FSB
ActiveSummary
FSB has been active since 2018 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €67,592 and a net result of €10,719. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 27% of 344 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 1.2% (low).
Checked score
Score 2024
Axes · tick = 2023
Profitability73▲+3
Solvency47▼-14
Growth78=
Track record100
Bankruptcy probability, 12 months
1.2%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €3,000 at 30 days acceptable
Liquidity tight (current ratio 1.24 against 1.5 in 2023; short-term debt: 78.1% and cash: 9.4% of total assets), and 78.3% of the assets are financed with debt.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2024Solvency, return and age of the figures
Solvency
21.7%
Return on assets
3.4%
Age of the figures
21 mo
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
KBO · incorporation dateAge against the risk zone
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 80
Relative position
BE, all sectors
reference
Investigation and security activities (NACE 80)
about 5% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
neutral · Filed after the deadline
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 23-08-2025, 23 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 7 filingsDeviation from the deadline
2025
not confirmed
2024
23 d late
2023
112 d late
2022
30 d late
2021
138 d early
2020
30 d late
2019
24 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 6 accounts on average 6 days after the deadline; the sector median for financial year 2024 is 2 days before the deadline, and 42% of the sector filed late.
Checked, nothing found (1)
History
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Financials · fiscal year 2024, micro schema
Equity
€67,592▼ 54.0%
2023 · €146,873
Total assets
€311,470▼ 23.9%
2023 · €409,370
Net result
€10,719▲ 117%
2023 · €4,931
Working capital
€58,267▼ 55.9%
2023 · €131,985
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 80, Investigation and security activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20202021202220232024
Operating result€16,723€107,157▲ 541%€112,364▲ 4.9%€13,442▼ 88.0%€7,932▼ 41.0%
Net result€16,201within the sector's middle half€86,715above the sector's middle half▲ 435%€86,950above the sector's middle half▲ 0.3%€4,931within the sector's middle half▼ 94.3%€10,719within the sector's middle half▲ 117%
Equity-€1,722below the sector's middle half▲ 90.4%€84,993within the sector's middle half€171,943above the sector's middle half▲ 102%€146,873above the sector's middle half▼ 14.6%€67,592within the sector's middle half▼ 54.0%
Total assets€28,331below the sector's middle half▲ 516%€189,021within the sector's middle half▲ 567%€416,732above the sector's middle half▲ 120%€409,370above the sector's middle half▼ 1.8%€311,470within the sector's middle half▼ 23.9%
Debt€30,054▲ 33.5%€104,028▲ 246%€244,789▲ 135%€262,496▲ 7.2%€243,878▼ 7.1%
Working capital-€2,789▲ 84.6%€85,774€161,341▲ 88.1%€131,985▼ 18.2%€58,267▼ 55.9%
Solvency-6.1%below the sector's middle half45.0%within the sector's middle half▲ 51.0pp41.3%within the sector's middle half▼ 3.7pp35.9%within the sector's middle half▼ 5.4pp21.7%within the sector's middle half▼ 14.2pp
above
within
below
the middle half (P25 to P75) of NACE 80, Investigation and security activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result has fallen two years in a row; 2024 is 41% below 2023 and is the lowest result in the available series.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €311,470
Fixed assets
€10,045 ▼ 32.5%
Current assets
€301,425 ▼ 23.6%
Equity and liabilities €311,470
Equity
€67,592 ▼ 54.0%
Debt
€243,878 ▼ 7.1%
Debt's share of the balance-sheet total rises from 64.1% to 78.3%. Equity and debt are lower.
Key figures and ratios
EBITDA
€17,757▼
2023 · €21,933
Cash flow
€20,544▲
2023 · €13,422
Current ratio
1.24▼
2023 · 1.50
Debt to equity
3.61▲
2023 · 1.79
ROE
15.9%▲
2023 · 3.4%
ROA
3.4%▲
2023 · 1.2%
Interest coverage
29.41▲
2023 · 13.64
Debt ≤ 1 year
€243,158▼
2023 · €262,496
Income taxes
-€1,582▼
2023 · €8,115
Staff costs
€33,518▼
2023 · €34,791
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 3,273 companies that looked in July 2024 the way this one looks now, 2.1% went bankrupt within 24 months and 95% are still going.
- Micro
- 5 to 10 years old
- solvency 10 to 30%
- a profit under 5% of the balance sheet
2.1%
went bankrupt
2.5%
stopped otherwise
95%
still going
A further 0.8% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 1.2% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 3,273 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | €86 | €34,791 | €33,518 | ▼ 3.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €167 | €524 | €2,688 | €8,491 | €9,825 | ▲ 15.7% |
| Other operating charges640/8 | - | - | €5,553 | €1,111 | €1,229 | ▲ 10.6% |
| Gross operating margin9900 | €31,423 | €108,308 | €120,690 | €57,835 | €52,504 | ▼ 9.2% |
| Operating profit (loss)9901 | €16,723 | €107,157 | €112,364 | €13,442 | €7,932 | ▼ 41.0% |
| Financial income75/76B | - | - | €610 | €1,212 | €1,808 | ▲ 49.2% |
| Recurring financial income75 | - | €403 | €610 | €1,212 | €1,808 | ▲ 49.2% |
| Financial charges65/66B | - | - | €1,264 | €1,608 | €604 | ▼ 62.5% |
| Recurring financial charges65 | - | €1,101 | €1,264 | €1,608 | €604 | ▼ 62.5% |
| Profit (loss) for the period before taxes9903 | €16,201 | €106,459 | €111,710 | €13,046 | €9,137 | ▼ 30.0% |
| Income taxes67/77 | - | €19,744 | €24,760 | €8,115 | -€1,582 | ▼ 119% |
| Profit (loss) for the period9904 | €16,201 | €86,715 | €86,950 | €4,931 | €10,719 | ▲ 117% |
| Profit (loss) for the period to be appropriated9905 | €16,201 | €86,715 | €86,950 | €4,931 | €10,719 | ▲ 117% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €28,331 | €189,021 | €416,732 | €409,370 | €311,470 | ▼ 23.9% |
| Fixed assets21/28 | €1,067 | €6,511 | €10,602 | €14,889 | €10,045 | ▼ 32.5% |
| Tangible fixed assets22/27 | €167 | €4,396 | €7,697 | €10,597 | €5,753 | ▼ 45.7% |
| Furniture and vehicles24 | - | - | €7,697 | €10,597 | €5,753 | ▼ 45.7% |
| Financial fixed assets28 | €900 | €2,115 | €2,905 | €4,292 | €4,292 | = |
| Current assets29/58 | €27,265 | €182,509 | €406,130 | €394,481 | €301,425 | ▼ 23.6% |
| Amounts receivable after more than one year29 | - | - | €40,000 | €80,000 | €80,000 | = |
| Other amounts receivable291 | - | - | €40,000 | €80,000 | €80,000 | = |
| Amounts receivable within one year40/41 | €27,202 | €55,375 | €223,757 | €240,584 | €188,652 | ▼ 21.6% |
| Trade receivables40 | - | - | €223,757 | €238,273 | €185,016 | ▼ 22.4% |
| Other amounts receivable41 | - | - | - | €2,311 | €3,636 | ▲ 57.3% |
| Cash at bank and in hand54/58 | €62 | €106,735 | €141,373 | €70,870 | €29,373 | ▼ 58.6% |
| Deferred charges and accrued income490/1 | - | - | €1,000 | €3,027 | €3,400 | ▲ 12.3% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €28,331 | €189,021 | €416,732 | €409,370 | €311,470 | ▼ 23.9% |
| Equity10/15 | -€1,722 | €84,993 | €171,943 | €146,873 | €67,592 | ▼ 54.0% |
| Contributions10/11 | - | - | €6,200 | €6,200 | €6,200 | = |
| Profit (loss) carried forward14 | -€7,922 | €78,793 | €165,743 | €140,673 | €61,392 | ▼ 56.4% |
| Amounts payable17/49 | €30,054 | €104,028 | €244,789 | €262,496 | €243,878 | ▼ 7.1% |
| Amounts payable within one year42/48 | €30,054 | €96,735 | €244,789 | €262,496 | €243,158 | ▼ 7.4% |
| Trade debts44 | €3,611 | €36,838 | €101,040 | €98,291 | €102,361 | ▲ 4.1% |
| Suppliers440/4 | - | - | €101,040 | €98,291 | €102,361 | ▲ 4.1% |
| Advances received on contracts in progress46 | - | - | €82,771 | €101,738 | €7,579 | ▼ 92.6% |
| Taxes, remuneration and social security45 | - | - | €60,905 | €40,559 | €48,084 | ▲ 18.6% |
| Taxes450/3 | - | - | €55,293 | €37,284 | €43,829 | ▲ 17.6% |
| Remuneration and social security454/9 | - | - | €5,613 | €3,275 | €4,255 | ▲ 29.9% |
| Other amounts payable47/48 | - | - | €73 | €21,909 | €85,135 | ▲ 289% |
| Accrued charges and deferred income492/3 | - | - | - | - | €720 | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €16,201 | €86,715 | €86,950 | €4,931 | €10,719 | ▲ 117% |
| + Depreciation and write-downs630 | €167 | €524 | €2,688 | €8,491 | €9,825 | ▲ 15.7% |
| Operating cash flow (approximation) | €16,368 | €87,240 | €89,637 | €13,422 | €20,544 | ▲ 53.1% |
| Investment in fixed assets (approximation) | - | -€5,969 | -€6,778 | -€12,779 | -€4,981 | ▲ 61.0% |
| Change in cash | - | €106,672 | €34,638 | -€70,503 | -€41,497 | ▲ 41.1% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
2025
23-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 23 days late
2024
20-11
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 112 days late
2023
30-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 30 days late
2022
31-12
Financial
Highest result since 2018net €86,950 ▲0.3%
Operating result €112,364, net result €86,950, both a record.
31-12
Financial
Equity above €150,000Eq €171,943 ▲102%
3 profitable years in a row build equity to €171,943.
15-03
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
31-12
Financial
Liquidity doublescurrent ratio 1.89
Current ratio from 0.91 to 1.89.
30-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 30 days late
2020
31-12
Financial
Back to profitnet €16,201
Net result €16,201 after 2 loss-making years.
07-07
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
31-12
Financial
Weakest financial yearnet -€12,084
Net result drops to -€12,084, the lowest in the series; recovery starts the following year.
08-07
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 10 acts read
About the unread acts
We know of 10 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
10 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Brussel · 1 establishment unit since 2018
Ground area
2.1 ha
Building footprint
4,590 m²
Volume, LiDAR
96,240 m³
2 parcels, Brussels, Wallonia · tallest building 30.8 m, ±7 floors. Linked by address, not a title deed.
33
companies at this address
See who is registered here
1 establishment unit
"FIRST SECURITY BELGIUM"
since 20182.274.360.978
2 parcels
Wallonia
1
(50%)
Brussels
1
(50%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21821C0080/00X004 | Brussels | 2.0 ha | 1 · 4,415 m² | 30.8 m · 7 fl. |
| 25016A0399/00T005 | Wallonia | 1,000 m² | 1 · 175 m² | 12.5 m · 4 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 700 companies in sector 80010 we hold annual accounts for 349. 262 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded19-03-2018
Fiscal year end31-12
Activities, NACEBEL 2025
80010Investigation and private security services
Contact
Website
www.firstsecuritybelgium.be
E-mail
info@firstsecuritybelgium.be
E-invoicing
Reachable via Peppol
Peppol ID
0208:0692667694
Also
9925:BE0692667694
Registered
03-01-2026
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.