Shift Left Security: 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.
Shift Left Security
Largest movements
- Receivables within one year -€73,676
down €73,676 (-26.8%), from €274,674 to €200,998
of which Other amounts receivable: -€62,580
- Cash +€53,592
up €53,592 (+96.8%), from €55,349 to €108,940
mainly Net result for the year (+€162,909) and Trade debts (+€104,333)
- Tangible fixed assets +€13,443
up €13,443 (+40.2%), from €33,480 to €46,923
of which Plant, machinery and equipment: +€16,671
- Other debts -€162,108
down €162,108 (-63.8%), from €253,950 to €91,843
- Trade debts +€104,333
up €104,333 (+561%), from €18,602 to €122,935
- Tax, wage and social debts +€30,965
up €30,965 (+97.4%), from €31,780 to €62,745
of which Taxes: +€30,965
- Short-term financial debts -€25,024
down €25,024 (-44.4%), from €56,357 to €31,333
- Profit (loss) carried forward +€25,000
up €25,000 (+50.0%), from €50,000 to €75,000
- Gross operating margin -€105,405
down €105,405 (-29.2%), from €361,460 to €256,055
- Taxes -€23,832
down €23,832 (-27.6%), from €86,220 to €62,388
- Other operating charges +€20,279
up €20,279 (+1,335%), from €1,519 to €21,798
- Staff costs -€19,523
down €19,523 (-100%), from €19,523 to €0
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 | €507,352 | €500,822 | -€6,530 | -1.3% |
| Fixed assets | 21/28 | €33,552 | €46,923 | +€13,371 | +39.9% |
| Intangible fixed assets | 21 | €72 | €0 | -€72 | -100% |
| Tangible fixed assets | 22/27 | €33,480 | €46,923 | +€13,443 | +40.2% |
| Land and buildings | 22 | €12,207 | €10,770 | -€1,437 | -11.8% |
| Plant, machinery and equipment | 23 | - | €16,671 | +€16,671 | |
| Furniture and vehicles | 24 | €21,273 | €19,482 | -€1,792 | -8.4% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €473,800 | €453,899 | -€19,901 | -4.2% |
| Amounts receivable after more than one year | 29 | €111,393 | €113,043 | +€1,650 | +1.5% |
| Other amounts receivable | 291 | €111,393 | €113,043 | +€1,650 | +1.5% |
| Amounts receivable within one year | 40/41 | €274,674 | €200,998 | -€73,676 | -26.8% |
| Trade receivables | 40 | €70,819 | €59,724 | -€11,096 | -15.7% |
| Other amounts receivable | 41 | €203,855 | €141,275 | -€62,580 | -30.7% |
| Cash at bank and in hand | 54/58 | €55,349 | €108,940 | +€53,592 | +96.8% |
| Deferred charges and accrued income | 490/1 | €32,384 | €30,917 | -€1,467 | -4.5% |
| Total equity and liabilities | 10/49 | €507,352 | €500,822 | -€6,530 | -1.3% |
| Equity | 10/15 | €52,500 | €77,500 | +€25,000 | +47.6% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €0 | - | = | |
| Distributable reserves | 133 | €0 | - | = | |
| Profit (loss) carried forward | 14 | €50,000 | €75,000 | +€25,000 | +50.0% |
| Amounts payable | 17/49 | €454,852 | €423,322 | -€31,530 | -6.9% |
| Amounts payable after more than one year | 17 | €79,046 | €77,386 | -€1,660 | -2.1% |
| Financial debts | 170/4 | €79,046 | €77,386 | -€1,660 | -2.1% |
| Amounts payable within one year | 42/48 | €375,806 | €332,831 | -€42,976 | -11.4% |
| Current portion of amounts payable after more than one year | 42 | €15,117 | €23,865 | +€8,748 | +57.9% |
| Financial debts | 43 | €56,357 | €31,333 | -€25,024 | -44.4% |
| Credit institutions | 430/8 | €56,357 | €31,333 | -€25,024 | -44.4% |
| Trade debts | 44 | €18,602 | €122,935 | +€104,333 | +561% |
| Suppliers | 440/4 | €18,602 | €122,935 | +€104,333 | +561% |
| Advances received on contracts in progress | 46 | - | €110 | +€110 | |
| Taxes, remuneration and social security | 45 | €31,780 | €62,745 | +€30,965 | +97.4% |
| Taxes | 450/3 | €31,780 | €62,745 | +€30,965 | +97.4% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €253,950 | €91,843 | -€162,108 | -63.8% |
| Accrued charges and deferred income | 492/3 | - | €13,106 | +€13,106 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €19,523 | €0 | -€19,523 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,360 | €8,432 | -€1,928 | -18.6% |
| Other operating charges | 640/8 | €1,519 | €21,798 | +€20,279 | +1,335% |
| Gross operating margin | 9900 | €361,460 | €256,055 | -€105,405 | -29.2% |
| Operating profit (loss) | 9901 | €330,057 | €225,825 | -€104,232 | -31.6% |
| Financial income | 75/76B | €13,131 | €11,550 | -€1,581 | -12.0% |
| Recurring financial income | 75 | €13,131 | €11,550 | -€1,581 | -12.0% |
| Financial charges | 65/66B | €12,535 | €12,078 | -€457 | -3.6% |
| Recurring financial charges | 65 | €12,535 | €12,078 | -€457 | -3.6% |
| Profit (loss) for the period before taxes | 9903 | €330,654 | €225,297 | -€105,357 | -31.9% |
| Income taxes | 67/77 | €86,220 | €62,388 | -€23,832 | -27.6% |
| Profit (loss) for the period | 9904 | €244,434 | €162,909 | -€81,525 | -33.4% |
| Profit (loss) for the period to be appropriated | 9905 | €244,434 | €162,909 | -€81,525 | -33.4% |
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 13 October 2026 via checked.be.