ASB SECURITY
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 24-06-2026 at the NBB all 15 filings
Turnover
≈ €1.4m
Estimated: probably between €850,000 and €2.4m
Total assets
€512,914▲ 21.2%
2024 · €423,269
Net result
€106,102▲ 69.2%
2024 · €62,709
Working capital
€270,737▲ 32.4%
2024 · €204,427
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€149,346
▲ 71.0%
2025
20182025
Net result
€106,102
▲ 69.2%
2025
highest quarter of the sector
20182025
Equity
€390,481
▲ 37.3%
2025
middle half of the sector
20182025
Total assets
€512,914
▲ 21.2%
2025
middle half of the sector
20182025
Debt
€122,433
▼ 11.8%
2025
20182025
Working capital
€270,737
▲ 32.4%
2025
middle half of the sector
20182025
Solvency
76.1%
▲ 8.9pp
2025
highest quarter of the sector
20182025
Current ratio
3.76
▲ 1.09
2025
highest quarter of the sector
20182025
Return on assets (ROA)
20.7%
▲ 5.9pp
2025
highest quarter of the sector
20182025
Staff (FTE)
6.5
▲ 22.6%
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€25,892-€120,779▲ 366%€89,139▼ 26.2%€129,758▲ 45.6%€118,108▼ 9.0%€81,010▼ 31.4%€87,331▲ 7.8%€149,346▲ 71.0%
Net result€23,694-€81,099▲ 242%€68,216above the sector's middle half▼ 15.9%€94,455above the sector's middle half▲ 38.5%€83,858within the sector's middle half▼ 11.2%€57,285within the sector's middle half▼ 31.7%€62,709within the sector's middle half▲ 9.5%€106,102above the sector's middle half▲ 69.2%
Equity€23,958-€105,057▲ 339%€173,272within the sector's middle half▲ 64.9%€220,527within the sector's middle half▲ 27.3%€254,385within the sector's middle half▲ 15.4%€261,670within the sector's middle half▲ 2.9%€284,379within the sector's middle half▲ 8.7%€390,481within the sector's middle half▲ 37.3%
Total assets€110,242-€205,464▲ 86.4%€386,661within the sector's middle half▲ 88.2%€434,539within the sector's middle half▲ 12.4%€476,677within the sector's middle half▲ 9.7%€440,956within the sector's middle half▼ 7.5%€423,269within the sector's middle half▼ 4.0%€512,914within the sector's middle half▲ 21.2%
Debt€86,284-€100,408▲ 16.4%€213,389▲ 113%€214,012▲ 0.3%€222,292▲ 3.9%€179,285▼ 19.3%€138,889▼ 22.5%€122,433▼ 11.8%
Working capital€13,261-€89,674▲ 576%€113,720within the sector's middle half▲ 26.8%€155,749within the sector's middle half▲ 37.0%€196,866within the sector's middle half▲ 26.4%€170,081within the sector's middle half▼ 13.6%€204,427within the sector's middle half▲ 20.2%€270,737within the sector's middle half▲ 32.4%
Solvency21.7%-51.1%▲ 29.4pp44.8%within the sector's middle half▼ 6.3pp50.7%within the sector's middle half▲ 5.9pp53.4%within the sector's middle half▲ 2.6pp59.3%within the sector's middle half▲ 6.0pp67.2%above the sector's middle half▲ 7.8pp76.1%above the sector's middle half▲ 8.9pp
Current ratio1.21-2.15▲ 0.942.02within the sector's middle half▼ 0.132.11within the sector's middle half▲ 0.092.29within the sector's middle half▲ 0.172.18within the sector's middle half▼ 0.102.67within the sector's middle half▲ 0.493.76above the sector's middle half▲ 1.09
Return on assets (ROA)21.5%-39.5%▲ 18.0pp17.6%above the sector's middle half▼ 21.8pp21.7%above the sector's middle half▲ 4.1pp17.6%above the sector's middle half▼ 4.1pp13.0%within the sector's middle half▼ 4.6pp14.8%above the sector's middle half▲ 1.8pp20.7%above the sector's middle half▲ 5.9pp
Staff (FTE)0.6-2▲ 233%2.8below the sector's middle half▲ 40.0%4within the sector's middle half▲ 42.9%5within the sector's middle half▲ 25.0%5.4within the sector's middle half▲ 8.0%5.3within the sector's middle half▼ 1.9%6.5within the sector's middle half▲ 22.6%
above
within
below
The sector band is the middle half of the companies in Investigation and security activities (NACE 80). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 71% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
Turnover and EBIT margin are not published. The abbreviated format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €512,914
Fixed assets
€144,036 ▲ 49.0%
Current assets
€368,878 ▲ 12.9%
Equity and liabilities €512,914
Equity
€390,481 ▲ 37.3%
Debt
€122,433 ▼ 11.8%
Debt's share of the balance-sheet total falls from 32.8% to 23.9%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€194,796▲
2024 · €139,306
Cash flow
€151,552▲
2024 · €114,684
Debt to equity
0.31▼
2024 · 0.49
ROE
27.2%▲
2024 · 22.1%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€98,141▼
2024 · €122,177
Debt > 1 year
€13,734▲
2024 · €7,898
Income taxes
€42,171▲
2024 · €24,366
Staff costs
€402,222▲
2024 · €311,832
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 4 | 5 | 4 | 6 | 7 |
| full-time | 4 | 5 | 4 | 6 | 7 |
| in full-time equivalents | 4 | 5 | 4 | 6 | 7 |
| Average over the year, in full-time equivalents | 4 | 4.9 | 5.4 | 5.3 | 6.5 |
| On a permanent contract | 3 | 4 | 4 | 6 | 7 |
| Joined | - | 5 | 1 | 3 | 2 |
| Left | - | 4 | 2 | 1 | 1 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €20,277 | €38,185 | €48,791 | €21,605 | €99,658 |
| Depreciation and write-downs of the year | €43,246 | €50,344 | €48,384 | €51,975 | €45,450 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €186,423 | €243,720 | €278,504 | €311,832 | €402,222 | ▲ 29.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €11,326 | €13,592 | €26,872 | €43,246 | €50,344 | €48,384 | €51,975 | €45,450 | ▼ 12.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | €39,199 | - | -€11,220 | - |
| Other operating charges640/8 | - | - | - | €1,396 | €1,793 | €1,852 | €2,180 | €15,937 | ▲ 631% |
| Gross operating margin9900 | €53,951 | €221,008 | €231,594 | €360,823 | €413,965 | €448,948 | €453,318 | €601,735 | ▲ 32.7% |
| Operating profit (loss)9901 | €25,892 | €120,779 | €89,139 | €129,758 | €118,108 | €81,010 | €87,331 | €149,346 | ▲ 71.0% |
| Financial income75/76B | - | - | - | €1 | €0 | - | €797 | €91 | ▼ 88.6% |
| Recurring financial income75 | €1 | €100 | €3 | €1 | €0 | - | €797 | €91 | ▼ 88.6% |
| Financial charges65/66B | - | - | - | €2,041 | €1,892 | €1,400 | €1,052 | €1,163 | ▲ 10.6% |
| Recurring financial charges65 | €525 | €1,248 | €2,104 | €2,041 | €1,892 | €1,400 | €1,052 | €1,163 | ▲ 10.6% |
| Profit (loss) for the period before taxes9903 | €25,368 | €119,632 | €87,037 | €127,718 | €116,217 | €79,609 | €87,075 | €148,273 | ▲ 70.3% |
| Income taxes67/77 | €1,674 | €38,533 | €18,822 | €33,263 | €32,359 | €22,324 | €24,366 | €42,171 | ▲ 73.1% |
| Profit (loss) for the period9904 | €23,694 | €81,099 | €68,216 | €94,455 | €83,858 | €57,285 | €62,709 | €106,102 | ▲ 69.2% |
| Profit (loss) for the period to be appropriated9905 | €23,694 | €81,099 | €68,216 | €94,455 | €83,858 | €57,285 | €62,709 | €106,102 | ▲ 69.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €110,242 | €205,464 | €386,661 | €434,539 | €476,677 | €440,956 | €423,269 | €512,914 | ▲ 21.2% |
| Fixed assets21/28 | €33,631 | €37,910 | €161,757 | €138,788 | €126,628 | €127,035 | €96,665 | €144,036 | ▲ 49.0% |
| Intangible fixed assets21 | €248 | - | - | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €33,383 | €37,910 | €161,757 | €138,788 | €126,628 | €127,035 | €96,665 | €144,036 | ▲ 49.0% |
| Plant, machinery and equipment23 | - | - | - | €20,127 | €18,169 | €14,326 | €7,314 | €2,286 | ▼ 68.7% |
| Furniture and vehicles24 | - | - | - | €6,855 | - | €38,664 | €49,913 | €110,125 | ▲ 121% |
| Leasing and similar rights25 | - | - | - | €94,976 | €93,573 | €58,430 | €26,332 | €21,025 | ▼ 20.2% |
| Other tangible fixed assets26 | - | - | - | €16,829 | €14,886 | €15,614 | €13,106 | €10,599 | ▼ 19.1% |
| Current assets29/58 | €76,611 | €167,554 | €224,904 | €295,751 | €350,048 | €313,921 | €326,604 | €368,878 | ▲ 12.9% |
| Amounts receivable within one year40/41 | €48,986 | €146,940 | €151,107 | €117,164 | €127,809 | €155,405 | €215,649 | €284,804 | ▲ 32.1% |
| Trade receivables40 | - | - | - | €99,351 | €112,112 | €123,843 | €195,402 | €269,322 | ▲ 37.8% |
| Other amounts receivable41 | - | - | - | €17,813 | €15,697 | €31,562 | €20,246 | €15,482 | ▼ 23.5% |
| Cash at bank and in hand54/58 | €26,960 | €17,061 | €70,768 | €162,505 | €207,533 | €139,711 | €98,718 | €67,847 | ▼ 31.3% |
| Deferred charges and accrued income490/1 | - | - | - | €16,082 | €14,706 | €18,805 | €12,237 | €16,228 | ▲ 32.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €110,242 | €205,464 | €386,661 | €434,539 | €476,677 | €440,956 | €423,269 | €512,914 | ▲ 21.2% |
| Equity10/15 | €23,958 | €105,057 | €173,272 | €220,527 | €254,385 | €261,670 | €284,379 | €390,481 | ▲ 37.3% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | €3,498 | €84,597 | €152,812 | €200,067 | €233,925 | €241,210 | €263,919 | €370,021 | ▲ 40.2% |
| Amounts payable17/49 | €86,284 | €100,408 | €213,389 | €214,012 | €222,292 | €179,285 | €138,889 | €122,433 | ▼ 11.8% |
| Amounts payable after more than one year17 | €22,934 | €22,527 | €99,401 | €66,583 | €60,806 | €29,079 | €7,898 | €13,734 | ▲ 73.9% |
| Financial debts170/4 | - | - | - | €66,583 | €60,806 | €29,079 | €7,898 | €13,734 | ▲ 73.9% |
| Amounts payable within one year42/48 | €63,350 | €77,881 | €111,184 | €140,002 | €153,182 | €143,840 | €122,177 | €98,141 | ▼ 19.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | €32,818 | €32,938 | €31,727 | €21,181 | €7,555 | ▼ 64.3% |
| Trade debts44 | €7,692 | €10,904 | €18,350 | €36,313 | €31,055 | €29,793 | €21,658 | €35,747 | ▲ 65.1% |
| Suppliers440/4 | - | - | - | €36,313 | €31,055 | €29,793 | €21,658 | €35,747 | ▲ 65.1% |
| Taxes, remuneration and social security45 | - | - | - | €23,511 | €39,189 | €32,319 | €39,324 | €54,838 | ▲ 39.5% |
| Taxes450/3 | - | - | - | €6,479 | €10,727 | €5,866 | €7,040 | €13,511 | ▲ 91.9% |
| Remuneration and social security454/9 | - | - | - | €17,032 | €28,462 | €26,453 | €32,284 | €41,327 | ▲ 28.0% |
| Other amounts payable47/48 | - | - | - | €47,360 | €50,000 | €50,000 | €40,014 | - | - |
| Accrued charges and deferred income492/3 | - | - | - | €7,427 | €8,303 | €6,366 | €8,814 | €10,559 | ▲ 19.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €23,694 | €81,099 | €68,216 | €94,455 | €83,858 | €57,285 | €62,709 | €106,102 | ▲ 69.2% |
| + Depreciation and write-downs630 | €11,326 | €13,592 | €26,872 | €43,246 | €50,344 | €48,384 | €51,975 | €45,450 | ▼ 12.6% |
| Operating cash flow (approximation) | €35,020 | €94,691 | €95,087 | €137,701 | €134,202 | €105,669 | €114,684 | €151,552 | ▲ 32.1% |
| Investment in fixed assets (approximation) | - | -€17,871 | -€150,719 | -€20,277 | -€38,185 | -€48,791 | -€21,605 | -€92,822 | ▼ 330% |
| Change in cash | - | -€9,898 | €53,707 | €91,737 | €45,029 | -€67,823 | -€40,992 | -€30,872 | ▲ 24.7% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 34,693 companies had the same profile as ASB SECURITY has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of ASB SECURITY itself: 0.1% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 34,693 companies, not a prediction for ASB SECURITY. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Latest 10 of 15 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 24-06-2026 | 2026-00199994 | |
| 31-12-2024 | abbreviated format | 25-06-2025 | 2025-00177778 | |
| 31-12-2023 | abbreviated format | 25-07-2024 | 2024-00289359 | |
| 31-12-2022 | abbreviated format | 26-07-2023 | 2023-00280334 | |
| 31-12-2021 | abbreviated format | 29-07-2022 | 2022-20275471 | |
| 31-12-2020 | abbreviated format | 27-07-2021 | 2021-41200008 | |
| 31-12-2019 | abbreviated format | 19-08-2020 | 2020-42300236 | |
| 31-12-2018 | abbreviated format | 26-07-2019 | 2019-39300437 | |
| 31-12-2017 | abbreviated format | 26-07-2018 | 2018-38600318 | |
| 30-06-2016 | abbreviated format | 04-01-2017 | 2017-00300060 |