SECURAM: 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.
SECURAM
Largest movements
- Receivables within one year +€81,020
up €81,020 (+162.6%), from €49,830 to €130,850
of which Trade receivables: +€70,951
- Tangible fixed assets +€28,563
up €28,563 (+30.4%), from €94,059 to €122,622
of which Furniture and vehicles: +€14,668
- Cash +€23,966
up €23,966 (+49.4%), from €48,516 to €72,482
mainly Net result for the year (+€93,393) and Trade debts (+€72,738)
- Deferred charges and accrued income -€5,445
no longer reported in 2025 (was €5,445)
- Profit (loss) carried forward +€93,393
up €93,393 (+132.2%), from €70,643 to €164,036
- Tax, wage and social debts -€72,986
down €72,986 (-83.4%), from €87,487 to €14,501
of which Taxes: -€65,486
- Trade debts +€72,738
up €72,738 (+353.5%), from €20,575 to €93,313
- Debts after one year +€17,768
new in 2025: €17,768
- Current portion of long-term debt +€17,232
new in 2025: €17,232
- Taxes -€58,458
down €58,458, from €30,000 to -€28,458
- Gross operating margin +€32,680
up €32,680 (+37.7%), from €86,748 to €119,428
- Other operating charges +€11,667
up €11,667 (+125.9%), from €9,267 to €20,934
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 | €197,849 | €325,953 | +€128,104 | +64.7% |
| Fixed assets | 21/28 | €94,059 | €122,622 | +€28,563 | +30.4% |
| Tangible fixed assets | 22/27 | €94,059 | €122,622 | +€28,563 | +30.4% |
| Land and buildings | 22 | €1,257 | €15,587 | +€14,330 | +1140.2% |
| Furniture and vehicles | 24 | €91,932 | €106,600 | +€14,668 | +16.0% |
| Other tangible fixed assets | 26 | €870 | €435 | -€435 | -50.0% |
| Current assets | 29/58 | €103,791 | €203,332 | +€99,541 | +95.9% |
| Amounts receivable within one year | 40/41 | €49,830 | €130,850 | +€81,020 | +162.6% |
| Trade receivables | 40 | €31,171 | €102,121 | +€70,951 | +227.6% |
| Other amounts receivable | 41 | €18,659 | €28,728 | +€10,069 | +54.0% |
| Cash at bank and in hand | 54/58 | €48,516 | €72,482 | +€23,966 | +49.4% |
| Deferred charges and accrued income | 490/1 | €5,445 | - | -€5,445 | |
| Total equity and liabilities | 10/49 | €197,849 | €325,953 | +€128,104 | +64.7% |
| Equity | 10/15 | €89,747 | €183,139 | +€93,393 | +104.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €503 | €503 | = | 0.0% |
| Non-distributable reserves | 130/1 | €468 | €468 | = | 0.0% |
| Reserves not available under the articles | 1311 | €468 | €468 | = | 0.0% |
| Tax-exempt reserves | 132 | €35 | €35 | = | 0.0% |
| Profit (loss) carried forward | 14 | €70,643 | €164,036 | +€93,393 | +132.2% |
| Amounts payable | 17/49 | €108,103 | €142,814 | +€34,711 | +32.1% |
| Amounts payable after more than one year | 17 | - | €17,768 | +€17,768 | |
| Financial debts | 170/4 | - | €17,768 | +€17,768 | |
| Amounts payable within one year | 42/48 | €108,103 | €125,046 | +€16,944 | +15.7% |
| Current portion of amounts payable after more than one year | 42 | - | €17,232 | +€17,232 | |
| Trade debts | 44 | €20,575 | €93,313 | +€72,738 | +353.5% |
| Suppliers | 440/4 | €20,575 | €93,313 | +€72,738 | +353.5% |
| Taxes, remuneration and social security | 45 | €87,487 | €14,501 | -€72,986 | -83.4% |
| Taxes | 450/3 | €79,987 | €14,501 | -€65,486 | -81.9% |
| Remuneration and social security | 454/9 | €7,500 | - | -€7,500 | |
| Other amounts payable | 47/48 | €41 | - | -€41 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,186 | €33,321 | +€1,135 | +3.5% |
| Other operating charges | 640/8 | €9,267 | €20,934 | +€11,667 | +125.9% |
| Gross operating margin | 9900 | €86,748 | €119,428 | +€32,680 | +37.7% |
| Operating profit (loss) | 9901 | €45,296 | €65,173 | +€19,877 | +43.9% |
| Financial income | 75/76B | - | €3 | +€3 | |
| Recurring financial income | 75 | - | €3 | +€3 | |
| Financial charges | 65/66B | €175 | €241 | +€66 | +37.7% |
| Recurring financial charges | 65 | €175 | €241 | +€66 | +37.7% |
| Profit (loss) for the period before taxes | 9903 | €45,120 | €64,935 | +€19,814 | +43.9% |
| Income taxes | 67/77 | €30,000 | -€28,458 | -€58,458 | |
| Profit (loss) for the period | 9904 | €15,120 | €93,393 | +€78,272 | +517.7% |
| Profit (loss) for the period to be appropriated | 9905 | €15,120 | €93,393 | +€78,272 | +517.7% |
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 2 October 2026 via checked.be.