MSQUAREC: 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.
MSQUAREC
Largest movements
- Tangible fixed assets +€360,469
up €360,469 (+118.6%), from €303,948 to €664,417
of which Land and buildings: +€362,978
- Cash -€228,630
down €228,630 (-48.3%), from €473,019 to €244,389
mainly Investment in fixed assets (net) (-€382,954) and Current investments (-€120,000)
- Current investments +€120,000
new in 2025: €120,000
- Debts after one year +€148,461
up €148,461 (+188.4%), from €78,816 to €227,277
- Profit (loss) carried forward +€44,085
up €44,085 (+13.3%), from €331,974 to €376,059
- Reserves +€39,995
new in 2025: €39,995
- Current portion of long-term debt +€30,968
new in 2025: €30,968
- Other operating charges +€35,432
up €35,432 (+2091.9%), from €1,694 to €37,126
- Taxes -€11,999
down €11,999 (-36.2%), from €33,152 to €21,154
- Financial charges +€5,723
up €5,723 (+30.5%), from €18,756 to €24,479
- Financial income +€5,116
new in 2025: €5,116
- Gross operating margin -€4,990
down €4,990 (-2.6%), from €189,198 to €184,208
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 | €842,160 | €1,100,442 | +€258,281 | +30.7% |
| Fixed assets | 21/28 | €303,948 | €664,417 | +€360,469 | +118.6% |
| Tangible fixed assets | 22/27 | €303,948 | €664,417 | +€360,469 | +118.6% |
| Land and buildings | 22 | €283,498 | €646,476 | +€362,978 | +128.0% |
| Furniture and vehicles | 24 | €20,450 | €17,941 | -€2,509 | -12.3% |
| Current assets | 29/58 | €538,213 | €436,025 | -€102,188 | -19.0% |
| Amounts receivable within one year | 40/41 | €64,071 | €66,995 | +€2,924 | +4.6% |
| Trade receivables | 40 | €56,273 | €58,649 | +€2,376 | +4.2% |
| Other amounts receivable | 41 | €7,798 | €8,346 | +€548 | +7.0% |
| Current investments | 50/53 | - | €120,000 | +€120,000 | |
| Cash at bank and in hand | 54/58 | €473,019 | €244,389 | -€228,630 | -48.3% |
| Deferred charges and accrued income | 490/1 | €1,123 | €4,641 | +€3,518 | +313.2% |
| Total equity and liabilities | 10/49 | €842,160 | €1,100,442 | +€258,281 | +30.7% |
| Equity | 10/15 | €332,974 | €417,054 | +€84,080 | +25.3% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | - | €39,995 | +€39,995 | |
| Tax-exempt reserves | 132 | - | €39,995 | +€39,995 | |
| Profit (loss) carried forward | 14 | €331,974 | €376,059 | +€44,085 | +13.3% |
| Amounts payable | 17/49 | €509,187 | €683,387 | +€174,201 | +34.2% |
| Amounts payable after more than one year | 17 | €78,816 | €227,277 | +€148,461 | +188.4% |
| Financial debts | 170/4 | €78,816 | €227,277 | +€148,461 | +188.4% |
| Amounts payable within one year | 42/48 | €402,712 | €431,411 | +€28,699 | +7.1% |
| Current portion of amounts payable after more than one year | 42 | - | €30,968 | +€30,968 | |
| Trade debts | 44 | €731 | €724 | -€6 | -0.9% |
| Suppliers | 440/4 | €731 | €724 | -€6 | -0.9% |
| Taxes, remuneration and social security | 45 | €39,693 | €40,547 | +€855 | +2.2% |
| Taxes | 450/3 | €36,193 | €37,047 | +€855 | +2.4% |
| Remuneration and social security | 454/9 | €3,500 | €3,500 | = | 0.0% |
| Other amounts payable | 47/48 | €362,288 | €359,171 | -€3,117 | -0.9% |
| Accrued charges and deferred income | 492/3 | €27,659 | €24,700 | -€2,959 | -10.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,392 | €22,484 | +€1,093 | +5.1% |
| Other operating charges | 640/8 | €1,694 | €37,126 | +€35,432 | +2091.9% |
| Gross operating margin | 9900 | €189,198 | €184,208 | -€4,990 | -2.6% |
| Operating profit (loss) | 9901 | €166,112 | €124,598 | -€41,515 | -25.0% |
| Financial income | 75/76B | - | €5,116 | +€5,116 | |
| Recurring financial income | 75 | - | €5,116 | +€5,116 | |
| Financial charges | 65/66B | €18,756 | €24,479 | +€5,723 | +30.5% |
| Recurring financial charges | 65 | €18,756 | €24,479 | +€5,723 | +30.5% |
| Profit (loss) for the period before taxes | 9903 | €147,356 | €105,234 | -€42,122 | -28.6% |
| Income taxes | 67/77 | €33,152 | €21,154 | -€11,999 | -36.2% |
| Profit (loss) for the period | 9904 | €114,204 | €84,080 | -€30,123 | -26.4% |
| Transfer to tax-exempt reserves | 689 | - | €39,995 | +€39,995 | |
| Profit (loss) for the period to be appropriated | 9905 | €114,204 | €44,085 | -€70,118 | -61.4% |
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 11 October 2026 via checked.be.