MODERN 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.
MODERN SECURITY
Largest movements
- Receivables within one year +€136,269
up €136,269 (+55.4%), from €246,027 to €382,296
of which Trade receivables: +€126,204
- Cash -€50,826
down €50,826 (-65.7%), from €77,365 to €26,539
mainly Receivables within one year (-€136,269) and Investment in fixed assets (net) (-€21,425)
- Deferred charges and accrued income +€11,439
up €11,439 (+251.0%), from €4,557 to €15,996
- Tangible fixed assets +€6,698
up €6,698 (+8.3%), from €80,972 to €87,670
of which Furniture and vehicles: +€11,498
- Trade debts +€86,702
up €86,702 (+168.6%), from €51,422 to €138,125
- Short-term financial debts +€15,000
up €15,000 (+17.6%), from €85,000 to €100,000
- Tax, wage and social debts +€12,674
up €12,674 (+29.2%), from €43,385 to €56,060
of which Taxes: +€7,698
- Profit (loss) carried forward +€12,533
up €12,533 (+7.0%), from €179,315 to €191,847
- Debts after one year -€10,142
down €10,142 (-46.2%), from €21,955 to €11,813
of which Financial debts: -€10,142
- Gross operating margin -€39,694
down €39,694 (-10.6%), from €374,821 to €335,127
- Staff costs +€24,667
up €24,667 (+9.4%), from €263,495 to €288,163
- Taxes -€15,051
down €15,051 (-73.1%), from €20,599 to €5,548
- Other operating charges -€4,340
down €4,340 (-37.2%), from €11,680 to €7,340
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €480,906 | €590,279 | +€109,372 | +22.7% |
| Fixed assets | 21/28 | €81,344 | €88,042 | +€6,698 | +8.2% |
| Tangible fixed assets | 22/27 | €80,972 | €87,670 | +€6,698 | +8.3% |
| Land and buildings | 22 | €28,685 | €23,877 | -€4,808 | -16.8% |
| Plant, machinery and equipment | 23 | €26,025 | €26,033 | +€8 | 0.0% |
| Furniture and vehicles | 24 | €26,262 | €37,760 | +€11,498 | +43.8% |
| Financial fixed assets | 28 | €372 | €372 | = | 0.0% |
| Current assets | 29/58 | €399,562 | €502,237 | +€102,675 | +25.7% |
| Stocks and contracts in progress | 3 | €71,614 | €77,406 | +€5,792 | +8.1% |
| Stocks | 30/36 | €71,614 | €77,406 | +€5,792 | +8.1% |
| Amounts receivable within one year | 40/41 | €246,027 | €382,296 | +€136,269 | +55.4% |
| Trade receivables | 40 | €243,128 | €369,332 | +€126,204 | +51.9% |
| Other amounts receivable | 41 | €2,899 | €12,964 | +€10,065 | +347.2% |
| Cash at bank and in hand | 54/58 | €77,365 | €26,539 | -€50,826 | -65.7% |
| Deferred charges and accrued income | 490/1 | €4,557 | €15,996 | +€11,439 | +251.0% |
| Total equity and liabilities | 10/49 | €480,906 | €590,279 | +€109,372 | +22.7% |
| Equity | 10/15 | €216,415 | €228,947 | +€12,533 | +5.8% |
| Contributions | 10/11 | €32,000 | €32,000 | = | 0.0% |
| Reserves | 13 | €5,100 | €5,100 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €1,900 | €1,900 | = | 0.0% |
| Distributable reserves | 133 | €3,200 | €3,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €179,315 | €191,847 | +€12,533 | +7.0% |
| Amounts payable | 17/49 | €264,492 | €361,331 | +€96,840 | +36.6% |
| Amounts payable after more than one year | 17 | €21,955 | €11,813 | -€10,142 | -46.2% |
| Financial debts | 170/4 | €21,378 | €11,236 | -€10,142 | -47.4% |
| Other amounts payable | 178/9 | €577 | €577 | = | 0.0% |
| Amounts payable within one year | 42/48 | €192,296 | €304,326 | +€112,030 | +58.3% |
| Current portion of amounts payable after more than one year | 42 | €11,650 | €10,142 | -€1,508 | -12.9% |
| Financial debts | 43 | €85,000 | €100,000 | +€15,000 | +17.6% |
| Credit institutions | 430/8 | €85,000 | €100,000 | +€15,000 | +17.6% |
| Trade debts | 44 | €51,422 | €138,125 | +€86,702 | +168.6% |
| Suppliers | 440/4 | €51,422 | €138,125 | +€86,702 | +168.6% |
| Taxes, remuneration and social security | 45 | €43,385 | €56,060 | +€12,674 | +29.2% |
| Taxes | 450/3 | €24,276 | €31,974 | +€7,698 | +31.7% |
| Remuneration and social security | 454/9 | €19,109 | €24,086 | +€4,976 | +26.0% |
| Other amounts payable | 47/48 | €839 | €0 | -€839 | -100.0% |
| Accrued charges and deferred income | 492/3 | €50,240 | €45,192 | -€5,048 | -10.0% |
| Non-recurring operating income | 76A | - | €29,177 | +€29,177 | |
| Remuneration, social security and pensions | 62 | €263,495 | €288,163 | +€24,667 | +9.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,755 | €14,727 | -€2,028 | -12.1% |
| Other operating charges | 640/8 | €11,680 | €7,340 | -€4,340 | -37.2% |
| Gross operating margin | 9900 | €374,821 | €335,127 | -€39,694 | -10.6% |
| Operating profit (loss) | 9901 | €82,891 | €24,897 | -€57,993 | -70.0% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €8,306 | €6,817 | -€1,489 | -17.9% |
| Recurring financial charges | 65 | €8,306 | €6,817 | -€1,489 | -17.9% |
| Profit (loss) for the period before taxes | 9903 | €74,584 | €18,080 | -€56,504 | -75.8% |
| Income taxes | 67/77 | €20,599 | €5,548 | -€15,051 | -73.1% |
| Profit (loss) for the period | 9904 | €53,986 | €12,533 | -€41,453 | -76.8% |
| Profit (loss) for the period to be appropriated | 9905 | €53,986 | €12,533 | -€41,453 | -76.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.