HQ SQUARED: 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.
HQ SQUARED
Largest movements
- Current investments +€64,937
new in 2025: €64,937
- Tangible fixed assets +€13,355
new in 2025: €13,355
of which Plant, machinery and equipment: +€7,810
- Receivables within one year +€4,664
up €4,664 (+20.0%), from €23,306 to €27,970
of which Trade receivables: +€2,823
- Intangible fixed assets +€3,133
new in 2025: €3,133
- Cash -€2,215
down €2,215 (-3.5%), from €62,547 to €60,332
mainly Current investments (-€64,937) and Investment in fixed assets (net) (-€17,704)
- Reserves +€53,601
up €53,601 (+102%), from €52,448 to €106,049
- Debts after one year +€14,478
new in 2025: €14,478
- Tax, wage and social debts +€8,643
up €8,643 (+28.1%), from €30,747 to €39,390
- Current portion of long-term debt +€4,748
new in 2025: €4,748
- Taxes -€6,282
down €6,282 (-33.9%), from €18,517 to €12,235
- Gross operating margin -€5,512
down €5,512 (-7.5%), from €73,412 to €67,900
- Financial income +€2,131
up €2,131 (+694%), from €307 to €2,438
- Financial charges +€1,769
up €1,769 (+261%), from €679 to €2,448
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 | €88,898 | €171,447 | +€82,549 | +92.9% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | - | €16,488 | +€16,488 | |
| Intangible fixed assets | 21 | - | €3,133 | +€3,133 | |
| Tangible fixed assets | 22/27 | - | €13,355 | +€13,355 | |
| Plant, machinery and equipment | 23 | - | €7,810 | +€7,810 | |
| Furniture and vehicles | 24 | - | €5,545 | +€5,545 | |
| Current assets | 29/58 | €88,898 | €154,959 | +€66,061 | +74.3% |
| Amounts receivable within one year | 40/41 | €23,306 | €27,970 | +€4,664 | +20.0% |
| Trade receivables | 40 | €15,283 | €18,106 | +€2,823 | +18.5% |
| Other amounts receivable | 41 | €8,023 | €9,864 | +€1,841 | +22.9% |
| Current investments | 50/53 | - | €64,937 | +€64,937 | |
| Cash at bank and in hand | 54/58 | €62,547 | €60,332 | -€2,215 | -3.5% |
| Deferred charges and accrued income | 490/1 | €3,045 | €1,720 | -€1,325 | -43.5% |
| Total equity and liabilities | 10/49 | €88,898 | €171,447 | +€82,549 | +92.9% |
| Equity | 10/15 | €54,948 | €108,549 | +€53,601 | +97.5% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €52,448 | €106,049 | +€53,601 | +102% |
| Distributable reserves | 133 | €52,448 | €106,049 | +€53,601 | +102% |
| Amounts payable | 17/49 | €33,950 | €62,898 | +€28,948 | +85.3% |
| Amounts payable after more than one year | 17 | - | €14,478 | +€14,478 | |
| Financial debts | 170/4 | - | €14,478 | +€14,478 | |
| Amounts payable within one year | 42/48 | €33,950 | €48,420 | +€14,470 | +42.6% |
| Current portion of amounts payable after more than one year | 42 | - | €4,748 | +€4,748 | |
| Trade debts | 44 | €3,203 | €4,282 | +€1,079 | +33.7% |
| Suppliers | 440/4 | €3,203 | €4,282 | +€1,079 | +33.7% |
| Taxes, remuneration and social security | 45 | €30,747 | €39,390 | +€8,643 | +28.1% |
| Taxes | 450/3 | €30,747 | €39,390 | +€8,643 | +28.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,254 | €1,216 | -€38 | -3.0% |
| Other operating charges | 640/8 | €821 | €838 | +€17 | +2.1% |
| Gross operating margin | 9900 | €73,412 | €67,900 | -€5,512 | -7.5% |
| Operating profit (loss) | 9901 | €71,337 | €65,846 | -€5,491 | -7.7% |
| Financial income | 75/76B | €307 | €2,438 | +€2,131 | +694% |
| Recurring financial income | 75 | €307 | €2,438 | +€2,131 | +694% |
| Financial charges | 65/66B | €679 | €2,448 | +€1,769 | +261% |
| Recurring financial charges | 65 | €679 | €2,448 | +€1,769 | +261% |
| Profit (loss) for the period before taxes | 9903 | €70,965 | €65,836 | -€5,129 | -7.2% |
| Income taxes | 67/77 | €18,517 | €12,235 | -€6,282 | -33.9% |
| Profit (loss) for the period | 9904 | €52,448 | €53,601 | +€1,153 | +2.2% |
| Profit (loss) for the period to be appropriated | 9905 | €52,448 | €53,601 | +€1,153 | +2.2% |
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 17 October 2026 via checked.be.