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.
SQUARE
Largest movements
- Receivables within one year -€2.9m
down €2.9m (-86.6%), from €3.4m to €450,200
of which Other amounts receivable: -€2.9m
- Cash -€1.6m
down €1.6m (-98.1%), from €1.7m to €31,655
mainly Contributions, distributions and other (-€4.1m) and Other debts (-€930,747)
- Receivables after one year -€500,000
down €500,000 (-13.7%), from €3.7m to €3.2m
- Reserves -€4.0m
down €4.0m (-55.4%), from €7.3m to €3.2m
- Other debts -€930,747
down €930,747 (-82.2%), from €1.1m to €201,999
- Gross operating margin -€5.9m
down €5.9m, from €5.9m to -€53,563
- Financial income -€1.3m
down €1.3m (-91.7%), from €1.4m to €117,347
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 | €8,922,954 | €3,951,709 | -€5.0m | -55.7% |
| Fixed assets | 21/28 | €235,000 | €275,653 | +€40,653 | +17.3% |
| Financial fixed assets | 28 | €235,000 | €275,653 | +€40,653 | +17.3% |
| Current assets | 29/58 | €8,687,954 | €3,676,056 | -€5.0m | -57.7% |
| Amounts receivable after more than one year | 29 | €3,650,000 | €3,150,000 | -€500,000 | -13.7% |
| Other amounts receivable | 291 | €3,650,000 | €3,150,000 | -€500,000 | -13.7% |
| Amounts receivable within one year | 40/41 | €3,369,198 | €450,200 | -€2.9m | -86.6% |
| Trade receivables | 40 | €53,164 | €0 | -€53,164 | -100.0% |
| Other amounts receivable | 41 | €3,316,035 | €450,200 | -€2.9m | -86.4% |
| Cash at bank and in hand | 54/58 | €1,668,755 | €31,655 | -€1.6m | -98.1% |
| Deferred charges and accrued income | 490/1 | - | €44,200 | +€44,200 | |
| Total equity and liabilities | 10/49 | €8,922,954 | €3,951,709 | -€5.0m | -55.7% |
| Equity | 10/15 | €7,585,782 | €3,542,160 | -€4.0m | -53.3% |
| Contributions | 10/11 | €292,531 | €292,531 | = | 0.0% |
| Reserves | 13 | €7,293,251 | €3,249,629 | -€4.0m | -55.4% |
| Distributable reserves | 133 | €7,293,251 | €3,249,629 | -€4.0m | -55.4% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €1,337,172 | €409,549 | -€927,623 | -69.4% |
| Amounts payable after more than one year | 17 | €128,696 | €96,799 | -€31,897 | -24.8% |
| Financial debts | 170/4 | €128,696 | €96,799 | -€31,897 | -24.8% |
| Amounts payable within one year | 42/48 | €1,189,226 | €266,550 | -€922,676 | -77.6% |
| Current portion of amounts payable after more than one year | 42 | €30,780 | €31,897 | +€1,117 | +3.6% |
| Trade debts | 44 | €25,415 | €32,369 | +€6,954 | +27.4% |
| Suppliers | 440/4 | €25,415 | €32,369 | +€6,954 | +27.4% |
| Taxes, remuneration and social security | 45 | €285 | €285 | = | 0.0% |
| Taxes | 450/3 | €285 | €285 | = | 0.0% |
| Other amounts payable | 47/48 | €1,132,746 | €201,999 | -€930,747 | -82.2% |
| Accrued charges and deferred income | 492/3 | €19,250 | €46,200 | +€26,950 | +140.0% |
| Other operating charges | 640/8 | €439 | €51,944 | +€51,505 | +11720.6% |
| Gross operating margin | 9900 | €5,885,836 | -€53,563 | -€5.9m | |
| Operating profit (loss) | 9901 | €5,885,396 | -€105,508 | -€6.0m | |
| Financial income | 75/76B | €1,412,885 | €117,347 | -€1.3m | -91.7% |
| Recurring financial income | 75 | €1,412,885 | €117,347 | -€1.3m | -91.7% |
| Financial charges | 65/66B | €5,030 | €5,461 | +€431 | +8.6% |
| Recurring financial charges | 65 | €5,030 | €5,461 | +€431 | +8.6% |
| Profit (loss) for the period before taxes | 9903 | €7,293,251 | €6,378 | -€7.3m | -99.9% |
| Profit (loss) for the period | 9904 | €7,293,251 | €6,378 | -€7.3m | -99.9% |
| Profit (loss) for the period to be appropriated | 9905 | €7,293,251 | €6,378 | -€7.3m | -99.9% |
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 8 October 2026 via checked.be.