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.
Kwadraat
Largest movements
- Receivables within one year -€38,194
down €38,194 (-44.0%), from €86,836 to €48,642
of which Trade receivables: -€30,154
- Cash -€24,301
down €24,301 (-66.9%), from €36,341 to €12,039
mainly Advances received (-€67,203) and Investment in fixed assets (net) (-€41,687)
- Tangible fixed assets +€18,204
up €18,204 (+24.1%), from €75,475 to €93,679
of which Other tangible fixed assets: +€30,574
- Advances received -€67,203
down €67,203 (-100%), from €67,203 to €0
- Reserves +€23,732
up €23,732 (+91.3%), from €26,000 to €49,732
- Debts after one year -€17,775
down €17,775 (-38.1%), from €46,610 to €28,835
- Trade debts -€9,419
down €9,419 (-51.1%), from €18,437 to €9,018
- Tax, wage and social debts +€9,388
up €9,388 (+40.9%), from €22,974 to €32,362
of which Taxes: +€10,416
- Gross operating margin +€56,247
up €56,247 (+229%), from €24,524 to €80,772
- Taxes +€13,875
up €13,875 (+501%), from €2,770 to €16,645
- Depreciation +€8,019
up €8,019 (+51.9%), from €15,464 to €23,483
- Other operating charges -€1,546
down €1,546 (-57.3%), from €2,700 to €1,154
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 | €200,528 | €156,907 | -€43,621 | -21.8% |
| Fixed assets | 21/28 | €75,475 | €93,679 | +€18,204 | +24.1% |
| Tangible fixed assets | 22/27 | €75,475 | €93,679 | +€18,204 | +24.1% |
| Furniture and vehicles | 24 | €36,302 | €33,173 | -€3,129 | -8.6% |
| Leasing and similar rights | 25 | €33,743 | €24,503 | -€9,240 | -27.4% |
| Other tangible fixed assets | 26 | €5,430 | €36,003 | +€30,574 | +563% |
| Current assets | 29/58 | €125,053 | €63,228 | -€61,825 | -49.4% |
| Amounts receivable within one year | 40/41 | €86,836 | €48,642 | -€38,194 | -44.0% |
| Trade receivables | 40 | €78,796 | €48,642 | -€30,154 | -38.3% |
| Other amounts receivable | 41 | €8,040 | €0 | -€8,040 | -100% |
| Cash at bank and in hand | 54/58 | €36,341 | €12,039 | -€24,301 | -66.9% |
| Deferred charges and accrued income | 490/1 | €1,877 | €2,547 | +€670 | +35.7% |
| Total equity and liabilities | 10/49 | €200,528 | €156,907 | -€43,621 | -21.8% |
| Equity | 10/15 | €27,951 | €55,932 | +€27,981 | +100% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €26,000 | €49,732 | +€23,732 | +91.3% |
| Distributable reserves | 133 | €26,000 | €49,732 | +€23,732 | +91.3% |
| Profit (loss) carried forward | 14 | -€4,249 | €0 | +€4,249 | |
| Amounts payable | 17/49 | €172,577 | €100,974 | -€71,602 | -41.5% |
| Amounts payable after more than one year | 17 | €46,610 | €28,835 | -€17,775 | -38.1% |
| Financial debts | 170/4 | €46,610 | €28,835 | -€17,775 | -38.1% |
| Amounts payable within one year | 42/48 | €125,967 | €72,139 | -€53,827 | -42.7% |
| Current portion of amounts payable after more than one year | 42 | €17,089 | €23,639 | +€6,550 | +38.3% |
| Trade debts | 44 | €18,437 | €9,018 | -€9,419 | -51.1% |
| Suppliers | 440/4 | €18,437 | €9,018 | -€9,419 | -51.1% |
| Advances received on contracts in progress | 46 | €67,203 | €0 | -€67,203 | -100% |
| Taxes, remuneration and social security | 45 | €22,974 | €32,362 | +€9,388 | +40.9% |
| Taxes | 450/3 | €15,554 | €25,970 | +€10,416 | +67.0% |
| Remuneration and social security | 454/9 | €7,420 | €6,392 | -€1,028 | -13.9% |
| Other amounts payable | 47/48 | €264 | €7,120 | +€6,856 | +2,596% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,464 | €23,483 | +€8,019 | +51.9% |
| Other operating charges | 640/8 | €2,700 | €1,154 | -€1,546 | -57.3% |
| Gross operating margin | 9900 | €24,524 | €80,772 | +€56,247 | +229% |
| Operating profit (loss) | 9901 | €6,360 | €56,135 | +€49,775 | +783% |
| Financial income | 75/76B | €58 | €199 | +€141 | +241% |
| Recurring financial income | 75 | €58 | €199 | +€141 | +241% |
| Financial charges | 65/66B | €2,843 | €2,708 | -€136 | -4.8% |
| Recurring financial charges | 65 | €2,843 | €2,708 | -€136 | -4.8% |
| Profit (loss) for the period before taxes | 9903 | €3,575 | €53,626 | +€50,051 | +1,400% |
| Income taxes | 67/77 | €2,770 | €16,645 | +€13,875 | +501% |
| Profit (loss) for the period | 9904 | €805 | €36,981 | +€36,177 | +4,496% |
| Profit (loss) for the period to be appropriated | 9905 | €805 | €36,981 | +€36,177 | +4,496% |
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 25 October 2026 via checked.be.