SQUARE M: 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 M
Largest movements
- Receivables within one year -€182,124
down €182,124 (-20.0%), from €908,976 to €726,852
of which Other amounts receivable: -€192,371
- Cash +€165,066
up €165,066 (+58.0%), from €284,550 to €449,616
mainly Net result for the year (+€534,099) and Receivables within one year (+€182,124)
- Tangible fixed assets -€50,337
down €50,337 (-4.1%), from €1.2m to €1.2m
of which Land and buildings: -€43,714
- Short-term financial debts -€176,904
no longer reported in 2025 (was €176,904)
- Tax, wage and social debts +€61,090
up €61,090 (+43.6%), from €140,235 to €201,324
of which Taxes: +€41,451
- Trade debts +€58,877
up €58,877 (+4.5%), from €1.3m to €1.4m
- Profit (loss) carried forward +€34,099
up €34,099 (+43.2%), from €78,941 to €113,039
- Debts after one year -€32,743
down €32,743 (-10.0%), from €326,297 to €293,554
- Staff costs +€203,612
up €203,612 (+22.5%), from €904,807 to €1.1m
- Gross operating margin +€201,837
up €201,837 (+11.2%), from €1.8m to €2.0m
- Write-downs -€51,349
no longer reported in 2025 (was €51,349)
- Taxes +€26,518
up €26,518 (+15.7%), from €169,261 to €195,779
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 | €3,066,462 | €3,000,476 | -€65,986 | -2.2% |
| Fixed assets | 21/28 | €1,214,854 | €1,164,517 | -€50,337 | -4.1% |
| Tangible fixed assets | 22/27 | €1,214,214 | €1,163,877 | -€50,337 | -4.1% |
| Land and buildings | 22 | €875,776 | €832,062 | -€43,714 | -5.0% |
| Plant, machinery and equipment | 23 | €258,242 | €269,327 | +€11,085 | +4.3% |
| Furniture and vehicles | 24 | €4,046 | - | -€4,046 | |
| Other tangible fixed assets | 26 | €76,150 | €62,488 | -€13,662 | -17.9% |
| Financial fixed assets | 28 | €640 | €640 | = | 0.0% |
| Current assets | 29/58 | €1,851,608 | €1,835,959 | -€15,649 | -0.8% |
| Stocks and contracts in progress | 3 | €655,804 | €658,100 | +€2,296 | +0.4% |
| Stocks | 30/36 | €655,804 | €658,100 | +€2,296 | +0.4% |
| Amounts receivable within one year | 40/41 | €908,976 | €726,852 | -€182,124 | -20.0% |
| Trade receivables | 40 | €111,264 | €121,511 | +€10,247 | +9.2% |
| Other amounts receivable | 41 | €797,712 | €605,341 | -€192,371 | -24.1% |
| Cash at bank and in hand | 54/58 | €284,550 | €449,616 | +€165,066 | +58.0% |
| Deferred charges and accrued income | 490/1 | €2,278 | €1,391 | -€887 | -38.9% |
| Total equity and liabilities | 10/49 | €3,066,462 | €3,000,476 | -€65,986 | -2.2% |
| Equity | 10/15 | €573,376 | €599,795 | +€26,419 | +4.6% |
| Contributions | 10/11 | €368,000 | €368,000 | = | 0.0% |
| Capital | 10 | €368,000 | €368,000 | = | 0.0% |
| Issued capital | 100 | €368,000 | €368,000 | = | 0.0% |
| Reserves | 13 | €62,000 | €62,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €36,800 | €36,800 | = | 0.0% |
| Legal reserve | 130 | €36,800 | €36,800 | = | 0.0% |
| Distributable reserves | 133 | €25,200 | €25,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €78,941 | €113,039 | +€34,099 | +43.2% |
| Investment grants | 15 | €64,435 | €56,756 | -€7,679 | -11.9% |
| Amounts payable | 17/49 | €2,493,086 | €2,400,681 | -€92,405 | -3.7% |
| Amounts payable after more than one year | 17 | €326,297 | €293,554 | -€32,743 | -10.0% |
| Financial debts | 170/4 | €326,297 | €293,554 | -€32,743 | -10.0% |
| Amounts payable within one year | 42/48 | €2,163,702 | €2,107,127 | -€56,575 | -2.6% |
| Current portion of amounts payable after more than one year | 42 | €32,380 | €32,743 | +€363 | +1.1% |
| Financial debts | 43 | €176,904 | - | -€176,904 | |
| Credit institutions | 430/8 | €176,904 | - | -€176,904 | |
| Trade debts | 44 | €1,304,384 | €1,363,260 | +€58,877 | +4.5% |
| Suppliers | 440/4 | €1,304,384 | €1,363,260 | +€58,877 | +4.5% |
| Taxes, remuneration and social security | 45 | €140,235 | €201,324 | +€61,090 | +43.6% |
| Taxes | 450/3 | €23,940 | €65,392 | +€41,451 | +173% |
| Remuneration and social security | 454/9 | €116,294 | €135,933 | +€19,639 | +16.9% |
| Other amounts payable | 47/48 | €509,800 | €509,800 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €3,088 | - | -€3,088 | |
| Remuneration, social security and pensions | 62 | €904,807 | €1,108,418 | +€203,612 | +22.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €147,525 | €144,280 | -€3,244 | -2.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €51,349 | - | -€51,349 | |
| Other operating charges | 640/8 | €5,727 | €6,120 | +€393 | +6.9% |
| Gross operating margin | 9900 | €1,806,011 | €2,007,849 | +€201,837 | +11.2% |
| Operating profit (loss) | 9901 | €696,604 | €749,030 | +€52,426 | +7.5% |
| Financial income | 75/76B | €30,953 | €24,585 | -€6,368 | -20.6% |
| Recurring financial income | 75 | €30,953 | €24,585 | -€6,368 | -20.6% |
| Financial charges | 65/66B | €57,009 | €43,738 | -€13,271 | -23.3% |
| Recurring financial charges | 65 | €57,009 | €43,738 | -€13,271 | -23.3% |
| Profit (loss) for the period before taxes | 9903 | €670,548 | €729,877 | +€59,329 | +8.8% |
| Income taxes | 67/77 | €169,261 | €195,779 | +€26,518 | +15.7% |
| Profit (loss) for the period | 9904 | €501,287 | €534,099 | +€32,811 | +6.5% |
| Profit (loss) for the period to be appropriated | 9905 | €501,287 | €534,099 | +€32,811 | +6.5% |
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 14 October 2026 via checked.be.