D-KWADRAAT: what changed
D-KWADRAAT
Largest movements
- Cash -€63,512
down €63,512 (-53.2%), from €119,416 to €55,904
mainly Contributions, distributions and other (-€100,000) and Investment in fixed assets (net) (-€54,394)
- Tangible fixed assets +€30,141
up €30,141 (+40.8%), from €73,851 to €103,992
of which Land and buildings: +€52,323
- Receivables within one year -€2,454
down €2,454 (-16.0%), from €15,353 to €12,899
of which Trade receivables: -€1,879
- Reserves -€68,509
down €68,509 (-45.4%), from €150,919 to €82,410
of which Tax-exempt reserves: -€42,100
- Other debts +€44,300
up €44,300 (+4,388%), from €1,010 to €45,310
- Debts after one year -€11,952
down €11,952 (-31.3%), from €38,199 to €26,247
- Current portion of long-term debt -€3,939
down €3,939 (-24.8%), from €15,891 to €11,952
- Trade debts +€2,553
up €2,553 (+144%), from €1,773 to €4,326
- Depreciation -€3,290
down €3,290 (-11.9%), from €27,544 to €24,253
- Gross operating margin -€765
down €765 (-1.1%), from €71,902 to €71,138
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €217,031 | €181,381 | -€35,650 | -16.4% |
| Fixed assets | 21/28 | €73,851 | €103,992 | +€30,141 | +40.8% |
| Tangible fixed assets | 22/27 | €73,851 | €103,992 | +€30,141 | +40.8% |
| Land and buildings | 22 | - | €52,323 | +€52,323 | |
| Furniture and vehicles | 24 | €73,851 | €51,669 | -€22,181 | -30.0% |
| Current assets | 29/58 | €143,180 | €77,389 | -€65,791 | -45.9% |
| Amounts receivable within one year | 40/41 | €15,353 | €12,899 | -€2,454 | -16.0% |
| Trade receivables | 40 | €14,778 | €12,899 | -€1,879 | -12.7% |
| Other amounts receivable | 41 | €575 | €0 | -€575 | -100% |
| Current investments | 50/53 | €5,807 | €5,807 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €119,416 | €55,904 | -€63,512 | -53.2% |
| Deferred charges and accrued income | 490/1 | €2,604 | €2,778 | +€174 | +6.7% |
| Total equity and liabilities | 10/49 | €217,031 | €181,381 | -€35,650 | -16.4% |
| Equity | 10/15 | €152,919 | €84,410 | -€68,509 | -44.8% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €150,919 | €82,410 | -€68,509 | -45.4% |
| Tax-exempt reserves | 132 | €42,100 | €0 | -€42,100 | -100% |
| Distributable reserves | 133 | €108,819 | €82,410 | -€26,409 | -24.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €64,112 | €96,971 | +€32,859 | +51.3% |
| Amounts payable after more than one year | 17 | €38,199 | €26,247 | -€11,952 | -31.3% |
| Financial debts | 170/4 | €38,199 | €26,247 | -€11,952 | -31.3% |
| Amounts payable within one year | 42/48 | €25,913 | €69,563 | +€43,650 | +168% |
| Current portion of amounts payable after more than one year | 42 | €15,891 | €11,952 | -€3,939 | -24.8% |
| Trade debts | 44 | €1,773 | €4,326 | +€2,553 | +144% |
| Suppliers | 440/4 | €1,773 | €4,326 | +€2,553 | +144% |
| Taxes, remuneration and social security | 45 | €7,239 | €7,976 | +€736 | +10.2% |
| Taxes | 450/3 | €7,239 | €7,976 | +€736 | +10.2% |
| Other amounts payable | 47/48 | €1,010 | €45,310 | +€44,300 | +4,388% |
| Accrued charges and deferred income | 492/3 | - | €1,161 | +€1,161 | |
| Remuneration, social security and pensions | 62 | €1,920 | €1,920 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,544 | €24,253 | -€3,290 | -11.9% |
| Other operating charges | 640/8 | €1,663 | €1,389 | -€274 | -16.5% |
| Gross operating margin | 9900 | €71,902 | €71,138 | -€765 | -1.1% |
| Operating profit (loss) | 9901 | €40,776 | €43,576 | +€2,800 | +6.9% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €2,264 | €1,655 | -€609 | -26.9% |
| Recurring financial charges | 65 | €2,264 | €1,655 | -€609 | -26.9% |
| Profit (loss) for the period before taxes | 9903 | €38,512 | €41,921 | +€3,409 | +8.9% |
| Income taxes | 67/77 | €10,425 | €10,430 | +€5 | 0.0% |
| Profit (loss) for the period | 9904 | €28,087 | €31,491 | +€3,404 | +12.1% |
| Transfer from tax-exempt reserves | 789 | - | €42,100 | +€42,100 | |
| Profit (loss) for the period to be appropriated | 9905 | €28,087 | €73,591 | +€45,504 | +162% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.