BELGIUM SECURITY GROUP: 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.
BELGIUM SECURITY GROUP
Largest movements
- Cash -€88,264
down €88,264 (-99.7%), from €88,510 to €246
mainly Net result for the year (-€72,311) and Investment in fixed assets (net) (-€24,782)
- Receivables within one year +€19,851
up €19,851 (+28.7%), from €69,115 to €88,966
of which Trade receivables: +€22,603
- Tangible fixed assets +€19,444
up €19,444 (+673%), from €2,887 to €22,331
of which Furniture and vehicles: +€18,429
- Profit (loss) carried forward -€72,311
down €72,311 (-59.7%), from €121,163 to €48,852
- Trade debts +€25,144
up €25,144 (+2,111%), from €1,191 to €26,336
- Other debts -€17,643
down €17,643 (-100%), from €17,643 to €0
- Debts after one year +€14,460
new in 2025: €14,460
- Current portion of long-term debt +€3,541
new in 2025: €3,541
- Gross operating margin -€94,821
down €94,821, from €88,748 to -€6,074
- Other operating charges +€34,431
up €34,431 (+1,951%), from €1,765 to €36,196
- Taxes +€20,253
new in 2025: €20,253
- Financial charges +€5,831
up €5,831 (+993%), from €587 to €6,418
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 | €163,901 | €115,930 | -€47,971 | -29.3% |
| Fixed assets | 21/28 | €4,003 | €24,647 | +€20,644 | +516% |
| Tangible fixed assets | 22/27 | €2,887 | €22,331 | +€19,444 | +673% |
| Plant, machinery and equipment | 23 | - | €1,014 | +€1,014 | |
| Furniture and vehicles | 24 | €2,887 | €21,316 | +€18,429 | +638% |
| Financial fixed assets | 28 | €1,116 | €2,316 | +€1,200 | +108% |
| Current assets | 29/58 | €159,898 | €91,283 | -€68,615 | -42.9% |
| Stocks and contracts in progress | 3 | €730 | €730 | = | 0.0% |
| Stocks | 30/36 | €730 | €730 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €69,115 | €88,966 | +€19,851 | +28.7% |
| Trade receivables | 40 | €64,209 | €86,812 | +€22,603 | +35.2% |
| Other amounts receivable | 41 | €4,906 | €2,154 | -€2,752 | -56.1% |
| Cash at bank and in hand | 54/58 | €88,510 | €246 | -€88,264 | -99.7% |
| Deferred charges and accrued income | 490/1 | €1,543 | €1,341 | -€202 | -13.1% |
| Total equity and liabilities | 10/49 | €163,901 | €115,930 | -€47,971 | -29.3% |
| Equity | 10/15 | €141,623 | €69,312 | -€72,311 | -51.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | - | -€18,600 | |
| Issued capital | 100 | €18,600 | - | -€18,600 | |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | - | €1,860 | +€1,860 | |
| Profit (loss) carried forward | 14 | €121,163 | €48,852 | -€72,311 | -59.7% |
| Amounts payable | 17/49 | €22,278 | €46,617 | +€24,339 | +109% |
| Amounts payable after more than one year | 17 | - | €14,460 | +€14,460 | |
| Financial debts | 170/4 | - | €14,460 | +€14,460 | |
| Amounts payable within one year | 42/48 | €22,278 | €29,971 | +€7,694 | +34.5% |
| Current portion of amounts payable after more than one year | 42 | - | €3,541 | +€3,541 | |
| Trade debts | 44 | €1,191 | €26,336 | +€25,144 | +2,111% |
| Suppliers | 440/4 | €1,191 | €26,336 | +€25,144 | +2,111% |
| Taxes, remuneration and social security | 45 | €3,444 | €95 | -€3,349 | -97.3% |
| Taxes | 450/3 | €3,444 | €95 | -€3,349 | -97.3% |
| Other amounts payable | 47/48 | €17,643 | €0 | -€17,643 | -100% |
| Accrued charges and deferred income | 492/3 | - | €2,186 | +€2,186 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,733 | €4,138 | +€405 | +10.8% |
| Other operating charges | 640/8 | €1,765 | €36,196 | +€34,431 | +1,951% |
| Gross operating margin | 9900 | €88,748 | -€6,074 | -€94,821 | |
| Operating profit (loss) | 9901 | €83,249 | -€46,409 | -€129,658 | |
| Financial income | 75/76B | €5 | €768 | +€764 | +16,113% |
| Recurring financial income | 75 | €5 | €768 | +€764 | +16,113% |
| Financial charges | 65/66B | €587 | €6,418 | +€5,831 | +993% |
| Recurring financial charges | 65 | €587 | €6,418 | +€5,831 | +993% |
| Profit (loss) for the period before taxes | 9903 | €82,667 | -€52,058 | -€134,725 | |
| Income taxes | 67/77 | - | €20,253 | +€20,253 | |
| Profit (loss) for the period | 9904 | €82,667 | -€72,311 | -€154,977 | |
| Profit (loss) for the period to be appropriated | 9905 | €82,667 | -€72,311 | -€154,977 |
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 27 October 2026 via checked.be.