The Green Square: 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.
The Green Square
Largest movements
- Tangible fixed assets +€513,524
up €513,524 (+6.2%), from €8.2m to €8.7m
of which Leasing and similar rights: +€277,790
- Receivables within one year -€459,349
down €459,349 (-44.0%), from €1.0m to €583,521
of which Trade receivables: -€346,839
- Trade debts -€453,212
down €453,212 (-51.6%), from €879,006 to €425,794
- Other debts +€312,278
up €312,278 (+17.3%), from €1.8m to €2.1m
- Tax, wage and social debts +€214,711
up €214,711 (+1,089%), from €19,721 to €234,432
of which Remuneration and social security: +€195,379
- Current portion of long-term debt +€121,647
up €121,647 (+14.2%), from €858,407 to €980,054
- Profit (loss) carried forward -€104,804
down €104,804 (-7.6%), from -€1.4m to -€1.5m
- Gross operating margin +€2.0m
up €2.0m (+2,222%), from €89,011 to €2.1m
- Staff costs +€1.0m
up €1.0m (+1,239%), from €81,285 to €1.1m
- Depreciation +€319,112
up €319,112 (+62.2%), from €513,002 to €832,114
- Financial charges +€53,989
up €53,989 (+40.6%), from €132,962 to €186,951
- Other operating charges +€51,742
up €51,742 (+416%), from €12,436 to €64,178
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.
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 | €10,354,915 | €10,441,276 | +€86,361 | +0.8% |
| Formation expenses | 20 | €68,431 | €51,541 | -€16,890 | -24.7% |
| Fixed assets | 21/28 | €8,274,381 | €8,839,749 | +€565,367 | +6.8% |
| Intangible fixed assets | 21 | €41,689 | €93,332 | +€51,643 | +124% |
| Tangible fixed assets | 22/27 | €8,231,442 | €8,744,967 | +€513,524 | +6.2% |
| Land and buildings | 22 | €7,587,710 | €7,636,768 | +€49,058 | +0.6% |
| Furniture and vehicles | 24 | €560,547 | €530,180 | -€30,367 | -5.4% |
| Leasing and similar rights | 25 | €66,871 | €344,661 | +€277,790 | +415% |
| Other tangible fixed assets | 26 | €16,315 | €233,357 | +€217,042 | +1,330% |
| Financial fixed assets | 28 | €1,250 | €1,450 | +€200 | +16.0% |
| Current assets | 29/58 | €2,012,102 | €1,549,986 | -€462,116 | -23.0% |
| Stocks and contracts in progress | 3 | €38,639 | €52,512 | +€13,874 | +35.9% |
| Stocks | 30/36 | €38,639 | €52,512 | +€13,874 | +35.9% |
| Amounts receivable within one year | 40/41 | €1,042,870 | €583,521 | -€459,349 | -44.0% |
| Trade receivables | 40 | €437,401 | €90,561 | -€346,839 | -79.3% |
| Other amounts receivable | 41 | €605,469 | €492,960 | -€112,509 | -18.6% |
| Cash at bank and in hand | 54/58 | €246,391 | €296,701 | +€50,310 | +20.4% |
| Deferred charges and accrued income | 490/1 | €684,203 | €617,252 | -€66,951 | -9.8% |
| Total equity and liabilities | 10/49 | €10,354,915 | €10,441,276 | +€86,361 | +0.8% |
| Equity | 10/15 | €1,818,293 | €1,713,489 | -€104,804 | -5.8% |
| Contributions | 10/11 | €3,205,000 | €3,205,000 | = | 0.0% |
| Capital | 10 | €3,205,000 | €3,205,000 | = | 0.0% |
| Issued capital | 100 | €3,725,000 | €3,725,000 | = | 0.0% |
| Uncalled capital | 101 | €520,000 | €520,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,386,708 | -€1,491,511 | -€104,804 | -7.6% |
| Amounts payable | 17/49 | €8,536,622 | €8,727,787 | +€191,165 | +2.2% |
| Amounts payable after more than one year | 17 | €4,969,460 | €4,970,061 | +€601 | 0.0% |
| Financial debts | 170/4 | €4,969,460 | €4,970,061 | +€601 | 0.0% |
| Amounts payable within one year | 42/48 | €3,567,163 | €3,757,727 | +€190,564 | +5.3% |
| Current portion of amounts payable after more than one year | 42 | €858,407 | €980,054 | +€121,647 | +14.2% |
| Financial debts | 43 | €6,859 | €2,049 | -€4,810 | -70.1% |
| Credit institutions | 430/8 | €6,859 | €2,049 | -€4,810 | -70.1% |
| Trade debts | 44 | €879,006 | €425,794 | -€453,212 | -51.6% |
| Suppliers | 440/4 | €879,006 | €425,794 | -€453,212 | -51.6% |
| Advances received on contracts in progress | 46 | €1,799 | €1,750 | -€49 | -2.7% |
| Taxes, remuneration and social security | 45 | €19,721 | €234,432 | +€214,711 | +1,089% |
| Taxes | 450/3 | - | €19,332 | +€19,332 | |
| Remuneration and social security | 454/9 | €19,721 | €215,100 | +€195,379 | +991% |
| Other amounts payable | 47/48 | €1,801,371 | €2,113,649 | +€312,278 | +17.3% |
| Non-recurring operating income | 76A | - | €605 | +€605 | |
| Remuneration, social security and pensions | 62 | €81,285 | €1,088,141 | +€1.0m | +1,239% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €513,002 | €832,114 | +€319,112 | +62.2% |
| Other operating charges | 640/8 | €12,436 | €64,178 | +€51,742 | +416% |
| Gross operating margin | 9900 | €89,011 | €2,066,420 | +€2.0m | +2,222% |
| Operating profit (loss) | 9901 | -€517,713 | €81,987 | +€599,700 | |
| Financial income | 75/76B | €1,034 | €207 | -€828 | -80.0% |
| Recurring financial income | 75 | €1,034 | €207 | -€828 | -80.0% |
| Financial charges | 65/66B | €132,962 | €186,951 | +€53,989 | +40.6% |
| Recurring financial charges | 65 | €132,962 | €186,951 | +€53,989 | +40.6% |
| Profit (loss) for the period before taxes | 9903 | -€649,640 | -€104,757 | +€544,883 | +83.9% |
| Income taxes | 67/77 | €310 | €47 | -€263 | -84.8% |
| Profit (loss) for the period | 9904 | -€649,950 | -€104,804 | +€545,146 | +83.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€649,950 | -€104,804 | +€545,146 | +83.9% |
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 23 October 2026 via checked.be.