SQUAREFISH: 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.
SQUAREFISH
Largest movements
- Intangible fixed assets -€146,370
down €146,370 (-36.5%), from €401,190 to €254,820
- Cash +€59,921
up €59,921 (+110%), from €54,707 to €114,627
mainly Depreciation (+€149,835) and Tax, wage and social debts (+€36,181)
- Receivables within one year -€19,606
down €19,606 (-28.0%), from €70,056 to €50,450
of which Trade receivables: -€15,540
- Investment grants -€85,877
down €85,877 (-24.6%), from €348,880 to €263,003
- Trade debts -€44,033
down €44,033 (-81.9%), from €53,736 to €9,703
- Tax, wage and social debts +€36,181
up €36,181 (+40.1%), from €90,137 to €126,318
of which Remuneration and social security: +€29,016
- Profit (loss) carried forward -€36,056
down €36,056 (-169%), from -€21,293 to -€57,349
- Other debts +€21,850
up €21,850 (+1,724%), from €1,267 to €23,117
- Gross operating margin -€62,495
down €62,495 (-17.3%), from €360,728 to €298,232
- Staff costs +€5,947
up €5,947 (+3.5%), from €168,677 to €174,624
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 | €556,238 | €450,072 | -€106,166 | -19.1% |
| Fixed assets | 21/28 | €431,476 | €284,995 | -€146,481 | -33.9% |
| Intangible fixed assets | 21 | €401,190 | €254,820 | -€146,370 | -36.5% |
| Tangible fixed assets | 22/27 | €3,361 | €3,250 | -€111 | -3.3% |
| Furniture and vehicles | 24 | €3,361 | €3,250 | -€111 | -3.3% |
| Financial fixed assets | 28 | €26,925 | €26,925 | = | 0.0% |
| Current assets | 29/58 | €124,762 | €165,077 | +€40,314 | +32.3% |
| Amounts receivable within one year | 40/41 | €70,056 | €50,450 | -€19,606 | -28.0% |
| Trade receivables | 40 | €64,199 | €48,659 | -€15,540 | -24.2% |
| Other amounts receivable | 41 | €5,857 | €1,791 | -€4,067 | -69.4% |
| Cash at bank and in hand | 54/58 | €54,707 | €114,627 | +€59,921 | +110% |
| Total equity and liabilities | 10/49 | €556,238 | €450,072 | -€106,166 | -19.1% |
| Equity | 10/15 | €354,397 | €232,464 | -€121,933 | -34.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €20,610 | €20,610 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€21,293 | -€57,349 | -€36,056 | -169% |
| Investment grants | 15 | €348,880 | €263,003 | -€85,877 | -24.6% |
| Amounts payable | 17/49 | €201,842 | €217,608 | +€15,766 | +7.8% |
| Amounts payable after more than one year | 17 | €9,467 | - | -€9,467 | |
| Other amounts payable | 178/9 | €9,467 | - | -€9,467 | |
| Amounts payable within one year | 42/48 | €192,375 | €217,608 | +€25,233 | +13.1% |
| Current portion of amounts payable after more than one year | 42 | €47,235 | €50,000 | +€2,765 | +5.9% |
| Trade debts | 44 | €53,736 | €9,703 | -€44,033 | -81.9% |
| Suppliers | 440/4 | €53,736 | €9,703 | -€44,033 | -81.9% |
| Advances received on contracts in progress | 46 | - | €8,470 | +€8,470 | |
| Taxes, remuneration and social security | 45 | €90,137 | €126,318 | +€36,181 | +40.1% |
| Taxes | 450/3 | €15,305 | €22,470 | +€7,165 | +46.8% |
| Remuneration and social security | 454/9 | €74,832 | €103,848 | +€29,016 | +38.8% |
| Other amounts payable | 47/48 | €1,267 | €23,117 | +€21,850 | +1,724% |
| Remuneration, social security and pensions | 62 | €168,677 | €174,624 | +€5,947 | +3.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €152,914 | €149,835 | -€3,079 | -2.0% |
| Other operating charges | 640/8 | €673 | €1,372 | +€700 | +104% |
| Gross operating margin | 9900 | €360,728 | €298,232 | -€62,495 | -17.3% |
| Operating profit (loss) | 9901 | €38,464 | -€27,599 | -€66,063 | |
| Financial income | 75/76B | €57 | €14 | -€43 | -75.1% |
| Recurring financial income | 75 | €57 | €14 | -€43 | -75.1% |
| Financial charges | 65/66B | €7,905 | €8,471 | +€566 | +7.2% |
| Recurring financial charges | 65 | €7,905 | €8,471 | +€566 | +7.2% |
| Profit (loss) for the period before taxes | 9903 | €30,617 | -€36,056 | -€66,672 | |
| Profit (loss) for the period | 9904 | €30,617 | -€36,056 | -€66,672 | |
| Profit (loss) for the period to be appropriated | 9905 | €30,617 | -€36,056 | -€66,672 |
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 1 November 2026 via checked.be.