SECURES: 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.
SECURES
Largest movements
- Current investments +€600,000
new in 2025: €600,000
- Cash -€410,858
down €410,858 (-54.2%), from €757,909 to €347,050
mainly Current investments (-€600,000) and Investment in fixed assets (net) (-€350,930)
- Tangible fixed assets +€244,286
up €244,286 (+65.1%), from €375,040 to €619,326
- Receivables within one year +€30,674
up €30,674 (+16.0%), from €191,860 to €222,534
of which Trade receivables: +€19,590
- Debts after one year +€267,574
up €267,574 (+191.5%), from €139,695 to €407,269
- Short-term financial debts +€105,510
new in 2025: €105,510
- Trade debts +€64,555
up €64,555 (+135.8%), from €47,520 to €112,075
- Reserves +€62,039
up €62,039 (+7.2%), from €860,490 to €922,529
of which Distributable reserves: +€104,953
- Tax, wage and social debts -€49,790
down €49,790 (-26.2%), from €190,243 to €140,453
of which Taxes: -€51,040
- Gross operating margin -€73,897
down €73,897 (-22.6%), from €327,136 to €253,239
- Depreciation +€22,491
up €22,491 (+26.7%), from €84,154 to €106,644
- Taxes -€13,763
down €13,763 (-17.5%), from €78,678 to €64,915
- Financial charges +€11,070
up €11,070 (+119.7%), from €9,246 to €20,317
- Financial income -€6,067
down €6,067 (-26.8%), from €22,678 to €16,611
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 | €1,344,933 | €1,813,819 | +€468,887 | +34.9% |
| Fixed assets | 21/28 | €375,175 | €619,461 | +€244,286 | +65.1% |
| Tangible fixed assets | 22/27 | €375,040 | €619,326 | +€244,286 | +65.1% |
| Land and buildings | 22 | €159,722 | €281,493 | +€121,771 | +76.2% |
| Plant, machinery and equipment | 23 | €119,265 | €107,206 | -€12,059 | -10.1% |
| Furniture and vehicles | 24 | €15,697 | €53,581 | +€37,884 | +241.3% |
| Leasing and similar rights | 25 | €1,732 | - | -€1,732 | |
| Other tangible fixed assets | 26 | €78,623 | €77,476 | -€1,147 | -1.5% |
| Assets under construction and advance payments | 27 | - | €99,569 | +€99,569 | |
| Financial fixed assets | 28 | €135 | €135 | = | 0.0% |
| Current assets | 29/58 | €969,758 | €1,194,358 | +€224,601 | +23.2% |
| Stocks and contracts in progress | 3 | €18,425 | €18,425 | = | 0.0% |
| Stocks | 30/36 | €18,425 | €18,425 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €191,860 | €222,534 | +€30,674 | +16.0% |
| Trade receivables | 40 | €43,011 | €62,601 | +€19,590 | +45.5% |
| Other amounts receivable | 41 | €148,849 | €159,933 | +€11,084 | +7.4% |
| Current investments | 50/53 | - | €600,000 | +€600,000 | |
| Cash at bank and in hand | 54/58 | €757,909 | €347,050 | -€410,858 | -54.2% |
| Deferred charges and accrued income | 490/1 | €1,564 | €6,349 | +€4,785 | +306.0% |
| Total equity and liabilities | 10/49 | €1,344,933 | €1,813,819 | +€468,887 | +34.9% |
| Equity | 10/15 | €879,090 | €941,129 | +€62,039 | +7.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €860,490 | €922,529 | +€62,039 | +7.2% |
| Tax-exempt reserves | 132 | €236,247 | €193,333 | -€42,914 | -18.2% |
| Distributable reserves | 133 | €624,243 | €729,196 | +€104,953 | +16.8% |
| Provisions and deferred taxes | 16 | €58,266 | €43,962 | -€14,305 | -24.6% |
| Deferred taxes | 168 | €58,266 | €43,962 | -€14,305 | -24.6% |
| Amounts payable | 17/49 | €407,577 | €828,729 | +€421,152 | +103.3% |
| Amounts payable after more than one year | 17 | €139,695 | €407,269 | +€267,574 | +191.5% |
| Financial debts | 170/4 | €139,695 | €407,269 | +€267,574 | +191.5% |
| Amounts payable within one year | 42/48 | €267,881 | €421,460 | +€153,578 | +57.3% |
| Current portion of amounts payable after more than one year | 42 | €30,119 | €63,422 | +€33,303 | +110.6% |
| Financial debts | 43 | - | €105,510 | +€105,510 | |
| Credit institutions | 430/8 | - | €105,510 | +€105,510 | |
| Trade debts | 44 | €47,520 | €112,075 | +€64,555 | +135.8% |
| Suppliers | 440/4 | €47,520 | €112,075 | +€64,555 | +135.8% |
| Taxes, remuneration and social security | 45 | €190,243 | €140,453 | -€49,790 | -26.2% |
| Taxes | 450/3 | €190,243 | €139,203 | -€51,040 | -26.8% |
| Remuneration and social security | 454/9 | - | €1,250 | +€1,250 | |
| Non-recurring operating income | 76A | €28,598 | - | -€28,598 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €84,154 | €106,644 | +€22,491 | +26.7% |
| Other operating charges | 640/8 | €2,092 | €6,442 | +€4,351 | +208.0% |
| Non-recurring operating charges | 66A | €1,784 | - | -€1,784 | |
| Gross operating margin | 9900 | €327,136 | €253,239 | -€73,897 | -22.6% |
| Operating profit (loss) | 9901 | €239,107 | €140,153 | -€98,954 | -41.4% |
| Financial income | 75/76B | €22,678 | €16,611 | -€6,067 | -26.8% |
| Recurring financial income | 75 | €22,678 | €16,611 | -€6,067 | -26.8% |
| Financial charges | 65/66B | €9,246 | €20,317 | +€11,070 | +119.7% |
| Recurring financial charges | 65 | €9,246 | €20,317 | +€11,070 | +119.7% |
| Profit (loss) for the period before taxes | 9903 | €252,538 | €136,447 | -€116,091 | -46.0% |
| Transfer from deferred taxes | 780 | €9,437 | €14,305 | +€4,867 | +51.6% |
| Income taxes | 67/77 | €78,678 | €64,915 | -€13,763 | -17.5% |
| Profit (loss) for the period | 9904 | €183,298 | €85,837 | -€97,461 | -53.2% |
| Transfer from tax-exempt reserves | 789 | €28,312 | €42,914 | +€14,602 | +51.6% |
| Profit (loss) for the period to be appropriated | 9905 | €211,610 | €128,751 | -€82,859 | -39.2% |
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 7 October 2026 via checked.be.