C-Square Management: 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.
C-Square Management
Largest movements
- Cash +€71,637
up €71,637 (+175.0%), from €40,932 to €112,569
mainly Net result for the year (+€66,840) and Depreciation (+€19,623)
- Tangible fixed assets -€18,285
down €18,285 (-24.3%), from €75,129 to €56,844
of which Leasing and similar rights: -€15,968
- Receivables within one year +€5,710
up €5,710 (+28.6%), from €19,966 to €25,676
of which Trade receivables: +€5,740
- Reserves +€66,840
up €66,840 (+150.5%), from €44,416 to €111,256
- Debts after one year -€15,262
down €15,262 (-29.3%), from €52,106 to €36,845
- Tax, wage and social debts +€6,319
up €6,319 (+29.3%), from €21,547 to €27,866
- Trade debts +€2,121
up €2,121 (+163.7%), from €1,296 to €3,417
- Gross operating margin +€33,801
up €33,801 (+45.5%), from €74,310 to €108,111
- Taxes +€5,838
up €5,838 (+50.5%), from €11,570 to €17,408
- Depreciation +€4,025
up €4,025 (+25.8%), from €15,598 to €19,623
- Other operating charges +€1,850
up €1,850 (+1016.9%), from €182 to €2,032
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 | €136,577 | €197,145 | +€60,568 | +44.3% |
| Fixed assets | 21/28 | €75,129 | €56,844 | -€18,285 | -24.3% |
| Tangible fixed assets | 22/27 | €75,129 | €56,844 | -€18,285 | -24.3% |
| Plant, machinery and equipment | 23 | €2,441 | €1,872 | -€569 | -23.3% |
| Furniture and vehicles | 24 | €7,154 | €5,406 | -€1,748 | -24.4% |
| Leasing and similar rights | 25 | €65,533 | €49,566 | -€15,968 | -24.4% |
| Current assets | 29/58 | €61,448 | €140,302 | +€78,854 | +128.3% |
| Amounts receivable within one year | 40/41 | €19,966 | €25,676 | +€5,710 | +28.6% |
| Trade receivables | 40 | €19,936 | €25,676 | +€5,740 | +28.8% |
| Other amounts receivable | 41 | €30 | €0 | -€30 | -100.0% |
| Cash at bank and in hand | 54/58 | €40,932 | €112,569 | +€71,637 | +175.0% |
| Deferred charges and accrued income | 490/1 | €550 | €2,057 | +€1,507 | +273.9% |
| Total equity and liabilities | 10/49 | €136,577 | €197,145 | +€60,568 | +44.3% |
| Equity | 10/15 | €46,916 | €113,756 | +€66,840 | +142.5% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €44,416 | €111,256 | +€66,840 | +150.5% |
| Distributable reserves | 133 | €44,416 | €111,256 | +€66,840 | +150.5% |
| Amounts payable | 17/49 | €89,661 | €83,390 | -€6,272 | -7.0% |
| Amounts payable after more than one year | 17 | €52,106 | €36,845 | -€15,262 | -29.3% |
| Financial debts | 170/4 | €52,106 | €36,845 | -€15,262 | -29.3% |
| Amounts payable within one year | 42/48 | €37,555 | €46,545 | +€8,990 | +23.9% |
| Current portion of amounts payable after more than one year | 42 | €14,712 | €15,262 | +€550 | +3.7% |
| Trade debts | 44 | €1,296 | €3,417 | +€2,121 | +163.7% |
| Suppliers | 440/4 | €1,296 | €3,417 | +€2,121 | +163.7% |
| Taxes, remuneration and social security | 45 | €21,547 | €27,866 | +€6,319 | +29.3% |
| Taxes | 450/3 | €21,547 | €27,866 | +€6,319 | +29.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,598 | €19,623 | +€4,025 | +25.8% |
| Other operating charges | 640/8 | €182 | €2,032 | +€1,850 | +1016.9% |
| Gross operating margin | 9900 | €74,310 | €108,111 | +€33,801 | +45.5% |
| Operating profit (loss) | 9901 | €58,529 | €86,455 | +€27,925 | +47.7% |
| Financial income | 75/76B | €3 | €24 | +€21 | +681.3% |
| Recurring financial income | 75 | €3 | €24 | +€21 | +681.3% |
| Financial charges | 65/66B | €2,547 | €2,231 | -€316 | -12.4% |
| Recurring financial charges | 65 | €2,547 | €2,231 | -€316 | -12.4% |
| Profit (loss) for the period before taxes | 9903 | €55,985 | €84,248 | +€28,262 | +50.5% |
| Income taxes | 67/77 | €11,570 | €17,408 | +€5,838 | +50.5% |
| Profit (loss) for the period | 9904 | €44,416 | €66,840 | +€22,424 | +50.5% |
| Profit (loss) for the period to be appropriated | 9905 | €44,416 | €66,840 | +€22,424 | +50.5% |
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.