SQUADT: 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.
SQUADT
Largest movements
- Receivables within one year +€77,557
up €77,557 (+58.1%), from €133,474 to €211,031
of which Trade receivables: +€64,668
- Tangible fixed assets -€69,403
down €69,403 (-25.2%), from €275,493 to €206,090
of which Other tangible fixed assets: -€47,082
- Cash -€53,912
down €53,912 (-23.9%), from €225,871 to €171,959
mainly Other debts (-€79,060) and Receivables within one year (-€77,557)
- Other debts -€79,060
down €79,060 (-31.8%), from €248,885 to €169,825
- Reserves +€25,673
up €25,673 (+143.2%), from €17,927 to €43,600
- Accrued charges and deferred income +€22,235
up €22,235 (+13.6%), from €163,106 to €185,341
- Debts after one year -€17,816
down €17,816 (-96.5%), from €18,471 to €655
- Gross operating margin +€82,650
up €82,650 (+43.8%), from €188,898 to €271,549
- Depreciation +€32,416
up €32,416 (+44.6%), from €72,713 to €105,129
- Taxes +€6,445
up €6,445 (+136.0%), from €4,740 to €11,185
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 | €658,899 | €605,453 | -€53,446 | -8.1% |
| Formation expenses | 20 | €21,262 | €15,005 | -€6,257 | -29.4% |
| Fixed assets | 21/28 | €278,121 | €207,216 | -€70,905 | -25.5% |
| Intangible fixed assets | 21 | €2,627 | €1,126 | -€1,501 | -57.1% |
| Tangible fixed assets | 22/27 | €275,493 | €206,090 | -€69,403 | -25.2% |
| Plant, machinery and equipment | 23 | €92,023 | €77,089 | -€14,934 | -16.2% |
| Furniture and vehicles | 24 | €14,816 | €7,429 | -€7,387 | -49.9% |
| Other tangible fixed assets | 26 | €168,655 | €121,572 | -€47,082 | -27.9% |
| Current assets | 29/58 | €359,516 | €383,232 | +€23,716 | +6.6% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €133,474 | €211,031 | +€77,557 | +58.1% |
| Trade receivables | 40 | €117,718 | €182,387 | +€64,668 | +54.9% |
| Other amounts receivable | 41 | €15,755 | €28,644 | +€12,889 | +81.8% |
| Cash at bank and in hand | 54/58 | €225,871 | €171,959 | -€53,912 | -23.9% |
| Deferred charges and accrued income | 490/1 | €172 | €243 | +€71 | +41.3% |
| Total equity and liabilities | 10/49 | €658,899 | €605,453 | -€53,446 | -8.1% |
| Equity | 10/15 | €18,927 | €44,600 | +€25,673 | +135.6% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €17,927 | €43,600 | +€25,673 | +143.2% |
| Distributable reserves | 133 | €17,927 | €43,600 | +€25,673 | +143.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €639,972 | €560,853 | -€79,119 | -12.4% |
| Amounts payable after more than one year | 17 | €18,471 | €655 | -€17,816 | -96.5% |
| Financial debts | 170/4 | €18,471 | €655 | -€17,816 | -96.5% |
| Amounts payable within one year | 42/48 | €458,395 | €374,857 | -€83,538 | -18.2% |
| Current portion of amounts payable after more than one year | 42 | €18,569 | €17,816 | -€753 | -4.1% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €164,654 | €165,789 | +€1,135 | +0.7% |
| Suppliers | 440/4 | €164,654 | €165,789 | +€1,135 | +0.7% |
| Taxes, remuneration and social security | 45 | €26,287 | €21,427 | -€4,860 | -18.5% |
| Taxes | 450/3 | €10,485 | €4,894 | -€5,590 | -53.3% |
| Remuneration and social security | 454/9 | €15,803 | €16,533 | +€731 | +4.6% |
| Other amounts payable | 47/48 | €248,885 | €169,825 | -€79,060 | -31.8% |
| Accrued charges and deferred income | 492/3 | €163,106 | €185,341 | +€22,235 | +13.6% |
| Remuneration, social security and pensions | 62 | €88,959 | €90,601 | +€1,642 | +1.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €72,713 | €105,129 | +€32,416 | +44.6% |
| Other operating charges | 640/8 | €654 | €828 | +€175 | +26.7% |
| Gross operating margin | 9900 | €188,898 | €271,549 | +€82,650 | +43.8% |
| Operating profit (loss) | 9901 | €26,572 | €74,991 | +€48,418 | +182.2% |
| Financial income | 75/76B | €343 | €193 | -€150 | -43.6% |
| Recurring financial income | 75 | €343 | €193 | -€150 | -43.6% |
| Financial charges | 65/66B | €5,651 | €6,347 | +€696 | +12.3% |
| Recurring financial charges | 65 | €5,651 | €6,347 | +€696 | +12.3% |
| Profit (loss) for the period before taxes | 9903 | €21,264 | €68,837 | +€47,573 | +223.7% |
| Income taxes | 67/77 | €4,740 | €11,185 | +€6,445 | +136.0% |
| Profit (loss) for the period | 9904 | €16,524 | €57,652 | +€41,128 | +248.9% |
| Profit (loss) for the period to be appropriated | 9905 | €16,524 | €57,652 | +€41,128 | +248.9% |
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 9 October 2026 via checked.be.