SD 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.
SD SECURITY
Largest movements
- Receivables within one year +€370,445
up €370,445 (+73.2%), from €505,808 to €876,253
- Tangible fixed assets -€70,576
down €70,576 (-7.0%), from €1.0m to €936,262
of which Land and buildings: -€49,043
- Cash +€29,839
up €29,839 (+12.9%), from €230,825 to €260,664
mainly Other debts (+€265,262) and Depreciation (+€143,264)
- Other debts +€265,262
up €265,262 (+313.6%), from €84,576 to €349,838
- Profit (loss) carried forward +€76,256
up €76,256 (+19.8%), from €384,176 to €460,431
- Debts after one year -€48,748
down €48,748 (-14.2%), from €343,175 to €294,428
- Tax, wage and social debts +€31,495
up €31,495 (+14.5%), from €217,145 to €248,640
of which Taxes: +€47,893
- Gross operating margin +€821,127
up €821,127 (+74.3%), from €1.1m to €1.9m
- Staff costs +€535,430
up €535,430 (+47.1%), from €1.1m to €1.7m
- Provisions +€125,000
no longer reported in 2025 (was -€125,000)
- Depreciation +€31,453
up €31,453 (+28.1%), from €111,811 to €143,264
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 | €1,751,736 | €2,074,229 | +€322,493 | +18.4% |
| Fixed assets | 21/28 | €1,007,389 | €936,812 | -€70,576 | -7.0% |
| Tangible fixed assets | 22/27 | €1,006,839 | €936,262 | -€70,576 | -7.0% |
| Land and buildings | 22 | €611,360 | €562,317 | -€49,043 | -8.0% |
| Plant, machinery and equipment | 23 | €121,888 | €102,814 | -€19,074 | -15.6% |
| Furniture and vehicles | 24 | €273,591 | €271,132 | -€2,459 | -0.9% |
| Financial fixed assets | 28 | €550 | €550 | = | 0.0% |
| Current assets | 29/58 | €744,347 | €1,137,416 | +€393,069 | +52.8% |
| Amounts receivable within one year | 40/41 | €505,808 | €876,253 | +€370,445 | +73.2% |
| Trade receivables | 40 | €505,808 | €876,253 | +€370,445 | +73.2% |
| Cash at bank and in hand | 54/58 | €230,825 | €260,664 | +€29,839 | +12.9% |
| Deferred charges and accrued income | 490/1 | €7,715 | €500 | -€7,215 | -93.5% |
| Total equity and liabilities | 10/49 | €1,751,736 | €2,074,229 | +€322,493 | +18.4% |
| Equity | 10/15 | €785,948 | €862,203 | +€76,256 | +9.7% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €340,272 | €340,272 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Tax-exempt reserves | 132 | €10,122 | €10,122 | = | 0.0% |
| Distributable reserves | 133 | €324,000 | €324,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €384,176 | €460,431 | +€76,256 | +19.8% |
| Amounts payable | 17/49 | €965,789 | €1,212,026 | +€246,237 | +25.5% |
| Amounts payable after more than one year | 17 | €343,175 | €294,428 | -€48,748 | -14.2% |
| Financial debts | 170/4 | €343,175 | €294,428 | -€48,748 | -14.2% |
| Amounts payable within one year | 42/48 | €622,613 | €917,598 | +€294,985 | +47.4% |
| Current portion of amounts payable after more than one year | 42 | €121,183 | €137,170 | +€15,987 | +13.2% |
| Trade debts | 44 | €199,709 | €181,950 | -€17,759 | -8.9% |
| Suppliers | 440/4 | €199,709 | €181,950 | -€17,759 | -8.9% |
| Taxes, remuneration and social security | 45 | €217,145 | €248,640 | +€31,495 | +14.5% |
| Taxes | 450/3 | €20,364 | €68,257 | +€47,893 | +235.2% |
| Remuneration and social security | 454/9 | €196,781 | €180,383 | -€16,398 | -8.3% |
| Other amounts payable | 47/48 | €84,576 | €349,838 | +€265,262 | +313.6% |
| Remuneration, social security and pensions | 62 | €1,137,535 | €1,672,965 | +€535,430 | +47.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €111,811 | €143,264 | +€31,453 | +28.1% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€125,000 | - | +€125,000 | |
| Other operating charges | 640/8 | €12,275 | €23,534 | +€11,258 | +91.7% |
| Non-recurring operating charges | 66A | €311 | - | -€311 | |
| Gross operating margin | 9900 | €1,105,423 | €1,926,550 | +€821,127 | +74.3% |
| Operating profit (loss) | 9901 | -€31,509 | €86,788 | +€118,297 | |
| Financial income | 75/76B | €13,278 | €6,380 | -€6,898 | -52.0% |
| Recurring financial income | 75 | €13,278 | €6,380 | -€6,898 | -52.0% |
| Financial charges | 65/66B | €6,891 | €16,019 | +€9,127 | +132.4% |
| Recurring financial charges | 65 | €6,891 | €16,019 | +€9,127 | +132.4% |
| Profit (loss) for the period before taxes | 9903 | -€25,122 | €77,149 | +€102,271 | |
| Income taxes | 67/77 | - | €893 | +€893 | |
| Profit (loss) for the period | 9904 | -€25,122 | €76,256 | +€101,378 | |
| Profit (loss) for the period to be appropriated | 9905 | -€25,122 | €76,256 | +€101,378 |
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 1 October 2026 via checked.be.