G-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.
G-Security
Largest movements
- Intangible fixed assets +€59,085
new in 2025: €59,085
- Receivables within one year -€9,213
down €9,213 (-60.1%), from €15,334 to €6,121
of which Trade receivables: -€12,720
- Cash +€7,835
up €7,835 (+284.3%), from €2,756 to €10,592
mainly Other debts (+€58,963) and Trade debts (+€25,071)
- Tangible fixed assets +€6,517
up €6,517 (+19.8%), from €32,939 to €39,457
of which Furniture and vehicles: +€14,337
- Stocks and contracts +€4,157
new in 2025: €4,157
- Other debts +€58,963
up €58,963 (+374.4%), from €15,749 to €74,712
- Trade debts +€25,071
up €25,071 (+1001.9%), from €2,502 to €27,573
- Debts after one year -€9,506
down €9,506 (-39.8%), from €23,909 to €14,403
- Profit (loss) carried forward -€4,140
down €4,140 (-62.3%), from -€6,644 to -€10,785
- Current portion of long-term debt -€2,299
down €2,299 (-19.5%), from €11,805 to €9,506
- Staff costs -€21,104
down €21,104 (-62.9%), from €33,561 to €12,456
- Gross operating margin -€11,074
down €11,074 (-25.8%), from €42,875 to €31,801
- Depreciation +€7,550
up €7,550 (+57.7%), from €13,079 to €20,629
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 | €51,030 | €120,179 | +€69,149 | +135.5% |
| Fixed assets | 21/28 | €32,939 | €98,542 | +€65,602 | +199.2% |
| Intangible fixed assets | 21 | - | €59,085 | +€59,085 | |
| Tangible fixed assets | 22/27 | €32,939 | €39,457 | +€6,517 | +19.8% |
| Land and buildings | 22 | - | €3,520 | +€3,520 | |
| Plant, machinery and equipment | 23 | - | €0 | = | |
| Furniture and vehicles | 24 | - | €14,337 | +€14,337 | |
| Leasing and similar rights | 25 | €32,939 | €21,600 | -€11,339 | -34.4% |
| Current assets | 29/58 | €18,091 | €21,637 | +€3,546 | +19.6% |
| Stocks and contracts in progress | 3 | - | €4,157 | +€4,157 | |
| Stocks | 30/36 | - | €4,157 | +€4,157 | |
| Amounts receivable within one year | 40/41 | €15,334 | €6,121 | -€9,213 | -60.1% |
| Trade receivables | 40 | €12,720 | €0 | -€12,720 | -100.0% |
| Other amounts receivable | 41 | €2,614 | €6,121 | +€3,507 | +134.1% |
| Cash at bank and in hand | 54/58 | €2,756 | €10,592 | +€7,835 | +284.3% |
| Deferred charges and accrued income | 490/1 | - | €768 | +€768 | |
| Total equity and liabilities | 10/49 | €51,030 | €120,179 | +€69,149 | +135.5% |
| Equity | 10/15 | -€4,144 | -€8,285 | -€4,140 | -99.9% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€6,644 | -€10,785 | -€4,140 | -62.3% |
| Amounts payable | 17/49 | €55,174 | €128,463 | +€73,289 | +132.8% |
| Amounts payable after more than one year | 17 | €23,909 | €14,403 | -€9,506 | -39.8% |
| Financial debts | 170/4 | €23,909 | €14,403 | -€9,506 | -39.8% |
| Amounts payable within one year | 42/48 | €31,265 | €112,400 | +€81,134 | +259.5% |
| Current portion of amounts payable after more than one year | 42 | €11,805 | €9,506 | -€2,299 | -19.5% |
| Trade debts | 44 | €2,502 | €27,573 | +€25,071 | +1001.9% |
| Suppliers | 440/4 | €2,502 | €27,573 | +€25,071 | +1001.9% |
| Taxes, remuneration and social security | 45 | €1,209 | €609 | -€601 | -49.7% |
| Remuneration and social security | 454/9 | €1,209 | €609 | -€601 | -49.7% |
| Other amounts payable | 47/48 | €15,749 | €74,712 | +€58,963 | +374.4% |
| Accrued charges and deferred income | 492/3 | - | €1,660 | +€1,660 | |
| Remuneration, social security and pensions | 62 | €33,561 | €12,456 | -€21,104 | -62.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,079 | €20,629 | +€7,550 | +57.7% |
| Other operating charges | 640/8 | €858 | €1,125 | +€267 | +31.1% |
| Gross operating margin | 9900 | €42,875 | €31,801 | -€11,074 | -25.8% |
| Operating profit (loss) | 9901 | -€4,623 | -€2,410 | +€2,213 | +47.9% |
| Financial income | 75/76B | - | €9 | +€9 | |
| Recurring financial income | 75 | - | €9 | +€9 | |
| Financial charges | 65/66B | €2,022 | €1,739 | -€282 | -14.0% |
| Recurring financial charges | 65 | €2,022 | €1,739 | -€282 | -14.0% |
| Profit (loss) for the period before taxes | 9903 | -€6,644 | -€4,140 | +€2,504 | +37.7% |
| Profit (loss) for the period | 9904 | -€6,644 | -€4,140 | +€2,504 | +37.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€6,644 | -€4,140 | +€2,504 | +37.7% |
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 8 October 2026 via checked.be.