BELGIAN SECURITY CORP: what changed
Two financial 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.
BELGIAN SECURITY CORP
Largest movements
- Tangible fixed assets -€53,872
down €53,872 (-46.7%), from €115,265 to €61,393
of which Furniture and vehicles: -€40,523
- Receivables within one year -€12,062
down €12,062 (-22.1%), from €54,684 to €42,622
of which Other amounts receivable: -€16,511
- Cash -€4,770
down €4,770 (-84.4%), from €5,655 to €885
mainly Tax, wage and social debts (-€31,600) and Net result for the year (-€20,679)
- Tax, wage and social debts -€31,600
down €31,600 (-22.5%), from €140,651 to €109,051
of which Taxes: -€47,019
- Profit (loss) carried forward -€20,679
down €20,679 (-38.8%), from -€53,315 to -€73,994
- Debts after one year -€15,196
down €15,196 (-54.2%), from €28,048 to €12,852
of which Financial debts: -€18,896
- Current portion of long-term debt -€5,108
down €5,108 (-21.3%), from €24,004 to €18,896
- Staff costs -€41,015
down €41,015 (-12.5%), from €327,639 to €286,624
- Financial charges +€14,122
up €14,122 (+551%), from €2,565 to €16,687
- Gross operating margin +€7,736
up €7,736 (+2.4%), from €325,620 to €333,356
- Other operating charges -€5,853
down €5,853 (-30.4%), from €19,233 to €13,380
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.
Derived cash bridge
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 | €180,454 | €109,258 | -€71,196 | -39.5% |
| Fixed assets | 21/28 | €117,075 | €63,981 | -€53,094 | -45.4% |
| Tangible fixed assets | 22/27 | €115,265 | €61,393 | -€53,872 | -46.7% |
| Furniture and vehicles | 24 | €56,473 | €15,950 | -€40,523 | -71.8% |
| Leasing and similar rights | 25 | €58,792 | €45,443 | -€13,348 | -22.7% |
| Financial fixed assets | 28 | €1,810 | €2,588 | +€778 | +43.0% |
| Current assets | 29/58 | €63,379 | €45,277 | -€18,102 | -28.6% |
| Amounts receivable within one year | 40/41 | €54,684 | €42,622 | -€12,062 | -22.1% |
| Trade receivables | 40 | €22,973 | €27,422 | +€4,449 | +19.4% |
| Other amounts receivable | 41 | €31,711 | €15,199 | -€16,511 | -52.1% |
| Cash at bank and in hand | 54/58 | €5,655 | €885 | -€4,770 | -84.4% |
| Deferred charges and accrued income | 490/1 | €3,040 | €1,770 | -€1,270 | -41.8% |
| Total equity and liabilities | 10/49 | €180,454 | €109,258 | -€71,196 | -39.5% |
| Equity | 10/15 | -€34,215 | -€54,894 | -€20,679 | -60.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €500 | €500 | = | 0.0% |
| Non-distributable reserves | 130/1 | €500 | €500 | = | 0.0% |
| Legal reserve | 130 | €500 | €500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€53,315 | -€73,994 | -€20,679 | -38.8% |
| Amounts payable | 17/49 | €214,669 | €164,152 | -€50,517 | -23.5% |
| Amounts payable after more than one year | 17 | €28,048 | €12,852 | -€15,196 | -54.2% |
| Financial debts | 170/4 | €28,048 | €9,152 | -€18,896 | -67.4% |
| Other amounts payable | 178/9 | - | €3,700 | +€3,700 | |
| Amounts payable within one year | 42/48 | €186,620 | €151,300 | -€35,321 | -18.9% |
| Current portion of amounts payable after more than one year | 42 | €24,004 | €18,896 | -€5,108 | -21.3% |
| Trade debts | 44 | €21,965 | €23,352 | +€1,387 | +6.3% |
| Suppliers | 440/4 | €21,965 | €23,352 | +€1,387 | +6.3% |
| Taxes, remuneration and social security | 45 | €140,651 | €109,051 | -€31,600 | -22.5% |
| Taxes | 450/3 | €92,349 | €45,330 | -€47,019 | -50.9% |
| Remuneration and social security | 454/9 | €48,302 | €63,722 | +€15,419 | +31.9% |
| Non-recurring operating income | 76A | - | €564 | +€564 | |
| Remuneration, social security and pensions | 62 | €327,639 | €286,624 | -€41,015 | -12.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,213 | €36,645 | +€2,432 | +7.1% |
| Other operating charges | 640/8 | €19,233 | €13,380 | -€5,853 | -30.4% |
| Gross operating margin | 9900 | €325,620 | €333,356 | +€7,736 | +2.4% |
| Operating profit (loss) | 9901 | -€55,464 | -€3,292 | +€52,172 | +94.1% |
| Financial income | 75/76B | - | €2 | +€2 | |
| Recurring financial income | 75 | - | €2 | +€2 | |
| Financial charges | 65/66B | €2,565 | €16,687 | +€14,122 | +551% |
| Recurring financial charges | 65 | €2,565 | €16,687 | +€14,122 | +551% |
| Profit (loss) for the period before taxes | 9903 | -€58,029 | -€19,978 | +€38,051 | +65.6% |
| Income taxes | 67/77 | €1,867 | €701 | -€1,166 | -62.5% |
| Profit (loss) for the period | 9904 | -€59,896 | -€20,679 | +€39,218 | +65.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€59,896 | -€20,679 | +€39,218 | +65.5% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.