MA 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.
MA SECURITY
Largest movements
- Receivables within one year +€350,272
up €350,272 (+229%), from €152,878 to €503,150
of which Other amounts receivable: +€188,819
- Cash -€21,826
down €21,826 (-6.6%), from €328,245 to €306,419
mainly Receivables within one year (-€350,272) and Current portion of long-term debt (-€2,150)
- Profit (loss) carried forward +€175,312
up €175,312 (+55.9%), from €313,415 to €488,727
- Tax, wage and social debts +€150,533
up €150,533 (+106%), from €142,061 to €292,594
of which Taxes: +€139,491
- Staff costs +€437,377
up €437,377 (+141%), from €309,842 to €747,219
- Gross operating margin +€374,241
up €374,241 (+60.1%), from €622,515 to €996,756
- Taxes -€12,299
down €12,299 (-15.1%), from €81,195 to €68,896
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.
Derived cash bridge
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 | €483,999 | €812,363 | +€328,363 | +67.8% |
| Fixed assets | 21/28 | €2,876 | €2,794 | -€82 | -2.9% |
| Tangible fixed assets | 22/27 | €2,432 | €2,350 | -€82 | -3.4% |
| Furniture and vehicles | 24 | €2,432 | €2,350 | -€82 | -3.4% |
| Financial fixed assets | 28 | €444 | €444 | = | 0.0% |
| Current assets | 29/58 | €481,123 | €809,569 | +€328,446 | +68.3% |
| Amounts receivable within one year | 40/41 | €152,878 | €503,150 | +€350,272 | +229% |
| Trade receivables | 40 | €151,148 | €312,601 | +€161,453 | +107% |
| Other amounts receivable | 41 | €1,730 | €190,549 | +€188,819 | +10,914% |
| Cash at bank and in hand | 54/58 | €328,245 | €306,419 | -€21,826 | -6.6% |
| Total equity and liabilities | 10/49 | €483,999 | €812,363 | +€328,363 | +67.8% |
| Equity | 10/15 | €323,415 | €498,727 | +€175,312 | +54.2% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €313,415 | €488,727 | +€175,312 | +55.9% |
| Amounts payable | 17/49 | €160,584 | €313,636 | +€153,052 | +95.3% |
| Amounts payable within one year | 42/48 | €160,584 | €313,636 | +€153,052 | +95.3% |
| Current portion of amounts payable after more than one year | 42 | €5,400 | €3,250 | -€2,150 | -39.8% |
| Trade debts | 44 | €9,681 | €8,896 | -€785 | -8.1% |
| Suppliers | 440/4 | €9,681 | €8,896 | -€785 | -8.1% |
| Advances received on contracts in progress | 46 | €325 | €181 | -€144 | -44.4% |
| Taxes, remuneration and social security | 45 | €142,061 | €292,594 | +€150,533 | +106% |
| Taxes | 450/3 | €106,852 | €246,343 | +€139,491 | +131% |
| Remuneration and social security | 454/9 | €35,209 | €46,251 | +€11,042 | +31.4% |
| Other amounts payable | 47/48 | €3,117 | €8,715 | +€5,598 | +180% |
| Remuneration, social security and pensions | 62 | €309,842 | €747,219 | +€437,377 | +141% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,529 | €1,995 | +€466 | +30.5% |
| Other operating charges | 640/8 | €6,193 | €2,142 | -€4,052 | -65.4% |
| Gross operating margin | 9900 | €622,515 | €996,756 | +€374,241 | +60.1% |
| Operating profit (loss) | 9901 | €304,951 | €245,401 | -€59,551 | -19.5% |
| Financial income | 75/76B | €0 | €1 | +€1 | +10,300% |
| Recurring financial income | 75 | €0 | €1 | +€1 | +10,300% |
| Financial charges | 65/66B | €9,346 | €1,195 | -€8,151 | -87.2% |
| Recurring financial charges | 65 | €9,346 | €1,195 | -€8,151 | -87.2% |
| Profit (loss) for the period before taxes | 9903 | €295,605 | €244,207 | -€51,398 | -17.4% |
| Income taxes | 67/77 | €81,195 | €68,896 | -€12,299 | -15.1% |
| Profit (loss) for the period | 9904 | €214,411 | €175,312 | -€39,099 | -18.2% |
| Profit (loss) for the period to be appropriated | 9905 | €214,411 | €175,312 | -€39,099 | -18.2% |
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 31 October 2026 via checked.be.