HET 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.
HET KWADRAAT
Largest movements
- Tangible fixed assets +€13,720
up €13,720 (+65.7%), from €20,899 to €34,619
of which Land and buildings: +€17,260
- Cash +€13,703
up €13,703 (+264%), from €5,192 to €18,895
mainly Net result for the year (+€21,031) and Advances received (+€12,162)
- Receivables within one year +€3,095
up €3,095 (+21.2%), from €14,634 to €17,730
of which Trade receivables: +€3,074
- Stocks and contracts -€1,703
down €1,703 (-58.4%), from €2,916 to €1,213
- Profit (loss) carried forward +€21,031
up €21,031 (+26.4%), from -€79,775 to -€58,744
- Advances received +€12,162
new in 2025: €12,162
- Trade debts -€8,887
down €8,887 (-62.1%), from €14,314 to €5,427
- Tax, wage and social debts +€3,860
up €3,860 (+6,509%), from €59 to €3,919
of which Remuneration and social security: +€3,000
- Gross operating margin +€21,315
up €21,315 (+243%), from €8,775 to €30,090
- Depreciation +€1,959
up €1,959 (+43.3%), from €4,526 to €6,485
- Financial charges -€735
down €735 (-30.9%), from €2,381 to €1,646
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 | €43,641 | €72,459 | +€28,818 | +66.0% |
| Fixed assets | 21/28 | €20,899 | €34,619 | +€13,720 | +65.7% |
| Tangible fixed assets | 22/27 | €20,899 | €34,619 | +€13,720 | +65.7% |
| Land and buildings | 22 | €7,212 | €24,472 | +€17,260 | +239% |
| Plant, machinery and equipment | 23 | €8,337 | €6,976 | -€1,361 | -16.3% |
| Furniture and vehicles | 24 | €5,350 | €3,171 | -€2,179 | -40.7% |
| Current assets | 29/58 | €22,742 | €37,840 | +€15,098 | +66.4% |
| Stocks and contracts in progress | 3 | €2,916 | €1,213 | -€1,703 | -58.4% |
| Stocks | 30/36 | €2,916 | €1,213 | -€1,703 | -58.4% |
| Amounts receivable within one year | 40/41 | €14,634 | €17,730 | +€3,095 | +21.2% |
| Trade receivables | 40 | €8,163 | €11,237 | +€3,074 | +37.7% |
| Other amounts receivable | 41 | €6,471 | €6,492 | +€21 | +0.3% |
| Cash at bank and in hand | 54/58 | €5,192 | €18,895 | +€13,703 | +264% |
| Deferred charges and accrued income | 490/1 | - | €2 | +€2 | |
| Total equity and liabilities | 10/49 | €43,641 | €72,459 | +€28,818 | +66.0% |
| Equity | 10/15 | -€69,775 | -€48,744 | +€21,031 | +30.1% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€79,775 | -€58,744 | +€21,031 | +26.4% |
| Amounts payable | 17/49 | €113,416 | €121,203 | +€7,787 | +6.9% |
| Amounts payable after more than one year | 17 | €30,000 | €30,000 | = | 0.0% |
| Financial debts | 170/4 | €30,000 | €30,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €83,416 | €91,203 | +€7,787 | +9.3% |
| Trade debts | 44 | €14,314 | €5,427 | -€8,887 | -62.1% |
| Suppliers | 440/4 | €14,314 | €5,427 | -€8,887 | -62.1% |
| Advances received on contracts in progress | 46 | - | €12,162 | +€12,162 | |
| Taxes, remuneration and social security | 45 | €59 | €3,919 | +€3,860 | +6,509% |
| Taxes | 450/3 | €59 | €919 | +€860 | +1,450% |
| Remuneration and social security | 454/9 | - | €3,000 | +€3,000 | |
| Other amounts payable | 47/48 | €69,042 | €69,695 | +€652 | +0.9% |
| Remuneration, social security and pensions | 62 | €59 | - | -€59 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,526 | €6,485 | +€1,959 | +43.3% |
| Other operating charges | 640/8 | €655 | €873 | +€218 | +33.2% |
| Gross operating margin | 9900 | €8,775 | €30,090 | +€21,315 | +243% |
| Operating profit (loss) | 9901 | €3,534 | €22,733 | +€19,199 | +543% |
| Financial income | 75/76B | - | €3 | +€3 | |
| Recurring financial income | 75 | - | €3 | +€3 | |
| Financial charges | 65/66B | €2,381 | €1,646 | -€735 | -30.9% |
| Recurring financial charges | 65 | €2,381 | €1,646 | -€735 | -30.9% |
| Profit (loss) for the period before taxes | 9903 | €1,153 | €21,089 | +€19,937 | +1,730% |
| Income taxes | 67/77 | €59 | €58 | -€1 | -2.1% |
| Profit (loss) for the period | 9904 | €1,093 | €21,031 | +€19,938 | +1,824% |
| Profit (loss) for the period to be appropriated | 9905 | €1,093 | €21,031 | +€19,938 | +1,824% |
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.