MARZAN SECURITY BELGIUM: 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.
MARZAN SECURITY BELGIUM
Largest movements
- Receivables within one year +€63,363
up €63,363 (+62.4%), from €101,617 to €164,980
of which Trade receivables: +€66,581
- Cash +€47,131
up €47,131 (+362%), from €13,010 to €60,141
mainly Trade debts (+€80,607) and Depreciation (+€21,614)
- Tangible fixed assets -€21,614
down €21,614 (-32.8%), from €65,848 to €44,234
of which Furniture and vehicles: -€15,359
- Trade debts +€80,607
up €80,607 (+341%), from €23,610 to €104,217
- Profit (loss) carried forward +€18,010
up €18,010 (+29.7%), from €60,685 to €78,695
- Other debts -€17,092
down €17,092 (-23.0%), from €74,405 to €57,312
- Tax, wage and social debts +€5,505
up €5,505 (+32.8%), from €16,776 to €22,280
- Write-downs +€12,164
new in 2025: €12,164
- Gross operating margin +€3,333
up €3,333 (+6.2%), from €53,428 to €56,761
- Taxes -€2,295
down €2,295 (-32.6%), from €7,041 to €4,746
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 | €180,476 | €269,356 | +€88,881 | +49.2% |
| Fixed assets | 21/28 | €65,848 | €44,234 | -€21,614 | -32.8% |
| Tangible fixed assets | 22/27 | €65,848 | €44,234 | -€21,614 | -32.8% |
| Land and buildings | 22 | €9,438 | €8,007 | -€1,431 | -15.2% |
| Plant, machinery and equipment | 23 | €210 | €0 | -€210 | -100% |
| Furniture and vehicles | 24 | €45,302 | €29,943 | -€15,359 | -33.9% |
| Other tangible fixed assets | 26 | €10,898 | €6,285 | -€4,613 | -42.3% |
| Current assets | 29/58 | €114,628 | €225,122 | +€110,494 | +96.4% |
| Amounts receivable within one year | 40/41 | €101,617 | €164,980 | +€63,363 | +62.4% |
| Trade receivables | 40 | €96,304 | €162,885 | +€66,581 | +69.1% |
| Other amounts receivable | 41 | €5,314 | €2,095 | -€3,218 | -60.6% |
| Cash at bank and in hand | 54/58 | €13,010 | €60,141 | +€47,131 | +362% |
| Total equity and liabilities | 10/49 | €180,476 | €269,356 | +€88,881 | +49.2% |
| Equity | 10/15 | €65,685 | €83,695 | +€18,010 | +27.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €60,685 | €78,695 | +€18,010 | +29.7% |
| Amounts payable | 17/49 | €114,791 | €185,661 | +€70,870 | +61.7% |
| Amounts payable within one year | 42/48 | €114,791 | €183,810 | +€69,019 | +60.1% |
| Trade debts | 44 | €23,610 | €104,217 | +€80,607 | +341% |
| Suppliers | 440/4 | €23,610 | €104,217 | +€80,607 | +341% |
| Taxes, remuneration and social security | 45 | €16,776 | €22,280 | +€5,505 | +32.8% |
| Taxes | 450/3 | €16,776 | €22,280 | +€5,505 | +32.8% |
| Other amounts payable | 47/48 | €74,405 | €57,312 | -€17,092 | -23.0% |
| Accrued charges and deferred income | 492/3 | - | €1,851 | +€1,851 | |
| Non-recurring operating income | 76A | - | €2,226 | +€2,226 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,758 | €21,614 | -€144 | -0.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €12,164 | +€12,164 | |
| Other operating charges | 640/8 | €371 | €178 | -€193 | -52.0% |
| Gross operating margin | 9900 | €53,428 | €56,761 | +€3,333 | +6.2% |
| Operating profit (loss) | 9901 | €31,299 | €22,806 | -€8,494 | -27.1% |
| Financial charges | 65/66B | €44 | €49 | +€6 | +12.6% |
| Recurring financial charges | 65 | €44 | €49 | +€6 | +12.6% |
| Profit (loss) for the period before taxes | 9903 | €31,256 | €22,757 | -€8,499 | -27.2% |
| Income taxes | 67/77 | €7,041 | €4,746 | -€2,295 | -32.6% |
| Profit (loss) for the period | 9904 | €24,214 | €18,010 | -€6,204 | -25.6% |
| Profit (loss) for the period to be appropriated | 9905 | €24,214 | €18,010 | -€6,204 | -25.6% |
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 24 October 2026 via checked.be.