Ten Squares: 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.
Ten Squares
Largest movements
- Tangible fixed assets +€102,167
up €102,167 (+4.9%), from €2.1m to €2.2m
of which Land and buildings: +€114,414
- Deferred charges and accrued income +€31,110
new in 2025: €31,110
- Profit (loss) carried forward +€235,307
up €235,307 (+25.2%), from €932,781 to €1.2m
- Reserves -€216,602
down €216,602 (-99.1%), from €218,462 to €1,860
of which Distributable reserves: -€216,602
- Other debts +€117,527
up €117,527 (+19.8%), from €592,104 to €709,631
- Other operating charges -€25,873
down €25,873 (-59.8%), from €43,298 to €17,425
- Gross operating margin -€16,009
down €16,009 (-3.3%), from €478,703 to €462,694
- Depreciation +€10,735
up €10,735 (+11.3%), from €94,952 to €105,687
- Taxes +€9,781
up €9,781 (+14.8%), from €65,914 to €75,695
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 | €2,200,505 | €2,338,300 | +€137,795 | +6.3% |
| Fixed assets | 21/28 | €2,097,085 | €2,199,252 | +€102,167 | +4.9% |
| Tangible fixed assets | 22/27 | €2,097,085 | €2,199,252 | +€102,167 | +4.9% |
| Land and buildings | 22 | €2,052,232 | €2,166,646 | +€114,414 | +5.6% |
| Plant, machinery and equipment | 23 | €14,066 | €10,277 | -€3,789 | -26.9% |
| Furniture and vehicles | 24 | €30,787 | €22,329 | -€8,458 | -27.5% |
| Current assets | 29/58 | €103,420 | €139,048 | +€35,628 | +34.4% |
| Amounts receivable within one year | 40/41 | €45,359 | €42,631 | -€2,728 | -6.0% |
| Trade receivables | 40 | €1,892 | €10,032 | +€8,140 | +430.2% |
| Other amounts receivable | 41 | €43,467 | €32,599 | -€10,868 | -25.0% |
| Current investments | 50/53 | €49,480 | €49,478 | -€2 | 0.0% |
| Cash at bank and in hand | 54/58 | €8,581 | €15,829 | +€7,248 | +84.5% |
| Deferred charges and accrued income | 490/1 | - | €31,110 | +€31,110 | |
| Total equity and liabilities | 10/49 | €2,200,505 | €2,338,300 | +€137,795 | +6.3% |
| Equity | 10/15 | €1,157,443 | €1,176,148 | +€18,705 | +1.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €218,462 | €1,860 | -€216,602 | -99.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €216,602 | - | -€216,602 | |
| Profit (loss) carried forward | 14 | €932,781 | €1,168,088 | +€235,307 | +25.2% |
| Amounts payable | 17/49 | €1,043,062 | €1,162,152 | +€119,090 | +11.4% |
| Amounts payable after more than one year | 17 | €392,900 | €379,833 | -€13,067 | -3.3% |
| Financial debts | 170/4 | €392,900 | €379,833 | -€13,067 | -3.3% |
| Amounts payable within one year | 42/48 | €650,162 | €777,530 | +€127,368 | +19.6% |
| Current portion of amounts payable after more than one year | 42 | €48,067 | €48,067 | = | 0.0% |
| Trade debts | 44 | €1,709 | €13,770 | +€12,061 | +705.7% |
| Suppliers | 440/4 | €1,709 | €13,770 | +€12,061 | +705.7% |
| Advances received on contracts in progress | 46 | €1,543 | €1,582 | +€39 | +2.5% |
| Taxes, remuneration and social security | 45 | €6,739 | €4,480 | -€2,259 | -33.5% |
| Taxes | 450/3 | €6,739 | €4,480 | -€2,259 | -33.5% |
| Other amounts payable | 47/48 | €592,104 | €709,631 | +€117,527 | +19.8% |
| Accrued charges and deferred income | 492/3 | - | €4,789 | +€4,789 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €94,952 | €105,687 | +€10,735 | +11.3% |
| Other operating charges | 640/8 | €43,298 | €17,425 | -€25,873 | -59.8% |
| Gross operating margin | 9900 | €478,703 | €462,694 | -€16,009 | -3.3% |
| Operating profit (loss) | 9901 | €340,453 | €339,582 | -€871 | -0.3% |
| Financial income | 75/76B | €2,211 | €2,316 | +€105 | +4.7% |
| Recurring financial income | 75 | €2,211 | €2,316 | +€105 | +4.7% |
| Financial charges | 65/66B | €31,132 | €29,296 | -€1,836 | -5.9% |
| Recurring financial charges | 65 | €31,132 | €29,296 | -€1,836 | -5.9% |
| Profit (loss) for the period before taxes | 9903 | €311,532 | €312,602 | +€1,070 | +0.3% |
| Income taxes | 67/77 | €65,914 | €75,695 | +€9,781 | +14.8% |
| Profit (loss) for the period | 9904 | €245,618 | €236,907 | -€8,711 | -3.5% |
| Profit (loss) for the period to be appropriated | 9905 | €245,618 | €236,907 | -€8,711 | -3.5% |
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 9 October 2026 via checked.be.