D-SQUAD: 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.
D-SQUAD
Largest movements
- Receivables within one year +€57,238
up €57,238 (+394.7%), from €14,502 to €71,740
of which Trade receivables: +€59,406
- Cash -€15,283
down €15,283 (-41.6%), from €36,713 to €21,430
mainly Receivables within one year (-€57,238) and Debts after one year (-€38,570)
- Tangible fixed assets -€12,555
down €12,555 (-2.8%), from €446,015 to €433,460
of which Land and buildings: -€12,408
- Profit (loss) carried forward +€44,711
up €44,711, from -€36,227 to €8,484
- Accrued charges and deferred income +€43,515
new in 2025: €43,515
- Debts after one year -€38,570
down €38,570 (-10.6%), from €363,082 to €324,512
- Trade debts -€15,046
down €15,046 (-22.0%), from €68,385 to €53,339
- Other debts -€5,559
down €5,559 (-21.3%), from €26,050 to €20,491
- Gross operating margin +€27,614
up €27,614 (+53.4%), from €51,740 to €79,354
- Depreciation -€9,415
down €9,415 (-42.9%), from €21,970 to €12,555
- Other operating charges +€7,033
up €7,033 (+311.4%), from €2,258 to €9,292
- Financial charges +€3,399
up €3,399 (+36.1%), from €9,417 to €12,816
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 | €497,230 | €526,630 | +€29,401 | +5.9% |
| Fixed assets | 21/28 | €446,015 | €433,460 | -€12,555 | -2.8% |
| Tangible fixed assets | 22/27 | €446,015 | €433,460 | -€12,555 | -2.8% |
| Land and buildings | 22 | €445,721 | €433,313 | -€12,408 | -2.8% |
| Other tangible fixed assets | 26 | €294 | €147 | -€147 | -50.0% |
| Current assets | 29/58 | €51,215 | €93,170 | +€41,955 | +81.9% |
| Amounts receivable within one year | 40/41 | €14,502 | €71,740 | +€57,238 | +394.7% |
| Trade receivables | 40 | €6,666 | €66,072 | +€59,406 | +891.2% |
| Other amounts receivable | 41 | €7,836 | €5,668 | -€2,168 | -27.7% |
| Cash at bank and in hand | 54/58 | €36,713 | €21,430 | -€15,283 | -41.6% |
| Total equity and liabilities | 10/49 | €497,230 | €526,630 | +€29,401 | +5.9% |
| Equity | 10/15 | €1,493 | €46,204 | +€44,711 | +2993.9% |
| Contributions | 10/11 | €34,000 | €34,000 | = | 0.0% |
| Reserves | 13 | €3,720 | €3,720 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,720 | €3,720 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,720 | €3,720 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€36,227 | €8,484 | +€44,711 | |
| Amounts payable | 17/49 | €495,736 | €480,426 | -€15,310 | -3.1% |
| Amounts payable after more than one year | 17 | €363,082 | €324,512 | -€38,570 | -10.6% |
| Financial debts | 170/4 | €363,082 | €324,512 | -€38,570 | -10.6% |
| Amounts payable within one year | 42/48 | €132,654 | €112,399 | -€20,255 | -15.3% |
| Current portion of amounts payable after more than one year | 42 | €34,719 | €38,570 | +€3,851 | +11.1% |
| Trade debts | 44 | €68,385 | €53,339 | -€15,046 | -22.0% |
| Suppliers | 440/4 | €68,385 | €53,339 | -€15,046 | -22.0% |
| Taxes, remuneration and social security | 45 | €3,501 | - | -€3,501 | |
| Taxes | 450/3 | €1,001 | - | -€1,001 | |
| Remuneration and social security | 454/9 | €2,500 | - | -€2,500 | |
| Other amounts payable | 47/48 | €26,050 | €20,491 | -€5,559 | -21.3% |
| Accrued charges and deferred income | 492/3 | - | €43,515 | +€43,515 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,970 | €12,555 | -€9,415 | -42.9% |
| Other operating charges | 640/8 | €2,258 | €9,292 | +€7,033 | +311.4% |
| Non-recurring operating charges | 66A | €478 | - | -€478 | |
| Gross operating margin | 9900 | €51,740 | €79,354 | +€27,614 | +53.4% |
| Operating profit (loss) | 9901 | €27,034 | €57,508 | +€30,474 | +112.7% |
| Financial income | 75/76B | €30 | €18 | -€12 | -39.2% |
| Recurring financial income | 75 | €30 | €18 | -€12 | -39.2% |
| Financial charges | 65/66B | €9,417 | €12,816 | +€3,399 | +36.1% |
| Recurring financial charges | 65 | €9,417 | €12,816 | +€3,399 | +36.1% |
| Profit (loss) for the period before taxes | 9903 | €17,647 | €44,711 | +€27,063 | +153.4% |
| Profit (loss) for the period | 9904 | €17,647 | €44,711 | +€27,063 | +153.4% |
| Profit (loss) for the period to be appropriated | 9905 | €17,647 | €44,711 | +€27,063 | +153.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.