HIGH & SAFE: 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.
HIGH & SAFE
Largest movements
- Receivables within one year +€265,261
up €265,261 (+17.4%), from €1.5m to €1.8m
of which Other amounts receivable: +€477,756
- Tangible fixed assets +€159,326
up €159,326 (+16.0%), from €997,765 to €1.2m
of which Plant, machinery and equipment: +€132,026
- Stocks and contracts +€127,635
up €127,635 (+14.6%), from €876,308 to €1.0m
- Deferred charges and accrued income +€67,860
up €67,860 (+39.9%), from €170,101 to €237,961
- Trade debts +€660,337
up €660,337 (+131.6%), from €501,734 to €1.2m
- Profit (loss) carried forward +€589,954
up €589,954 (+71.4%), from €826,416 to €1.4m
- Short-term financial debts -€473,095
down €473,095 (-92.2%), from €513,016 to €39,920
- Other debts -€166,134
no longer reported in 2025 (was €166,134)
- Tax, wage and social debts +€120,021
up €120,021 (+25.9%), from €464,219 to €584,240
of which Remuneration and social security: +€97,354
- Gross operating margin +€415,018
up €415,018 (+16.9%), from €2.5m to €2.9m
- Staff costs +€233,410
up €233,410 (+15.2%), from €1.5m to €1.8m
- Depreciation +€64,958
up €64,958 (+22.3%), from €291,208 to €356,166
- Financial charges -€50,315
down €50,315 (-35.3%), from €142,350 to €92,035
- Taxes +€47,547
up €47,547 (+32.1%), from €148,078 to €195,625
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 | €3,601,804 | €4,186,743 | +€584,939 | +16.2% |
| Fixed assets | 21/28 | €997,765 | €1,157,091 | +€159,326 | +16.0% |
| Tangible fixed assets | 22/27 | €997,765 | €1,157,091 | +€159,326 | +16.0% |
| Land and buildings | 22 | - | €6,585 | +€6,585 | |
| Plant, machinery and equipment | 23 | €854,568 | €986,594 | +€132,026 | +15.4% |
| Furniture and vehicles | 24 | €19,804 | €40,608 | +€20,805 | +105.1% |
| Leasing and similar rights | 25 | €103,763 | €107,596 | +€3,833 | +3.7% |
| Other tangible fixed assets | 26 | €19,630 | €15,707 | -€3,923 | -20.0% |
| Current assets | 29/58 | €2,604,039 | €3,029,652 | +€425,613 | +16.3% |
| Stocks and contracts in progress | 3 | €876,308 | €1,003,942 | +€127,635 | +14.6% |
| Stocks | 30/36 | €876,308 | €1,003,942 | +€127,635 | +14.6% |
| Amounts receivable within one year | 40/41 | €1,522,318 | €1,787,579 | +€265,261 | +17.4% |
| Trade receivables | 40 | €941,595 | €729,100 | -€212,495 | -22.6% |
| Other amounts receivable | 41 | €580,723 | €1,058,479 | +€477,756 | +82.3% |
| Cash at bank and in hand | 54/58 | €35,312 | €170 | -€35,142 | -99.5% |
| Deferred charges and accrued income | 490/1 | €170,101 | €237,961 | +€67,860 | +39.9% |
| Total equity and liabilities | 10/49 | €3,601,804 | €4,186,743 | +€584,939 | +16.2% |
| Equity | 10/15 | €1,670,248 | €2,165,966 | +€495,718 | +29.7% |
| Contributions | 10/11 | €174,445 | €174,445 | = | 0.0% |
| Reserves | 13 | €669,386 | €575,150 | -€94,236 | -14.1% |
| Non-distributable reserves | 130/1 | €17,358 | €17,358 | = | 0.0% |
| Other | 1319 | €17,358 | €17,358 | = | 0.0% |
| Tax-exempt reserves | 132 | €270,960 | €176,724 | -€94,236 | -34.8% |
| Distributable reserves | 133 | €381,069 | €381,069 | = | 0.0% |
| Profit (loss) carried forward | 14 | €826,416 | €1,416,371 | +€589,954 | +71.4% |
| Provisions and deferred taxes | 16 | €37,325 | €27,523 | -€9,802 | -26.3% |
| Deferred taxes | 168 | €37,325 | €27,523 | -€9,802 | -26.3% |
| Amounts payable | 17/49 | €1,894,231 | €1,993,254 | +€99,023 | +5.2% |
| Amounts payable after more than one year | 17 | €156,620 | €139,462 | -€17,158 | -11.0% |
| Financial debts | 170/4 | €156,620 | €139,462 | -€17,158 | -11.0% |
| Amounts payable within one year | 42/48 | €1,704,150 | €1,853,792 | +€149,642 | +8.8% |
| Current portion of amounts payable after more than one year | 42 | €59,048 | €67,561 | +€8,513 | +14.4% |
| Financial debts | 43 | €513,016 | €39,920 | -€473,095 | -92.2% |
| Credit institutions | 430/8 | €513,016 | €39,920 | -€473,095 | -92.2% |
| Trade debts | 44 | €501,734 | €1,162,071 | +€660,337 | +131.6% |
| Suppliers | 440/4 | €501,734 | €1,162,071 | +€660,337 | +131.6% |
| Taxes, remuneration and social security | 45 | €464,219 | €584,240 | +€120,021 | +25.9% |
| Taxes | 450/3 | €251,376 | €274,043 | +€22,667 | +9.0% |
| Remuneration and social security | 454/9 | €212,843 | €310,197 | +€97,354 | +45.7% |
| Other amounts payable | 47/48 | €166,134 | - | -€166,134 | |
| Accrued charges and deferred income | 492/3 | €33,461 | - | -€33,461 | |
| Non-recurring operating income | 76A | - | €0 | +€0 | |
| Remuneration, social security and pensions | 62 | €1,539,214 | €1,772,624 | +€233,410 | +15.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €291,208 | €356,166 | +€64,958 | +22.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €15,654 | €29,296 | +€13,642 | +87.1% |
| Other operating charges | 640/8 | €7,227 | €9,803 | +€2,576 | +35.6% |
| Gross operating margin | 9900 | €2,450,130 | €2,865,148 | +€415,018 | +16.9% |
| Operating profit (loss) | 9901 | €596,827 | €697,260 | +€100,433 | +16.8% |
| Financial income | 75/76B | €91,100 | €76,316 | -€14,784 | -16.2% |
| Recurring financial income | 75 | €91,100 | €76,316 | -€14,784 | -16.2% |
| Financial charges | 65/66B | €142,350 | €92,035 | -€50,315 | -35.3% |
| Recurring financial charges | 65 | €142,350 | €92,035 | -€50,315 | -35.3% |
| Profit (loss) for the period before taxes | 9903 | €545,577 | €681,541 | +€135,964 | +24.9% |
| Transfer from deferred taxes | 780 | €8,012 | €9,802 | +€1,789 | +22.3% |
| Transfer to deferred taxes | 680 | €18,270 | - | -€18,270 | |
| Income taxes | 67/77 | €148,078 | €195,625 | +€47,547 | +32.1% |
| Profit (loss) for the period | 9904 | €387,242 | €495,718 | +€108,476 | +28.0% |
| Transfer from tax-exempt reserves | 789 | €121,688 | €94,236 | -€27,451 | -22.6% |
| Transfer to tax-exempt reserves | 689 | €54,809 | - | -€54,809 | |
| Profit (loss) for the period to be appropriated | 9905 | €454,120 | €589,954 | +€135,834 | +29.9% |
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.