Q-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.
Q-SECURITY
Largest movements
- Cash +€23,086
up €23,086 (+155.3%), from €14,863 to €37,948
mainly Trade debts (+€17,215) and Depreciation (+€15,188)
- Tangible fixed assets -€11,187
down €11,187 (-29.4%), from €38,104 to €26,917
of which Leasing and similar rights: -€9,259
- Stocks and contracts -€5,660
down €5,660 (-11.4%), from €49,457 to €43,797
- Intangible fixed assets -€3,066
down €3,066 (-20.5%), from €14,929 to €11,863
- Trade debts +€17,215
up €17,215 (+49.2%), from €34,986 to €52,200
- Reserves -€11,722
down €11,722 (-45.0%), from €26,049 to €14,327
of which Distributable reserves: -€11,722
- Profit (loss) carried forward -€5,798
down €5,798, from €0 to -€5,798
- Other debts +€4,757
up €4,757 (+8.3%), from €57,575 to €62,332
- Current portion of long-term debt +€3,161
up €3,161 (+39.9%), from €7,928 to €11,090
- Staff costs +€9,392
new in 2025: €9,392
- Gross operating margin -€2,179
down €2,179 (-13.7%), from €15,908 to €13,729
- Depreciation -€493
down €493 (-3.1%), from €15,681 to €15,188
- Financial charges +€306
up €306 (+6.1%), from €5,046 to €5,352
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 | €164,927 | €170,757 | +€5,830 | +3.5% |
| Fixed assets | 21/28 | €53,033 | €38,780 | -€14,253 | -26.9% |
| Intangible fixed assets | 21 | €14,929 | €11,863 | -€3,066 | -20.5% |
| Tangible fixed assets | 22/27 | €38,104 | €26,917 | -€11,187 | -29.4% |
| Furniture and vehicles | 24 | €5,335 | €3,482 | -€1,853 | -34.7% |
| Leasing and similar rights | 25 | €32,694 | €23,435 | -€9,259 | -28.3% |
| Other tangible fixed assets | 26 | €75 | €0 | -€75 | -100.0% |
| Current assets | 29/58 | €111,894 | €131,978 | +€20,084 | +17.9% |
| Stocks and contracts in progress | 3 | €49,457 | €43,797 | -€5,660 | -11.4% |
| Stocks | 30/36 | €49,457 | €43,797 | -€5,660 | -11.4% |
| Amounts receivable within one year | 40/41 | €40,791 | €42,224 | +€1,433 | +3.5% |
| Trade receivables | 40 | €36,990 | €39,219 | +€2,229 | +6.0% |
| Other amounts receivable | 41 | €3,801 | €3,004 | -€797 | -21.0% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €14,863 | €37,948 | +€23,086 | +155.3% |
| Deferred charges and accrued income | 490/1 | €6,783 | €8,009 | +€1,225 | +18.1% |
| Total equity and liabilities | 10/49 | €164,927 | €170,757 | +€5,830 | +3.5% |
| Equity | 10/15 | €38,449 | €20,929 | -€17,520 | -45.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €26,049 | €14,327 | -€11,722 | -45.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €24,189 | €12,467 | -€11,722 | -48.5% |
| Profit (loss) carried forward | 14 | €0 | -€5,798 | -€5,798 | |
| Amounts payable | 17/49 | €126,478 | €149,828 | +€23,350 | +18.5% |
| Amounts payable after more than one year | 17 | €18,806 | €15,796 | -€3,011 | -16.0% |
| Financial debts | 170/4 | €18,806 | €15,796 | -€3,011 | -16.0% |
| Amounts payable within one year | 42/48 | €107,671 | €134,032 | +€26,361 | +24.5% |
| Current portion of amounts payable after more than one year | 42 | €7,928 | €11,090 | +€3,161 | +39.9% |
| Financial debts | 43 | €6,341 | €4,817 | -€1,524 | -24.0% |
| Credit institutions | 430/8 | €6,341 | €4,817 | -€1,524 | -24.0% |
| Trade debts | 44 | €34,986 | €52,200 | +€17,215 | +49.2% |
| Suppliers | 440/4 | €34,986 | €52,200 | +€17,215 | +49.2% |
| Taxes, remuneration and social security | 45 | €841 | €3,593 | +€2,752 | +327.0% |
| Taxes | 450/3 | €841 | €1,374 | +€533 | +63.3% |
| Remuneration and social security | 454/9 | - | €2,219 | +€2,219 | |
| Other amounts payable | 47/48 | €57,575 | €62,332 | +€4,757 | +8.3% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | - | €9,392 | +€9,392 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,681 | €15,188 | -€493 | -3.1% |
| Other operating charges | 640/8 | €1,380 | €1,348 | -€33 | -2.4% |
| Gross operating margin | 9900 | €15,908 | €13,729 | -€2,179 | -13.7% |
| Operating profit (loss) | 9901 | -€1,153 | -€12,199 | -€11,046 | -957.8% |
| Financial income | 75/76B | €11 | €31 | +€20 | +188.4% |
| Recurring financial income | 75 | €11 | €31 | +€20 | +188.4% |
| Financial charges | 65/66B | €5,046 | €5,352 | +€306 | +6.1% |
| Recurring financial charges | 65 | €5,046 | €5,352 | +€306 | +6.1% |
| Profit (loss) for the period before taxes | 9903 | -€6,188 | -€17,520 | -€11,332 | -183.1% |
| Income taxes | 67/77 | €3 | €0 | -€3 | -100.0% |
| Profit (loss) for the period | 9904 | -€6,192 | -€17,520 | -€11,329 | -183.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€6,192 | -€17,520 | -€11,329 | -183.0% |
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 4 October 2026 via checked.be.