Square des Héros: what changed
What changed
Square des Héros
NACE 68.122, Development of non-residential building projects
filed annual accounts (NBB)
Net result for the year
-€993,578
2024 · -€5,356-€988,222
Equity
€5.9m
2024 · €6.9m-€993,578
Cash
€673,903
2024 · €1.6m-€946,139
Balance sheet total
€7.0m
2024 · €18.3m-€11.3m
Largest movements
Assets
- Stocks and contracts -€10.8m
down €10.8m (-68.1%), from €15.9m to €5.1m
- Financial fixed assets +€1.3m
new in 2025: €1.3m
- Cash -€946,139
down €946,139 (-58.4%), from €1.6m to €673,903
mainly Advances received (-€5.4m) and Current portion of long-term debt (-€3.8m)
- Receivables within one year -€842,227
down €842,227 (-97.9%), from €860,444 to €18,217
of which Trade receivables: -€860,444
Equity and liabilities
- Advances received -€5.4m
down €5.4m (-100%), from €5.4m to €0
- Current portion of long-term debt -€3.8m
down €3.8m (-100%), from €3.8m to €0
- Profit (loss) carried forward -€993,578
down €993,578 (-21.4%), from €4.6m to €3.7m
- Other debts -€707,285
down €707,285 (-100%), from €707,285 to €0
Income statement
- Gross operating margin -€609,730
down €609,730 (-11,384%), from -€5,356 to -€615,086
- Write-downs +€377,494
new in 2025: €377,494
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
-€5,356
Gross operating margin
-€609,730
Write-downs
-€377,494
Other operating charges
-€998
Financial income
+€1
Financial charges
-€0
Result 2025
-€993,578
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€4.2m
Investment
-€1.3m
Financing
-€3.8m
Cash 2024
€1.6m
From operations (derived)
+€4.2m
Net result for the year
-€993,578
Stocks and contracts
+€10.8m
Receivables within one year
+€842,227
Trade debts
-€180,222
Tax, wage and social debts
-€179,414
Advances received
-€5.4m
Other debts
-€707,285
Investment (derived)
-€1.3m
Investment in fixed assets (net)
-€1.3m
Financing
-€3.8m
Current portion of long-term debt
-€3.8m
Cash 2025
€673,903
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €18,345,506 | €7,035,437 | -€11.3m | -61.7% |
| Fixed assets | 21/28 | - | €1,288,804 | +€1.3m | |
| Financial fixed assets | 28 | - | €1,288,804 | +€1.3m | |
| Current assets | 29/58 | €18,345,506 | €5,746,633 | -€12.6m | -68.7% |
| Stocks and contracts in progress | 3 | €15,865,020 | €5,054,513 | -€10.8m | -68.1% |
| Stocks | 30/36 | €15,865,020 | €5,054,513 | -€10.8m | -68.1% |
| Amounts receivable within one year | 40/41 | €860,444 | €18,217 | -€842,227 | -97.9% |
| Trade receivables | 40 | €860,444 | €0 | -€860,444 | -100% |
| Other amounts receivable | 41 | €0 | €18,217 | +€18,217 | |
| Cash at bank and in hand | 54/58 | €1,620,042 | €673,903 | -€946,139 | -58.4% |
| Total equity and liabilities | 10/49 | €18,345,506 | €7,035,437 | -€11.3m | -61.7% |
| Equity | 10/15 | €6,872,195 | €5,878,617 | -€993,578 | -14.5% |
| Contributions | 10/11 | €2,000,000 | €2,000,000 | = | 0.0% |
| Capital | 10 | €2,000,000 | €2,000,000 | = | 0.0% |
| Issued capital | 100 | €2,000,000 | €2,000,000 | = | 0.0% |
| Reserves | 13 | €224,920 | €224,920 | = | 0.0% |
| Non-distributable reserves | 130/1 | €200,000 | €200,000 | = | 0.0% |
| Legal reserve | 130 | €200,000 | €200,000 | = | 0.0% |
| Distributable reserves | 133 | €24,920 | €24,920 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,647,275 | €3,653,697 | -€993,578 | -21.4% |
| Amounts payable | 17/49 | €11,473,311 | €1,156,820 | -€10.3m | -89.9% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €11,473,311 | €1,156,820 | -€10.3m | -89.9% |
| Current portion of amounts payable after more than one year | 42 | €3,820,386 | €0 | -€3.8m | -100% |
| Trade debts | 44 | €1,337,042 | €1,156,820 | -€180,222 | -13.5% |
| Suppliers | 440/4 | €1,337,042 | €1,156,820 | -€180,222 | -13.5% |
| Advances received on contracts in progress | 46 | €5,429,185 | €0 | -€5.4m | -100% |
| Taxes, remuneration and social security | 45 | €179,414 | €0 | -€179,414 | -100% |
| Taxes | 450/3 | €179,414 | €0 | -€179,414 | -100% |
| Other amounts payable | 47/48 | €707,285 | €0 | -€707,285 | -100% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €0 | €1,459 | +€1,459 | |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €377,494 | +€377,494 | |
| Other operating charges | 640/8 | - | €998 | +€998 | |
| Gross operating margin | 9900 | -€5,356 | -€615,086 | -€609,730 | -11,384% |
| Operating profit (loss) | 9901 | -€5,356 | -€993,579 | -€988,223 | -18,451% |
| Financial income | 75/76B | €0 | €1 | +€1 | |
| Recurring financial income | 75 | €0 | €1 | +€1 | |
| Financial charges | 65/66B | - | €0 | +€0 | |
| Recurring financial charges | 65 | - | €0 | +€0 | |
| Profit (loss) for the period before taxes | 9903 | -€5,356 | -€993,578 | -€988,222 | -18,451% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€5,356 | -€993,578 | -€988,222 | -18,451% |
| Profit (loss) for the period to be appropriated | 9905 | -€5,356 | -€993,578 | -€988,222 | -18,451% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.