A-SQUARED: 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.
A-SQUARED
Largest movements
- Financial fixed assets +€174,471
up €174,471 (+5,208%), from €3,350 to €177,821
- Cash -€58,078
down €58,078 (-94.0%), from €61,813 to €3,735
mainly Investment in fixed assets (net) (-€154,040) and Contributions, distributions and other (-€49,146)
- Tangible fixed assets -€50,174
down €50,174 (-32.2%), from €156,041 to €105,867
of which Furniture and vehicles: -€45,776
- Receivables within one year +€47,231
up €47,231 (+43.6%), from €108,257 to €155,489
of which Other amounts receivable: +€78,921
- Debts after one year +€61,698
up €61,698 (+83.7%), from €73,671 to €135,369
- Current portion of long-term debt +€40,405
up €40,405 (+216%), from €18,740 to €59,145
- Trade debts +€21,740
up €21,740 (+475%), from €4,573 to €26,313
- Reserves -€16,511
down €16,511 (-3.6%), from €458,360 to €441,849
- Tax, wage and social debts +€9,267
up €9,267 (+145%), from €6,407 to €15,674
of which Remuneration and social security: +€6,534
- Gross operating margin +€126,450
up €126,450, from -€25,120 to €101,330
- Financial income -€109,454
down €109,454 (-90.9%), from €120,445 to €10,992
- Staff costs +€38,129
up €38,129 (+15,252%), from €250 to €38,379
- Depreciation +€13,025
up €13,025 (+77.9%), from €16,719 to €29,743
- Taxes -€3,235
down €3,235 (-45.3%), from €7,147 to €3,912
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 | €571,751 | €688,351 | +€116,600 | +20.4% |
| Fixed assets | 21/28 | €159,391 | €283,688 | +€124,297 | +78.0% |
| Tangible fixed assets | 22/27 | €156,041 | €105,867 | -€50,174 | -32.2% |
| Plant, machinery and equipment | 23 | €3,101 | €2,078 | -€1,023 | -33.0% |
| Furniture and vehicles | 24 | €146,121 | €100,345 | -€45,776 | -31.3% |
| Other tangible fixed assets | 26 | €6,819 | €3,444 | -€3,375 | -49.5% |
| Financial fixed assets | 28 | €3,350 | €177,821 | +€174,471 | +5,208% |
| Current assets | 29/58 | €412,359 | €404,663 | -€7,697 | -1.9% |
| Amounts receivable after more than one year | 29 | €212,500 | €212,500 | = | 0.0% |
| Other amounts receivable | 291 | €212,500 | €212,500 | = | 0.0% |
| Stocks and contracts in progress | 3 | €27,685 | €26,694 | -€991 | -3.6% |
| Stocks | 30/36 | €27,685 | €26,694 | -€991 | -3.6% |
| Amounts receivable within one year | 40/41 | €108,257 | €155,489 | +€47,231 | +43.6% |
| Trade receivables | 40 | €79,422 | €47,732 | -€31,690 | -39.9% |
| Other amounts receivable | 41 | €28,835 | €107,756 | +€78,921 | +274% |
| Cash at bank and in hand | 54/58 | €61,813 | €3,735 | -€58,078 | -94.0% |
| Deferred charges and accrued income | 490/1 | €2,104 | €6,245 | +€4,141 | +197% |
| Total equity and liabilities | 10/49 | €571,751 | €688,351 | +€116,600 | +20.4% |
| Equity | 10/15 | €468,360 | €451,849 | -€16,511 | -3.5% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €458,360 | €441,849 | -€16,511 | -3.6% |
| Distributable reserves | 133 | €458,360 | €441,849 | -€16,511 | -3.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €103,390 | €236,502 | +€133,111 | +129% |
| Amounts payable after more than one year | 17 | €73,671 | €135,369 | +€61,698 | +83.7% |
| Financial debts | 170/4 | €73,671 | €135,369 | +€61,698 | +83.7% |
| Amounts payable within one year | 42/48 | €29,720 | €101,132 | +€71,413 | +240% |
| Current portion of amounts payable after more than one year | 42 | €18,740 | €59,145 | +€40,405 | +216% |
| Trade debts | 44 | €4,573 | €26,313 | +€21,740 | +475% |
| Suppliers | 440/4 | €4,573 | €26,313 | +€21,740 | +475% |
| Taxes, remuneration and social security | 45 | €6,407 | €15,674 | +€9,267 | +145% |
| Taxes | 450/3 | €6,407 | €9,140 | +€2,733 | +42.7% |
| Remuneration and social security | 454/9 | - | €6,534 | +€6,534 | |
| Other amounts payable | 47/48 | €0 | - | = | |
| Non-recurring operating income | 76A | - | €48,371 | +€48,371 | |
| Remuneration, social security and pensions | 62 | €250 | €38,379 | +€38,129 | +15,252% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,719 | €29,743 | +€13,025 | +77.9% |
| Other operating charges | 640/8 | €2,275 | €2,684 | +€409 | +18.0% |
| Non-recurring operating charges | 66A | - | €779 | +€779 | |
| Gross operating margin | 9900 | -€25,120 | €101,330 | +€126,450 | |
| Operating profit (loss) | 9901 | -€44,364 | €29,744 | +€74,109 | |
| Financial income | 75/76B | €120,445 | €10,992 | -€109,454 | -90.9% |
| Recurring financial income | 75 | €120,445 | €10,992 | -€109,454 | -90.9% |
| Financial charges | 65/66B | €2,194 | €4,189 | +€1,996 | +91.0% |
| Recurring financial charges | 65 | €2,194 | €4,189 | +€1,996 | +91.0% |
| Profit (loss) for the period before taxes | 9903 | €73,888 | €36,547 | -€37,341 | -50.5% |
| Income taxes | 67/77 | €7,147 | €3,912 | -€3,235 | -45.3% |
| Profit (loss) for the period | 9904 | €66,741 | €32,635 | -€34,106 | -51.1% |
| Profit (loss) for the period to be appropriated | 9905 | €66,741 | €32,635 | -€34,106 | -51.1% |
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 31 October 2026 via checked.be.