ESG Security: 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.
ESG Security
Largest movements
- Intangible fixed assets +€310,253
new in 2025: €310,253
- Cash -€106,979
down €106,979 (-58.3%), from €183,346 to €76,367
mainly Investment in fixed assets (net) (-€345,649) and Net result for the year (-€104,125)
- Receivables within one year +€100,518
up €100,518 (+12.7%), from €793,523 to €894,041
of which Trade receivables: +€57,772
- Tangible fixed assets -€54,382
down €54,382 (-8.8%), from €620,361 to €565,979
of which Land and buildings: -€30,105
- Debts after one year +€221,446
up €221,446 (+89.8%), from €246,625 to €468,071
- Profit (loss) carried forward -€102,269
down €102,269, from €38,389 to -€63,880
- Tax, wage and social debts +€98,523
up €98,523 (+13.3%), from €742,890 to €841,412
of which Remuneration and social security: +€58,947
- Other debts -€80,000
no longer reported in 2025 (was €80,000)
- Current portion of long-term debt +€70,893
up €70,893 (+114.2%), from €62,083 to €132,976
- Staff costs +€295,243
up €295,243 (+8.5%), from €3.5m to €3.8m
- Gross operating margin +€161,212
up €161,212 (+4.3%), from €3.8m to €3.9m
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 | €1,677,937 | €1,909,784 | +€231,846 | +13.8% |
| Fixed assets | 21/28 | €622,867 | €878,739 | +€255,871 | +41.1% |
| Intangible fixed assets | 21 | - | €310,253 | +€310,253 | |
| Tangible fixed assets | 22/27 | €620,361 | €565,979 | -€54,382 | -8.8% |
| Land and buildings | 22 | €489,246 | €459,141 | -€30,105 | -6.2% |
| Furniture and vehicles | 24 | €131,116 | €106,839 | -€24,277 | -18.5% |
| Financial fixed assets | 28 | €2,506 | €2,506 | = | 0.0% |
| Current assets | 29/58 | €1,055,070 | €1,031,045 | -€24,025 | -2.3% |
| Amounts receivable after more than one year | 29 | €20,000 | €20,000 | = | 0.0% |
| Other amounts receivable | 291 | €20,000 | €20,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €793,523 | €894,041 | +€100,518 | +12.7% |
| Trade receivables | 40 | €624,355 | €682,128 | +€57,772 | +9.3% |
| Other amounts receivable | 41 | €169,167 | €211,913 | +€42,746 | +25.3% |
| Cash at bank and in hand | 54/58 | €183,346 | €76,367 | -€106,979 | -58.3% |
| Deferred charges and accrued income | 490/1 | €58,201 | €40,638 | -€17,564 | -30.2% |
| Total equity and liabilities | 10/49 | €1,677,937 | €1,909,784 | +€231,846 | +13.8% |
| Equity | 10/15 | €196,586 | €92,461 | -€104,125 | -53.0% |
| Contributions | 10/11 | €8,700 | €8,700 | = | 0.0% |
| Revaluation surpluses | 12 | €147,642 | €147,642 | = | 0.0% |
| Reserves | 13 | €1,856 | - | -€1,856 | |
| Distributable reserves | 133 | €1,856 | - | -€1,856 | |
| Profit (loss) carried forward | 14 | €38,389 | -€63,880 | -€102,269 | |
| Amounts payable | 17/49 | €1,481,351 | €1,817,322 | +€335,971 | +22.7% |
| Amounts payable after more than one year | 17 | €246,625 | €468,071 | +€221,446 | +89.8% |
| Financial debts | 170/4 | €246,625 | €468,071 | +€221,446 | +89.8% |
| Amounts payable within one year | 42/48 | €1,169,679 | €1,278,161 | +€108,481 | +9.3% |
| Current portion of amounts payable after more than one year | 42 | €62,083 | €132,976 | +€70,893 | +114.2% |
| Financial debts | 43 | €156,969 | €128,450 | -€28,518 | -18.2% |
| Credit institutions | 430/8 | €156,969 | €128,450 | -€28,518 | -18.2% |
| Trade debts | 44 | €127,738 | €175,322 | +€47,584 | +37.3% |
| Suppliers | 440/4 | €127,738 | €175,322 | +€47,584 | +37.3% |
| Taxes, remuneration and social security | 45 | €742,890 | €841,412 | +€98,523 | +13.3% |
| Taxes | 450/3 | €161,322 | €200,898 | +€39,576 | +24.5% |
| Remuneration and social security | 454/9 | €581,568 | €640,515 | +€58,947 | +10.1% |
| Other amounts payable | 47/48 | €80,000 | - | -€80,000 | |
| Accrued charges and deferred income | 492/3 | €65,047 | €71,091 | +€6,044 | +9.3% |
| Non-recurring operating income | 76A | - | €1,080 | +€1,080 | |
| Remuneration, social security and pensions | 62 | €3,476,095 | €3,771,338 | +€295,243 | +8.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €83,593 | €89,778 | +€6,185 | +7.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,800 | -€1,560 | -€3,360 | |
| Other operating charges | 640/8 | €27,469 | €30,993 | +€3,524 | +12.8% |
| Non-recurring operating charges | 66A | - | €84,440 | +€84,440 | |
| Gross operating margin | 9900 | €3,760,426 | €3,921,637 | +€161,212 | +4.3% |
| Operating profit (loss) | 9901 | €171,469 | -€53,352 | -€224,820 | |
| Financial income | 75/76B | €3,371 | €4,495 | +€1,125 | +33.4% |
| Recurring financial income | 75 | €3,371 | €4,495 | +€1,125 | +33.4% |
| Financial charges | 65/66B | €51,700 | €54,643 | +€2,943 | +5.7% |
| Recurring financial charges | 65 | €51,700 | €54,643 | +€2,943 | +5.7% |
| Profit (loss) for the period before taxes | 9903 | €123,139 | -€103,500 | -€226,639 | |
| Income taxes | 67/77 | €27,820 | €625 | -€27,196 | -97.8% |
| Profit (loss) for the period | 9904 | €95,319 | -€104,125 | -€199,444 | |
| Profit (loss) for the period to be appropriated | 9905 | €95,319 | -€104,125 | -€199,444 |
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 9 October 2026 via checked.be.