Ret Square: 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.
Ret Square
Largest movements
- Cash +€147,907
up €147,907 (+367.7%), from €40,227 to €188,135
mainly Other debts (+€259,605) and Depreciation (+€119,078)
- Tangible fixed assets -€119,078
down €119,078 (-3.1%), from €3.9m to €3.8m
of which Land and buildings: -€117,573
- Other debts +€259,605
up €259,605 (+4554.5%), from €5,700 to €265,305
- Reserves -€170,674
down €170,674 (-68.0%), from €251,007 to €80,332
of which Distributable reserves: -€170,674
- Debts after one year -€67,785
down €67,785 (-24.7%), from €274,019 to €206,234
- Revaluation surpluses -€65,025
down €65,025 (-1.9%), from €3.5m to €3.4m
- Trade debts +€60,744
up €60,744 (+203.8%), from €29,809 to €90,553
- Financial charges -€173,462
down €173,462 (-93.2%), from €186,027 to €12,565
- Gross operating margin -€150,333
down €150,333 (-40.0%), from €375,807 to €225,474
- Write-downs +€30,186
new in 2025: €30,186
- Depreciation -€20,705
down €20,705 (-14.8%), from €139,783 to €119,078
- Financial income +€12,340
up €12,340 (+510.7%), from €2,416 to €14,756
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 | €4,193,811 | €4,233,464 | +€39,653 | +0.9% |
| Fixed assets | 21/28 | €3,892,065 | €3,772,987 | -€119,078 | -3.1% |
| Tangible fixed assets | 22/27 | €3,889,777 | €3,770,700 | -€119,078 | -3.1% |
| Land and buildings | 22 | €3,879,236 | €3,761,663 | -€117,573 | -3.0% |
| Plant, machinery and equipment | 23 | €1,826 | €1,603 | -€224 | -12.3% |
| Furniture and vehicles | 24 | €8,715 | €7,434 | -€1,281 | -14.7% |
| Financial fixed assets | 28 | €2,288 | €2,288 | = | 0.0% |
| Current assets | 29/58 | €301,746 | €460,477 | +€158,730 | +52.6% |
| Amounts receivable within one year | 40/41 | €234,190 | €246,936 | +€12,746 | +5.4% |
| Trade receivables | 40 | €27,190 | €30,868 | +€3,679 | +13.5% |
| Other amounts receivable | 41 | €207,000 | €216,068 | +€9,068 | +4.4% |
| Cash at bank and in hand | 54/58 | €40,227 | €188,135 | +€147,907 | +367.7% |
| Deferred charges and accrued income | 490/1 | €27,329 | €25,406 | -€1,924 | -7.0% |
| Total equity and liabilities | 10/49 | €4,193,811 | €4,233,464 | +€39,653 | +0.9% |
| Equity | 10/15 | €3,815,805 | €3,580,106 | -€235,699 | -6.2% |
| Contributions | 10/11 | €92,176 | €92,176 | = | 0.0% |
| Capital | 10 | €92,176 | €92,176 | = | 0.0% |
| Issued capital | 100 | €92,176 | €92,176 | = | 0.0% |
| Revaluation surpluses | 12 | €3,472,623 | €3,407,598 | -€65,025 | -1.9% |
| Reserves | 13 | €251,007 | €80,332 | -€170,674 | -68.0% |
| Non-distributable reserves | 130/1 | €9,218 | €9,218 | = | 0.0% |
| Legal reserve | 130 | €9,218 | €9,218 | = | 0.0% |
| Distributable reserves | 133 | €241,789 | €71,115 | -€170,674 | -70.6% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Provisions and deferred taxes | 16 | €0 | - | = | |
| Provisions for liabilities and charges | 160/5 | €0 | - | = | |
| Other liabilities and charges | 164/5 | €0 | - | = | |
| Amounts payable | 17/49 | €378,007 | €653,358 | +€275,352 | +72.8% |
| Amounts payable after more than one year | 17 | €274,019 | €206,234 | -€67,785 | -24.7% |
| Financial debts | 170/4 | €274,019 | €206,234 | -€67,785 | -24.7% |
| Amounts payable within one year | 42/48 | €102,538 | €445,675 | +€343,137 | +334.6% |
| Current portion of amounts payable after more than one year | 42 | €65,326 | €67,785 | +€2,459 | +3.8% |
| Trade debts | 44 | €29,809 | €90,553 | +€60,744 | +203.8% |
| Suppliers | 440/4 | €29,809 | €90,553 | +€60,744 | +203.8% |
| Taxes, remuneration and social security | 45 | €1,704 | €22,031 | +€20,328 | +1193.3% |
| Taxes | 450/3 | €1,704 | €22,031 | +€20,328 | +1193.3% |
| Other amounts payable | 47/48 | €5,700 | €265,305 | +€259,605 | +4554.5% |
| Accrued charges and deferred income | 492/3 | €1,449 | €1,449 | = | 0.0% |
| Non-recurring operating income | 76A | €165,281 | €0 | -€165,281 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €139,783 | €119,078 | -€20,705 | -14.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €30,186 | +€30,186 | |
| Other operating charges | 640/8 | €21,155 | €23,424 | +€2,269 | +10.7% |
| Gross operating margin | 9900 | €375,807 | €225,474 | -€150,333 | -40.0% |
| Operating profit (loss) | 9901 | €214,870 | €52,787 | -€162,083 | -75.4% |
| Financial income | 75/76B | €2,416 | €14,756 | +€12,340 | +510.7% |
| Recurring financial income | 75 | €2,416 | €14,756 | +€12,340 | +510.7% |
| Financial charges | 65/66B | €186,027 | €12,565 | -€173,462 | -93.2% |
| Recurring financial charges | 65 | €186,027 | €12,565 | -€173,462 | -93.2% |
| Profit (loss) for the period before taxes | 9903 | €31,259 | €54,977 | +€23,718 | +75.9% |
| Income taxes | 67/77 | €24,010 | €31,071 | +€7,061 | +29.4% |
| Profit (loss) for the period | 9904 | €7,250 | €23,906 | +€16,657 | +229.8% |
| Profit (loss) for the period to be appropriated | 9905 | €7,250 | €23,906 | +€16,657 | +229.8% |
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 4 October 2026 via checked.be.