TAFSQUARE: what changed
TAFSQUARE
Largest movements
- Receivables within one year -€128,789
down €128,789 (-48.0%), from €268,206 to €139,417
of which Trade receivables: -€115,932
- Intangible fixed assets -€92,411
down €92,411 (-40.2%), from €230,138 to €137,727
- Formation expenses -€10,803
down €10,803 (-35.5%), from €30,473 to €19,669
- Cash +€7,553
up €7,553 (+27.4%), from €27,599 to €35,152
mainly Receivables within one year (+€128,789) and Depreciation (+€103,214)
- Profit (loss) carried forward -€243,617
down €243,617 (-15.0%), from -€1.6m to -€1.9m
- Accrued charges and deferred income -€104,035
down €104,035 (-24.8%), from €418,838 to €314,803
- Trade debts +€84,895
up €84,895 (+30.8%), from €275,286 to €360,181
- Tax, wage and social debts +€84,617
up €84,617 (+66.6%), from €127,011 to €211,628
of which Remuneration and social security: +€52,206
- Current portion of long-term debt -€26,351
down €26,351 (-35.8%), from €73,574 to €47,223
- Other operating charges +€169,821
up €169,821 (+147%), from €115,237 to €285,058
- Write-downs -€145,464
down €145,464, from €110,786 to -€34,678
- Staff costs -€82,694
down €82,694 (-19.4%), from €426,005 to €343,311
- Gross operating margin +€78,508
up €78,508 (+20.3%), from €386,426 to €464,934
- Financial charges -€7,737
down €7,737 (-26.5%), from €29,218 to €21,481
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €570,514 | €343,460 | -€227,053 | -39.8% |
| Formation expenses | 20 | €30,473 | €19,669 | -€10,803 | -35.5% |
| Fixed assets | 21/28 | €230,138 | €137,727 | -€92,411 | -40.2% |
| Intangible fixed assets | 21 | €230,138 | €137,727 | -€92,411 | -40.2% |
| Current assets | 29/58 | €309,903 | €186,064 | -€123,839 | -40.0% |
| Amounts receivable within one year | 40/41 | €268,206 | €139,417 | -€128,789 | -48.0% |
| Trade receivables | 40 | €249,073 | €133,142 | -€115,932 | -46.5% |
| Other amounts receivable | 41 | €19,133 | €6,276 | -€12,857 | -67.2% |
| Cash at bank and in hand | 54/58 | €27,599 | €35,152 | +€7,553 | +27.4% |
| Deferred charges and accrued income | 490/1 | €14,098 | €11,495 | -€2,603 | -18.5% |
| Total equity and liabilities | 10/49 | €570,514 | €343,460 | -€227,053 | -39.8% |
| Equity | 10/15 | -€437,908 | -€691,541 | -€253,633 | -57.9% |
| Contributions | 10/11 | €1,139,978 | €1,139,978 | = | 0.0% |
| Capital | 10 | €89,691 | €89,691 | = | 0.0% |
| Issued capital | 100 | €89,691 | €89,691 | = | 0.0% |
| Contributions outside capital | 11 | €1,050,288 | €1,050,288 | = | 0.0% |
| Share premium | 1100/10 | €1,050,288 | €1,050,288 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,627,955 | -€1,871,572 | -€243,617 | -15.0% |
| Investment grants | 15 | €50,068 | €40,052 | -€10,016 | -20.0% |
| Amounts payable | 17/49 | €1,008,422 | €1,035,002 | +€26,580 | +2.6% |
| Amounts payable after more than one year | 17 | €108,333 | €91,667 | -€16,667 | -15.4% |
| Financial debts | 170/4 | €108,333 | €91,667 | -€16,667 | -15.4% |
| Amounts payable within one year | 42/48 | €481,250 | €628,532 | +€147,281 | +30.6% |
| Current portion of amounts payable after more than one year | 42 | €73,574 | €47,223 | -€26,351 | -35.8% |
| Financial debts | 43 | €3,332 | €7,452 | +€4,120 | +124% |
| Credit institutions | 430/8 | €3,332 | €7,452 | +€4,120 | +124% |
| Trade debts | 44 | €275,286 | €360,181 | +€84,895 | +30.8% |
| Suppliers | 440/4 | €275,286 | €360,181 | +€84,895 | +30.8% |
| Taxes, remuneration and social security | 45 | €127,011 | €211,628 | +€84,617 | +66.6% |
| Taxes | 450/3 | €81,942 | €114,352 | +€32,410 | +39.6% |
| Remuneration and social security | 454/9 | €45,069 | €97,276 | +€52,206 | +116% |
| Other amounts payable | 47/48 | €2,048 | €2,048 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €418,838 | €314,803 | -€104,035 | -24.8% |
| Remuneration, social security and pensions | 62 | €426,005 | €343,311 | -€82,694 | -19.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €100,103 | €103,214 | +€3,111 | +3.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €110,786 | -€34,678 | -€145,464 | |
| Other operating charges | 640/8 | €115,237 | €285,058 | +€169,821 | +147% |
| Gross operating margin | 9900 | €386,426 | €464,934 | +€78,508 | +20.3% |
| Operating profit (loss) | 9901 | -€365,705 | -€231,972 | +€133,733 | +36.6% |
| Financial income | 75/76B | €4,634 | €10,016 | +€5,382 | +116% |
| Recurring financial income | 75 | €4,634 | €10,016 | +€5,382 | +116% |
| Financial charges | 65/66B | €29,218 | €21,481 | -€7,737 | -26.5% |
| Recurring financial charges | 65 | €29,218 | €21,481 | -€7,737 | -26.5% |
| Profit (loss) for the period before taxes | 9903 | -€390,289 | -€243,437 | +€146,852 | +37.6% |
| Income taxes | 67/77 | €378 | €180 | -€198 | -52.4% |
| Profit (loss) for the period | 9904 | -€390,668 | -€243,617 | +€147,051 | +37.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€390,668 | -€243,617 | +€147,051 | +37.6% |
Next steps
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 8 November 2026 via checked.be.