GREEN SQUARE: 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.
GREEN SQUARE
Largest movements
- Receivables within one year +€57,775
up €57,775 (+75.6%), from €76,459 to €134,234
of which Trade receivables: +€61,260
- Stocks and contracts -€51,274
down €51,274 (-76.7%), from €66,812 to €15,538
- Tangible fixed assets -€22,326
down €22,326 (-7.9%), from €280,861 to €258,536
of which Plant, machinery and equipment: -€25,910
- Cash -€13,339
down €13,339 (-33.1%), from €40,300 to €26,961
mainly Receivables within one year (-€57,775) and Investment in fixed assets (net) (-€27,568)
- Trade debts +€28,084
up €28,084 (+384.1%), from €7,311 to €35,395
- Debts after one year -€27,034
down €27,034 (-24.7%), from €109,559 to €82,525
- Other debts -€19,936
down €19,936 (-19.7%), from €100,964 to €81,027
- Tax, wage and social debts -€16,316
down €16,316 (-19.7%), from €82,917 to €66,601
of which Taxes: -€22,519
- Short-term financial debts +€11,875
new in 2025: €11,875
- Staff costs +€49,923
up €49,923 (+11.1%), from €448,777 to €498,701
- Gross operating margin +€34,606
up €34,606 (+6.6%), from €524,152 to €558,758
- Depreciation -€11,514
down €11,514 (-18.8%), from €61,408 to €49,894
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 | €472,694 | €440,227 | -€32,467 | -6.9% |
| Fixed assets | 21/28 | €280,951 | €258,626 | -€22,326 | -7.9% |
| Tangible fixed assets | 22/27 | €280,861 | €258,536 | -€22,326 | -7.9% |
| Land and buildings | 22 | €157,372 | €153,705 | -€3,667 | -2.3% |
| Plant, machinery and equipment | 23 | €89,210 | €63,300 | -€25,910 | -29.0% |
| Furniture and vehicles | 24 | €7,274 | €26,534 | +€19,260 | +264.8% |
| Leasing and similar rights | 25 | €27,006 | €14,997 | -€12,009 | -44.5% |
| Financial fixed assets | 28 | €90 | €90 | = | 0.0% |
| Current assets | 29/58 | €191,742 | €181,602 | -€10,141 | -5.3% |
| Stocks and contracts in progress | 3 | €66,812 | €15,538 | -€51,274 | -76.7% |
| Contracts in progress | 37 | €66,812 | €15,538 | -€51,274 | -76.7% |
| Amounts receivable within one year | 40/41 | €76,459 | €134,234 | +€57,775 | +75.6% |
| Trade receivables | 40 | €60,329 | €121,589 | +€61,260 | +101.5% |
| Other amounts receivable | 41 | €16,131 | €12,646 | -€3,485 | -21.6% |
| Cash at bank and in hand | 54/58 | €40,300 | €26,961 | -€13,339 | -33.1% |
| Deferred charges and accrued income | 490/1 | €8,170 | €4,868 | -€3,302 | -40.4% |
| Total equity and liabilities | 10/49 | €472,694 | €440,227 | -€32,467 | -6.9% |
| Equity | 10/15 | €129,446 | €123,842 | -€5,604 | -4.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €108,986 | €103,382 | -€5,604 | -5.1% |
| Amounts payable | 17/49 | €343,247 | €316,385 | -€26,862 | -7.8% |
| Amounts payable after more than one year | 17 | €109,559 | €82,525 | -€27,034 | -24.7% |
| Financial debts | 170/4 | €109,559 | €82,525 | -€27,034 | -24.7% |
| Amounts payable within one year | 42/48 | €233,688 | €226,860 | -€6,828 | -2.9% |
| Current portion of amounts payable after more than one year | 42 | €42,496 | €31,961 | -€10,535 | -24.8% |
| Financial debts | 43 | - | €11,875 | +€11,875 | |
| Credit institutions | 430/8 | - | €11,875 | +€11,875 | |
| Trade debts | 44 | €7,311 | €35,395 | +€28,084 | +384.1% |
| Suppliers | 440/4 | €7,311 | €35,395 | +€28,084 | +384.1% |
| Taxes, remuneration and social security | 45 | €82,917 | €66,601 | -€16,316 | -19.7% |
| Taxes | 450/3 | €38,087 | €15,568 | -€22,519 | -59.1% |
| Remuneration and social security | 454/9 | €44,830 | €51,033 | +€6,203 | +13.8% |
| Other amounts payable | 47/48 | €100,964 | €81,027 | -€19,936 | -19.7% |
| Accrued charges and deferred income | 492/3 | - | €7,000 | +€7,000 | |
| Remuneration, social security and pensions | 62 | €448,777 | €498,701 | +€49,923 | +11.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €61,408 | €49,894 | -€11,514 | -18.8% |
| Other operating charges | 640/8 | €4,985 | €3,524 | -€1,461 | -29.3% |
| Gross operating margin | 9900 | €524,152 | €558,758 | +€34,606 | +6.6% |
| Operating profit (loss) | 9901 | €8,981 | €6,639 | -€2,342 | -26.1% |
| Financial income | 75/76B | €35 | €160 | +€125 | +358.6% |
| Recurring financial income | 75 | €35 | €160 | +€125 | +358.6% |
| Financial charges | 65/66B | €14,613 | €11,045 | -€3,568 | -24.4% |
| Recurring financial charges | 65 | €14,613 | €11,045 | -€3,568 | -24.4% |
| Profit (loss) for the period before taxes | 9903 | -€5,597 | -€4,246 | +€1,351 | +24.1% |
| Income taxes | 67/77 | - | €1,358 | +€1,358 | |
| Profit (loss) for the period | 9904 | -€5,597 | -€5,604 | -€8 | -0.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€5,597 | -€5,604 | -€8 | -0.1% |
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 8 October 2026 via checked.be.