SECURITY CURTAINS: 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.
SECURITY CURTAINS
Largest movements
- Cash -€21,851
down €21,851 (-20.8%), from €105,174 to €83,322
mainly Net result for the year (-€21,569) and Trade debts (-€6,655)
- Receivables within one year -€5,669
down €5,669 (-31.9%), from €17,778 to €12,109
of which Trade receivables: -€5,069
- Profit (loss) carried forward -€21,569
down €21,569 (-21.9%), from €98,531 to €76,962
- Trade debts -€6,655
down €6,655 (-98.4%), from €6,760 to €105
- Gross operating margin -€62,905
down €62,905, from €43,887 to -€19,018
- Taxes -€10,968
down €10,968, from €10,667 to -€300
- Depreciation -€754
down €754 (-62.8%), from €1,201 to €447
- Other operating charges +€599
up €599 (+61.9%), from €967 to €1,566
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.
Derived cash bridge
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 | €128,360 | €100,393 | -€27,968 | -21.8% |
| Fixed assets | 21/28 | €5,408 | €4,961 | -€447 | -8.3% |
| Tangible fixed assets | 22/27 | €5,408 | €4,961 | -€447 | -8.3% |
| Plant, machinery and equipment | 23 | €5,408 | €4,961 | -€447 | -8.3% |
| Current assets | 29/58 | €122,952 | €95,432 | -€27,520 | -22.4% |
| Amounts receivable within one year | 40/41 | €17,778 | €12,109 | -€5,669 | -31.9% |
| Trade receivables | 40 | €16,467 | €11,398 | -€5,069 | -30.8% |
| Other amounts receivable | 41 | €1,311 | €711 | -€600 | -45.8% |
| Cash at bank and in hand | 54/58 | €105,174 | €83,322 | -€21,851 | -20.8% |
| Total equity and liabilities | 10/49 | €128,360 | €100,393 | -€27,968 | -21.8% |
| Equity | 10/15 | €120,476 | €98,907 | -€21,569 | -17.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €3,345 | €3,345 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,345 | €3,345 | = | 0.0% |
| Other | 1319 | €3,345 | €3,345 | = | 0.0% |
| Profit (loss) carried forward | 14 | €98,531 | €76,962 | -€21,569 | -21.9% |
| Amounts payable | 17/49 | €7,884 | €1,486 | -€6,399 | -81.2% |
| Amounts payable within one year | 42/48 | €6,760 | €371 | -€6,390 | -94.5% |
| Trade debts | 44 | €6,760 | €105 | -€6,655 | -98.4% |
| Suppliers | 440/4 | €6,760 | €105 | -€6,655 | -98.4% |
| Other amounts payable | 47/48 | - | €265 | +€265 | |
| Accrued charges and deferred income | 492/3 | €1,124 | €1,115 | -€9 | -0.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,201 | €447 | -€754 | -62.8% |
| Other operating charges | 640/8 | €967 | €1,566 | +€599 | +61.9% |
| Non-recurring operating charges | 66A | €598 | €694 | +€95 | +15.9% |
| Gross operating margin | 9900 | €43,887 | -€19,018 | -€62,905 | |
| Operating profit (loss) | 9901 | €41,120 | -€21,725 | -€62,845 | |
| Financial charges | 65/66B | €143 | €144 | +€2 | +1.1% |
| Recurring financial charges | 65 | €143 | €144 | +€2 | +1.1% |
| Profit (loss) for the period before taxes | 9903 | €40,978 | -€21,869 | -€62,847 | |
| Income taxes | 67/77 | €10,667 | -€300 | -€10,968 | |
| Profit (loss) for the period | 9904 | €30,310 | -€21,569 | -€51,879 | |
| Profit (loss) for the period to be appropriated | 9905 | €30,310 | -€21,569 | -€51,879 |
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 24 October 2026 via checked.be.