SECURITY MASTERS: 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.
What changed
SECURITY MASTERS
NACE 80.010, Investigation and private security services
fiscal year 31-12-2024 against 31-12-2025filed annual accounts (NBB)
Net result for the year
€344,157
31-12-2024 · €198,789+€145,368
Equity
€606,292
31-12-2024 · €606,292
Cash
€393,949
31-12-2024 · €553,708-€159,759
Balance sheet total
€2.4m
31-12-2024 · €2.5m-€105,319
Largest movements
Assets
- Receivables within one year +€174,963
up €174,963 (+10.8%), from €1.6m to €1.8m
of which Trade receivables: +€475,864
- Cash -€159,759
down €159,759 (-28.9%), from €553,708 to €393,949
mainly Short-term financial debts (-€419,304) and Contributions, distributions and other (-€344,157)
- Tangible fixed assets -€109,897
down €109,897 (-37.6%), from €292,218 to €182,321
of which Leasing and similar rights: -€110,525
Equity and liabilities
- Short-term financial debts -€419,304
down €419,304 (-100.0%), from €419,304 to €0
of which Credit institutions: -€419,304
- Other debts +€144,074
up €144,074 (+63.2%), from €227,915 to €371,989
- Trade debts +€140,192
up €140,192 (+66.7%), from €210,296 to €350,488
- Tax, wage and social debts +€128,552
up €128,552 (+17.0%), from €757,016 to €885,568
of which Remuneration and social security: +€112,339
- Current portion of long-term debt -€41,232
down €41,232 (-61.9%), from €66,557 to €25,325
Income statement
- Turnover +€311,400
up €311,400 (+4.0%), from €7.8m to €8.1m
- Services and other goods +€179,360
up €179,360 (+15.3%), from €1.2m to €1.4m
- Other operating income -€141,869
down €141,869 (-17.9%), from €794,665 to €652,796
- Staff costs -€85,300
down €85,300 (-1.2%), from €7.0m to €6.9m
From the 31-12-2024 result to the 31-12-2025 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.
Result 31-12-2024
€198,789
Turnover
+€311,400
Other operating income
-€141,869
Goods and materials
+€6,672
Services and other goods
-€179,360
Staff costs
+€85,300
Depreciation
+€12,073
Provisions
+€3,250
Other operating charges
+€12,193
Financial income
-€2,281
Financial charges
+€37,960
Taxes
+€30
Result 31-12-2025
€344,157
Cash bridge derived
Derived from the 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€686,899
Investment
-€15,958
Financing
-€830,700
Cash 31-12-2024
€553,708
From operations (derived)
+€686,899
Net result for the year
+€344,157
Depreciation
+€125,855
Receivables within one year
-€174,963
Deferred charges and accrued income
+€10,627
Provisions
-€30,000
Trade debts
+€140,192
Tax, wage and social debts
+€128,552
Other debts
+€144,074
Accrued charges and deferred income
-€1,596
Investment (derived)
-€15,958
Investment in fixed assets (net)
-€15,958
Financing
-€830,700
Debts after one year
-€26,007
Current portion of long-term debt
-€41,232
Short-term financial debts
-€419,304
Contributions, distributions and other
-€344,157
Cash 31-12-2025
€393,949
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,488,615 | €2,383,296 | -€105,319 | -4.2% |
| Fixed assets | 21/28 | €292,298 | €182,401 | -€109,897 | -37.6% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €292,218 | €182,321 | -€109,897 | -37.6% |
| Land and buildings | 22 | €114,117 | €98,878 | -€15,238 | -13.4% |
| Plant, machinery and equipment | 23 | €3,601 | €5,361 | +€1,760 | +48.9% |
| Furniture and vehicles | 24 | €40,423 | €54,529 | +€14,107 | +34.9% |
| Leasing and similar rights | 25 | €134,077 | €23,552 | -€110,525 | -82.4% |
| Financial fixed assets | 28 | €80 | €80 | = | 0.0% |
| Other financial fixed assets | 284/8 | €80 | €80 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €80 | €80 | = | 0.0% |
| Current assets | 29/58 | €2,196,317 | €2,200,895 | +€4,578 | +0.2% |
| Amounts receivable within one year | 40/41 | €1,625,025 | €1,799,989 | +€174,963 | +10.8% |
| Trade receivables | 40 | €1,252,681 | €1,728,545 | +€475,864 | +38.0% |
| Other amounts receivable | 41 | €372,344 | €71,444 | -€300,900 | -80.8% |
| Cash at bank and in hand | 54/58 | €553,708 | €393,949 | -€159,759 | -28.9% |
| Deferred charges and accrued income | 490/1 | €17,584 | €6,957 | -€10,627 | -60.4% |
| Total equity and liabilities | 10/49 | €2,488,615 | €2,383,296 | -€105,319 | -4.2% |
| Equity | 10/15 | €606,292 | €606,292 | = | 0.0% |
| Contributions | 10/11 | €3,218,600 | €3,218,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,614,168 | -€2,614,168 | = | 0.0% |
| Provisions and deferred taxes | 16 | €47,250 | €17,250 | -€30,000 | -63.5% |
| Provisions for liabilities and charges | 160/5 | €47,250 | €17,250 | -€30,000 | -63.5% |
| Environmental obligations | 163 | - | €0 | = | |
| Other liabilities and charges | 164/5 | €47,250 | €17,250 | -€30,000 | -63.5% |
| Amounts payable | 17/49 | €1,835,072 | €1,759,753 | -€75,319 | -4.1% |
| Amounts payable after more than one year | 17 | €146,730 | €120,724 | -€26,007 | -17.7% |
| Financial debts | 170/4 | €146,730 | €120,724 | -€26,007 | -17.7% |
| Leasing and similar obligations | 172 | €7,855 | €0 | -€7,855 | -100.0% |
| Credit institutions | 173 | €138,876 | €120,724 | -€18,152 | -13.1% |
| Amounts payable within one year | 42/48 | €1,681,087 | €1,633,371 | -€47,717 | -2.8% |
| Current portion of amounts payable after more than one year | 42 | €66,557 | €25,325 | -€41,232 | -61.9% |
| Financial debts | 43 | €419,304 | €0 | -€419,304 | -100.0% |
| Credit institutions | 430/8 | €419,304 | - | -€419,304 | |
| Other loans | 439 | - | €0 | = | |
| Trade debts | 44 | €210,296 | €350,488 | +€140,192 | +66.7% |
| Suppliers | 440/4 | €210,296 | €350,488 | +€140,192 | +66.7% |
| Taxes, remuneration and social security | 45 | €757,016 | €885,568 | +€128,552 | +17.0% |
| Taxes | 450/3 | €124,211 | €140,424 | +€16,213 | +13.1% |
| Remuneration and social security | 454/9 | €632,805 | €745,144 | +€112,339 | +17.8% |
| Other amounts payable | 47/48 | €227,915 | €371,989 | +€144,074 | +63.2% |
| Accrued charges and deferred income | 492/3 | €7,255 | €5,659 | -€1,596 | -22.0% |
| Operating income | 70/76A | €8,553,140 | €8,722,672 | +€169,532 | +2.0% |
| Turnover | 70 | €7,758,475 | €8,069,876 | +€311,400 | +4.0% |
| Other operating income | 74 | €794,665 | €652,796 | -€141,869 | -17.9% |
| Operating charges | 60/66A | €8,302,102 | €8,361,975 | +€59,873 | +0.7% |
| Goods for resale, raw materials and consumables | 60 | €14,909 | €8,237 | -€6,672 | -44.7% |
| Purchases | 600/8 | €14,909 | €8,237 | -€6,672 | -44.7% |
| Services and other goods | 61 | €1,171,783 | €1,351,144 | +€179,360 | +15.3% |
| Remuneration, social security and pensions | 62 | €6,962,149 | €6,876,848 | -€85,300 | -1.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €137,928 | €125,855 | -€12,073 | -8.8% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€26,750 | -€30,000 | -€3,250 | -12.1% |
| Other operating charges | 640/8 | €42,083 | €29,891 | -€12,193 | -29.0% |
| Operating profit (loss) | 9901 | €251,038 | €360,697 | +€109,659 | +43.7% |
| Financial income | 75/76B | €2,377 | €96 | -€2,281 | -96.0% |
| Recurring financial income | 75 | €2,377 | €96 | -€2,281 | -96.0% |
| Income from current assets | 751 | €2,188 | - | -€2,188 | |
| Other financial income | 752/9 | €189 | €96 | -€93 | -49.2% |
| Financial charges | 65/66B | €53,096 | €15,136 | -€37,960 | -71.5% |
| Recurring financial charges | 65 | €53,096 | €15,136 | -€37,960 | -71.5% |
| Debt charges | 650 | €46,894 | €13,023 | -€33,871 | -72.2% |
| Other financial charges | 652/9 | €6,201 | €2,113 | -€4,089 | -65.9% |
| Profit (loss) for the period before taxes | 9903 | €200,319 | €345,657 | +€145,338 | +72.6% |
| Income taxes | 67/77 | €1,530 | €1,500 | -€30 | -2.0% |
| Taxes | 670/3 | €3,119 | €1,500 | -€1,619 | -51.9% |
| Tax adjustments and reversals of tax provisions | 77 | €1,589 | - | -€1,589 | |
| Profit (loss) for the period | 9904 | €198,789 | €344,157 | +€145,368 | +73.1% |
| Profit (loss) for the period to be appropriated | 9905 | €198,789 | €344,157 | +€145,368 | +73.1% |
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 4 October 2026 via checked.be.