Safegarden: what changed
What changed
Safegarden
NACE 46.900, Non-specialised wholesale trade
filed annual accounts (NBB)
Net result for the year
€29,942
2024 · -€45,922+€75,864
Equity
€104,217
2024 · €74,275+€29,942
Cash
€90,173
2024 · €9,888+€80,285
Balance sheet total
€678,492
2024 · €794,034-€115,542
Largest movements
Assets
- Tangible fixed assets -€136,920
down €136,920 (-25.6%), from €535,360 to €398,440
of which Land and buildings: -€127,312
- Cash +€80,285
up €80,285 (+812%), from €9,888 to €90,173
mainly Investment in fixed assets (net) (+€99,699) and Depreciation (+€38,620)
- Stocks and contracts -€30,757
down €30,757 (-16.6%), from €185,125 to €154,368
- Receivables within one year -€25,643
down €25,643 (-87.7%), from €29,249 to €3,606
of which Trade receivables: -€25,618
Equity and liabilities
- Debts after one year -€139,092
down €139,092 (-20.7%), from €672,638 to €533,546
of which Other amounts payable: -€104,088
- Reserves +€29,942
up €29,942 (+53.8%), from €55,675 to €85,617
Income statement
- Gross operating margin +€77,811
up €77,811 (+422%), from €18,438 to €96,249
- Depreciation -€10,477
down €10,477 (-21.3%), from €49,097 to €38,620
- Financial charges -€1,016
down €1,016 (-9.2%), from €11,065 to €10,049
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
-€45,922
Gross operating margin
+€77,811
Depreciation
+€10,477
Other operating charges
+€304
Other operating items
-€13,780
Financial income
-€86
Financial charges
+€1,016
Taxes
+€123
Result 2025
€29,942
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€121,673
Investment
+€99,699
Financing
-€141,087
Cash 2024
€9,888
From operations (derived)
+€121,673
Net result for the year
+€29,942
Depreciation
+€38,620
Receivables after one year
+€1,107
Stocks and contracts
+€30,757
Receivables within one year
+€25,643
Trade debts
+€263
Tax, wage and social debts
-€4,660
Investment (derived)
+€99,699
Investment in fixed assets (net)
+€99,699
Financing
-€141,087
Debts after one year
-€139,092
Current portion of long-term debt
-€1,995
Cash 2025
€90,173
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €794,034 | €678,492 | -€115,542 | -14.6% |
| Fixed assets | 21/28 | €538,152 | €399,832 | -€138,320 | -25.7% |
| Intangible fixed assets | 21 | €2,792 | €1,392 | -€1,400 | -50.1% |
| Tangible fixed assets | 22/27 | €535,360 | €398,440 | -€136,920 | -25.6% |
| Land and buildings | 22 | €515,287 | €387,976 | -€127,312 | -24.7% |
| Plant, machinery and equipment | 23 | €10,758 | €7,039 | -€3,719 | -34.6% |
| Furniture and vehicles | 24 | €9,314 | €3,425 | -€5,889 | -63.2% |
| Current assets | 29/58 | €255,882 | €278,660 | +€22,778 | +8.9% |
| Amounts receivable after more than one year | 29 | €31,620 | €30,513 | -€1,107 | -3.5% |
| Other amounts receivable | 291 | €31,620 | €30,513 | -€1,107 | -3.5% |
| Stocks and contracts in progress | 3 | €185,125 | €154,368 | -€30,757 | -16.6% |
| Stocks | 30/36 | €185,125 | €154,368 | -€30,757 | -16.6% |
| Amounts receivable within one year | 40/41 | €29,249 | €3,606 | -€25,643 | -87.7% |
| Trade receivables | 40 | €27,067 | €1,449 | -€25,618 | -94.6% |
| Other amounts receivable | 41 | €2,182 | €2,157 | -€25 | -1.2% |
| Cash at bank and in hand | 54/58 | €9,888 | €90,173 | +€80,285 | +812% |
| Total equity and liabilities | 10/49 | €794,034 | €678,492 | -€115,542 | -14.6% |
| Equity | 10/15 | €74,275 | €104,217 | +€29,942 | +40.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €55,675 | €85,617 | +€29,942 | +53.8% |
| Distributable reserves | 133 | €55,675 | €85,617 | +€29,942 | +53.8% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €719,759 | €574,275 | -€145,484 | -20.2% |
| Amounts payable after more than one year | 17 | €672,638 | €533,546 | -€139,092 | -20.7% |
| Financial debts | 170/4 | €354,208 | €319,203 | -€35,005 | -9.9% |
| Other amounts payable | 178/9 | €318,430 | €214,343 | -€104,088 | -32.7% |
| Amounts payable within one year | 42/48 | €47,121 | €40,729 | -€6,392 | -13.6% |
| Current portion of amounts payable after more than one year | 42 | €36,999 | €35,005 | -€1,995 | -5.4% |
| Trade debts | 44 | €236 | €499 | +€263 | +111% |
| Suppliers | 440/4 | €236 | €499 | +€263 | +111% |
| Taxes, remuneration and social security | 45 | €9,886 | €5,225 | -€4,660 | -47.1% |
| Taxes | 450/3 | €9,886 | €5,225 | -€4,660 | -47.1% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,097 | €38,620 | -€10,477 | -21.3% |
| Other operating charges | 640/8 | €4,831 | €4,526 | -€304 | -6.3% |
| Non-recurring operating charges | 66A | €194 | €13,974 | +€13,780 | +7,086% |
| Gross operating margin | 9900 | €18,438 | €96,249 | +€77,811 | +422% |
| Operating profit (loss) | 9901 | -€35,684 | €39,128 | +€74,812 | |
| Financial income | 75/76B | €967 | €881 | -€86 | -8.9% |
| Recurring financial income | 75 | €967 | €881 | -€86 | -8.9% |
| Financial charges | 65/66B | €11,065 | €10,049 | -€1,016 | -9.2% |
| Recurring financial charges | 65 | €11,065 | €10,049 | -€1,016 | -9.2% |
| Profit (loss) for the period before taxes | 9903 | -€45,783 | €29,959 | +€75,742 | |
| Income taxes | 67/77 | €140 | €17 | -€123 | -88.1% |
| Profit (loss) for the period | 9904 | -€45,922 | €29,942 | +€75,864 | |
| Profit (loss) for the period to be appropriated | 9905 | -€45,922 | €29,942 | +€75,864 |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.