SQUEED 2.0: 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.
SQUEED 2.0
Largest movements
- Tangible fixed assets -€130,165
down €130,165 (-13.8%), from €942,679 to €812,513
of which Land and buildings: -€112,632
- Intangible fixed assets -€20,514
no longer reported in 2025 (was €20,514)
- Receivables within one year +€18,989
up €18,989 (+378.4%), from €5,018 to €24,007
of which Other amounts receivable: +€14,475
- Cash +€16,506
up €16,506 (+35.2%), from €46,891 to €63,397
mainly Investment in fixed assets (net) (+€107,836) and Net result for the year (+€45,723)
- Other debts -€101,211
down €101,211 (-59.5%), from €170,034 to €68,823
- Debts after one year -€65,498
down €65,498 (-9.9%), from €662,475 to €596,977
- Profit (loss) carried forward +€45,723
up €45,723 (+105.3%), from €43,431 to €89,154
- Trade debts +€20,545
up €20,545 (+67.5%), from €30,429 to €50,974
- Depreciation -€11,049
down €11,049 (-20.4%), from €54,042 to €42,993
- Staff costs +€9,946
up €9,946 (+5.7%), from €174,377 to €184,324
- Taxes +€7,087
up €7,087 (+36.1%), from €19,650 to €26,737
- Other operating charges +€6,967
up €6,967 (+42.7%), from €16,327 to €23,294
- Gross operating margin +€4,319
up €4,319 (+1.3%), from €342,859 to €347,178
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 | €1,036,688 | €919,149 | -€117,540 | -11.3% |
| Fixed assets | 21/28 | €965,017 | €814,188 | -€150,829 | -15.6% |
| Intangible fixed assets | 21 | €20,514 | - | -€20,514 | |
| Tangible fixed assets | 22/27 | €942,679 | €812,513 | -€130,165 | -13.8% |
| Land and buildings | 22 | €845,366 | €732,734 | -€112,632 | -13.3% |
| Plant, machinery and equipment | 23 | €92,991 | €76,405 | -€16,586 | -17.8% |
| Furniture and vehicles | 24 | €4,321 | €3,374 | -€948 | -21.9% |
| Financial fixed assets | 28 | €1,825 | €1,675 | -€150 | -8.2% |
| Current assets | 29/58 | €71,671 | €104,960 | +€33,289 | +46.4% |
| Stocks and contracts in progress | 3 | €12,980 | €16,566 | +€3,586 | +27.6% |
| Stocks | 30/36 | €12,980 | €16,566 | +€3,586 | +27.6% |
| Amounts receivable within one year | 40/41 | €5,018 | €24,007 | +€18,989 | +378.4% |
| Trade receivables | 40 | €5,018 | €9,532 | +€4,514 | +90.0% |
| Other amounts receivable | 41 | - | €14,475 | +€14,475 | |
| Cash at bank and in hand | 54/58 | €46,891 | €63,397 | +€16,506 | +35.2% |
| Deferred charges and accrued income | 490/1 | €6,782 | €991 | -€5,791 | -85.4% |
| Total equity and liabilities | 10/49 | €1,036,688 | €919,149 | -€117,540 | -11.3% |
| Equity | 10/15 | €64,202 | €109,925 | +€45,723 | +71.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €2,170 | €2,170 | = | 0.0% |
| Non-distributable reserves | 130/1 | €170 | - | -€170 | |
| Reserves not available under the articles | 1311 | €170 | - | -€170 | |
| Tax-exempt reserves | 132 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | - | €170 | +€170 | |
| Profit (loss) carried forward | 14 | €43,431 | €89,154 | +€45,723 | +105.3% |
| Amounts payable | 17/49 | €972,486 | €809,224 | -€163,263 | -16.8% |
| Amounts payable after more than one year | 17 | €662,475 | €596,977 | -€65,498 | -9.9% |
| Financial debts | 170/4 | €662,475 | €596,977 | -€65,498 | -9.9% |
| Amounts payable within one year | 42/48 | €310,012 | €212,247 | -€97,765 | -31.5% |
| Current portion of amounts payable after more than one year | 42 | €76,951 | €68,918 | -€8,033 | -10.4% |
| Trade debts | 44 | €30,429 | €50,974 | +€20,545 | +67.5% |
| Suppliers | 440/4 | €30,429 | €50,974 | +€20,545 | +67.5% |
| Taxes, remuneration and social security | 45 | €32,597 | €23,532 | -€9,065 | -27.8% |
| Taxes | 450/3 | €16,966 | €12,880 | -€4,085 | -24.1% |
| Remuneration and social security | 454/9 | €15,631 | €10,651 | -€4,980 | -31.9% |
| Other amounts payable | 47/48 | €170,034 | €68,823 | -€101,211 | -59.5% |
| Remuneration, social security and pensions | 62 | €174,377 | €184,324 | +€9,946 | +5.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,042 | €42,993 | -€11,049 | -20.4% |
| Other operating charges | 640/8 | €16,327 | €23,294 | +€6,967 | +42.7% |
| Gross operating margin | 9900 | €342,859 | €347,178 | +€4,319 | +1.3% |
| Operating profit (loss) | 9901 | €98,112 | €96,568 | -€1,544 | -1.6% |
| Financial charges | 65/66B | €24,804 | €24,107 | -€697 | -2.8% |
| Recurring financial charges | 65 | €24,804 | €24,107 | -€697 | -2.8% |
| Profit (loss) for the period before taxes | 9903 | €73,308 | €72,461 | -€848 | -1.2% |
| Income taxes | 67/77 | €19,650 | €26,737 | +€7,087 | +36.1% |
| Profit (loss) for the period | 9904 | €53,658 | €45,723 | -€7,935 | -14.8% |
| Profit (loss) for the period to be appropriated | 9905 | €53,658 | €45,723 | -€7,935 | -14.8% |
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 8 October 2026 via checked.be.