QUADRATURE: 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.
QUADRATURE
Largest movements
- Receivables within one year -€182,596
down €182,596 (-14.1%), from €1.3m to €1.1m
of which Other amounts receivable: -€264,995
- Cash +€81,513
up €81,513 (+48.3%), from €168,590 to €250,102
mainly Net result for the year (+€244,196) and Receivables within one year (+€182,596)
- Tangible fixed assets +€26,836
up €26,836 (+328%), from €8,175 to €35,011
- Stocks and contracts -€18,985
down €18,985 (-45.7%), from €41,538 to €22,553
- Accrued charges and deferred income -€561,645
down €561,645 (-30.7%), from €1.8m to €1.3m
- Profit (loss) carried forward +€244,196
up €244,196 (+27.1%), from -€902,242 to -€658,046
- Other debts +€120,000
new in 2025: €120,000
- Tax, wage and social debts +€111,827
up €111,827 (+58.9%), from €189,817 to €301,644
of which Taxes: +€102,192
- Gross operating margin -€304,888
down €304,888 (-18.3%), from €1.7m to €1.4m
- Write-downs +€54,998
no longer reported in 2025 (was -€54,998)
- Staff costs -€47,464
down €47,464 (-4.2%), from €1.1m to €1.1m
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 | €1,562,872 | €1,482,582 | -€80,290 | -5.1% |
| Fixed assets | 21/28 | €16,126 | €51,648 | +€35,522 | +220% |
| Intangible fixed assets | 21 | - | €8,672 | +€8,672 | |
| Tangible fixed assets | 22/27 | €8,175 | €35,011 | +€26,836 | +328% |
| Furniture and vehicles | 24 | €8,175 | €35,011 | +€26,836 | +328% |
| Financial fixed assets | 28 | €7,952 | €7,965 | +€13 | +0.2% |
| Current assets | 29/58 | €1,546,746 | €1,430,934 | -€115,811 | -7.5% |
| Stocks and contracts in progress | 3 | €41,538 | €22,553 | -€18,985 | -45.7% |
| Contracts in progress | 37 | €41,538 | €22,553 | -€18,985 | -45.7% |
| Amounts receivable within one year | 40/41 | €1,293,171 | €1,110,575 | -€182,596 | -14.1% |
| Trade receivables | 40 | €1,028,005 | €1,110,404 | +€82,400 | +8.0% |
| Other amounts receivable | 41 | €265,166 | €171 | -€264,995 | -99.9% |
| Cash at bank and in hand | 54/58 | €168,590 | €250,102 | +€81,513 | +48.3% |
| Deferred charges and accrued income | 490/1 | €43,446 | €47,703 | +€4,257 | +9.8% |
| Total equity and liabilities | 10/49 | €1,562,872 | €1,482,582 | -€80,290 | -5.1% |
| Equity | 10/15 | -€631,900 | -€387,704 | +€244,196 | +38.6% |
| Contributions | 10/11 | €236,025 | €236,025 | = | 0.0% |
| Capital | 10 | €236,025 | €236,025 | = | 0.0% |
| Issued capital | 100 | €236,025 | €236,025 | = | 0.0% |
| Reserves | 13 | €34,317 | €34,317 | = | 0.0% |
| Non-distributable reserves | 130/1 | €23,603 | €23,603 | = | 0.0% |
| Legal reserve | 130 | €23,603 | €23,603 | = | 0.0% |
| Tax-exempt reserves | 132 | €10,714 | €10,714 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€902,242 | -€658,046 | +€244,196 | +27.1% |
| Amounts payable | 17/49 | €2,194,772 | €1,870,286 | -€324,486 | -14.8% |
| Amounts payable within one year | 42/48 | €364,138 | €601,296 | +€237,159 | +65.1% |
| Trade debts | 44 | €174,321 | €179,653 | +€5,332 | +3.1% |
| Suppliers | 440/4 | €174,321 | €179,653 | +€5,332 | +3.1% |
| Taxes, remuneration and social security | 45 | €189,817 | €301,644 | +€111,827 | +58.9% |
| Taxes | 450/3 | €36,953 | €139,145 | +€102,192 | +277% |
| Remuneration and social security | 454/9 | €152,863 | €162,498 | +€9,635 | +6.3% |
| Other amounts payable | 47/48 | - | €120,000 | +€120,000 | |
| Accrued charges and deferred income | 492/3 | €1,830,634 | €1,268,990 | -€561,645 | -30.7% |
| Remuneration, social security and pensions | 62 | €1,135,749 | €1,088,285 | -€47,464 | -4.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,930 | €11,711 | +€4,780 | +69.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€54,998 | - | +€54,998 | |
| Other operating charges | 640/8 | €3,054 | €2,563 | -€491 | -16.1% |
| Non-recurring operating charges | 66A | €50,875 | - | -€50,875 | |
| Gross operating margin | 9900 | €1,663,220 | €1,358,332 | -€304,888 | -18.3% |
| Operating profit (loss) | 9901 | €521,609 | €255,773 | -€265,836 | -51.0% |
| Financial income | 75/76B | €10,044 | €20,595 | +€10,550 | +105% |
| Recurring financial income | 75 | €10,044 | €20,595 | +€10,550 | +105% |
| Financial charges | 65/66B | €16,589 | €13,989 | -€2,601 | -15.7% |
| Recurring financial charges | 65 | €16,589 | €13,989 | -€2,601 | -15.7% |
| Profit (loss) for the period before taxes | 9903 | €515,064 | €262,379 | -€252,685 | -49.1% |
| Income taxes | 67/77 | €4,281 | €18,183 | +€13,901 | +325% |
| Profit (loss) for the period | 9904 | €510,783 | €244,196 | -€266,586 | -52.2% |
| Profit (loss) for the period to be appropriated | 9905 | €510,783 | €244,196 | -€266,586 | -52.2% |
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 27 October 2026 via checked.be.