SECURITY 3: 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.
SECURITY 3
Largest movements
- Cash +€390,300
up €390,300 (+4.3%), from €9.2m to €9.6m
mainly Receivables after one year (+€271,158) and Net result for the year (+€100,279)
- Receivables after one year -€271,158
down €271,158 (-4.6%), from €5.9m to €5.7m
No liability line moved by more than 1% of the balance sheet total.
- Financial income -€131,930
down €131,930 (-42.3%), from €311,935 to €180,005
- Taxes -€36,298
down €36,298 (-37.8%), from €96,148 to €59,850
- Gross operating margin -€17,590
down €17,590 (-881.3%), from -€1,996 to -€19,586
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 | €15,239,592 | €15,336,180 | +€96,588 | +0.6% |
| Current assets | 29/58 | €15,239,592 | €15,336,180 | +€96,588 | +0.6% |
| Amounts receivable after more than one year | 29 | €5,941,845 | €5,670,687 | -€271,158 | -4.6% |
| Other amounts receivable | 291 | €5,941,845 | €5,670,687 | -€271,158 | -4.6% |
| Amounts receivable within one year | 40/41 | €127,876 | €105,322 | -€22,553 | -17.6% |
| Other amounts receivable | 41 | €127,876 | €105,322 | -€22,553 | -17.6% |
| Cash at bank and in hand | 54/58 | €9,169,871 | €9,560,171 | +€390,300 | +4.3% |
| Total equity and liabilities | 10/49 | €15,239,592 | €15,336,180 | +€96,588 | +0.6% |
| Equity | 10/15 | €15,216,992 | €15,317,271 | +€100,279 | +0.7% |
| 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 | €207,159 | €307,159 | +€100,000 | +48.3% |
| Non-distributable reserves | 130/1 | €7,159 | €7,159 | = | 0.0% |
| Legal reserve | 130 | €7,159 | €7,159 | = | 0.0% |
| Distributable reserves | 133 | €200,000 | €300,000 | +€100,000 | +50.0% |
| Profit (loss) carried forward | 14 | €14,948,333 | €14,948,612 | +€279 | 0.0% |
| Amounts payable | 17/49 | €22,600 | €18,909 | -€3,691 | -16.3% |
| Amounts payable within one year | 42/48 | €22,600 | €18,909 | -€3,691 | -16.3% |
| Trade debts | 44 | €2,600 | €5,045 | +€2,445 | +94.0% |
| Suppliers | 440/4 | €2,600 | €5,045 | +€2,445 | +94.0% |
| Taxes, remuneration and social security | 45 | €20,000 | €13,864 | -€6,136 | -30.7% |
| Taxes | 450/3 | €20,000 | €13,864 | -€6,136 | -30.7% |
| Other operating charges | 640/8 | €25 | - | -€25 | |
| Gross operating margin | 9900 | -€1,996 | -€19,586 | -€17,590 | -881.3% |
| Operating profit (loss) | 9901 | -€2,021 | -€19,586 | -€17,565 | -869.1% |
| Financial income | 75/76B | €311,935 | €180,005 | -€131,930 | -42.3% |
| Recurring financial income | 75 | €311,935 | €180,005 | -€131,930 | -42.3% |
| Financial charges | 65/66B | €154 | €289 | +€136 | +88.5% |
| Recurring financial charges | 65 | €154 | €289 | +€136 | +88.5% |
| Profit (loss) for the period before taxes | 9903 | €309,760 | €160,129 | -€149,631 | -48.3% |
| Income taxes | 67/77 | €96,148 | €59,850 | -€36,298 | -37.8% |
| Profit (loss) for the period | 9904 | €213,612 | €100,279 | -€113,333 | -53.1% |
| Profit (loss) for the period to be appropriated | 9905 | €213,612 | €100,279 | -€113,333 | -53.1% |
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.