VATSQUARE: 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.
VATSQUARE
Largest movements
- Receivables within one year +€189,146
up €189,146 (+13.0%), from €1.5m to €1.6m
of which Trade receivables: +€184,449
- Cash -€66,595
down €66,595 (-27.0%), from €246,727 to €180,132
mainly Contributions, distributions and other (-€705,200) and Receivables within one year (-€189,146)
- Other debts +€230,726
up €230,726 (+48.3%), from €477,852 to €708,578
- Short-term financial debts -€100,000
down €100,000 (-100%), from €100,000 to €0
- Trade debts -€40,891
down €40,891 (-7.7%), from €533,300 to €492,410
- Gross operating margin +€327,249
up €327,249 (+59.5%), from €549,860 to €877,109
- Taxes +€38,752
up €38,752 (+53.6%), from €72,234 to €110,985
- Financial income -€31,428
down €31,428 (-82.8%), from €37,964 to €6,536
of which Non-recurring financial income: -€33,061
- Other operating charges +€30,814
up €30,814 (+3,951%), from €780 to €31,594
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 | €1,718,849 | €1,842,109 | +€123,261 | +7.2% |
| Fixed assets | 21/28 | €10,906 | €9,003 | -€1,903 | -17.4% |
| Intangible fixed assets | 21 | €3,520 | €2,283 | -€1,238 | -35.2% |
| Tangible fixed assets | 22/27 | €1,503 | €838 | -€665 | -44.2% |
| Plant, machinery and equipment | 23 | €1,503 | €838 | -€665 | -44.2% |
| Financial fixed assets | 28 | €5,882 | €5,882 | = | 0.0% |
| Current assets | 29/58 | €1,707,943 | €1,833,107 | +€125,164 | +7.3% |
| Amounts receivable within one year | 40/41 | €1,450,398 | €1,639,544 | +€189,146 | +13.0% |
| Trade receivables | 40 | €1,344,308 | €1,528,757 | +€184,449 | +13.7% |
| Other amounts receivable | 41 | €106,090 | €110,787 | +€4,698 | +4.4% |
| Cash at bank and in hand | 54/58 | €246,727 | €180,132 | -€66,595 | -27.0% |
| Deferred charges and accrued income | 490/1 | €10,818 | €13,430 | +€2,612 | +24.1% |
| Total equity and liabilities | 10/49 | €1,718,849 | €1,842,109 | +€123,261 | +7.2% |
| Equity | 10/15 | €6,305 | €6,298 | -€7 | -0.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €105 | €98 | -€7 | -6.6% |
| Amounts payable | 17/49 | €1,712,544 | €1,835,812 | +€123,268 | +7.2% |
| Amounts payable after more than one year | 17 | €411,387 | €423,715 | +€12,328 | +3.0% |
| Other amounts payable | 178/9 | €411,387 | €423,715 | +€12,328 | +3.0% |
| Amounts payable within one year | 42/48 | €1,111,157 | €1,212,097 | +€100,940 | +9.1% |
| Financial debts | 43 | €100,000 | €0 | -€100,000 | -100% |
| Credit institutions | 430/8 | €100,000 | €0 | -€100,000 | -100% |
| Trade debts | 44 | €533,300 | €492,410 | -€40,891 | -7.7% |
| Suppliers | 440/4 | €533,300 | €492,410 | -€40,891 | -7.7% |
| Taxes, remuneration and social security | 45 | €4 | €11,109 | +€11,105 | +249,542% |
| Taxes | 450/3 | €4 | €11,109 | +€11,105 | +249,542% |
| Other amounts payable | 47/48 | €477,852 | €708,578 | +€230,726 | +48.3% |
| Accrued charges and deferred income | 492/3 | €190,000 | €200,000 | +€10,000 | +5.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €895 | €1,903 | +€1,008 | +113% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €13,639 | €8,878 | -€4,761 | -34.9% |
| Other operating charges | 640/8 | €780 | €31,594 | +€30,814 | +3,951% |
| Gross operating margin | 9900 | €549,860 | €877,109 | +€327,249 | +59.5% |
| Operating profit (loss) | 9901 | €534,546 | €834,734 | +€300,188 | +56.2% |
| Financial income | 75/76B | €37,964 | €6,536 | -€31,428 | -82.8% |
| Recurring financial income | 75 | €4,340 | €5,973 | +€1,633 | +37.6% |
| Non-recurring financial income | 76B | €33,623 | €563 | -€33,061 | -98.3% |
| Financial charges | 65/66B | €24,432 | €25,091 | +€660 | +2.7% |
| Recurring financial charges | 65 | €24,432 | €25,091 | +€660 | +2.7% |
| Profit (loss) for the period before taxes | 9903 | €548,079 | €816,178 | +€268,100 | +48.9% |
| Income taxes | 67/77 | €72,234 | €110,985 | +€38,752 | +53.6% |
| Profit (loss) for the period | 9904 | €475,845 | €705,193 | +€229,348 | +48.2% |
| Profit (loss) for the period to be appropriated | 9905 | €475,845 | €705,193 | +€229,348 | +48.2% |
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 13 October 2026 via checked.be.