NSQUARE: 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.
NSQUARE
Largest movements
- Tangible fixed assets -€515,165
down €515,165 (-27.0%), from €1.9m to €1.4m
of which Land and buildings: -€502,594
- Receivables within one year +€22,798
up €22,798 (+2001.0%), from €1,139 to €23,937
of which Trade receivables: +€23,937
- Short-term financial debts -€671,014
down €671,014 (-68.0%), from €987,367 to €316,353
- Reserves +€244,588
new in 2025: €244,588
- Other debts -€124,063
down €124,063 (-29.3%), from €423,324 to €299,261
- Provisions +€81,529
new in 2025: €81,529
- Gross operating margin +€343,905
up €343,905 (+346.5%), from €99,265 to €443,170
- Financial charges -€37,471
down €37,471 (-46.1%), from €81,328 to €43,857
- Depreciation -€29,263
down €29,263 (-34.4%), from €85,061 to €55,798
- Taxes +€13,588
up €13,588 (+20335.6%), from €67 to €13,655
- Other operating charges +€6,673
up €6,673 (+867.2%), from €769 to €7,442
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,907,493 | €1,414,520 | -€492,973 | -25.8% |
| Fixed assets | 21/28 | €1,905,748 | €1,390,583 | -€515,165 | -27.0% |
| Tangible fixed assets | 22/27 | €1,905,124 | €1,389,959 | -€515,165 | -27.0% |
| Land and buildings | 22 | €1,855,825 | €1,353,230 | -€502,594 | -27.1% |
| Furniture and vehicles | 24 | €49,299 | €36,729 | -€12,571 | -25.5% |
| Financial fixed assets | 28 | €624 | €624 | = | 0.0% |
| Current assets | 29/58 | €1,745 | €23,937 | +€22,192 | +1271.4% |
| Amounts receivable within one year | 40/41 | €1,139 | €23,937 | +€22,798 | +2001.0% |
| Trade receivables | 40 | - | €23,937 | +€23,937 | |
| Other amounts receivable | 41 | €1,139 | €0 | -€1,139 | -100.0% |
| Deferred charges and accrued income | 490/1 | €606 | €0 | -€606 | -100.0% |
| Total equity and liabilities | 10/49 | €1,907,493 | €1,414,520 | -€492,973 | -25.8% |
| Equity | 10/15 | -€22,999 | €217,890 | +€240,889 | |
| Contributions | 10/11 | €6,250 | €6,250 | = | 0.0% |
| Reserves | 13 | - | €244,588 | +€244,588 | |
| Tax-exempt reserves | 132 | - | €244,588 | +€244,588 | |
| Profit (loss) carried forward | 14 | -€29,249 | -€32,948 | -€3,699 | -12.6% |
| Provisions and deferred taxes | 16 | - | €81,529 | +€81,529 | |
| Deferred taxes | 168 | - | €81,529 | +€81,529 | |
| Amounts payable | 17/49 | €1,930,492 | €1,115,100 | -€815,392 | -42.2% |
| Amounts payable after more than one year | 17 | €469,072 | €452,402 | -€16,671 | -3.6% |
| Financial debts | 170/4 | €469,072 | €452,402 | -€16,671 | -3.6% |
| Amounts payable within one year | 42/48 | €1,456,320 | €657,599 | -€798,721 | -54.8% |
| Current portion of amounts payable after more than one year | 42 | €15,875 | €16,671 | +€795 | +5.0% |
| Financial debts | 43 | €987,367 | €316,353 | -€671,014 | -68.0% |
| Credit institutions | 430/8 | €987,367 | €316,353 | -€671,014 | -68.0% |
| Trade debts | 44 | €19,687 | €11,050 | -€8,637 | -43.9% |
| Suppliers | 440/4 | €19,687 | €11,050 | -€8,637 | -43.9% |
| Taxes, remuneration and social security | 45 | €10,067 | €14,264 | +€4,198 | +41.7% |
| Taxes | 450/3 | €10,067 | €14,264 | +€4,198 | +41.7% |
| Other amounts payable | 47/48 | €423,324 | €299,261 | -€124,063 | -29.3% |
| Accrued charges and deferred income | 492/3 | €5,100 | €5,100 | = | 0.0% |
| Non-recurring operating income | 76A | - | €375,353 | +€375,353 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €85,061 | €55,798 | -€29,263 | -34.4% |
| Other operating charges | 640/8 | €769 | €7,442 | +€6,673 | +867.2% |
| Gross operating margin | 9900 | €99,265 | €443,170 | +€343,905 | +346.5% |
| Operating profit (loss) | 9901 | €13,435 | €379,930 | +€366,495 | +2727.9% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €81,328 | €43,857 | -€37,471 | -46.1% |
| Recurring financial charges | 65 | €81,328 | €43,857 | -€37,471 | -46.1% |
| Profit (loss) for the period before taxes | 9903 | -€67,893 | €336,073 | +€403,966 | |
| Transfer from deferred taxes | 780 | - | €7,227 | +€7,227 | |
| Transfer to deferred taxes | 680 | - | €88,756 | +€88,756 | |
| Income taxes | 67/77 | €67 | €13,655 | +€13,588 | +20335.6% |
| Profit (loss) for the period | 9904 | -€67,960 | €240,889 | +€308,849 | |
| Transfer from tax-exempt reserves | 789 | - | €21,681 | +€21,681 | |
| Transfer to tax-exempt reserves | 689 | - | €266,269 | +€266,269 | |
| Profit (loss) for the period to be appropriated | 9905 | -€67,960 | -€3,699 | +€64,261 | +94.6% |
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 12 October 2026 via checked.be.