R-SQUARE MANAGEMENT: what changed
Two fiscal 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 MANAGEMENT
Largest movements
- Tangible fixed assets -€5,464
down €5,464 (-17.6%), from €31,090 to €25,626
- Receivables within one year +€5,409
up €5,409 (+35.1%), from €15,428 to €20,836
of which Other amounts receivable: +€3,140
- Cash -€3,244
down €3,244 (-24.0%), from €13,491 to €10,247
mainly Other debts (-€15,383) and Current portion of long-term debt (-€7,970)
- Deferred charges and accrued income -€1,839
down €1,839 (-24.8%), from €7,413 to €5,574
- Reserves +€20,000
up €20,000 (+1075.3%), from €1,860 to €21,860
of which Distributable reserves: +€20,000
- Other debts -€15,383
no longer reported in 2025 (was €15,383)
- Current portion of long-term debt -€7,970
no longer reported in 2025 (was €7,970)
- Profit (loss) carried forward +€6,915
up €6,915 (+245.0%), from €2,822 to €9,737
- Debts after one year -€6,432
no longer reported in 2025 (was €6,432)
- Gross operating margin +€31,926
up €31,926 (+87.3%), from €36,580 to €68,507
- Taxes +€14,015
new in 2025: €14,015
- Other operating charges -€6,025
down €6,025 (-26.0%), from €23,191 to €17,166
- Depreciation -€5,197
down €5,197 (-40.6%), from €12,802 to €7,605
- Financial charges +€1,276
up €1,276 (+81.5%), from €1,566 to €2,843
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 | €67,421 | €62,283 | -€5,138 | -7.6% |
| Fixed assets | 21/28 | €31,090 | €25,626 | -€5,464 | -17.6% |
| Intangible fixed assets | 21 | €0 | - | -€0 | |
| Tangible fixed assets | 22/27 | €31,090 | €25,626 | -€5,464 | -17.6% |
| Plant, machinery and equipment | 23 | €2,205 | €732 | -€1,472 | -66.8% |
| Furniture and vehicles | 24 | €18,430 | €15,756 | -€2,674 | -14.5% |
| Other tangible fixed assets | 26 | €10,455 | €9,137 | -€1,318 | -12.6% |
| Current assets | 29/58 | €36,331 | €36,657 | +€326 | +0.9% |
| Amounts receivable within one year | 40/41 | €15,428 | €20,836 | +€5,409 | +35.1% |
| Trade receivables | 40 | €15,428 | €17,696 | +€2,269 | +14.7% |
| Other amounts receivable | 41 | - | €3,140 | +€3,140 | |
| Cash at bank and in hand | 54/58 | €13,491 | €10,247 | -€3,244 | -24.0% |
| Deferred charges and accrued income | 490/1 | €7,413 | €5,574 | -€1,839 | -24.8% |
| Total equity and liabilities | 10/49 | €67,421 | €62,283 | -€5,138 | -7.6% |
| Equity | 10/15 | €23,282 | €50,197 | +€26,915 | +115.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €21,860 | +€20,000 | +1075.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | - | €20,000 | +€20,000 | |
| Profit (loss) carried forward | 14 | €2,822 | €9,737 | +€6,915 | +245.0% |
| Amounts payable | 17/49 | €44,139 | €12,086 | -€32,053 | -72.6% |
| Amounts payable after more than one year | 17 | €6,432 | - | -€6,432 | |
| Financial debts | 170/4 | €6,432 | - | -€6,432 | |
| Amounts payable within one year | 42/48 | €37,707 | €12,086 | -€25,621 | -67.9% |
| Current portion of amounts payable after more than one year | 42 | €7,970 | - | -€7,970 | |
| Financial debts | 43 | - | €673 | +€673 | |
| Credit institutions | 430/8 | - | €673 | +€673 | |
| Trade debts | 44 | €2,552 | €2,042 | -€510 | -20.0% |
| Suppliers | 440/4 | €2,552 | €2,042 | -€510 | -20.0% |
| Taxes, remuneration and social security | 45 | €11,802 | €9,371 | -€2,431 | -20.6% |
| Taxes | 450/3 | €8,769 | €9,371 | +€602 | +6.9% |
| Remuneration and social security | 454/9 | €3,033 | - | -€3,033 | |
| Other amounts payable | 47/48 | €15,383 | - | -€15,383 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,802 | €7,605 | -€5,197 | -40.6% |
| Other operating charges | 640/8 | €23,191 | €17,166 | -€6,025 | -26.0% |
| Gross operating margin | 9900 | €36,580 | €68,507 | +€31,926 | +87.3% |
| Operating profit (loss) | 9901 | €588 | €43,736 | +€43,148 | +7343.2% |
| Financial income | 75/76B | €6 | €37 | +€31 | +525.8% |
| Recurring financial income | 75 | €6 | €37 | +€31 | +525.8% |
| Financial charges | 65/66B | €1,566 | €2,843 | +€1,276 | +81.5% |
| Recurring financial charges | 65 | €1,566 | €2,843 | +€1,276 | +81.5% |
| Profit (loss) for the period before taxes | 9903 | -€973 | €40,930 | +€41,903 | |
| Income taxes | 67/77 | - | €14,015 | +€14,015 | |
| Profit (loss) for the period | 9904 | -€973 | €26,915 | +€27,888 | |
| Profit (loss) for the period to be appropriated | 9905 | -€973 | €26,915 | +€27,888 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.