SECURITY TWO: 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 TWO
Largest movements
- Current investments -€262,381
down €262,381 (-20.7%), from €1.3m to €1.0m
- Receivables within one year +€76,675
up €76,675 (+45.2%), from €169,475 to €246,150
of which Other amounts receivable: +€67,924
- Receivables after one year -€74,083
down €74,083 (-5.5%), from €1.3m to €1.3m
- Tangible fixed assets -€58,630
down €58,630 (-4.1%), from €1.4m to €1.4m
of which Land and buildings: -€43,203
- Cash +€46,135
up €46,135 (+219.3%), from €21,040 to €67,175
mainly Current investments (+€262,381) and Receivables after one year (+€74,083)
- Profit (loss) carried forward -€283,737
down €283,737 (-8.4%), from €3.4m to €3.1m
- Debts after one year -€50,030
down €50,030 (-14.1%), from €355,984 to €305,954
- Financial income -€55,443
down €55,443 (-68.2%), from €81,277 to €25,834
of which Financial income: -€31,542
- Financial charges -€11,011
down €11,011 (-14.7%), from €74,906 to €63,895
of which Non-recurring financial charges: -€17,044
- Gross operating margin +€2,937
up €2,937 (+45.2%), from -€6,494 to -€3,557
- Write-downs +€1,537
new in 2024: €1,537
- Other operating charges -€1,312
down €1,312 (-15.6%), from €8,412 to €7,099
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,586,427 | €4,289,804 | -€296,623 | -6.5% |
| Fixed assets | 21/28 | €1,788,776 | €1,705,808 | -€82,968 | -4.6% |
| Intangible fixed assets | 21 | €146,031 | €121,693 | -€24,338 | -16.7% |
| Tangible fixed assets | 22/27 | €1,420,955 | €1,362,324 | -€58,630 | -4.1% |
| Land and buildings | 22 | €1,395,399 | €1,352,196 | -€43,203 | -3.1% |
| Plant, machinery and equipment | 23 | €1,118 | €946 | -€172 | -15.4% |
| Furniture and vehicles | 24 | €24,438 | €9,183 | -€15,255 | -62.4% |
| Financial fixed assets | 28 | €221,790 | €221,790 | = | 0.0% |
| Current assets | 29/58 | €2,797,651 | €2,583,996 | -€213,655 | -7.6% |
| Amounts receivable after more than one year | 29 | €1,342,215 | €1,268,132 | -€74,083 | -5.5% |
| Other amounts receivable | 291 | €1,342,215 | €1,268,132 | -€74,083 | -5.5% |
| Amounts receivable within one year | 40/41 | €169,475 | €246,150 | +€76,675 | +45.2% |
| Trade receivables | 40 | €7,500 | €16,250 | +€8,750 | +116.7% |
| Other amounts receivable | 41 | €161,975 | €229,900 | +€67,924 | +41.9% |
| Current investments | 50/53 | €1,264,921 | €1,002,539 | -€262,381 | -20.7% |
| Cash at bank and in hand | 54/58 | €21,040 | €67,175 | +€46,135 | +219.3% |
| Total equity and liabilities | 10/49 | €4,586,427 | €4,289,804 | -€296,623 | -6.5% |
| Equity | 10/15 | €3,520,387 | €3,236,650 | -€283,737 | -8.1% |
| Contributions | 10/11 | €62,500 | €62,500 | = | 0.0% |
| Capital | 10 | €62,500 | €62,500 | = | 0.0% |
| Issued capital | 100 | €62,500 | €62,500 | = | 0.0% |
| Reserves | 13 | €100,000 | €100,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €100,000 | €100,000 | = | 0.0% |
| Legal reserve | 130 | €100,000 | €100,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,357,887 | €3,074,150 | -€283,737 | -8.4% |
| Amounts payable | 17/49 | €1,066,040 | €1,053,154 | -€12,886 | -1.2% |
| Amounts payable after more than one year | 17 | €355,984 | €305,954 | -€50,030 | -14.1% |
| Financial debts | 170/4 | €355,984 | €305,954 | -€50,030 | -14.1% |
| Amounts payable within one year | 42/48 | €710,056 | €747,200 | +€37,144 | +5.2% |
| Current portion of amounts payable after more than one year | 42 | €49,577 | €50,030 | +€453 | +0.9% |
| Financial debts | 43 | €498,663 | €498,663 | = | 0.0% |
| Credit institutions | 430/8 | €498,663 | €498,663 | = | 0.0% |
| Trade debts | 44 | - | €38,507 | +€38,507 | |
| Suppliers | 440/4 | - | €38,507 | +€38,507 | |
| Taxes, remuneration and social security | 45 | €49,816 | €48,000 | -€1,816 | -3.6% |
| Taxes | 450/3 | €49,816 | €48,000 | -€1,816 | -3.6% |
| Other amounts payable | 47/48 | €112,000 | €112,000 | = | 0.0% |
| Non-recurring operating income | 76A | - | €13,410 | +€13,410 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €73,651 | €73,482 | -€169 | -0.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €1,537 | +€1,537 | |
| Other operating charges | 640/8 | €8,412 | €7,099 | -€1,312 | -15.6% |
| Gross operating margin | 9900 | -€6,494 | -€3,557 | +€2,937 | +45.2% |
| Operating profit (loss) | 9901 | -€88,557 | -€85,676 | +€2,881 | +3.3% |
| Financial income | 75/76B | €81,277 | €25,834 | -€55,443 | -68.2% |
| Recurring financial income | 75 | €57,376 | €25,834 | -€31,542 | -55.0% |
| Non-recurring financial income | 76B | €23,901 | - | -€23,901 | |
| Financial charges | 65/66B | €74,906 | €63,895 | -€11,011 | -14.7% |
| Recurring financial charges | 65 | €39,634 | €45,668 | +€6,033 | +15.2% |
| Non-recurring financial charges | 66B | €35,271 | €18,228 | -€17,044 | -48.3% |
| Profit (loss) for the period before taxes | 9903 | -€82,186 | -€123,737 | -€41,552 | -50.6% |
| Income taxes | 67/77 | -€923 | - | +€923 | |
| Profit (loss) for the period | 9904 | -€81,262 | -€123,737 | -€42,475 | -52.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€81,262 | -€123,737 | -€42,475 | -52.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.