Securex Corporate: what changed
Two financial 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.
Securex Corporate
Largest movements
- Financial fixed assets +€11.6m
up €11.6m (+29.1%), from €39.7m to €51.2m
- Cash -€8.1m
down €8.1m (-91.9%), from €8.8m to €710,663
mainly Current portion of long-term debt (-€47.9m) and Investment in fixed assets (net) (-€11.6m)
- Current investments -€1.8m
down €1.8m (-8.4%), from €21.2m to €19.5m
- Current portion of long-term debt -€47.9m
no longer reported in 2025 (was €47.9m)
- Debts after one year +€47.1m
new in 2025: €47.1m
- Contributions +€4.0m
up €4.0m (+19.3%), from €20.7m to €24.7m
- Profit (loss) carried forward -€2.1m
down €2.1m, from €1.1m to -€986,641
- Gross operating margin -€951,036
down €951,036 (-320.1%), from -€297,124 to -€1.2m
- Financial charges +€566,371
up €566,371 (+32.8%), from €1.7m to €2.3m
- Financial income +€517,968
up €517,968 (+52.1%), from €994,315 to €1.5m
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 | €70,139,946 | €71,767,591 | +€1.6m | +2.3% |
| Fixed assets | 21/28 | €39,657,581 | €51,209,202 | +€11.6m | +29.1% |
| Financial fixed assets | 28 | €39,657,581 | €51,209,202 | +€11.6m | +29.1% |
| Current assets | 29/58 | €30,482,365 | €20,558,389 | -€9.9m | -32.6% |
| Amounts receivable after more than one year | 29 | €200,000 | €200,000 | = | 0.0% |
| Other amounts receivable | 291 | €200,000 | €200,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €221,375 | €178,843 | -€42,532 | -19.2% |
| Trade receivables | 40 | €6,607 | - | -€6,607 | |
| Other amounts receivable | 41 | €214,768 | €178,843 | -€35,925 | -16.7% |
| Current investments | 50/53 | €21,244,533 | €19,466,236 | -€1.8m | -8.4% |
| Cash at bank and in hand | 54/58 | €8,784,589 | €710,663 | -€8.1m | -91.9% |
| Deferred charges and accrued income | 490/1 | €31,868 | €2,647 | -€29,221 | -91.7% |
| Total equity and liabilities | 10/49 | €70,139,946 | €71,767,591 | +€1.6m | +2.3% |
| Equity | 10/15 | €21,980,351 | €23,922,988 | +€1.9m | +8.8% |
| Contributions | 10/11 | €20,739,629 | €24,739,629 | +€4.0m | +19.3% |
| Capital | 10 | €20,739,629 | €24,739,629 | +€4.0m | +19.3% |
| Issued capital | 100 | €20,739,629 | €24,739,629 | +€4.0m | +19.3% |
| Reserves | 13 | €170,000 | €170,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €170,000 | €170,000 | = | 0.0% |
| Legal reserve | 130 | €170,000 | €170,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,070,722 | -€986,641 | -€2.1m | |
| Amounts payable | 17/49 | €48,159,595 | €47,844,603 | -€314,992 | -0.7% |
| Amounts payable after more than one year | 17 | - | €47,130,325 | +€47.1m | |
| Financial debts | 170/4 | - | €47,130,325 | +€47.1m | |
| Amounts payable within one year | 42/48 | €47,968,194 | €18,333 | -€47.9m | -100.0% |
| Current portion of amounts payable after more than one year | 42 | €47,937,464 | - | -€47.9m | |
| Trade debts | 44 | €25,055 | €18,333 | -€6,722 | -26.8% |
| Suppliers | 440/4 | €25,055 | €18,333 | -€6,722 | -26.8% |
| Other amounts payable | 47/48 | €5,675 | - | -€5,675 | |
| Accrued charges and deferred income | 492/3 | €191,401 | €695,945 | +€504,544 | +263.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €960 | - | -€960 | |
| Other operating charges | 640/8 | - | €7,794 | +€7,794 | |
| Non-recurring operating charges | 66A | €7,503 | - | -€7,503 | |
| Gross operating margin | 9900 | -€297,124 | -€1,248,160 | -€951,036 | -320.1% |
| Operating profit (loss) | 9901 | -€305,587 | -€1,255,954 | -€950,367 | -311.0% |
| Financial income | 75/76B | €994,315 | €1,512,283 | +€517,968 | +52.1% |
| Recurring financial income | 75 | €994,315 | €1,512,283 | +€517,968 | +52.1% |
| Financial charges | 65/66B | €1,726,877 | €2,293,248 | +€566,371 | +32.8% |
| Recurring financial charges | 65 | €1,726,877 | €2,293,248 | +€566,371 | +32.8% |
| Profit (loss) for the period before taxes | 9903 | -€1,038,149 | -€2,036,919 | -€998,770 | -96.2% |
| Income taxes | 67/77 | €13,396 | €20,444 | +€7,048 | +52.6% |
| Profit (loss) for the period | 9904 | -€1,051,545 | -€2,057,363 | -€1.0m | -95.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,051,545 | -€2,057,363 | -€1.0m | -95.7% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.