S-SQUARE: 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.
S-SQUARE
Largest movements
- Tangible fixed assets +€39,126
up €39,126 (+5.8%), from €675,884 to €715,010
- Cash +€9,639
up €9,639 (+23.7%), from €40,659 to €50,298
mainly Depreciation (+€43,740) and Net result for the year (+€41,285)
- Debts after one year +€26,741
up €26,741 (+6.9%), from €386,180 to €412,921
- Gross operating margin -€29,077
down €29,077 (-19.5%), from €149,374 to €120,297
- Depreciation -€16,444
down €16,444 (-27.3%), from €60,184 to €43,740
- Taxes -€4,995
down €4,995 (-23.8%), from €20,991 to €15,996
- Other operating charges -€2,637
down €2,637 (-36.8%), from €7,175 to €4,538
- Financial charges +€1,894
up €1,894 (+14.6%), from €13,010 to €14,904
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €776,600 | €814,340 | +€37,740 | +4.9% |
| Fixed assets | 21/28 | €675,884 | €715,010 | +€39,126 | +5.8% |
| Tangible fixed assets | 22/27 | €675,884 | €715,010 | +€39,126 | +5.8% |
| Land and buildings | 22 | €674,255 | €693,484 | +€19,229 | +2.9% |
| Plant, machinery and equipment | 23 | €503 | €8,207 | +€7,704 | +1531.6% |
| Furniture and vehicles | 24 | €1,126 | €13,318 | +€12,192 | +1082.8% |
| Current assets | 29/58 | €100,716 | €99,330 | -€1,386 | -1.4% |
| Amounts receivable within one year | 40/41 | €49,485 | €42,757 | -€6,728 | -13.6% |
| Trade receivables | 40 | €48,946 | €42,757 | -€6,189 | -12.6% |
| Other amounts receivable | 41 | €539 | - | -€539 | |
| Cash at bank and in hand | 54/58 | €40,659 | €50,298 | +€9,639 | +23.7% |
| Deferred charges and accrued income | 490/1 | €10,572 | €6,275 | -€4,297 | -40.6% |
| Total equity and liabilities | 10/49 | €776,600 | €814,340 | +€37,740 | +4.9% |
| Equity | 10/15 | €336,956 | €336,877 | -€79 | 0.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €330,756 | €330,677 | -€79 | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €328,896 | €328,817 | -€79 | 0.0% |
| Amounts payable | 17/49 | €439,644 | €477,463 | +€37,819 | +8.6% |
| Amounts payable after more than one year | 17 | €386,180 | €412,921 | +€26,741 | +6.9% |
| Financial debts | 170/4 | €386,180 | €412,921 | +€26,741 | +6.9% |
| Amounts payable within one year | 42/48 | €53,464 | €64,542 | +€11,078 | +20.7% |
| Current portion of amounts payable after more than one year | 42 | €32,608 | €38,390 | +€5,782 | +17.7% |
| Financial debts | 43 | €999 | €7,256 | +€6,257 | +626.3% |
| Credit institutions | 430/8 | €999 | €7,256 | +€6,257 | +626.3% |
| Trade debts | 44 | €4,761 | €7,489 | +€2,728 | +57.3% |
| Suppliers | 440/4 | €4,761 | €7,489 | +€2,728 | +57.3% |
| Taxes, remuneration and social security | 45 | €15,096 | €11,407 | -€3,689 | -24.4% |
| Taxes | 450/3 | €15,047 | €8,682 | -€6,365 | -42.3% |
| Remuneration and social security | 454/9 | €49 | €2,726 | +€2,677 | +5462.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €60,184 | €43,740 | -€16,444 | -27.3% |
| Other operating charges | 640/8 | €7,175 | €4,538 | -€2,637 | -36.8% |
| Gross operating margin | 9900 | €149,374 | €120,297 | -€29,077 | -19.5% |
| Operating profit (loss) | 9901 | €82,015 | €72,019 | -€9,996 | -12.2% |
| Financial income | 75/76B | €867 | €166 | -€701 | -80.9% |
| Recurring financial income | 75 | €867 | €166 | -€701 | -80.9% |
| Financial charges | 65/66B | €13,010 | €14,904 | +€1,894 | +14.6% |
| Recurring financial charges | 65 | €13,010 | €14,904 | +€1,894 | +14.6% |
| Profit (loss) for the period before taxes | 9903 | €69,872 | €57,281 | -€12,591 | -18.0% |
| Income taxes | 67/77 | €20,991 | €15,996 | -€4,995 | -23.8% |
| Profit (loss) for the period | 9904 | €48,881 | €41,285 | -€7,596 | -15.5% |
| Profit (loss) for the period to be appropriated | 9905 | €48,881 | €41,285 | -€7,596 | -15.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.