P-SQUARE: 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.
P-SQUARE
Largest movements
- Tangible fixed assets -€47,297
down €47,297 (-4.6%), from €1.0m to €982,166
of which Land and buildings: -€37,690
- Receivables within one year +€15,784
up €15,784 (+29.4%), from €53,720 to €69,504
of which Other amounts receivable: +€14,501
- Cash +€14,259
up €14,259 (+6.1%), from €232,394 to €246,652
mainly Net result for the year (+€70,036) and Depreciation (+€57,337)
- Reserves +€70,036
up €70,036 (+65.7%), from €106,634 to €176,670
of which Distributable reserves: +€70,036
- Debts after one year -€45,509
down €45,509 (-7.9%), from €579,400 to €533,891
- Tax, wage and social debts -€38,653
down €38,653 (-46.6%), from €83,019 to €44,365
- Gross operating margin -€8,726
down €8,726 (-4.8%), from €181,283 to €172,557
- Taxes -€2,845
down €2,845 (-7.3%), from €39,028 to €36,184
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 | €1,317,949 | €1,304,335 | -€13,613 | -1.0% |
| Fixed assets | 21/28 | €1,029,463 | €982,166 | -€47,297 | -4.6% |
| Tangible fixed assets | 22/27 | €1,029,463 | €982,166 | -€47,297 | -4.6% |
| Land and buildings | 22 | €963,370 | €925,679 | -€37,690 | -3.9% |
| Plant, machinery and equipment | 23 | €12,000 | €10,500 | -€1,500 | -12.5% |
| Furniture and vehicles | 24 | €54,094 | €45,987 | -€8,107 | -15.0% |
| Current assets | 29/58 | €288,485 | €322,169 | +€33,684 | +11.7% |
| Amounts receivable within one year | 40/41 | €53,720 | €69,504 | +€15,784 | +29.4% |
| Trade receivables | 40 | €16,837 | €18,120 | +€1,283 | +7.6% |
| Other amounts receivable | 41 | €36,883 | €51,384 | +€14,501 | +39.3% |
| Cash at bank and in hand | 54/58 | €232,394 | €246,652 | +€14,259 | +6.1% |
| Deferred charges and accrued income | 490/1 | €2,372 | €6,013 | +€3,641 | +153.5% |
| Total equity and liabilities | 10/49 | €1,317,949 | €1,304,335 | -€13,613 | -1.0% |
| Equity | 10/15 | €597,903 | €667,939 | +€70,036 | +11.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €106,634 | €176,670 | +€70,036 | +65.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €10,041 | €10,041 | = | 0.0% |
| Distributable reserves | 133 | €94,733 | €164,769 | +€70,036 | +73.9% |
| Profit (loss) carried forward | 14 | €485,069 | €485,069 | = | 0.0% |
| Amounts payable | 17/49 | €720,046 | €636,397 | -€83,649 | -11.6% |
| Amounts payable after more than one year | 17 | €579,400 | €533,891 | -€45,509 | -7.9% |
| Financial debts | 170/4 | €579,400 | €533,891 | -€45,509 | -7.9% |
| Amounts payable within one year | 42/48 | €114,897 | €76,757 | -€38,140 | -33.2% |
| Current portion of amounts payable after more than one year | 42 | €31,429 | €31,917 | +€488 | +1.6% |
| Trade debts | 44 | €450 | €475 | +€25 | +5.5% |
| Suppliers | 440/4 | €450 | €475 | +€25 | +5.5% |
| Taxes, remuneration and social security | 45 | €83,019 | €44,365 | -€38,653 | -46.6% |
| Taxes | 450/3 | €83,019 | €44,365 | -€38,653 | -46.6% |
| Accrued charges and deferred income | 492/3 | €25,749 | €25,749 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €57,337 | €57,337 | = | 0.0% |
| Other operating charges | 640/8 | €2,954 | €1,468 | -€1,486 | -50.3% |
| Gross operating margin | 9900 | €181,283 | €172,557 | -€8,726 | -4.8% |
| Operating profit (loss) | 9901 | €120,991 | €113,751 | -€7,241 | -6.0% |
| Financial income | 75/76B | €2,372 | €3,960 | +€1,588 | +67.0% |
| Recurring financial income | 75 | €2,372 | €3,960 | +€1,588 | +67.0% |
| Financial charges | 65/66B | €12,661 | €11,491 | -€1,170 | -9.2% |
| Recurring financial charges | 65 | €12,661 | €11,491 | -€1,170 | -9.2% |
| Profit (loss) for the period before taxes | 9903 | €110,702 | €106,220 | -€4,482 | -4.0% |
| Income taxes | 67/77 | €39,028 | €36,184 | -€2,845 | -7.3% |
| Profit (loss) for the period | 9904 | €71,674 | €70,036 | -€1,638 | -2.3% |
| Profit (loss) for the period to be appropriated | 9905 | €71,674 | €70,036 | -€1,638 | -2.3% |
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.