Squadron: 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.
Squadron
Largest movements
- Receivables within one year +€486,614
up €486,614 (+106.2%), from €458,051 to €944,665
of which Trade receivables: +€500,871
- Intangible fixed assets +€295,913
up €295,913 (+109.9%), from €269,327 to €565,240
- Cash -€122,135
down €122,135 (-52.9%), from €230,845 to €108,709
mainly Receivables within one year (-€486,614) and Investment in fixed assets (net) (-€354,488)
- Trade debts +€674,997
up €674,997 (+104.9%), from €643,547 to €1.3m
- Tax, wage and social debts -€37,931
down €37,931 (-21.1%), from €179,460 to €141,529
of which Taxes: -€26,156
- Reserves +€23,981
up €23,981 (+18.1%), from €132,671 to €156,651
- Gross operating margin -€76,377
down €76,377 (-8.8%), from €864,440 to €788,063
- Depreciation +€67,623
up €67,623 (+15060.7%), from €449 to €68,072
- Taxes -€35,497
down €35,497 (-67.2%), from €52,859 to €17,362
- Staff costs -€15,745
down €15,745 (-2.3%), from €686,844 to €671,099
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 | €1,091,532 | €1,757,233 | +€665,701 | +61.0% |
| Formation expenses | 20 | €47 | €0 | -€47 | -100.0% |
| Fixed assets | 21/28 | €397,953 | €684,416 | +€286,464 | +72.0% |
| Intangible fixed assets | 21 | €269,327 | €565,240 | +€295,913 | +109.9% |
| Tangible fixed assets | 22/27 | €128,626 | €119,176 | -€9,450 | -7.3% |
| Plant, machinery and equipment | 23 | - | €115,611 | +€115,611 | |
| Furniture and vehicles | 24 | - | €3,566 | +€3,566 | |
| Assets under construction and advance payments | 27 | €128,626 | €0 | -€128,626 | -100.0% |
| Current assets | 29/58 | €693,532 | €1,072,817 | +€379,285 | +54.7% |
| Amounts receivable within one year | 40/41 | €458,051 | €944,665 | +€486,614 | +106.2% |
| Trade receivables | 40 | €443,716 | €944,587 | +€500,871 | +112.9% |
| Other amounts receivable | 41 | €14,335 | €78 | -€14,257 | -99.5% |
| Cash at bank and in hand | 54/58 | €230,845 | €108,709 | -€122,135 | -52.9% |
| Deferred charges and accrued income | 490/1 | €4,636 | €19,442 | +€14,806 | +319.3% |
| Total equity and liabilities | 10/49 | €1,091,532 | €1,757,233 | +€665,701 | +61.0% |
| Equity | 10/15 | €167,671 | €191,651 | +€23,981 | +14.3% |
| Contributions | 10/11 | €35,000 | €35,000 | = | 0.0% |
| Reserves | 13 | €132,671 | €156,651 | +€23,981 | +18.1% |
| Distributable reserves | 133 | €132,671 | €156,651 | +€23,981 | +18.1% |
| Amounts payable | 17/49 | €923,861 | €1,565,582 | +€641,720 | +69.5% |
| Amounts payable after more than one year | 17 | €100,000 | €100,000 | = | 0.0% |
| Other amounts payable | 178/9 | €100,000 | €100,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €823,007 | €1,460,073 | +€637,066 | +77.4% |
| Trade debts | 44 | €643,547 | €1,318,543 | +€674,997 | +104.9% |
| Suppliers | 440/4 | €643,547 | €1,318,543 | +€674,997 | +104.9% |
| Taxes, remuneration and social security | 45 | €179,460 | €141,529 | -€37,931 | -21.1% |
| Taxes | 450/3 | €60,881 | €34,725 | -€26,156 | -43.0% |
| Remuneration and social security | 454/9 | €118,579 | €106,804 | -€11,775 | -9.9% |
| Accrued charges and deferred income | 492/3 | €855 | €5,509 | +€4,654 | +544.5% |
| Remuneration, social security and pensions | 62 | €686,844 | €671,099 | -€15,745 | -2.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €449 | €68,072 | +€67,623 | +15060.7% |
| Other operating charges | 640/8 | €1,612 | €525 | -€1,087 | -67.4% |
| Gross operating margin | 9900 | €864,440 | €788,063 | -€76,377 | -8.8% |
| Operating profit (loss) | 9901 | €175,535 | €48,367 | -€127,168 | -72.4% |
| Financial income | 75/76B | €1 | €38 | +€37 | +4228.4% |
| Recurring financial income | 75 | €1 | €38 | +€37 | +4228.4% |
| Financial charges | 65/66B | €2,561 | €7,062 | +€4,502 | +175.8% |
| Recurring financial charges | 65 | €2,561 | €7,062 | +€4,502 | +175.8% |
| Profit (loss) for the period before taxes | 9903 | €172,975 | €41,342 | -€131,632 | -76.1% |
| Income taxes | 67/77 | €52,859 | €17,362 | -€35,497 | -67.2% |
| Profit (loss) for the period | 9904 | €120,116 | €23,981 | -€96,135 | -80.0% |
| Profit (loss) for the period to be appropriated | 9905 | €120,116 | €23,981 | -€96,135 | -80.0% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.