C SQUARE: 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.
C SQUARE
Largest movements
- Cash -€321,337
down €321,337 (-48.7%), from €659,265 to €337,929
mainly Current investments (-€223,752) and Other debts (-€165,396)
- Current investments +€223,752
new in 2025: €223,752
- Tangible fixed assets +€41,620
up €41,620 (+319.4%), from €13,029 to €54,649
of which Furniture and vehicles: +€44,571
- Receivables after one year -€37,000
no longer reported in 2025 (was €37,000)
- Receivables within one year -€27,116
no longer reported in 2025 (was €27,116)
- Other debts -€165,396
down €165,396 (-92.5%), from €178,744 to €13,348
- Reserves +€42,020
up €42,020 (+7.7%), from €546,772 to €588,791
of which Distributable reserves: +€42,020
- Financial charges -€16,843
down €16,843 (-41.5%), from €40,612 to €23,768
- Gross operating margin +€11,456
up €11,456 (+9.7%), from €118,523 to €129,979
- Taxes +€7,873
up €7,873 (+32.5%), from €24,211 to €32,084
- Depreciation +€5,868
up €5,868 (+95.2%), from €6,161 to €12,030
- Financial income +€4,880
up €4,880 (+53.7%), from €9,084 to €13,964
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 | €761,185 | €637,753 | -€123,432 | -16.2% |
| Fixed assets | 21/28 | €33,249 | €74,869 | +€41,620 | +125.2% |
| Tangible fixed assets | 22/27 | €13,029 | €54,649 | +€41,620 | +319.4% |
| Plant, machinery and equipment | 23 | €2,200 | €1,209 | -€992 | -45.1% |
| Furniture and vehicles | 24 | €7,115 | €51,686 | +€44,571 | +626.4% |
| Other tangible fixed assets | 26 | €3,714 | €1,755 | -€1,959 | -52.8% |
| Financial fixed assets | 28 | €20,220 | €20,220 | = | 0.0% |
| Current assets | 29/58 | €727,936 | €562,884 | -€165,052 | -22.7% |
| Amounts receivable after more than one year | 29 | €37,000 | - | -€37,000 | |
| Other amounts receivable | 291 | €37,000 | - | -€37,000 | |
| Amounts receivable within one year | 40/41 | €27,116 | - | -€27,116 | |
| Trade receivables | 40 | €27,116 | - | -€27,116 | |
| Current investments | 50/53 | - | €223,752 | +€223,752 | |
| Cash at bank and in hand | 54/58 | €659,265 | €337,929 | -€321,337 | -48.7% |
| Deferred charges and accrued income | 490/1 | €4,555 | €1,203 | -€3,352 | -73.6% |
| Total equity and liabilities | 10/49 | €761,185 | €637,753 | -€123,432 | -16.2% |
| Equity | 10/15 | €552,977 | €594,997 | +€42,020 | +7.6% |
| Contributions | 10/11 | €6,205 | €6,205 | = | 0.0% |
| Reserves | 13 | €546,772 | €588,791 | +€42,020 | +7.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €5,370 | €5,370 | = | 0.0% |
| Distributable reserves | 133 | €539,541 | €581,561 | +€42,020 | +7.8% |
| Amounts payable | 17/49 | €208,208 | €42,757 | -€165,452 | -79.5% |
| Amounts payable within one year | 42/48 | €208,004 | €41,840 | -€166,164 | -79.9% |
| Trade debts | 44 | €3,781 | €5,337 | +€1,557 | +41.2% |
| Suppliers | 440/4 | €3,781 | €5,337 | +€1,557 | +41.2% |
| Taxes, remuneration and social security | 45 | €25,480 | €23,155 | -€2,325 | -9.1% |
| Taxes | 450/3 | €17,980 | €15,655 | -€2,325 | -12.9% |
| Remuneration and social security | 454/9 | €7,500 | €7,500 | = | 0.0% |
| Other amounts payable | 47/48 | €178,744 | €13,348 | -€165,396 | -92.5% |
| Accrued charges and deferred income | 492/3 | €204 | €917 | +€712 | +348.8% |
| Non-recurring operating income | 76A | - | €19,008 | +€19,008 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,161 | €12,030 | +€5,868 | +95.2% |
| Other operating charges | 640/8 | €1,483 | €1,184 | -€299 | -20.2% |
| Gross operating margin | 9900 | €118,523 | €129,979 | +€11,456 | +9.7% |
| Operating profit (loss) | 9901 | €110,878 | €116,765 | +€5,887 | +5.3% |
| Financial income | 75/76B | €9,084 | €13,964 | +€4,880 | +53.7% |
| Recurring financial income | 75 | €9,084 | €13,964 | +€4,880 | +53.7% |
| Financial charges | 65/66B | €40,612 | €23,768 | -€16,843 | -41.5% |
| Recurring financial charges | 65 | €40,612 | €23,768 | -€16,843 | -41.5% |
| Profit (loss) for the period before taxes | 9903 | €79,350 | €106,961 | +€27,611 | +34.8% |
| Income taxes | 67/77 | €24,211 | €32,084 | +€7,873 | +32.5% |
| Profit (loss) for the period | 9904 | €55,139 | €74,876 | +€19,738 | +35.8% |
| Profit (loss) for the period to be appropriated | 9905 | €55,139 | €74,876 | +€19,738 | +35.8% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.