SQUALE-C: 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.
SQUALE-C
Largest movements
No asset line moved by more than 1% of the balance sheet total.
- Trade debts +€29,160
up €29,160 (+61.2%), from €47,614 to €76,775
- Tax, wage and social debts -€15,801
down €15,801 (-65.7%), from €24,068 to €8,267
- Profit (loss) carried forward -€10,474
down €10,474 (-6.0%), from €175,879 to €165,406
- Gross operating margin -€4,510
down €4,510 (-209%), from -€2,157 to -€6,666
- Depreciation -€2,479
down €2,479 (-68.5%), from €3,620 to €1,140
- Financial charges -€2,240
down €2,240 (-77.0%), from €2,908 to €667
- Other operating charges +€417
up €417 (+45.5%), from €916 to €1,333
- Taxes +€151
up €151 (+29.2%), from €516 to €667
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.
Derived cash bridge
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 | €254,975 | €255,447 | +€473 | +0.2% |
| Fixed assets | 21/28 | €1,140 | €0 | -€1,140 | -100% |
| Tangible fixed assets | 22/27 | €1,140 | €0 | -€1,140 | -100% |
| Furniture and vehicles | 24 | €1,140 | €0 | -€1,140 | -100% |
| Current assets | 29/58 | €253,835 | €255,447 | +€1,613 | +0.6% |
| Amounts receivable within one year | 40/41 | €253,674 | €254,018 | +€345 | +0.1% |
| Trade receivables | 40 | €36,958 | €36,055 | -€903 | -2.4% |
| Other amounts receivable | 41 | €216,715 | €217,963 | +€1,248 | +0.6% |
| Cash at bank and in hand | 54/58 | €75 | €1,327 | +€1,252 | +1,672% |
| Deferred charges and accrued income | 490/1 | €86 | €102 | +€16 | +18.6% |
| Total equity and liabilities | 10/49 | €254,975 | €255,447 | +€473 | +0.2% |
| Equity | 10/15 | €180,879 | €170,406 | -€10,474 | -5.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €175,879 | €165,406 | -€10,474 | -6.0% |
| Amounts payable | 17/49 | €74,096 | €85,042 | +€10,946 | +14.8% |
| Amounts payable within one year | 42/48 | €74,096 | €85,042 | +€10,946 | +14.8% |
| Financial debts | 43 | €2,413 | €0 | -€2,413 | -100% |
| Credit institutions | 430/8 | €2,413 | €0 | -€2,413 | -100% |
| Trade debts | 44 | €47,614 | €76,775 | +€29,160 | +61.2% |
| Suppliers | 440/4 | €47,614 | €76,775 | +€29,160 | +61.2% |
| Taxes, remuneration and social security | 45 | €24,068 | €8,267 | -€15,801 | -65.7% |
| Taxes | 450/3 | €24,068 | €8,267 | -€15,801 | -65.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,620 | €1,140 | -€2,479 | -68.5% |
| Other operating charges | 640/8 | €916 | €1,333 | +€417 | +45.5% |
| Gross operating margin | 9900 | -€2,157 | -€6,666 | -€4,510 | -209% |
| Operating profit (loss) | 9901 | -€6,692 | -€9,139 | -€2,447 | -36.6% |
| Financial charges | 65/66B | €2,908 | €667 | -€2,240 | -77.0% |
| Recurring financial charges | 65 | €2,908 | €667 | -€2,240 | -77.0% |
| Profit (loss) for the period before taxes | 9903 | -€9,600 | -€9,807 | -€207 | -2.2% |
| Income taxes | 67/77 | €516 | €667 | +€151 | +29.2% |
| Profit (loss) for the period | 9904 | -€10,116 | -€10,474 | -€357 | -3.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€10,116 | -€10,474 | -€357 | -3.5% |
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 30 October 2026 via checked.be.