GuardSquare: 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.
What changed
GuardSquare
NACE 62.200, Computer consultancy and computer facilities management
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€3.2m
2024 · €4.5m-€1.3m
Equity
€5.1m
2024 · €1.9m+€3.2m
Cash
€3.4m
2024 · €7.4m-€4.0m
Balance sheet total
€38.5m
2024 · €31.4m+€7.1m
Largest movements
Assets
- Receivables within one year +€14.6m
up €14.6m (+164%), from €8.9m to €23.5m
of which Other amounts receivable: +€14.0m
- Cash -€4.0m
down €4.0m (-54.3%), from €7.4m to €3.4m
mainly Receivables within one year (-€14.6m) and Deferred charges and accrued income (-€513,529)
- Current investments -€3.8m
down €3.8m (-100%), from €3.8m to €0
- Deferred charges and accrued income +€513,529
up €513,529 (+79.2%), from €648,634 to €1.2m
Equity and liabilities
- Reserves +€3.2m
up €3.2m (+214%), from €1.5m to €4.6m
of which Distributable reserves: +€3.2m
- Accrued charges and deferred income +€2.7m
up €2.7m (+11.3%), from €23.8m to €26.4m
- Other debts +€634,181
up €634,181 (+32.7%), from €1.9m to €2.6m
- Trade debts +€473,037
up €473,037 (+18.6%), from €2.5m to €3.0m
Income statement
- Turnover +€3.8m
up €3.8m (+14.8%), from €25.4m to €29.1m
- Services and other goods +€3.2m
up €3.2m (+27.0%), from €11.7m to €14.9m
- Staff costs +€1.2m
up €1.2m (+11.5%), from €10.1m to €11.2m
- Financial charges +€655,647
up €655,647 (+252%), from €260,310 to €915,957
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
€4.5m
Turnover
+€3.8m
Other operating income
-€48,520
Goods and materials
+€1,259
Services and other goods
-€3.2m
Staff costs
-€1.2m
Depreciation
+€100,863
Write-downs
-€199,334
Other operating charges
-€29,660
Other operating items
+€2,492
Financial income
+€99,436
Financial charges
-€655,647
Taxes
-€13,844
Result 2025
€3.2m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€7.7m
Investment
+€3.7m
Financing
€0
Cash 2024
€7.4m
From operations (derived)
-€7.7m
Net result for the year
+€3.2m
Depreciation
+€267,460
Receivables within one year
-€14.6m
Deferred charges and accrued income
-€513,529
Trade debts
+€473,037
Tax, wage and social debts
+€150,801
Other debts
+€634,181
Accrued charges and deferred income
+€2.7m
Investment (derived)
+€3.7m
Investment in fixed assets (net)
-€160,102
Current investments
+€3.8m
Cash 2025
€3.4m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €31,368,156 | €38,466,182 | +€7.1m | +22.6% |
| Fixed assets | 21/28 | €1,059,700 | €952,341 | -€107,359 | -10.1% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €994,156 | €886,187 | -€107,969 | -10.9% |
| Plant, machinery and equipment | 23 | €134,233 | €131,937 | -€2,297 | -1.7% |
| Furniture and vehicles | 24 | €169,083 | €127,383 | -€41,700 | -24.7% |
| Other tangible fixed assets | 26 | €690,840 | €626,867 | -€63,972 | -9.3% |
| Financial fixed assets | 28 | €65,544 | €66,154 | +€610 | +0.9% |
| Affiliated companies | 280/1 | €27,501 | €27,502 | +€1 | 0.0% |
| Participating interests | 280 | €27,501 | €27,502 | +€1 | 0.0% |
| Other financial fixed assets | 284/8 | €38,043 | €38,652 | +€609 | +1.6% |
| Amounts receivable and cash guarantees | 285/8 | €38,043 | €38,652 | +€609 | +1.6% |
| Current assets | 29/58 | €30,308,456 | €37,513,841 | +€7.2m | +23.8% |
| Amounts receivable after more than one year | 29 | €9,500,000 | €9,500,000 | = | 0.0% |
| Other amounts receivable | 291 | €9,500,000 | €9,500,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €8,899,821 | €23,464,177 | +€14.6m | +164% |
| Trade receivables | 40 | €8,165,212 | €8,697,571 | +€532,358 | +6.5% |
| Other amounts receivable | 41 | €734,608 | €14,766,607 | +€14.0m | +1,910% |
| Current investments | 50/53 | €3,844,544 | €0 | -€3.8m | -100% |
| Other investments | 51/53 | €3,844,544 | €0 | -€3.8m | -100% |
| Cash at bank and in hand | 54/58 | €7,415,458 | €3,387,501 | -€4.0m | -54.3% |
| Deferred charges and accrued income | 490/1 | €648,634 | €1,162,163 | +€513,529 | +79.2% |
| Total equity and liabilities | 10/49 | €31,368,156 | €38,466,182 | +€7.1m | +22.6% |
| Equity | 10/15 | €1,938,830 | €5,105,581 | +€3.2m | +163% |
| Contributions | 10/11 | €459,213 | €459,213 | = | 0.0% |
| Capital | 10 | €79,351 | €79,351 | = | 0.0% |
| Issued capital | 100 | €79,351 | €79,351 | = | 0.0% |
| Contributions outside capital | 11 | €379,863 | €379,863 | = | 0.0% |
| Share premium | 1100/10 | €379,863 | €379,863 | = | 0.0% |
| Reserves | 13 | €1,478,935 | €4,645,935 | +€3.2m | +214% |
| Non-distributable reserves | 130/1 | €7,935 | €7,935 | = | 0.0% |
| Legal reserve | 130 | €7,935 | €7,935 | = | 0.0% |
| Distributable reserves | 133 | €1,471,000 | €4,638,000 | +€3.2m | +215% |
| Profit (loss) carried forward | 14 | €682 | €432 | -€250 | -36.6% |
| Amounts payable | 17/49 | €29,429,325 | €33,360,601 | +€3.9m | +13.4% |
| Amounts payable within one year | 42/48 | €5,678,726 | €6,936,745 | +€1.3m | +22.2% |
| Trade debts | 44 | €2,539,930 | €3,012,966 | +€473,037 | +18.6% |
| Suppliers | 440/4 | €2,539,930 | €3,012,966 | +€473,037 | +18.6% |
| Taxes, remuneration and social security | 45 | €1,200,229 | €1,351,030 | +€150,801 | +12.6% |
| Taxes | 450/3 | €11,385 | €1,612 | -€9,773 | -85.8% |
| Remuneration and social security | 454/9 | €1,188,844 | €1,349,418 | +€160,573 | +13.5% |
| Other amounts payable | 47/48 | €1,938,568 | €2,572,749 | +€634,181 | +32.7% |
| Accrued charges and deferred income | 492/3 | €23,750,599 | €26,423,857 | +€2.7m | +11.3% |
| Operating income | 70/76A | €26,369,953 | €30,075,199 | +€3.7m | +14.1% |
| Turnover | 70 | €25,382,621 | €29,133,895 | +€3.8m | +14.8% |
| Other operating income | 74 | €984,864 | €936,344 | -€48,520 | -4.9% |
| Non-recurring operating income | 76A | €2,468 | €4,959 | +€2,492 | +101% |
| Operating charges | 60/66A | €22,166,423 | €26,606,158 | +€4.4m | +20.0% |
| Goods for resale, raw materials and consumables | 60 | €5,746 | €4,486 | -€1,259 | -21.9% |
| Purchases | 600/8 | €5,746 | €4,486 | -€1,259 | -21.9% |
| Services and other goods | 61 | €11,711,310 | €14,868,203 | +€3.2m | +27.0% |
| Remuneration, social security and pensions | 62 | €10,051,794 | €11,207,763 | +€1.2m | +11.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €368,323 | €267,460 | -€100,863 | -27.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €26,572 | €225,905 | +€199,334 | +750% |
| Other operating charges | 640/8 | €2,679 | €32,340 | +€29,660 | +1,107% |
| Operating profit (loss) | 9901 | €4,203,530 | €3,469,041 | -€734,489 | -17.5% |
| Financial income | 75/76B | €653,484 | €752,920 | +€99,436 | +15.2% |
| Recurring financial income | 75 | €653,484 | €752,920 | +€99,436 | +15.2% |
| Income from financial fixed assets | 750 | €43,919 | €0 | -€43,919 | -100% |
| Income from current assets | 751 | €536,608 | €701,520 | +€164,912 | +30.7% |
| Other financial income | 752/9 | €72,956 | €51,399 | -€21,557 | -29.5% |
| Financial charges | 65/66B | €260,310 | €915,957 | +€655,647 | +252% |
| Recurring financial charges | 65 | €260,310 | €915,957 | +€655,647 | +252% |
| Debt charges | 650 | €85,336 | €191,060 | +€105,724 | +124% |
| Other financial charges | 652/9 | €174,974 | €724,896 | +€549,923 | +314% |
| Profit (loss) for the period before taxes | 9903 | €4,596,704 | €3,306,004 | -€1.3m | -28.1% |
| Income taxes | 67/77 | €125,409 | €139,254 | +€13,844 | +11.0% |
| Taxes | 670/3 | €125,409 | €159,434 | +€34,025 | +27.1% |
| Tax adjustments and reversals of tax provisions | 77 | €0 | €20,180 | +€20,180 | |
| Profit (loss) for the period | 9904 | €4,471,295 | €3,166,750 | -€1.3m | -29.2% |
| Profit (loss) for the period to be appropriated | 9905 | €4,471,295 | €3,166,750 | -€1.3m | -29.2% |
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.