SQUARE 2: 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.
What changed
SQUARE 2
NACE 43.990, Other specialised construction activities
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€154,478
2024 · €90,988+€63,491
Equity
€1.1m
2024 · €1.0m+€104,478
Cash
€162,307
2024 · €163,624-€1,317
Balance sheet total
€3.2m
2024 · €3.1m+€160,719
Largest movements
Assets
- Receivables within one year +€252,959
up €252,959 (+11.6%), from €2.2m to €2.4m
of which Trade receivables: +€595,656
- Tangible fixed assets -€69,607
down €69,607 (-11.9%), from €586,582 to €516,975
of which Furniture and vehicles: -€39,862
Equity and liabilities
- Short-term financial debts +€125,000
new in 2025: €125,000
- Trade debts +€113,718
up €113,718 (+9.0%), from €1.3m to €1.4m
- Accrued charges and deferred income -€104,335
down €104,335 (-98.9%), from €105,500 to €1,165
- Reserves +€104,000
up €104,000 (+102.1%), from €101,860 to €205,860
of which Distributable reserves: +€105,860
- Debts after one year -€59,343
down €59,343 (-12.0%), from €493,288 to €433,945
Income statement
- Turnover -€10.6m
no longer reported in 2025 (was €10.6m)
- Purchases and services -€10.4m
no longer reported in 2025 (was €10.4m)
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.
Result 2024
€90,988
Gross operating margin
+€93,252
Staff costs
-€360
Depreciation
+€6,665
Write-downs
+€1,039
Other operating charges
+€15,109
Financial income
-€814
Financial charges
-€4,578
Taxes
-€46,821
Result 2025
€154,478
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.
From operations
+€1,271
Investment
-€1,181
Financing
-€1,407
Cash 2024
€163,624
From operations (derived)
+€1,271
Net result for the year
+€154,478
Depreciation
+€70,788
Stocks and contracts
+€23,918
Receivables within one year
-€252,959
Deferred charges and accrued income
-€2,602
Trade debts
+€113,718
Tax, wage and social debts
-€39,390
Other debts
+€37,654
Accrued charges and deferred income
-€104,335
Investment (derived)
-€1,181
Investment in fixed assets (net)
-€1,181
Financing
-€1,407
Debts after one year
-€59,343
Current portion of long-term debt
-€17,063
Short-term financial debts
+€125,000
Contributions, distributions and other
-€50,000
Cash 2025
€162,307
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,061,942 | €3,222,661 | +€160,719 | +5.2% |
| Fixed assets | 21/28 | €593,780 | €524,173 | -€69,607 | -11.7% |
| Tangible fixed assets | 22/27 | €586,582 | €516,975 | -€69,607 | -11.9% |
| Land and buildings | 22 | €347,981 | €338,396 | -€9,585 | -2.8% |
| Plant, machinery and equipment | 23 | €38,114 | €24,855 | -€13,259 | -34.8% |
| Furniture and vehicles | 24 | €153,226 | €113,363 | -€39,862 | -26.0% |
| Other tangible fixed assets | 26 | €47,261 | €40,361 | -€6,900 | -14.6% |
| Financial fixed assets | 28 | €7,198 | €7,198 | = | 0.0% |
| Current assets | 29/58 | €2,468,162 | €2,698,488 | +€230,326 | +9.3% |
| Stocks and contracts in progress | 3 | €116,835 | €92,917 | -€23,918 | -20.5% |
| Stocks | 30/36 | €116,835 | €92,917 | -€23,918 | -20.5% |
| Amounts receivable within one year | 40/41 | €2,179,943 | €2,432,902 | +€252,959 | +11.6% |
| Trade receivables | 40 | €1,635,930 | €2,231,586 | +€595,656 | +36.4% |
| Other amounts receivable | 41 | €544,013 | €201,316 | -€342,697 | -63.0% |
| Cash at bank and in hand | 54/58 | €163,624 | €162,307 | -€1,317 | -0.8% |
| Deferred charges and accrued income | 490/1 | €7,759 | €10,361 | +€2,602 | +33.5% |
| Total equity and liabilities | 10/49 | €3,061,942 | €3,222,661 | +€160,719 | +5.2% |
| Equity | 10/15 | €1,009,746 | €1,114,224 | +€104,478 | +10.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €101,860 | €205,860 | +€104,000 | +102.1% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | €100,000 | €205,860 | +€105,860 | +105.9% |
| Profit (loss) carried forward | 14 | €889,286 | €889,764 | +€478 | +0.1% |
| Amounts payable | 17/49 | €2,052,196 | €2,108,437 | +€56,241 | +2.7% |
| Amounts payable after more than one year | 17 | €493,288 | €433,945 | -€59,343 | -12.0% |
| Financial debts | 170/4 | €493,288 | €433,945 | -€59,343 | -12.0% |
| Amounts payable within one year | 42/48 | €1,453,407 | €1,673,326 | +€219,919 | +15.1% |
| Current portion of amounts payable after more than one year | 42 | €109,052 | €91,988 | -€17,063 | -15.6% |
| Financial debts | 43 | - | €125,000 | +€125,000 | |
| Credit institutions | 430/8 | - | €125,000 | +€125,000 | |
| Trade debts | 44 | €1,256,789 | €1,370,507 | +€113,718 | +9.0% |
| Suppliers | 440/4 | €1,256,789 | €1,370,507 | +€113,718 | +9.0% |
| Taxes, remuneration and social security | 45 | €67,809 | €28,419 | -€39,390 | -58.1% |
| Taxes | 450/3 | €65,120 | €23,978 | -€41,142 | -63.2% |
| Remuneration and social security | 454/9 | €2,689 | €4,441 | +€1,752 | +65.2% |
| Other amounts payable | 47/48 | €19,758 | €57,412 | +€37,654 | +190.6% |
| Accrued charges and deferred income | 492/3 | €105,500 | €1,165 | -€104,335 | -98.9% |
| Turnover | 70 | €10,610,609 | - | -€10.6m | |
| Goods, raw materials, services and sundry goods | 60/61 | €10,387,848 | - | -€10.4m | |
| Remuneration, social security and pensions | 62 | €29,718 | €30,078 | +€360 | +1.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €77,453 | €70,788 | -€6,665 | -8.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,039 | - | -€1,039 | |
| Other operating charges | 640/8 | €18,887 | €3,778 | -€15,109 | -80.0% |
| Gross operating margin | 9900 | €268,252 | €361,504 | +€93,252 | +34.8% |
| Operating profit (loss) | 9901 | €141,156 | €256,860 | +€115,704 | +82.0% |
| Financial income | 75/76B | €2,314 | €1,500 | -€814 | -35.2% |
| Recurring financial income | 75 | €2,314 | €1,500 | -€814 | -35.2% |
| Financial charges | 65/66B | €21,016 | €25,595 | +€4,578 | +21.8% |
| Recurring financial charges | 65 | €20,646 | €25,595 | +€4,948 | +24.0% |
| Non-recurring financial charges | 66B | €370 | - | -€370 | |
| Profit (loss) for the period before taxes | 9903 | €122,453 | €232,765 | +€110,312 | +90.1% |
| Income taxes | 67/77 | €31,466 | €78,286 | +€46,821 | +148.8% |
| Profit (loss) for the period | 9904 | €90,988 | €154,478 | +€63,491 | +69.8% |
| Profit (loss) for the period to be appropriated | 9905 | €90,988 | €154,478 | +€63,491 | +69.8% |
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 7 October 2026 via checked.be.