S-QURE: 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.
S-QURE
Largest movements
- Cash -€16,405
down €16,405 (-23.7%), from €69,220 to €52,815
mainly Net result for the year (-€11,720) and Investment in fixed assets (net) (-€2,854)
- Tangible fixed assets +€1,358
up €1,358 (+1,166%), from €116 to €1,474
- Receivables within one year +€1,113
up €1,113 (+140%), from €794 to €1,907
of which Other amounts receivable: +€1,080
- Financial fixed assets +€855
new in 2025: €855
- Profit (loss) carried forward -€7,913
new in 2025: -€7,913
- Reserves -€3,806
down €3,806 (-7.6%), from €49,946 to €46,140
- Tax, wage and social debts -€1,481
down €1,481 (-88.0%), from €1,683 to €202
of which Remuneration and social security: -€1,287
- Other operating charges +€2,247
up €2,247 (+202%), from €1,114 to €3,361
- Gross operating margin +€1,406
up €1,406 (+16.2%), from -€8,687 to -€7,281
- Financial income -€1,101
down €1,101 (-97.4%), from €1,131 to €30
- Depreciation +€535
up €535 (+503%), from €106 to €641
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 | €70,525 | €57,400 | -€13,125 | -18.6% |
| Fixed assets | 21/28 | €116 | €2,329 | +€2,213 | +1,899% |
| Tangible fixed assets | 22/27 | €116 | €1,474 | +€1,358 | +1,166% |
| Furniture and vehicles | 24 | €116 | €1,474 | +€1,358 | +1,166% |
| Financial fixed assets | 28 | - | €855 | +€855 | |
| Current assets | 29/58 | €70,408 | €55,071 | -€15,337 | -21.8% |
| Amounts receivable within one year | 40/41 | €794 | €1,907 | +€1,113 | +140% |
| Trade receivables | 40 | - | €33 | +€33 | |
| Other amounts receivable | 41 | €794 | €1,874 | +€1,080 | +136% |
| Cash at bank and in hand | 54/58 | €69,220 | €52,815 | -€16,405 | -23.7% |
| Deferred charges and accrued income | 490/1 | €395 | €350 | -€45 | -11.4% |
| Total equity and liabilities | 10/49 | €70,525 | €57,400 | -€13,125 | -18.6% |
| Equity | 10/15 | €68,546 | €56,826 | -€11,720 | -17.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €49,946 | €46,140 | -€3,806 | -7.6% |
| Distributable reserves | 133 | €49,946 | €46,140 | -€3,806 | -7.6% |
| Profit (loss) carried forward | 14 | - | -€7,913 | -€7,913 | |
| Amounts payable | 17/49 | €1,979 | €574 | -€1,405 | -71.0% |
| Amounts payable within one year | 42/48 | €1,979 | €574 | -€1,405 | -71.0% |
| Trade debts | 44 | €267 | €339 | +€72 | +27.1% |
| Suppliers | 440/4 | €267 | €339 | +€72 | +27.1% |
| Advances received on contracts in progress | 46 | - | €33 | +€33 | |
| Taxes, remuneration and social security | 45 | €1,683 | €202 | -€1,481 | -88.0% |
| Taxes | 450/3 | €396 | €202 | -€194 | -49.0% |
| Remuneration and social security | 454/9 | €1,287 | - | -€1,287 | |
| Other amounts payable | 47/48 | €29 | - | -€29 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €106 | €641 | +€535 | +503% |
| Other operating charges | 640/8 | €1,114 | €3,361 | +€2,247 | +202% |
| Gross operating margin | 9900 | -€8,687 | -€7,281 | +€1,406 | +16.2% |
| Operating profit (loss) | 9901 | -€9,907 | -€11,283 | -€1,377 | -13.9% |
| Financial income | 75/76B | €1,131 | €30 | -€1,101 | -97.4% |
| Recurring financial income | 75 | €1,131 | €30 | -€1,101 | -97.4% |
| Financial charges | 65/66B | €180 | €216 | +€36 | +20.0% |
| Recurring financial charges | 65 | €180 | €216 | +€36 | +20.0% |
| Profit (loss) for the period before taxes | 9903 | -€8,956 | -€11,470 | -€2,514 | -28.1% |
| Income taxes | 67/77 | €202 | €250 | +€48 | +23.8% |
| Profit (loss) for the period | 9904 | -€9,158 | -€11,720 | -€2,562 | -28.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€9,158 | -€11,720 | -€2,562 | -28.0% |
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 15 October 2026 via checked.be.