SQWARE: 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.
SQWARE
Largest movements
- Tangible fixed assets -€8,603
down €8,603 (-29.7%), from €28,968 to €20,365
- Cash +€5,614
up €5,614 (+6.1%), from €91,636 to €97,251
mainly Other debts (+€52,346) and Net result for the year (+€24,252)
- Receivables within one year -€4,360
down €4,360 (-38.8%), from €11,245 to €6,885
of which Other amounts receivable: -€4,360
- Deferred charges and accrued income +€1,326
new in 2025: €1,326
- Reserves -€53,748
down €53,748 (-68.6%), from €78,349 to €24,601
- Other debts +€52,346
up €52,346 (+529.9%), from €9,878 to €62,224
- Debts after one year -€6,528
down €6,528 (-40.2%), from €16,225 to €9,697
- Tax, wage and social debts +€2,556
up €2,556 (+169.8%), from €1,505 to €4,061
of which Remuneration and social security: +€1,300
- Gross operating margin +€13,315
up €13,315 (+43.6%), from €30,530 to €43,844
- Taxes +€4,410
up €4,410 (+89.5%), from €4,928 to €9,338
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 | €131,849 | €125,827 | -€6,023 | -4.6% |
| Fixed assets | 21/28 | €28,968 | €20,365 | -€8,603 | -29.7% |
| Tangible fixed assets | 22/27 | €28,968 | €20,365 | -€8,603 | -29.7% |
| Furniture and vehicles | 24 | €28,968 | €20,365 | -€8,603 | -29.7% |
| Current assets | 29/58 | €102,881 | €105,462 | +€2,581 | +2.5% |
| Amounts receivable within one year | 40/41 | €11,245 | €6,885 | -€4,360 | -38.8% |
| Trade receivables | 40 | €6,050 | €6,050 | = | 0.0% |
| Other amounts receivable | 41 | €5,195 | €835 | -€4,360 | -83.9% |
| Cash at bank and in hand | 54/58 | €91,636 | €97,251 | +€5,614 | +6.1% |
| Deferred charges and accrued income | 490/1 | - | €1,326 | +€1,326 | |
| Total equity and liabilities | 10/49 | €131,849 | €125,827 | -€6,023 | -4.6% |
| Equity | 10/15 | €96,949 | €43,201 | -€53,748 | -55.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €78,349 | €24,601 | -€53,748 | -68.6% |
| Distributable reserves | 133 | €78,349 | €24,601 | -€53,748 | -68.6% |
| Amounts payable | 17/49 | €34,900 | €82,626 | +€47,726 | +136.7% |
| Amounts payable after more than one year | 17 | €16,225 | €9,697 | -€6,528 | -40.2% |
| Financial debts | 170/4 | €16,225 | €9,697 | -€6,528 | -40.2% |
| Amounts payable within one year | 42/48 | €18,622 | €72,891 | +€54,269 | +291.4% |
| Current portion of amounts payable after more than one year | 42 | €6,271 | €6,525 | +€254 | +4.0% |
| Trade debts | 44 | €968 | €81 | -€887 | -91.6% |
| Suppliers | 440/4 | €968 | €81 | -€887 | -91.6% |
| Taxes, remuneration and social security | 45 | €1,505 | €4,061 | +€2,556 | +169.8% |
| Taxes | 450/3 | €1,505 | €2,761 | +€1,256 | +83.4% |
| Remuneration and social security | 454/9 | - | €1,300 | +€1,300 | |
| Other amounts payable | 47/48 | €9,878 | €62,224 | +€52,346 | +529.9% |
| Accrued charges and deferred income | 492/3 | €53 | €38 | -€15 | -27.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,603 | €8,603 | -€0 | 0.0% |
| Other operating charges | 640/8 | €1,371 | €1,297 | -€74 | -5.4% |
| Gross operating margin | 9900 | €30,530 | €43,844 | +€13,315 | +43.6% |
| Operating profit (loss) | 9901 | €20,555 | €33,944 | +€13,388 | +65.1% |
| Financial income | 75/76B | €419 | €576 | +€157 | +37.5% |
| Recurring financial income | 75 | €419 | €576 | +€157 | +37.5% |
| Financial charges | 65/66B | €1,249 | €930 | -€319 | -25.6% |
| Recurring financial charges | 65 | €1,249 | €930 | -€319 | -25.6% |
| Profit (loss) for the period before taxes | 9903 | €19,725 | €33,590 | +€13,864 | +70.3% |
| Income taxes | 67/77 | €4,928 | €9,338 | +€4,410 | +89.5% |
| Profit (loss) for the period | 9904 | €14,797 | €24,252 | +€9,454 | +63.9% |
| Profit (loss) for the period to be appropriated | 9905 | €14,797 | €24,252 | +€9,454 | +63.9% |
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 3 October 2026 via checked.be.