ACTIVE SECURITY: 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.
ACTIVE SECURITY
Largest movements
- Cash +€441,572
up €441,572 (+120.7%), from €365,915 to €807,487
mainly Net result for the year (+€192,196) and Current investments (+€175,000)
- Current investments -€175,000
down €175,000 (-100.0%), from €175,000 to €0
- Receivables within one year -€118,602
down €118,602 (-24.3%), from €488,166 to €369,564
of which Trade receivables: -€171,649
- Tangible fixed assets -€40,077
down €40,077 (-4.0%), from €1.0m to €961,092
of which Land and buildings: -€28,924
- Reserves +€78,382
up €78,382 (+8.5%), from €927,581 to €1.0m
of which Distributable reserves: +€78,382
- Debts after one year -€45,004
down €45,004 (-6.3%), from €710,569 to €665,565
- Investment grants +€43,399
new in 2025: €43,399
- Other debts +€37,702
up €37,702 (+31.2%), from €120,697 to €158,399
No income-statement line moved by more than 1% of the activity.
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 | €2,062,944 | €2,168,789 | +€105,845 | +5.1% |
| Fixed assets | 21/28 | €1,001,168 | €961,092 | -€40,077 | -4.0% |
| Tangible fixed assets | 22/27 | €1,001,168 | €961,092 | -€40,077 | -4.0% |
| Land and buildings | 22 | €982,928 | €954,004 | -€28,924 | -2.9% |
| Furniture and vehicles | 24 | €18,240 | €7,088 | -€11,153 | -61.1% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €1,061,775 | €1,207,697 | +€145,922 | +13.7% |
| Amounts receivable within one year | 40/41 | €488,166 | €369,564 | -€118,602 | -24.3% |
| Trade receivables | 40 | €482,017 | €310,368 | -€171,649 | -35.6% |
| Other amounts receivable | 41 | €6,149 | €59,196 | +€53,047 | +862.7% |
| Current investments | 50/53 | €175,000 | €0 | -€175,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €365,915 | €807,487 | +€441,572 | +120.7% |
| Deferred charges and accrued income | 490/1 | €32,695 | €30,646 | -€2,049 | -6.3% |
| Total equity and liabilities | 10/49 | €2,062,944 | €2,168,789 | +€105,845 | +5.1% |
| Equity | 10/15 | €947,672 | €1,069,453 | +€121,781 | +12.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €927,581 | €1,005,964 | +€78,382 | +8.5% |
| Tax-exempt reserves | 132 | €2,219 | €2,219 | = | 0.0% |
| Distributable reserves | 133 | €925,362 | €1,003,744 | +€78,382 | +8.5% |
| Profit (loss) carried forward | 14 | €13,891 | €13,891 | = | 0.0% |
| Investment grants | 15 | - | €43,399 | +€43,399 | |
| Amounts payable | 17/49 | €1,115,271 | €1,099,336 | -€15,936 | -1.4% |
| Amounts payable after more than one year | 17 | €710,569 | €665,565 | -€45,004 | -6.3% |
| Financial debts | 170/4 | €710,569 | €665,565 | -€45,004 | -6.3% |
| Amounts payable within one year | 42/48 | €381,712 | €403,130 | +€21,418 | +5.6% |
| Current portion of amounts payable after more than one year | 42 | €45,977 | €45,004 | -€973 | -2.1% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €28,979 | €33,127 | +€4,148 | +14.3% |
| Suppliers | 440/4 | €28,979 | €33,127 | +€4,148 | +14.3% |
| Advances received on contracts in progress | 46 | €460 | €162 | -€298 | -64.8% |
| Taxes, remuneration and social security | 45 | €185,599 | €166,438 | -€19,161 | -10.3% |
| Taxes | 450/3 | €46,017 | €27,847 | -€18,170 | -39.5% |
| Remuneration and social security | 454/9 | €139,582 | €138,592 | -€991 | -0.7% |
| Other amounts payable | 47/48 | €120,697 | €158,399 | +€37,702 | +31.2% |
| Accrued charges and deferred income | 492/3 | €22,990 | €30,641 | +€7,650 | +33.3% |
| Non-recurring operating income | 76A | €12,909 | €17,638 | +€4,730 | +36.6% |
| Remuneration, social security and pensions | 62 | €1,057,848 | €1,070,770 | +€12,922 | +1.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,410 | €52,561 | +€2,151 | +4.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €16 | €346 | +€330 | +2064.1% |
| Other operating charges | 640/8 | €7,166 | €5,435 | -€1,731 | -24.2% |
| Gross operating margin | 9900 | €1,422,414 | €1,427,347 | +€4,934 | +0.3% |
| Operating profit (loss) | 9901 | €306,974 | €298,237 | -€8,738 | -2.8% |
| Financial income | 75/76B | €2,583 | €13,813 | +€11,230 | +434.7% |
| Recurring financial income | 75 | €2,583 | €13,813 | +€11,230 | +434.7% |
| Financial charges | 65/66B | €33,167 | €34,041 | +€873 | +2.6% |
| Recurring financial charges | 65 | €33,167 | €34,041 | +€873 | +2.6% |
| Profit (loss) for the period before taxes | 9903 | €276,390 | €278,009 | +€1,619 | +0.6% |
| Income taxes | 67/77 | €85,562 | €85,813 | +€251 | +0.3% |
| Profit (loss) for the period | 9904 | €190,828 | €192,196 | +€1,367 | +0.7% |
| Profit (loss) for the period to be appropriated | 9905 | €190,828 | €192,196 | +€1,367 | +0.7% |
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 6 October 2026 via checked.be.