MAXIMUM 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.
MAXIMUM SECURITY
Largest movements
- Cash -€93,483
down €93,483 (-87.9%), from €106,395 to €12,912
mainly Trade debts (-€84,813) and Investment in fixed assets (net) (-€74,666)
- Deferred charges and accrued income -€40,931
down €40,931 (-90.9%), from €45,037 to €4,106
- Formation expenses +€38,194
up €38,194 (+134.3%), from €28,438 to €66,632
- Tangible fixed assets -€14,082
down €14,082 (-17.0%), from €82,698 to €68,616
of which Furniture and vehicles: -€13,362
- Receivables within one year +€10,561
up €10,561 (+1.8%), from €576,151 to €586,712
of which Other amounts receivable: +€21,514
- Trade debts -€84,813
down €84,813 (-32.2%), from €263,004 to €178,192
- Tax, wage and social debts -€54,623
down €54,623 (-13.5%), from €403,739 to €349,116
of which Remuneration and social security: -€52,019
- Current portion of long-term debt +€43,557
up €43,557 (+420.0%), from €10,372 to €53,928
- Profit (loss) carried forward -€26,625
down €26,625 (-8.6%), from -€311,344 to -€337,969
- Debts after one year +€20,500
up €20,500 (+6.2%), from €332,958 to €353,458
of which Financial debts: +€20,500
- Gross operating margin -€343,275
down €343,275 (-13.6%), from €2.5m to €2.2m
- Staff costs -€208,333
down €208,333 (-8.7%), from €2.4m to €2.2m
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 | €838,718 | €739,410 | -€99,308 | -11.8% |
| Formation expenses | 20 | €28,438 | €66,632 | +€38,194 | +134.3% |
| Fixed assets | 21/28 | €82,698 | €69,048 | -€13,650 | -16.5% |
| Tangible fixed assets | 22/27 | €82,698 | €68,616 | -€14,082 | -17.0% |
| Plant, machinery and equipment | 23 | €18,371 | €17,651 | -€720 | -3.9% |
| Furniture and vehicles | 24 | €64,327 | €50,964 | -€13,362 | -20.8% |
| Financial fixed assets | 28 | - | €432 | +€432 | |
| Current assets | 29/58 | €727,583 | €603,731 | -€123,852 | -17.0% |
| Amounts receivable within one year | 40/41 | €576,151 | €586,712 | +€10,561 | +1.8% |
| Trade receivables | 40 | €399,801 | €388,848 | -€10,953 | -2.7% |
| Other amounts receivable | 41 | €176,350 | €197,864 | +€21,514 | +12.2% |
| Cash at bank and in hand | 54/58 | €106,395 | €12,912 | -€93,483 | -87.9% |
| Deferred charges and accrued income | 490/1 | €45,037 | €4,106 | -€40,931 | -90.9% |
| Total equity and liabilities | 10/49 | €838,718 | €739,410 | -€99,308 | -11.8% |
| Equity | 10/15 | -€171,354 | -€197,979 | -€26,625 | -15.5% |
| Contributions | 10/11 | €138,130 | €138,130 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€311,344 | -€337,969 | -€26,625 | -8.6% |
| Amounts payable | 17/49 | €1,010,072 | €937,389 | -€72,683 | -7.2% |
| Amounts payable after more than one year | 17 | €332,958 | €353,458 | +€20,500 | +6.2% |
| Financial debts | 170/4 | €155,000 | €175,500 | +€20,500 | +13.2% |
| Trade debts | 175 | €40,208 | €40,208 | = | 0.0% |
| Other amounts payable | 178/9 | €137,750 | €137,750 | = | 0.0% |
| Amounts payable within one year | 42/48 | €677,115 | €583,931 | -€93,183 | -13.8% |
| Current portion of amounts payable after more than one year | 42 | €10,372 | €53,928 | +€43,557 | +420.0% |
| Financial debts | 43 | - | €2,696 | +€2,696 | |
| Credit institutions | 430/8 | - | €2,696 | +€2,696 | |
| Trade debts | 44 | €263,004 | €178,192 | -€84,813 | -32.2% |
| Suppliers | 440/4 | €263,004 | €178,192 | -€84,813 | -32.2% |
| Taxes, remuneration and social security | 45 | €403,739 | €349,116 | -€54,623 | -13.5% |
| Taxes | 450/3 | €64,007 | €61,402 | -€2,605 | -4.1% |
| Remuneration and social security | 454/9 | €339,732 | €287,713 | -€52,019 | -15.3% |
| Non-recurring operating income | 76A | €2,137 | €7,501 | +€5,364 | +251.1% |
| Remuneration, social security and pensions | 62 | €2,382,471 | €2,174,138 | -€208,333 | -8.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,657 | €50,122 | +€7,464 | +17.5% |
| Other operating charges | 640/8 | €22,046 | €14,047 | -€7,999 | -36.3% |
| Operating charges capitalised as restructuring costs | 649 | -€13,416 | -€58,628 | -€45,212 | -337.0% |
| Non-recurring operating charges | 66A | €15,000 | €1,963 | -€13,037 | -86.9% |
| Gross operating margin | 9900 | €2,516,006 | €2,172,731 | -€343,275 | -13.6% |
| Operating profit (loss) | 9901 | €67,248 | -€8,911 | -€76,159 | |
| Financial income | 75/76B | €9 | €2 | -€8 | -82.6% |
| Recurring financial income | 75 | €9 | €2 | -€8 | -82.6% |
| Financial charges | 65/66B | €13,813 | €17,487 | +€3,674 | +26.6% |
| Recurring financial charges | 65 | €13,813 | €17,487 | +€3,674 | +26.6% |
| Profit (loss) for the period before taxes | 9903 | €53,444 | -€26,397 | -€79,840 | |
| Income taxes | 67/77 | €233 | €228 | -€5 | -2.1% |
| Profit (loss) for the period | 9904 | €53,211 | -€26,625 | -€79,836 | |
| Profit (loss) for the period to be appropriated | 9905 | €53,211 | -€26,625 | -€79,836 |
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 28 September 2026 via checked.be.