ATSEC: 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.
ATSEC
Largest movements
- Cash +€31,267
up €31,267 (+223.5%), from €13,989 to €45,256
mainly Other debts (+€77,052) and Net result for the year (+€22,569)
- Receivables within one year -€21,074
down €21,074 (-59.6%), from €35,374 to €14,300
of which Trade receivables: -€14,664
- Tangible fixed assets -€11,012
down €11,012 (-20.0%), from €55,080 to €44,068
of which Other tangible fixed assets: -€6,263
- Profit (loss) carried forward -€83,631
down €83,631 (-97.0%), from €86,262 to €2,631
- Other debts +€77,052
up €77,052 (+906.5%), from €8,500 to €85,552
- Tax, wage and social debts +€2,549
up €2,549 (+32.5%), from €7,837 to €10,386
- Trade debts +€2,519
up €2,519 (+126.9%), from €1,985 to €4,504
- Gross operating margin -€3,011
down €3,011 (-6.8%), from €44,538 to €41,528
- Depreciation +€1,221
up €1,221 (+12.0%), from €10,215 to €11,437
- Taxes -€803
down €803 (-10.9%), from €7,397 to €6,593
- Financial charges -€580
down €580 (-85.8%), from €676 to €96
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 | €111,584 | €110,073 | -€1,511 | -1.4% |
| Fixed assets | 21/28 | €57,611 | €46,174 | -€11,437 | -19.9% |
| Intangible fixed assets | 21 | €2,531 | €2,106 | -€425 | -16.8% |
| Tangible fixed assets | 22/27 | €55,080 | €44,068 | -€11,012 | -20.0% |
| Plant, machinery and equipment | 23 | €3,182 | €2,263 | -€919 | -28.9% |
| Furniture and vehicles | 24 | €9,648 | €5,817 | -€3,830 | -39.7% |
| Other tangible fixed assets | 26 | €42,250 | €35,987 | -€6,263 | -14.8% |
| Current assets | 29/58 | €53,973 | €63,899 | +€9,926 | +18.4% |
| Stocks and contracts in progress | 3 | €3,000 | €2,700 | -€300 | -10.0% |
| Stocks | 30/36 | €3,000 | €2,700 | -€300 | -10.0% |
| Amounts receivable within one year | 40/41 | €35,374 | €14,300 | -€21,074 | -59.6% |
| Trade receivables | 40 | €27,957 | €13,294 | -€14,664 | -52.5% |
| Other amounts receivable | 41 | €7,417 | €1,007 | -€6,410 | -86.4% |
| Cash at bank and in hand | 54/58 | €13,989 | €45,256 | +€31,267 | +223.5% |
| Deferred charges and accrued income | 490/1 | €1,610 | €1,642 | +€32 | +2.0% |
| Total equity and liabilities | 10/49 | €111,584 | €110,073 | -€1,511 | -1.4% |
| Equity | 10/15 | €93,262 | €9,631 | -€83,631 | -89.7% |
| Contributions | 10/11 | €7,000 | €7,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €86,262 | €2,631 | -€83,631 | -97.0% |
| Amounts payable | 17/49 | €18,322 | €100,442 | +€82,120 | +448.2% |
| Amounts payable within one year | 42/48 | €18,322 | €100,442 | +€82,120 | +448.2% |
| Trade debts | 44 | €1,985 | €4,504 | +€2,519 | +126.9% |
| Suppliers | 440/4 | €1,985 | €4,504 | +€2,519 | +126.9% |
| Taxes, remuneration and social security | 45 | €7,837 | €10,386 | +€2,549 | +32.5% |
| Taxes | 450/3 | €7,837 | €10,386 | +€2,549 | +32.5% |
| Other amounts payable | 47/48 | €8,500 | €85,552 | +€77,052 | +906.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,215 | €11,437 | +€1,221 | +12.0% |
| Other operating charges | 640/8 | €755 | €833 | +€78 | +10.3% |
| Gross operating margin | 9900 | €44,538 | €41,528 | -€3,011 | -6.8% |
| Operating profit (loss) | 9901 | €33,568 | €29,258 | -€4,310 | -12.8% |
| Financial income | 75/76B | €360 | - | -€360 | |
| Recurring financial income | 75 | €360 | - | -€360 | |
| Financial charges | 65/66B | €676 | €96 | -€580 | -85.8% |
| Recurring financial charges | 65 | €676 | €96 | -€580 | -85.8% |
| Profit (loss) for the period before taxes | 9903 | €33,252 | €29,162 | -€4,090 | -12.3% |
| Income taxes | 67/77 | €7,397 | €6,593 | -€803 | -10.9% |
| Profit (loss) for the period | 9904 | €25,855 | €22,569 | -€3,287 | -12.7% |
| Profit (loss) for the period to be appropriated | 9905 | €25,855 | €22,569 | -€3,287 | -12.7% |
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 4 October 2026 via checked.be.