RD 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.
RD SQUARE
Largest movements
- Receivables within one year -€99,983
down €99,983 (-50.1%), from €199,383 to €99,400
of which Other amounts receivable: -€94,663
- Cash -€46,450
down €46,450 (-27.4%), from €169,772 to €123,323
mainly Contributions, distributions and other (-€318,110) and Tax, wage and social debts (-€15,726)
- Tangible fixed assets -€22,389
down €22,389 (-31.4%), from €71,251 to €48,862
of which Furniture and vehicles: -€19,368
- Reserves -€200,000
down €200,000 (-100.0%), from €200,000 to €0
- Other debts +€62,107
up €62,107 (+41.4%), from €150,173 to €212,280
- Tax, wage and social debts -€15,726
down €15,726 (-30.2%), from €52,113 to €36,387
of which Taxes: -€9,860
- Trade debts -€12,774
down €12,774 (-68.9%), from €18,532 to €5,758
- Gross operating margin -€49,080
down €49,080 (-21.4%), from €228,856 to €179,777
- Taxes -€14,335
down €14,335 (-29.3%), from €48,845 to €34,510
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 | €441,557 | €273,062 | -€168,495 | -38.2% |
| Fixed assets | 21/28 | €71,276 | €48,887 | -€22,389 | -31.4% |
| Tangible fixed assets | 22/27 | €71,251 | €48,862 | -€22,389 | -31.4% |
| Furniture and vehicles | 24 | €50,262 | €30,894 | -€19,368 | -38.5% |
| Other tangible fixed assets | 26 | €20,989 | €17,968 | -€3,021 | -14.4% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €370,281 | €224,175 | -€146,106 | -39.5% |
| Amounts receivable within one year | 40/41 | €199,383 | €99,400 | -€99,983 | -50.1% |
| Trade receivables | 40 | €104,720 | €99,400 | -€5,320 | -5.1% |
| Other amounts receivable | 41 | €94,663 | €0 | -€94,663 | -100.0% |
| Cash at bank and in hand | 54/58 | €169,772 | €123,323 | -€46,450 | -27.4% |
| Deferred charges and accrued income | 490/1 | €1,126 | €1,452 | +€326 | +29.0% |
| Total equity and liabilities | 10/49 | €441,557 | €273,062 | -€168,495 | -38.2% |
| Equity | 10/15 | €218,600 | €18,600 | -€200,000 | -91.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €200,000 | €0 | -€200,000 | -100.0% |
| Distributable reserves | 133 | €200,000 | €0 | -€200,000 | -100.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €222,957 | €254,462 | +€31,505 | +14.1% |
| Amounts payable within one year | 42/48 | €222,957 | €254,424 | +€31,467 | +14.1% |
| Financial debts | 43 | €2,140 | €0 | -€2,140 | -100.0% |
| Credit institutions | 430/8 | €2,140 | €0 | -€2,140 | -100.0% |
| Trade debts | 44 | €18,532 | €5,758 | -€12,774 | -68.9% |
| Suppliers | 440/4 | €18,532 | €5,758 | -€12,774 | -68.9% |
| Taxes, remuneration and social security | 45 | €52,113 | €36,387 | -€15,726 | -30.2% |
| Taxes | 450/3 | €46,247 | €36,387 | -€9,860 | -21.3% |
| Remuneration and social security | 454/9 | €5,866 | €0 | -€5,866 | -100.0% |
| Other amounts payable | 47/48 | €150,173 | €212,280 | +€62,107 | +41.4% |
| Accrued charges and deferred income | 492/3 | €0 | €38 | +€38 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,357 | €26,734 | +€1,377 | +5.4% |
| Other operating charges | 640/8 | €2,043 | €2,331 | +€288 | +14.1% |
| Gross operating margin | 9900 | €228,856 | €179,777 | -€49,080 | -21.4% |
| Operating profit (loss) | 9901 | €201,456 | €150,711 | -€50,745 | -25.2% |
| Financial income | 75/76B | €3,295 | €4,657 | +€1,361 | +41.3% |
| Recurring financial income | 75 | €3,295 | €4,657 | +€1,361 | +41.3% |
| Financial charges | 65/66B | €3,016 | €2,748 | -€269 | -8.9% |
| Recurring financial charges | 65 | €3,016 | €2,748 | -€269 | -8.9% |
| Profit (loss) for the period before taxes | 9903 | €201,735 | €152,620 | -€49,115 | -24.3% |
| Income taxes | 67/77 | €48,845 | €34,510 | -€14,335 | -29.3% |
| Profit (loss) for the period | 9904 | €152,890 | €118,110 | -€34,780 | -22.7% |
| Profit (loss) for the period to be appropriated | 9905 | €152,890 | €118,110 | -€34,780 | -22.7% |
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.