E-kwadraat: 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.
E-kwadraat
Largest movements
- Tangible fixed assets -€31,194
down €31,194 (-7.3%), from €425,466 to €394,273
of which Land and buildings: -€31,118
- Debts after one year -€26,234
down €26,234 (-6.8%), from €388,373 to €362,139
- Other debts -€8,800
down €8,800 (-5.4%), from €163,756 to €154,956
- Profit (loss) carried forward +€4,455
up €4,455 (+2.8%), from -€157,495 to -€153,041
- Gross operating margin +€8,084
up €8,084 (+20.1%), from €40,285 to €48,369
- Depreciation +€806
up €806 (+2.5%), from €32,363 to €33,169
- Financial charges -€501
down €501 (-5.7%), from €8,785 to €8,284
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 | €444,930 | €415,519 | -€29,410 | -6.6% |
| Fixed assets | 21/28 | €425,466 | €394,273 | -€31,194 | -7.3% |
| Tangible fixed assets | 22/27 | €425,466 | €394,273 | -€31,194 | -7.3% |
| Land and buildings | 22 | €420,318 | €389,200 | -€31,118 | -7.4% |
| Plant, machinery and equipment | 23 | €5,149 | €5,073 | -€76 | -1.5% |
| Current assets | 29/58 | €19,463 | €21,247 | +€1,783 | +9.2% |
| Amounts receivable within one year | 40/41 | €3,954 | €5,729 | +€1,775 | +44.9% |
| Trade receivables | 40 | €3,909 | €5,700 | +€1,791 | +45.8% |
| Other amounts receivable | 41 | €45 | €29 | -€16 | -35.4% |
| Cash at bank and in hand | 54/58 | €15,509 | €15,265 | -€245 | -1.6% |
| Deferred charges and accrued income | 490/1 | - | €253 | +€253 | |
| Total equity and liabilities | 10/49 | €444,930 | €415,519 | -€29,410 | -6.6% |
| Equity | 10/15 | -€138,945 | -€134,491 | +€4,455 | +3.2% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€157,495 | -€153,041 | +€4,455 | +2.8% |
| Amounts payable | 17/49 | €583,875 | €550,010 | -€33,865 | -5.8% |
| Amounts payable after more than one year | 17 | €388,373 | €362,139 | -€26,234 | -6.8% |
| Financial debts | 170/4 | €388,373 | €362,139 | -€26,234 | -6.8% |
| Amounts payable within one year | 42/48 | €195,502 | €187,871 | -€7,631 | -3.9% |
| Current portion of amounts payable after more than one year | 42 | €25,715 | €26,234 | +€519 | +2.0% |
| Trade debts | 44 | €3,379 | €3,128 | -€250 | -7.4% |
| Suppliers | 440/4 | €3,379 | €3,128 | -€250 | -7.4% |
| Taxes, remuneration and social security | 45 | €2,652 | €3,553 | +€900 | +33.9% |
| Taxes | 450/3 | €2,652 | €3,553 | +€900 | +33.9% |
| Other amounts payable | 47/48 | €163,756 | €154,956 | -€8,800 | -5.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,363 | €33,169 | +€806 | +2.5% |
| Other operating charges | 640/8 | €2,436 | €2,514 | +€78 | +3.2% |
| Gross operating margin | 9900 | €40,285 | €48,369 | +€8,084 | +20.1% |
| Operating profit (loss) | 9901 | €5,487 | €12,686 | +€7,199 | +131% |
| Financial income | 75/76B | €151 | €98 | -€53 | -35.2% |
| Recurring financial income | 75 | €151 | €98 | -€53 | -35.2% |
| Financial charges | 65/66B | €8,785 | €8,284 | -€501 | -5.7% |
| Recurring financial charges | 65 | €8,785 | €8,284 | -€501 | -5.7% |
| Profit (loss) for the period before taxes | 9903 | -€3,147 | €4,500 | +€7,647 | |
| Income taxes | 67/77 | - | €45 | +€45 | |
| Profit (loss) for the period | 9904 | -€3,147 | €4,455 | +€7,602 | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,147 | €4,455 | +€7,602 |
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 30 October 2026 via checked.be.