165 | = | 0.0% |
| Reserves | 13 | €100,635 | €164,106 | +€63,471 | +63.1% |
| Non-distributable reserves | 130/1 | €3,720 | €3,720 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,720 | €3,720 | = | 0.0% |
| Distributable reserves | 133 | €96,915 | €160,386 | +€63,471 | +65.5% |
| Amounts payable | 17/49 | €835,144 | €773,957 | -€61,186 | -7.3% |
| Amounts payable after more than one year | 17 | €586,594 | €455,680 | -€130,914 | -22.3% |
| Financial debts | 170/4 | €586,594 | €455,680 | -€130,914 | -22.3% |
| Amounts payable within one year | 42/48 | €243,330 | €312,073 | +€68,743 | +28.3% |
| Current portion of amounts payable after more than one year | 42 | €125,728 | €130,896 | +€5,167 | +4.1% |
| Trade debts | 44 | €18,670 | €19,866 | +€1,196 | +6.4% |
| Suppliers | 440/4 | €18,670 | €19,866 | +€1,196 | +6.4% |
| Taxes, remuneration and social security | 45 | €4,328 | €18,931 | +€14,603 | +337.4% |
| Taxes | 450/3 | €4,328 | €18,931 | +€14,603 | +337.4% |
| Other amounts payable | 47/48 | €94,604 | €142,380 | +€47,777 | +50.5% |
| Accrued charges and deferred income | 492/3 | €5,219 | €6,204 | +€985 | +18.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,810 | €75,835 | +€8,024 | +11.8% |
| Other operating charges | 640/8 | €8,080 | €8,139 | +€60 | +0.7% |
| Gross operating margin | 9900 | €231,258 | €184,884 | -€46,375 | -20.1% |
| Operating profit (loss) | 9901 | €155,368 | €100,909 | -€54,459 | -35.1% |
| Financial income | 75/76B | €3,548 | €4,340 | +€793 | +22.3% |
| Recurring financial income | 75 | €3,548 | €4,340 | +€793 | +22.3% |
| Financial charges | 65/66B | €38,624 | €23,905 | -€14,719 | -38.1% |
| Recurring financial charges | 65 | €38,624 | €23,905 | -€14,719 | -38.1% |
| Profit (loss) for the period before taxes | 9903 | €120,292 | €81,344 | -€38,948 | -32.4% |
| Income taxes | 67/77 | €396 | €17,873 | +€17,477 | +4417.6% |
| Profit (loss) for the period | 9904 | €119,896 | €63,471 | -€56,425 | -47.1% |
| Profit (loss) for the period to be appropriated | 9905 | €119,896 | €63,471 | -€56,425 | -47.1% |
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 9 October 2026 via checked.be.