SQUARE-ALVA: 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-ALVA
Largest movements
- Tangible fixed assets -€178,912
down €178,912 (-5.0%), from €3.6m to €3.4m
of which Plant, machinery and equipment: -€316,309
- Cash +€125,834
up €125,834 (+232.9%), from €54,037 to €179,871
mainly Depreciation (+€180,483) and Debts after one year (+€42,739)
- Receivables within one year +€68,582
up €68,582 (+69.2%), from €99,054 to €167,636
of which Other amounts receivable: +€125,102
- Current portion of long-term debt -€81,277
down €81,277 (-50.7%), from €160,279 to €79,002
- Debts after one year +€42,739
up €42,739 (+1.9%), from €2.2m to €2.3m
of which Financial debts: +€924,739
- Trade debts +€39,999
up €39,999 (+99.0%), from €40,398 to €80,398
- Gross operating margin +€112,560
up €112,560 (+35.7%), from €315,011 to €427,571
- Other operating charges +€64,179
up €64,179 (+113.7%), from €56,453 to €120,632
- Financial charges +€28,686
up €28,686 (+44.5%), from €64,498 to €93,184
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 | €3,771,360 | €3,779,770 | +€8,410 | +0.2% |
| Fixed assets | 21/28 | €3,607,143 | €3,428,201 | -€178,942 | -5.0% |
| Tangible fixed assets | 22/27 | €3,607,113 | €3,428,201 | -€178,912 | -5.0% |
| Land and buildings | 22 | €3,290,381 | €3,427,778 | +€137,397 | +4.2% |
| Plant, machinery and equipment | 23 | €316,732 | €423 | -€316,309 | -99.9% |
| Financial fixed assets | 28 | €30 | - | -€30 | |
| Current assets | 29/58 | €164,216 | €351,568 | +€187,352 | +114.1% |
| Amounts receivable within one year | 40/41 | €99,054 | €167,636 | +€68,582 | +69.2% |
| Trade receivables | 40 | €65,028 | €8,508 | -€56,520 | -86.9% |
| Other amounts receivable | 41 | €34,026 | €159,128 | +€125,102 | +367.7% |
| Cash at bank and in hand | 54/58 | €54,037 | €179,871 | +€125,834 | +232.9% |
| Deferred charges and accrued income | 490/1 | €11,126 | €4,062 | -€7,064 | -63.5% |
| Total equity and liabilities | 10/49 | €3,771,360 | €3,779,770 | +€8,410 | +0.2% |
| Equity | 10/15 | €1,307,237 | €1,340,509 | +€33,272 | +2.5% |
| Contributions | 10/11 | €1,474,000 | €1,474,000 | = | 0.0% |
| Reserves | 13 | €41,405 | €41,405 | = | 0.0% |
| Distributable reserves | 133 | €41,405 | €41,405 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€208,169 | -€174,897 | +€33,272 | +16.0% |
| Amounts payable | 17/49 | €2,464,123 | €2,439,261 | -€24,862 | -1.0% |
| Amounts payable after more than one year | 17 | €2,220,724 | €2,263,463 | +€42,739 | +1.9% |
| Financial debts | 170/4 | €1,333,394 | €2,258,133 | +€924,739 | +69.4% |
| Other amounts payable | 178/9 | €887,330 | €5,330 | -€882,000 | -99.4% |
| Amounts payable within one year | 42/48 | €208,221 | €161,323 | -€46,898 | -22.5% |
| Current portion of amounts payable after more than one year | 42 | €160,279 | €79,002 | -€81,277 | -50.7% |
| Trade debts | 44 | €40,398 | €80,398 | +€39,999 | +99.0% |
| Suppliers | 440/4 | €40,398 | €80,398 | +€39,999 | +99.0% |
| Taxes, remuneration and social security | 45 | €4,187 | €1,923 | -€2,265 | -54.1% |
| Taxes | 450/3 | €4,187 | €1,923 | -€2,265 | -54.1% |
| Other amounts payable | 47/48 | €3,357 | - | -€3,357 | |
| Accrued charges and deferred income | 492/3 | €35,177 | €14,475 | -€20,702 | -58.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €178,435 | €180,483 | +€2,048 | +1.1% |
| Other operating charges | 640/8 | €56,453 | €120,632 | +€64,179 | +113.7% |
| Gross operating margin | 9900 | €315,011 | €427,571 | +€112,560 | +35.7% |
| Operating profit (loss) | 9901 | €80,123 | €126,456 | +€46,333 | +57.8% |
| Financial charges | 65/66B | €64,498 | €93,184 | +€28,686 | +44.5% |
| Recurring financial charges | 65 | €64,498 | €93,184 | +€28,686 | +44.5% |
| Profit (loss) for the period before taxes | 9903 | €15,625 | €33,272 | +€17,647 | +112.9% |
| Profit (loss) for the period | 9904 | €15,625 | €33,272 | +€17,647 | +112.9% |
| Profit (loss) for the period to be appropriated | 9905 | €15,625 | €33,272 | +€17,647 | +112.9% |
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 5 October 2026 via checked.be.