Square Real Estate: 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.
What changed
Square Real Estate
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€121,750
2024 · €61,487+€60,263
Equity
€23.8m
2024 · €3.4m+€20.4m
Cash
€80,563
2024 · €24,881+€55,682
Balance sheet total
€27.5m
2024 · €3.4m+€24.1m
Largest movements
Assets
- Financial fixed assets +€17.1m
up €17.1m (+672%), from €2.5m to €19.6m
- Receivables within one year +€7.4m
up €7.4m (+2,625%), from €281,773 to €7.7m
of which Other amounts receivable: +€6.8m
- Current investments -€400,000
no longer reported in 2025 (was €400,000)
Equity and liabilities
- Contributions +€20.3m
up €20.3m (+8,117%), from €250,000 to €20.5m
- Other debts +€3.4m
new in 2025: €3.4m
Income statement
- Staff costs +€435,601
new in 2025: €435,601
- Gross operating margin +€367,362
up €367,362 (+937%), from €39,192 to €406,554
- Financial income +€206,513
up €206,513 (+528%), from €39,128 to €245,641
- Financial charges +€56,265
up €56,265 (+363%), from €15,495 to €71,760
- Depreciation +€19,333
new in 2025: €19,333
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.
Result 2024
€61,487
Gross operating margin
+€367,362
Staff costs
-€435,601
Depreciation
-€19,333
Other operating charges
-€3,108
Other operating items
-€41
Financial income
+€206,513
Financial charges
-€56,265
Taxes
+€736
Result 2025
€121,750
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€3.5m
Investment
-€16.7m
Financing
+€20.3m
Cash 2024
€24,881
From operations (derived)
-€3.5m
Net result for the year
+€121,750
Depreciation
+€19,333
Smaller working-capital items
-€9,228
Receivables within one year
-€7.4m
Trade debts
+€142,363
Tax, wage and social debts
+€106,340
Other debts
+€3.4m
Accrued charges and deferred income
+€97,039
Investment (derived)
-€16.7m
Investment in fixed assets (net)
-€17.1m
Current investments
+€400,000
Financing
+€20.3m
Contributions, distributions and other
+€20.3m
Cash 2025
€80,563
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,369,975 | €27,512,552 | +€24.1m | +716% |
| Fixed assets | 21/28 | €2,648,676 | €19,730,042 | +€17.1m | +645% |
| Intangible fixed assets | 21 | €60,000 | €54,000 | -€6,000 | -10.0% |
| Tangible fixed assets | 22/27 | €45,000 | €31,667 | -€13,333 | -29.6% |
| Furniture and vehicles | 24 | €40,000 | €26,667 | -€13,333 | -33.3% |
| Other tangible fixed assets | 26 | €5,000 | €5,000 | = | 0.0% |
| Financial fixed assets | 28 | €2,543,676 | €19,644,376 | +€17.1m | +672% |
| Current assets | 29/58 | €721,299 | €7,782,510 | +€7.1m | +979% |
| Stocks and contracts in progress | 3 | €14,646 | - | -€14,646 | |
| Contracts in progress | 37 | €14,646 | - | -€14,646 | |
| Amounts receivable within one year | 40/41 | €281,773 | €7,678,074 | +€7.4m | +2,625% |
| Trade receivables | 40 | €14,676 | €586,219 | +€571,542 | +3,894% |
| Other amounts receivable | 41 | €267,096 | €7,091,855 | +€6.8m | +2,555% |
| Current investments | 50/53 | €400,000 | - | -€400,000 | |
| Cash at bank and in hand | 54/58 | €24,881 | €80,563 | +€55,682 | +224% |
| Deferred charges and accrued income | 490/1 | - | €23,873 | +€23,873 | |
| Total equity and liabilities | 10/49 | €3,369,975 | €27,512,552 | +€24.1m | +716% |
| Equity | 10/15 | €3,368,424 | €23,781,768 | +€20.4m | +606% |
| Contributions | 10/11 | €250,000 | €20,541,595 | +€20.3m | +8,117% |
| Capital | 10 | €250,000 | €20,541,595 | +€20.3m | +8,117% |
| Issued capital | 100 | €250,000 | €20,541,595 | +€20.3m | +8,117% |
| Reserves | 13 | €3,118,424 | €3,124,511 | +€6,087 | +0.2% |
| Non-distributable reserves | 130/1 | €25,000 | €31,087 | +€6,087 | +24.3% |
| Legal reserve | 130 | €25,000 | €31,087 | +€6,087 | +24.3% |
| Distributable reserves | 133 | €3,093,424 | €3,093,424 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €115,662 | +€115,662 | |
| Amounts payable | 17/49 | €1,551 | €3,730,784 | +€3.7m | +240,411% |
| Amounts payable within one year | 42/48 | €1,551 | €3,633,745 | +€3.6m | +234,155% |
| Trade debts | 44 | €1,551 | €143,914 | +€142,363 | +9,178% |
| Suppliers | 440/4 | €1,551 | €143,914 | +€142,363 | +9,178% |
| Taxes, remuneration and social security | 45 | - | €106,340 | +€106,340 | |
| Taxes | 450/3 | - | €18,270 | +€18,270 | |
| Remuneration and social security | 454/9 | - | €88,070 | +€88,070 | |
| Other amounts payable | 47/48 | - | €3,383,492 | +€3.4m | |
| Accrued charges and deferred income | 492/3 | - | €97,039 | +€97,039 | |
| Remuneration, social security and pensions | 62 | - | €435,601 | +€435,601 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €19,333 | +€19,333 | |
| Other operating charges | 640/8 | €1,337 | €4,446 | +€3,108 | +232% |
| Non-recurring operating charges | 66A | - | €41 | +€41 | |
| Gross operating margin | 9900 | €39,192 | €406,554 | +€367,362 | +937% |
| Operating profit (loss) | 9901 | €37,854 | -€52,867 | -€90,721 | |
| Financial income | 75/76B | €39,128 | €245,641 | +€206,513 | +528% |
| Recurring financial income | 75 | €39,128 | €245,641 | +€206,513 | +528% |
| Financial charges | 65/66B | €15,495 | €71,760 | +€56,265 | +363% |
| Recurring financial charges | 65 | €15,495 | €71,760 | +€56,265 | +363% |
| Profit (loss) for the period before taxes | 9903 | €61,487 | €121,014 | +€59,527 | +96.8% |
| Income taxes | 67/77 | - | -€736 | -€736 | |
| Profit (loss) for the period | 9904 | €61,487 | €121,750 | +€60,263 | +98.0% |
| Profit (loss) for the period to be appropriated | 9905 | €61,487 | €121,750 | +€60,263 | +98.0% |
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 29 October 2026 via checked.be.