BOXSECURISE: 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.
BOXSECURISE
Largest movements
- Tangible fixed assets +€136,341
up €136,341 (+87.0%), from €156,694 to €293,034
of which Plant, machinery and equipment: +€136,341
- Cash +€54,552
up €54,552 (+119.3%), from €45,712 to €100,265
mainly Other debts (+€109,523) and Trade debts (+€75,334)
- Receivables within one year +€36,037
up €36,037 (+2153.9%), from €1,673 to €37,710
of which Trade receivables: +€19,520
- Other debts +€109,523
up €109,523 (+955.3%), from €11,465 to €120,988
- Trade debts +€75,334
up €75,334 (+145.2%), from €51,890 to €127,223
- Reserves +€33,000
up €33,000 (+73.3%), from €45,000 to €78,000
- Accrued charges and deferred income +€20,955
new in 2025: €20,955
- Debts after one year -€13,107
down €13,107 (-35.1%), from €37,310 to €24,202
- Gross operating margin +€40,970
up €40,970 (+63.6%), from €64,416 to €105,386
- Depreciation +€28,026
up €28,026 (+107.3%), from €26,128 to €54,154
- Financial charges +€5,411
up €5,411 (+222.5%), from €2,432 to €7,843
- Financial income -€3,198
down €3,198 (-94.9%), from €3,371 to €173
- Taxes -€1,407
down €1,407 (-13.1%), from €10,744 to €9,337
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 | €205,566 | €432,039 | +€226,473 | +110.2% |
| Formation expenses | 20 | €468 | €103 | -€365 | -77.9% |
| Fixed assets | 21/28 | €156,694 | €293,034 | +€136,341 | +87.0% |
| Tangible fixed assets | 22/27 | €156,694 | €293,034 | +€136,341 | +87.0% |
| Plant, machinery and equipment | 23 | €156,694 | €293,034 | +€136,341 | +87.0% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Current assets | 29/58 | €48,405 | €138,901 | +€90,496 | +187.0% |
| Amounts receivable within one year | 40/41 | €1,673 | €37,710 | +€36,037 | +2153.9% |
| Trade receivables | 40 | €1,673 | €21,193 | +€19,520 | +1166.6% |
| Other amounts receivable | 41 | - | €16,518 | +€16,518 | |
| Cash at bank and in hand | 54/58 | €45,712 | €100,265 | +€54,552 | +119.3% |
| Deferred charges and accrued income | 490/1 | €1,019 | €926 | -€93 | -9.1% |
| Total equity and liabilities | 10/49 | €205,566 | €432,039 | +€226,473 | +110.2% |
| Equity | 10/15 | €85,678 | €119,503 | +€33,825 | +39.5% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €45,000 | €78,000 | +€33,000 | +73.3% |
| Distributable reserves | 133 | €45,000 | €78,000 | +€33,000 | +73.3% |
| Profit (loss) carried forward | 14 | €10,678 | €11,503 | +€825 | +7.7% |
| Amounts payable | 17/49 | €119,888 | €312,535 | +€192,647 | +160.7% |
| Amounts payable after more than one year | 17 | €37,310 | €24,202 | -€13,107 | -35.1% |
| Financial debts | 170/4 | €37,310 | €24,202 | -€13,107 | -35.1% |
| Amounts payable within one year | 42/48 | €82,578 | €267,378 | +€184,799 | +223.8% |
| Current portion of amounts payable after more than one year | 42 | €12,607 | €13,107 | +€501 | +4.0% |
| Trade debts | 44 | €51,890 | €127,223 | +€75,334 | +145.2% |
| Suppliers | 440/4 | €51,890 | €127,223 | +€75,334 | +145.2% |
| Taxes, remuneration and social security | 45 | €6,617 | €6,059 | -€558 | -8.4% |
| Taxes | 450/3 | €6,617 | €6,059 | -€558 | -8.4% |
| Other amounts payable | 47/48 | €11,465 | €120,988 | +€109,523 | +955.3% |
| Accrued charges and deferred income | 492/3 | - | €20,955 | +€20,955 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,128 | €54,154 | +€28,026 | +107.3% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €64,416 | €105,386 | +€40,970 | +63.6% |
| Operating profit (loss) | 9901 | €37,901 | €50,832 | +€12,931 | +34.1% |
| Financial income | 75/76B | €3,371 | €173 | -€3,198 | -94.9% |
| Recurring financial income | 75 | €3,371 | €173 | -€3,198 | -94.9% |
| Financial charges | 65/66B | €2,432 | €7,843 | +€5,411 | +222.5% |
| Recurring financial charges | 65 | €2,432 | €7,843 | +€5,411 | +222.5% |
| Profit (loss) for the period before taxes | 9903 | €38,841 | €43,163 | +€4,322 | +11.1% |
| Income taxes | 67/77 | €10,744 | €9,337 | -€1,407 | -13.1% |
| Profit (loss) for the period | 9904 | €28,096 | €33,825 | +€5,729 | +20.4% |
| Profit (loss) for the period to be appropriated | 9905 | €28,096 | €33,825 | +€5,729 | +20.4% |
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 5 October 2026 via checked.be.