R 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.
R SQUARE
Largest movements
- Tangible fixed assets +€275,856
up €275,856 (+190%), from €145,477 to €421,333
of which Furniture and vehicles: +€198,604
- Cash -€257,592
down €257,592 (-73.6%), from €349,807 to €92,215
mainly Investment in fixed assets (net) (-€285,315) and Trade debts (-€171,228)
- Receivables within one year -€27,305
down €27,305 (-86.6%), from €31,540 to €4,235
of which Other amounts receivable: -€31,540
- Financial fixed assets -€14,274
down €14,274 (-9.2%), from €155,600 to €141,326
- Debts after one year +€175,268
new in 2025: €175,268
- Trade debts -€171,228
down €171,228 (-87.4%), from €195,927 to €24,699
- Profit (loss) carried forward -€46,789
new in 2025: -€46,789
- Current portion of long-term debt +€17,580
new in 2025: €17,580
- Other debts +€12,058
up €12,058 (+277%), from €4,360 to €16,418
- Financial income -€201,825
down €201,825 (-99.0%), from €203,906 to €2,081
- Purchases and services +€23,749
up €23,749 (+12.0%), from €198,595 to €222,344
- Gross operating margin -€20,927
down €20,927 (-2,721%), from -€769 to -€21,696
- Taxes -€11,876
down €11,876 (-98.3%), from €12,086 to €210
- Depreciation -€3,178
down €3,178 (-11.8%), from €26,911 to €23,733
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 | €682,424 | €659,109 | -€23,315 | -3.4% |
| Fixed assets | 21/28 | €301,077 | €562,659 | +€261,582 | +86.9% |
| Tangible fixed assets | 22/27 | €145,477 | €421,333 | +€275,856 | +190% |
| Land and buildings | 22 | €141,952 | €216,338 | +€74,386 | +52.4% |
| Plant, machinery and equipment | 23 | €984 | €3,850 | +€2,866 | +291% |
| Furniture and vehicles | 24 | €2,541 | €201,145 | +€198,604 | +7,816% |
| Financial fixed assets | 28 | €155,600 | €141,326 | -€14,274 | -9.2% |
| Current assets | 29/58 | €381,347 | €96,450 | -€284,897 | -74.7% |
| Amounts receivable within one year | 40/41 | €31,540 | €4,235 | -€27,305 | -86.6% |
| Trade receivables | 40 | - | €4,235 | +€4,235 | |
| Other amounts receivable | 41 | €31,540 | - | -€31,540 | |
| Cash at bank and in hand | 54/58 | €349,807 | €92,215 | -€257,592 | -73.6% |
| Total equity and liabilities | 10/49 | €682,424 | €659,109 | -€23,315 | -3.4% |
| Equity | 10/15 | €465,774 | €418,985 | -€46,789 | -10.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €447,174 | €447,174 | = | 0.0% |
| Distributable reserves | 133 | €447,174 | €447,174 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€46,789 | -€46,789 | |
| Amounts payable | 17/49 | €216,650 | €240,124 | +€23,474 | +10.8% |
| Amounts payable after more than one year | 17 | - | €175,268 | +€175,268 | |
| Financial debts | 170/4 | - | €175,268 | +€175,268 | |
| Amounts payable within one year | 42/48 | €216,650 | €64,856 | -€151,794 | -70.1% |
| Current portion of amounts payable after more than one year | 42 | - | €17,580 | +€17,580 | |
| Trade debts | 44 | €195,927 | €24,699 | -€171,228 | -87.4% |
| Suppliers | 440/4 | €195,927 | €24,699 | -€171,228 | -87.4% |
| Taxes, remuneration and social security | 45 | €16,363 | €6,159 | -€10,204 | -62.4% |
| Taxes | 450/3 | €16,363 | €6,159 | -€10,204 | -62.4% |
| Other amounts payable | 47/48 | €4,360 | €16,418 | +€12,058 | +277% |
| Turnover | 70 | €197,826 | €200,648 | +€2,822 | +1.4% |
| Goods, raw materials, services and sundry goods | 60/61 | €198,595 | €222,344 | +€23,749 | +12.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,911 | €23,733 | -€3,178 | -11.8% |
| Other operating charges | 640/8 | €2,842 | €613 | -€2,229 | -78.4% |
| Gross operating margin | 9900 | -€769 | -€21,696 | -€20,927 | -2,721% |
| Operating profit (loss) | 9901 | -€30,522 | -€46,042 | -€15,520 | -50.8% |
| Financial income | 75/76B | €203,906 | €2,081 | -€201,825 | -99.0% |
| Recurring financial income | 75 | €203,906 | €2,081 | -€201,825 | -99.0% |
| Financial charges | 65/66B | €691 | €2,618 | +€1,927 | +279% |
| Recurring financial charges | 65 | €691 | €2,618 | +€1,927 | +279% |
| Profit (loss) for the period before taxes | 9903 | €172,693 | -€46,579 | -€219,272 | |
| Income taxes | 67/77 | €12,086 | €210 | -€11,876 | -98.3% |
| Profit (loss) for the period | 9904 | €160,607 | -€46,789 | -€207,396 | |
| Profit (loss) for the period to be appropriated | 9905 | €160,607 | -€46,789 | -€207,396 |
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 13 October 2026 via checked.be.