S-square & Partners: 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-square & Partners
Largest movements
- Cash -€92,362
down €92,362 (-70.5%), from €131,001 to €38,639
mainly Other debts (-€239,943) and Receivables within one year (-€68,497)
- Receivables within one year +€68,497
up €68,497 (+40.2%), from €170,507 to €239,004
of which Trade receivables: +€71,402
- Intangible fixed assets -€7,200
down €7,200 (-33.3%), from €21,600 to €14,400
- Deferred charges and accrued income +€5,407
new in 2025: €5,407
- Other debts -€239,943
no longer reported in 2025 (was €239,943)
- Trade debts +€182,747
up €182,747 (+1,530%), from €11,947 to €194,694
- Profit (loss) carried forward +€28,204
up €28,204 (+59.7%), from €47,211 to €75,415
- Gross operating margin -€1,534
down €1,534 (-3.0%), from €50,948 to €49,414
- Financial charges -€949
down €949 (-55.1%), from €1,723 to €774
- Taxes -€762
down €762 (-5.9%), from €12,884 to €12,123
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 | €324,527 | €298,461 | -€26,066 | -8.0% |
| Fixed assets | 21/28 | €23,019 | €15,410 | -€7,609 | -33.1% |
| Intangible fixed assets | 21 | €21,600 | €14,400 | -€7,200 | -33.3% |
| Tangible fixed assets | 22/27 | €1,419 | €1,010 | -€409 | -28.8% |
| Furniture and vehicles | 24 | €1,419 | €1,010 | -€409 | -28.8% |
| Current assets | 29/58 | €301,508 | €283,051 | -€18,457 | -6.1% |
| Amounts receivable within one year | 40/41 | €170,507 | €239,004 | +€68,497 | +40.2% |
| Trade receivables | 40 | €147,803 | €219,205 | +€71,402 | +48.3% |
| Other amounts receivable | 41 | €22,704 | €19,800 | -€2,905 | -12.8% |
| Cash at bank and in hand | 54/58 | €131,001 | €38,639 | -€92,362 | -70.5% |
| Deferred charges and accrued income | 490/1 | - | €5,407 | +€5,407 | |
| Total equity and liabilities | 10/49 | €324,527 | €298,461 | -€26,066 | -8.0% |
| Equity | 10/15 | €65,811 | €94,015 | +€28,204 | +42.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €47,211 | €75,415 | +€28,204 | +59.7% |
| Amounts payable | 17/49 | €258,716 | €204,446 | -€54,270 | -21.0% |
| Amounts payable within one year | 42/48 | €258,716 | €204,446 | -€54,270 | -21.0% |
| Trade debts | 44 | €11,947 | €194,694 | +€182,747 | +1,530% |
| Suppliers | 440/4 | €11,947 | €194,694 | +€182,747 | +1,530% |
| Taxes, remuneration and social security | 45 | €6,826 | €9,752 | +€2,926 | +42.9% |
| Taxes | 450/3 | €6,826 | €9,752 | +€2,926 | +42.9% |
| Other amounts payable | 47/48 | €239,943 | - | -€239,943 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,420 | €8,310 | -€110 | -1.3% |
| Other operating charges | 640/8 | €449 | €400 | -€50 | -11.0% |
| Gross operating margin | 9900 | €50,948 | €49,414 | -€1,534 | -3.0% |
| Operating profit (loss) | 9901 | €42,079 | €40,704 | -€1,375 | -3.3% |
| Financial income | 75/76B | €203 | €397 | +€193 | +95.1% |
| Recurring financial income | 75 | €203 | €397 | +€193 | +95.1% |
| Financial charges | 65/66B | €1,723 | €774 | -€949 | -55.1% |
| Recurring financial charges | 65 | €1,723 | €774 | -€949 | -55.1% |
| Profit (loss) for the period before taxes | 9903 | €40,559 | €40,327 | -€232 | -0.6% |
| Income taxes | 67/77 | €12,884 | €12,123 | -€762 | -5.9% |
| Profit (loss) for the period | 9904 | €27,675 | €28,204 | +€529 | +1.9% |
| Profit (loss) for the period to be appropriated | 9905 | €27,675 | €28,204 | +€529 | +1.9% |
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 23 October 2026 via checked.be.