E-Squad: 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-Squad
Largest movements
- Receivables within one year +€1.3m
up €1.3m (+196%), from €639,696 to €1.9m
of which Trade receivables: +€1.3m
- Stocks and contracts -€147,671
down €147,671 (-82.9%), from €178,238 to €30,567
- Intangible fixed assets -€48,044
down €48,044 (-20.0%), from €239,786 to €191,742
- Trade debts +€1.2m
up €1.2m (+97.2%), from €1.3m to €2.5m
- Profit (loss) carried forward -€161,931
down €161,931 (-43.7%), from -€370,189 to -€532,120
- Tax, wage and social debts -€122,945
down €122,945 (-53.3%), from €230,579 to €107,635
of which Taxes: -€131,898
- Other debts +€97,826
new in 2025: €97,826
- Gross operating margin -€446,991
down €446,991 (-64.8%), from €689,630 to €242,640
- Staff costs +€100,023
up €100,023 (+41.3%), from €241,897 to €341,919
- Taxes -€96,722
down €96,722 (-100.0%), from €96,729 to €7
- Depreciation +€13,232
up €13,232 (+38.0%), from €34,812 to €48,044
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 | €1,135,322 | €2,169,672 | +€1.0m | +91.1% |
| Fixed assets | 21/28 | €239,786 | €191,742 | -€48,044 | -20.0% |
| Intangible fixed assets | 21 | €239,786 | €191,742 | -€48,044 | -20.0% |
| Current assets | 29/58 | €895,535 | €1,977,930 | +€1.1m | +121% |
| Stocks and contracts in progress | 3 | €178,238 | €30,567 | -€147,671 | -82.9% |
| Stocks | 30/36 | €178,238 | €30,567 | -€147,671 | -82.9% |
| Amounts receivable within one year | 40/41 | €639,696 | €1,894,169 | +€1.3m | +196% |
| Trade receivables | 40 | €478,042 | €1,795,449 | +€1.3m | +276% |
| Other amounts receivable | 41 | €161,654 | €98,719 | -€62,934 | -38.9% |
| Cash at bank and in hand | 54/58 | €69,914 | €53,194 | -€16,720 | -23.9% |
| Deferred charges and accrued income | 490/1 | €7,688 | - | -€7,688 | |
| Total equity and liabilities | 10/49 | €1,135,322 | €2,169,672 | +€1.0m | +91.1% |
| Equity | 10/15 | -€351,564 | -€513,495 | -€161,931 | -46.1% |
| Contributions | 10/11 | €18,625 | €18,625 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€370,189 | -€532,120 | -€161,931 | -43.7% |
| Amounts payable | 17/49 | €1,486,886 | €2,683,167 | +€1.2m | +80.5% |
| Amounts payable within one year | 42/48 | €1,486,886 | €2,683,110 | +€1.2m | +80.5% |
| Trade debts | 44 | €1,256,307 | €2,477,649 | +€1.2m | +97.2% |
| Suppliers | 440/4 | €1,256,307 | €2,477,649 | +€1.2m | +97.2% |
| Taxes, remuneration and social security | 45 | €230,579 | €107,635 | -€122,945 | -53.3% |
| Taxes | 450/3 | €184,357 | €52,459 | -€131,898 | -71.5% |
| Remuneration and social security | 454/9 | €46,222 | €55,176 | +€8,954 | +19.4% |
| Other amounts payable | 47/48 | - | €97,826 | +€97,826 | |
| Accrued charges and deferred income | 492/3 | - | €57 | +€57 | |
| Remuneration, social security and pensions | 62 | €241,897 | €341,919 | +€100,023 | +41.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,812 | €48,044 | +€13,232 | +38.0% |
| Other operating charges | 640/8 | €7,039 | €6,119 | -€920 | -13.1% |
| Non-recurring operating charges | 66A | - | €267 | +€267 | |
| Gross operating margin | 9900 | €689,630 | €242,640 | -€446,991 | -64.8% |
| Operating profit (loss) | 9901 | €405,883 | -€153,709 | -€559,592 | |
| Financial income | 75/76B | - | €1,118 | +€1,118 | |
| Recurring financial income | 75 | - | €1,118 | +€1,118 | |
| Financial charges | 65/66B | €3,535 | €9,333 | +€5,798 | +164% |
| Recurring financial charges | 65 | €3,535 | €9,333 | +€5,798 | +164% |
| Profit (loss) for the period before taxes | 9903 | €402,348 | -€161,924 | -€564,272 | |
| Income taxes | 67/77 | €96,729 | €7 | -€96,722 | -100.0% |
| Profit (loss) for the period | 9904 | €305,619 | -€161,931 | -€467,550 | |
| Profit (loss) for the period to be appropriated | 9905 | €305,619 | -€161,931 | -€467,550 |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.