FG SQUARE: 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.
FG SQUARE
Largest movements
- Receivables after one year +€892,922
up €892,922 (+168%), from €532,560 to €1.4m
- Current investments -€515,088
down €515,088 (-30.8%), from €1.7m to €1.2m
- Financial fixed assets -€58,440
down €58,440 (-8.6%), from €679,408 to €620,968
- Receivables within one year +€41,673
up €41,673 (+5.4%), from €770,348 to €812,021
of which Other amounts receivable: +€40,970
- Debts after one year +€422,208
up €422,208 (+532%), from €79,380 to €501,588
- Other debts -€203,472
down €203,472 (-49.7%), from €409,387 to €205,915
- Reserves +€160,402
up €160,402 (+68.9%), from €232,904 to €393,306
of which Distributable reserves: +€145,402
- Trade debts -€44,651
down €44,651 (-47.9%), from €93,245 to €48,593
- Write-downs -€49,049
new in 2025: -€49,049
- Financial income +€41,835
up €41,835 (+44.1%), from €94,885 to €136,720
- Gross operating margin +€24,031
up €24,031 (+29.5%), from €81,563 to €105,594
- Taxes +€13,975
up €13,975 (+36.0%), from €38,770 to €52,745
- Financial charges +€4,892
up €4,892 (+46.9%), from €10,435 to €15,328
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 | €3,712,075 | €4,016,296 | +€304,221 | +8.2% |
| Fixed assets | 21/28 | €692,348 | €623,509 | -€68,839 | -9.9% |
| Intangible fixed assets | 21 | €12,000 | €2,400 | -€9,600 | -80.0% |
| Tangible fixed assets | 22/27 | €940 | €141 | -€799 | -85.0% |
| Plant, machinery and equipment | 23 | €940 | €141 | -€799 | -85.0% |
| Financial fixed assets | 28 | €679,408 | €620,968 | -€58,440 | -8.6% |
| Current assets | 29/58 | €3,019,727 | €3,392,787 | +€373,060 | +12.4% |
| Amounts receivable after more than one year | 29 | €532,560 | €1,425,482 | +€892,922 | +168% |
| Other amounts receivable | 291 | €532,560 | €1,425,482 | +€892,922 | +168% |
| Amounts receivable within one year | 40/41 | €770,348 | €812,021 | +€41,673 | +5.4% |
| Trade receivables | 40 | €306,693 | €307,396 | +€703 | +0.2% |
| Other amounts receivable | 41 | €463,655 | €504,625 | +€40,970 | +8.8% |
| Current investments | 50/53 | €1,670,372 | €1,155,284 | -€515,088 | -30.8% |
| Cash at bank and in hand | 54/58 | €35,061 | - | -€35,061 | |
| Deferred charges and accrued income | 490/1 | €11,385 | - | -€11,385 | |
| Total equity and liabilities | 10/49 | €3,712,075 | €4,016,296 | +€304,221 | +8.2% |
| Equity | 10/15 | €3,003,749 | €3,164,562 | +€160,814 | +5.4% |
| Contributions | 10/11 | €2,769,564 | €2,769,564 | = | 0.0% |
| Capital | 10 | €1,311,912 | €1,311,912 | = | 0.0% |
| Issued capital | 100 | €1,311,912 | €1,311,912 | = | 0.0% |
| Contributions outside capital | 11 | €1,457,652 | €1,457,652 | = | 0.0% |
| Share premium | 1100/10 | €1,457,652 | €1,457,652 | = | 0.0% |
| Reserves | 13 | €232,904 | €393,306 | +€160,402 | +68.9% |
| Non-distributable reserves | 130/1 | €32,236 | €47,236 | +€15,000 | +46.5% |
| Legal reserve | 130 | €32,236 | €47,236 | +€15,000 | +46.5% |
| Distributable reserves | 133 | €200,668 | €346,070 | +€145,402 | +72.5% |
| Profit (loss) carried forward | 14 | €1,281 | €1,692 | +€411 | +32.1% |
| Amounts payable | 17/49 | €708,326 | €851,734 | +€143,408 | +20.2% |
| Amounts payable after more than one year | 17 | €79,380 | €501,588 | +€422,208 | +532% |
| Other amounts payable | 178/9 | €79,380 | €501,588 | +€422,208 | +532% |
| Amounts payable within one year | 42/48 | €628,946 | €350,146 | -€278,801 | -44.3% |
| Current portion of amounts payable after more than one year | 42 | €39,050 | €35,000 | -€4,050 | -10.4% |
| Trade debts | 44 | €93,245 | €48,593 | -€44,651 | -47.9% |
| Suppliers | 440/4 | €93,245 | €48,593 | -€44,651 | -47.9% |
| Taxes, remuneration and social security | 45 | €87,265 | €60,638 | -€26,628 | -30.5% |
| Taxes | 450/3 | €87,265 | €60,638 | -€26,628 | -30.5% |
| Other amounts payable | 47/48 | €409,387 | €205,915 | -€203,472 | -49.7% |
| Non-recurring operating income | 76A | - | €6,768 | +€6,768 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,399 | €10,399 | = | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€49,049 | -€49,049 | |
| Other operating charges | 640/8 | €1,561 | €2,078 | +€517 | +33.1% |
| Gross operating margin | 9900 | €81,563 | €105,594 | +€24,031 | +29.5% |
| Operating profit (loss) | 9901 | €69,603 | €142,166 | +€72,563 | +104% |
| Financial income | 75/76B | €94,885 | €136,720 | +€41,835 | +44.1% |
| Recurring financial income | 75 | €94,885 | €136,720 | +€41,835 | +44.1% |
| Financial charges | 65/66B | €10,435 | €15,328 | +€4,892 | +46.9% |
| Recurring financial charges | 65 | €10,435 | €15,328 | +€4,892 | +46.9% |
| Profit (loss) for the period before taxes | 9903 | €154,052 | €263,558 | +€109,506 | +71.1% |
| Income taxes | 67/77 | €38,770 | €52,745 | +€13,975 | +36.0% |
| Profit (loss) for the period | 9904 | €115,283 | €210,814 | +€95,531 | +82.9% |
| Profit (loss) for the period to be appropriated | 9905 | €115,283 | €210,814 | +€95,531 | +82.9% |
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 14 October 2026 via checked.be.