SECURITY 4 ALL: 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 4 ALL
Largest movements
- Cash +€93,204
up €93,204 (+23.8%), from €392,415 to €485,620
mainly Net result for the year (+€175,963) and Other debts (+€39,700)
- Tangible fixed assets -€20,455
down €20,455 (-21.3%), from €95,892 to €75,436
of which Leasing and similar rights: -€23,089
- Deferred charges and accrued income +€11,804
up €11,804 (+110.3%), from €10,703 to €22,507
- Profit (loss) carried forward +€53,130
up €53,130 (+16.6%), from €320,711 to €373,841
- Other debts +€39,700
up €39,700 (+41.4%), from €95,938 to €135,637
- Debts after one year -€21,844
down €21,844 (-44.6%), from €49,003 to €27,159
- Tax, wage and social debts +€16,802
up €16,802 (+22.6%), from €74,353 to €91,155
of which Taxes: +€17,517
- Gross operating margin +€65,077
up €65,077 (+11.6%), from €562,037 to €627,114
- Staff costs +€34,747
up €34,747 (+10.7%), from €324,332 to €359,078
- Taxes +€7,352
up €7,352 (+15.0%), from €49,151 to €56,503
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 | €629,113 | €720,127 | +€91,013 | +14.5% |
| Fixed assets | 21/28 | €98,710 | €80,455 | -€18,254 | -18.5% |
| Intangible fixed assets | 21 | €0 | €2,201 | +€2,201 | |
| Tangible fixed assets | 22/27 | €95,892 | €75,436 | -€20,455 | -21.3% |
| Plant, machinery and equipment | 23 | €4,195 | €7,248 | +€3,053 | +72.8% |
| Furniture and vehicles | 24 | €12,686 | €14,959 | +€2,273 | +17.9% |
| Leasing and similar rights | 25 | €67,415 | €44,326 | -€23,089 | -34.2% |
| Other tangible fixed assets | 26 | €11,595 | €8,904 | -€2,692 | -23.2% |
| Financial fixed assets | 28 | €2,818 | €2,818 | = | 0.0% |
| Current assets | 29/58 | €530,404 | €639,671 | +€109,268 | +20.6% |
| Stocks and contracts in progress | 3 | €28,317 | €32,082 | +€3,765 | +13.3% |
| Stocks | 30/36 | €28,317 | €32,082 | +€3,765 | +13.3% |
| Amounts receivable within one year | 40/41 | €98,968 | €99,463 | +€494 | +0.5% |
| Trade receivables | 40 | €87,572 | €99,463 | +€11,890 | +13.6% |
| Other amounts receivable | 41 | €11,396 | - | -€11,396 | |
| Cash at bank and in hand | 54/58 | €392,415 | €485,620 | +€93,204 | +23.8% |
| Deferred charges and accrued income | 490/1 | €10,703 | €22,507 | +€11,804 | +110.3% |
| Total equity and liabilities | 10/49 | €629,113 | €720,127 | +€91,013 | +14.5% |
| Equity | 10/15 | €375,711 | €428,841 | +€53,130 | +14.1% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €5,000 | €5,000 | = | 0.0% |
| Distributable reserves | 133 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €320,711 | €373,841 | +€53,130 | +16.6% |
| Amounts payable | 17/49 | €253,403 | €291,286 | +€37,883 | +14.9% |
| Amounts payable after more than one year | 17 | €49,003 | €27,159 | -€21,844 | -44.6% |
| Financial debts | 170/4 | €49,003 | €27,159 | -€21,844 | -44.6% |
| Amounts payable within one year | 42/48 | €202,284 | €262,560 | +€60,276 | +29.8% |
| Current portion of amounts payable after more than one year | 42 | €23,848 | €20,564 | -€3,284 | -13.8% |
| Financial debts | 43 | €849 | €1,884 | +€1,035 | +121.9% |
| Other loans | 439 | €849 | €1,884 | +€1,035 | +121.9% |
| Trade debts | 44 | €7,296 | €13,320 | +€6,024 | +82.6% |
| Suppliers | 440/4 | €7,296 | €13,320 | +€6,024 | +82.6% |
| Taxes, remuneration and social security | 45 | €74,353 | €91,155 | +€16,802 | +22.6% |
| Taxes | 450/3 | €23,911 | €41,429 | +€17,517 | +73.3% |
| Remuneration and social security | 454/9 | €50,442 | €49,726 | -€716 | -1.4% |
| Other amounts payable | 47/48 | €95,938 | €135,637 | +€39,700 | +41.4% |
| Accrued charges and deferred income | 492/3 | €2,116 | €1,566 | -€550 | -26.0% |
| Non-recurring operating income | 76A | €6,198 | - | -€6,198 | |
| Remuneration, social security and pensions | 62 | €324,332 | €359,078 | +€34,747 | +10.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,060 | €36,005 | +€1,945 | +5.7% |
| Other operating charges | 640/8 | €4,365 | €3,753 | -€612 | -14.0% |
| Non-recurring operating charges | 66A | €148 | - | -€148 | |
| Gross operating margin | 9900 | €562,037 | €627,114 | +€65,077 | +11.6% |
| Operating profit (loss) | 9901 | €199,132 | €228,278 | +€29,146 | +14.6% |
| Financial income | 75/76B | €9,094 | €9,636 | +€542 | +6.0% |
| Recurring financial income | 75 | €9,094 | €9,636 | +€542 | +6.0% |
| Financial charges | 65/66B | €6,786 | €5,448 | -€1,338 | -19.7% |
| Recurring financial charges | 65 | €6,786 | €5,448 | -€1,338 | -19.7% |
| Profit (loss) for the period before taxes | 9903 | €201,440 | €232,466 | +€31,026 | +15.4% |
| Income taxes | 67/77 | €49,151 | €56,503 | +€7,352 | +15.0% |
| Profit (loss) for the period | 9904 | €152,289 | €175,963 | +€23,674 | +15.5% |
| Profit (loss) for the period to be appropriated | 9905 | €152,289 | €175,963 | +€23,674 | +15.5% |
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 9 October 2026 via checked.be.