EM 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.
EM SECURITY
Largest movements
- Cash +€173,013
up €173,013 (+193.2%), from €89,542 to €262,555
mainly Current investments (+€150,000) and Depreciation (+€142,545)
- Current investments -€150,000
down €150,000 (-100.0%), from €150,000 to €0
- Tangible fixed assets -€99,172
down €99,172 (-12.6%), from €786,424 to €687,252
of which Leasing and similar rights: -€166,546
- Receivables within one year -€35,234
down €35,234 (-6.5%), from €538,129 to €502,895
of which Trade receivables: -€28,376
- Debts after one year -€287,841
down €287,841 (-35.5%), from €810,010 to €522,169
- Tax, wage and social debts +€95,754
up €95,754 (+268.7%), from €35,638 to €131,392
of which Remuneration and social security: +€76,719
- Trade debts +€43,254
up €43,254 (+46.3%), from €93,405 to €136,659
- Profit (loss) carried forward +€37,959
up €37,959 (+7.3%), from €518,344 to €556,303
- Current portion of long-term debt +€21,277
up €21,277 (+9.2%), from €231,678 to €252,955
- Staff costs +€54,144
up €54,144 (+5.8%), from €929,456 to €983,600
- Gross operating margin +€16,919
up €16,919 (+1.4%), from €1.2m to €1.2m
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 | €1,733,245 | €1,652,883 | -€80,362 | -4.6% |
| Fixed assets | 21/28 | €840,908 | €758,534 | -€82,374 | -9.8% |
| Intangible fixed assets | 21 | €54,484 | €71,282 | +€16,798 | +30.8% |
| Tangible fixed assets | 22/27 | €786,424 | €687,252 | -€99,172 | -12.6% |
| Land and buildings | 22 | €456,790 | €422,826 | -€33,964 | -7.4% |
| Plant, machinery and equipment | 23 | €5,242 | €1,230 | -€4,012 | -76.5% |
| Furniture and vehicles | 24 | €114,155 | €227,760 | +€113,605 | +99.5% |
| Leasing and similar rights | 25 | €166,546 | €0 | -€166,546 | -100.0% |
| Other tangible fixed assets | 26 | €43,691 | €35,436 | -€8,255 | -18.9% |
| Current assets | 29/58 | €892,337 | €894,349 | +€2,012 | +0.2% |
| Stocks and contracts in progress | 3 | €114,666 | €117,850 | +€3,184 | +2.8% |
| Stocks | 30/36 | €114,666 | €117,850 | +€3,184 | +2.8% |
| Amounts receivable within one year | 40/41 | €538,129 | €502,895 | -€35,234 | -6.5% |
| Trade receivables | 40 | €406,624 | €378,248 | -€28,376 | -7.0% |
| Other amounts receivable | 41 | €131,505 | €124,647 | -€6,858 | -5.2% |
| Current investments | 50/53 | €150,000 | €0 | -€150,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €89,542 | €262,555 | +€173,013 | +193.2% |
| Deferred charges and accrued income | 490/1 | - | €11,049 | +€11,049 | |
| Total equity and liabilities | 10/49 | €1,733,245 | €1,652,883 | -€80,362 | -4.6% |
| Equity | 10/15 | €542,514 | €580,472 | +€37,958 | +7.0% |
| Contributions | 10/11 | €21,071 | €21,071 | -€0 | 0.0% |
| Reserves | 13 | €3,099 | €3,099 | -€0 | 0.0% |
| Distributable reserves | 133 | €3,099 | €3,099 | -€0 | 0.0% |
| Profit (loss) carried forward | 14 | €518,344 | €556,303 | +€37,959 | +7.3% |
| Amounts payable | 17/49 | €1,190,731 | €1,072,411 | -€118,320 | -9.9% |
| Amounts payable after more than one year | 17 | €810,010 | €522,169 | -€287,841 | -35.5% |
| Financial debts | 170/4 | €810,010 | €522,169 | -€287,841 | -35.5% |
| Amounts payable within one year | 42/48 | €380,721 | €550,242 | +€169,521 | +44.5% |
| Current portion of amounts payable after more than one year | 42 | €231,678 | €252,955 | +€21,277 | +9.2% |
| Trade debts | 44 | €93,405 | €136,659 | +€43,254 | +46.3% |
| Suppliers | 440/4 | €93,405 | €136,659 | +€43,254 | +46.3% |
| Advances received on contracts in progress | 46 | €20,000 | €29,236 | +€9,236 | +46.2% |
| Taxes, remuneration and social security | 45 | €35,638 | €131,392 | +€95,754 | +268.7% |
| Taxes | 450/3 | - | €19,036 | +€19,036 | |
| Remuneration and social security | 454/9 | €35,638 | €112,357 | +€76,719 | +215.3% |
| Remuneration, social security and pensions | 62 | €929,456 | €983,600 | +€54,144 | +5.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €137,011 | €142,545 | +€5,534 | +4.0% |
| Other operating charges | 640/8 | €21,537 | €24,250 | +€2,713 | +12.6% |
| Gross operating margin | 9900 | €1,203,234 | €1,220,153 | +€16,919 | +1.4% |
| Operating profit (loss) | 9901 | €115,230 | €69,759 | -€45,471 | -39.5% |
| Financial income | 75/76B | €925 | €8,470 | +€7,545 | +815.6% |
| Recurring financial income | 75 | €925 | €8,470 | +€7,545 | +815.6% |
| Financial charges | 65/66B | €25,419 | €19,110 | -€6,309 | -24.8% |
| Recurring financial charges | 65 | €25,419 | €19,110 | -€6,309 | -24.8% |
| Profit (loss) for the period before taxes | 9903 | €90,736 | €59,118 | -€31,618 | -34.8% |
| Income taxes | 67/77 | €24,339 | €21,159 | -€3,180 | -13.1% |
| Profit (loss) for the period | 9904 | €66,397 | €37,959 | -€28,438 | -42.8% |
| Profit (loss) for the period to be appropriated | 9905 | €66,397 | €37,959 | -€28,438 | -42.8% |
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 2 October 2026 via checked.be.