StackGuardian: 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.
StackGuardian
Largest movements
- Current investments +€1.3m
up €1.3m (+108.7%), from €1.2m to €2.5m
- Receivables within one year -€520,995
down €520,995 (-84.4%), from €617,275 to €96,280
of which Trade receivables: -€538,359
- Intangible fixed assets +€370,847
up €370,847 (+73.3%), from €505,819 to €876,666
- Cash +€57,058
up €57,058 (+34.5%), from €165,418 to €222,476
mainly Contributions, distributions and other (+€2.9m) and Receivables within one year (+€520,995)
- Deferred charges and accrued income +€50,718
up €50,718 (+267.4%), from €18,968 to €69,686
- Contributions +€3.0m
up €3.0m (+98.3%), from €3.1m to €6.1m
- Profit (loss) carried forward -€1.5m
down €1.5m (-85.5%), from -€1.7m to -€3.2m
- Accrued charges and deferred income -€182,392
down €182,392 (-40.7%), from €448,662 to €266,271
- Debts after one year -€131,294
down €131,294 (-22.2%), from €592,187 to €460,892
- Current portion of long-term debt +€73,481
up €73,481 (+127.1%), from €57,813 to €131,294
- Gross operating margin -€338,315
down €338,315 (-46.1%), from -€733,190 to -€1.1m
- Depreciation +€150,907
up €150,907 (+80.1%), from €188,302 to €339,210
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 | €2,516,581 | €3,799,486 | +€1.3m | +51.0% |
| Fixed assets | 21/28 | €514,920 | €906,510 | +€391,591 | +76.0% |
| Intangible fixed assets | 21 | €505,819 | €876,666 | +€370,847 | +73.3% |
| Tangible fixed assets | 22/27 | €5,408 | €26,152 | +€20,744 | +383.6% |
| Furniture and vehicles | 24 | €5,408 | €26,152 | +€20,744 | +383.6% |
| Financial fixed assets | 28 | €3,692 | €3,692 | = | 0.0% |
| Current assets | 29/58 | €2,001,661 | €2,892,976 | +€891,315 | +44.5% |
| Amounts receivable within one year | 40/41 | €617,275 | €96,280 | -€520,995 | -84.4% |
| Trade receivables | 40 | €615,652 | €77,293 | -€538,359 | -87.4% |
| Other amounts receivable | 41 | €1,623 | €18,987 | +€17,364 | +1069.9% |
| Current investments | 50/53 | €1,200,000 | €2,504,533 | +€1.3m | +108.7% |
| Cash at bank and in hand | 54/58 | €165,418 | €222,476 | +€57,058 | +34.5% |
| Deferred charges and accrued income | 490/1 | €18,968 | €69,686 | +€50,718 | +267.4% |
| Total equity and liabilities | 10/49 | €2,516,581 | €3,799,486 | +€1.3m | +51.0% |
| Equity | 10/15 | €1,303,903 | €2,810,900 | +€1.5m | +115.6% |
| Contributions | 10/11 | €3,051,000 | €6,050,990 | +€3.0m | +98.3% |
| Profit (loss) carried forward | 14 | -€1,747,097 | -€3,240,089 | -€1.5m | -85.5% |
| Amounts payable | 17/49 | €1,212,677 | €988,586 | -€224,092 | -18.5% |
| Amounts payable after more than one year | 17 | €592,187 | €460,892 | -€131,294 | -22.2% |
| Financial debts | 170/4 | €592,187 | €460,892 | -€131,294 | -22.2% |
| Amounts payable within one year | 42/48 | €171,828 | €261,423 | +€89,594 | +52.1% |
| Current portion of amounts payable after more than one year | 42 | €57,813 | €131,294 | +€73,481 | +127.1% |
| Financial debts | 43 | €10,260 | €15,420 | +€5,160 | +50.3% |
| Credit institutions | 430/8 | €10,260 | €15,420 | +€5,160 | +50.3% |
| Trade debts | 44 | €50,306 | €114,196 | +€63,890 | +127.0% |
| Suppliers | 440/4 | €50,306 | €114,196 | +€63,890 | +127.0% |
| Taxes, remuneration and social security | 45 | €53,449 | €0 | -€53,449 | -100.0% |
| Taxes | 450/3 | €53,449 | €0 | -€53,449 | -100.0% |
| Other amounts payable | 47/48 | - | €512 | +€512 | |
| Accrued charges and deferred income | 492/3 | €448,662 | €266,271 | -€182,392 | -40.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €188,302 | €339,210 | +€150,907 | +80.1% |
| Other operating charges | 640/8 | €417 | €150 | -€267 | -64.1% |
| Gross operating margin | 9900 | -€733,190 | -€1,071,505 | -€338,315 | -46.1% |
| Operating profit (loss) | 9901 | -€921,910 | -€1,410,865 | -€488,955 | -53.0% |
| Financial income | 75/76B | €5,548 | €8,681 | +€3,133 | +56.5% |
| Recurring financial income | 75 | €5,548 | €8,681 | +€3,133 | +56.5% |
| Financial charges | 65/66B | €28,690 | €34,492 | +€5,802 | +20.2% |
| Recurring financial charges | 65 | €28,690 | €34,492 | +€5,802 | +20.2% |
| Profit (loss) for the period before taxes | 9903 | -€945,052 | -€1,436,675 | -€491,623 | -52.0% |
| Income taxes | 67/77 | - | €2,335 | +€2,335 | |
| Profit (loss) for the period | 9904 | -€945,052 | -€1,439,011 | -€493,959 | -52.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€945,052 | -€1,439,011 | -€493,959 | -52.3% |
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 30 September 2026 via checked.be.