SQUARE: 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.
SQUARE
Largest movements
- Tangible fixed assets -€43,255
down €43,255 (-6.5%), from €663,273 to €620,018
- Cash +€34,982
up €34,982 (+19.4%), from €180,136 to €215,117
mainly Net result for the year (+€130,241) and Depreciation (+€43,255)
- Deferred charges and accrued income -€17,598
no longer reported in 2025 (was €17,598)
- Reserves -€19,759
down €19,759 (-3.5%), from €561,420 to €541,661
of which Distributable reserves: -€19,759
- Debts after one year -€10,985
down €10,985 (-14.2%), from €77,166 to €66,181
- Gross operating margin +€23,909
up €23,909 (+11.1%), from €215,638 to €239,547
- Taxes +€5,834
up €5,834 (+15.6%), from €37,338 to €43,172
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 | €863,446 | €835,498 | -€27,948 | -3.2% |
| Fixed assets | 21/28 | €663,273 | €620,018 | -€43,255 | -6.5% |
| Tangible fixed assets | 22/27 | €663,273 | €620,018 | -€43,255 | -6.5% |
| Land and buildings | 22 | €663,273 | €620,018 | -€43,255 | -6.5% |
| Current assets | 29/58 | €200,173 | €215,480 | +€15,307 | +7.6% |
| Amounts receivable within one year | 40/41 | €2,439 | €363 | -€2,076 | -85.1% |
| Trade receivables | 40 | - | €363 | +€363 | |
| Other amounts receivable | 41 | €2,439 | - | -€2,439 | |
| Cash at bank and in hand | 54/58 | €180,136 | €215,117 | +€34,982 | +19.4% |
| Deferred charges and accrued income | 490/1 | €17,598 | - | -€17,598 | |
| Total equity and liabilities | 10/49 | €863,446 | €835,498 | -€27,948 | -3.2% |
| Equity | 10/15 | €622,920 | €603,161 | -€19,759 | -3.2% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €561,420 | €541,661 | -€19,759 | -3.5% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Distributable reserves | 133 | €555,270 | €535,511 | -€19,759 | -3.6% |
| Amounts payable | 17/49 | €240,526 | €232,337 | -€8,188 | -3.4% |
| Amounts payable after more than one year | 17 | €77,166 | €66,181 | -€10,985 | -14.2% |
| Financial debts | 170/4 | €77,166 | €66,181 | -€10,985 | -14.2% |
| Amounts payable within one year | 42/48 | €163,360 | €166,157 | +€2,797 | +1.7% |
| Current portion of amounts payable after more than one year | 42 | €10,518 | €10,985 | +€467 | +4.4% |
| Trade debts | 44 | - | €998 | +€998 | |
| Suppliers | 440/4 | - | €998 | +€998 | |
| Taxes, remuneration and social security | 45 | €2,842 | €4,173 | +€1,331 | +46.8% |
| Taxes | 450/3 | €2,842 | €4,173 | +€1,331 | +46.8% |
| Other amounts payable | 47/48 | €150,000 | €150,000 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,255 | €43,255 | = | 0.0% |
| Other operating charges | 640/8 | €19,174 | €19,244 | +€70 | +0.4% |
| Gross operating margin | 9900 | €215,638 | €239,547 | +€23,909 | +11.1% |
| Operating profit (loss) | 9901 | €153,209 | €177,048 | +€23,839 | +15.6% |
| Financial charges | 65/66B | €4,151 | €3,635 | -€516 | -12.4% |
| Recurring financial charges | 65 | €4,151 | €3,635 | -€516 | -12.4% |
| Profit (loss) for the period before taxes | 9903 | €149,058 | €173,413 | +€24,355 | +16.3% |
| Income taxes | 67/77 | €37,338 | €43,172 | +€5,834 | +15.6% |
| Profit (loss) for the period | 9904 | €111,720 | €130,241 | +€18,520 | +16.6% |
| Profit (loss) for the period to be appropriated | 9905 | €111,720 | €130,241 | +€18,520 | +16.6% |
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 13 October 2026 via checked.be.