V 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.
V SECURITY
Largest movements
- Cash -€79,485
down €79,485 (-48.8%), from €162,788 to €83,303
mainly Tax, wage and social debts (-€77,062) and Receivables within one year (-€48,599)
- Receivables within one year +€48,599
up €48,599 (+38.5%), from €126,087 to €174,686
of which Trade receivables: +€47,117
- Tangible fixed assets +€3,469
up €3,469 (+122.1%), from €2,842 to €6,311
- Tax, wage and social debts -€77,062
down €77,062 (-35.6%), from €216,345 to €139,284
of which Remuneration and social security: -€68,008
- Trade debts +€22,778
up €22,778 (+99.9%), from €22,790 to €45,568
- Short-term financial debts +€21,008
new in 2025: €21,008
- Profit (loss) carried forward +€5,656
up €5,656 (+12.8%), from €44,126 to €49,782
- Gross operating margin -€225,963
down €225,963 (-25.4%), from €890,958 to €664,995
- Staff costs -€142,544
down €142,544 (-18.0%), from €793,916 to €651,373
- Taxes -€12,039
down €12,039 (-74.0%), from €16,258 to €4,220
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 | €304,217 | €276,800 | -€27,417 | -9.0% |
| Fixed assets | 21/28 | €15,342 | €18,811 | +€3,469 | +22.6% |
| Tangible fixed assets | 22/27 | €2,842 | €6,311 | +€3,469 | +122.1% |
| Furniture and vehicles | 24 | €2,842 | €6,311 | +€3,469 | +122.1% |
| Financial fixed assets | 28 | €12,500 | €12,500 | = | 0.0% |
| Current assets | 29/58 | €288,875 | €257,990 | -€30,886 | -10.7% |
| Amounts receivable within one year | 40/41 | €126,087 | €174,686 | +€48,599 | +38.5% |
| Trade receivables | 40 | €125,075 | €172,192 | +€47,117 | +37.7% |
| Other amounts receivable | 41 | €1,012 | €2,494 | +€1,482 | +146.5% |
| Cash at bank and in hand | 54/58 | €162,788 | €83,303 | -€79,485 | -48.8% |
| Total equity and liabilities | 10/49 | €304,217 | €276,800 | -€27,417 | -9.0% |
| Equity | 10/15 | €47,626 | €53,282 | +€5,656 | +11.9% |
| Contributions | 10/11 | €3,500 | €3,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €44,126 | €49,782 | +€5,656 | +12.8% |
| Amounts payable | 17/49 | €256,591 | €223,518 | -€33,073 | -12.9% |
| Amounts payable within one year | 42/48 | €256,591 | €223,518 | -€33,073 | -12.9% |
| Financial debts | 43 | - | €21,008 | +€21,008 | |
| Credit institutions | 430/8 | - | €21,008 | +€21,008 | |
| Trade debts | 44 | €22,790 | €45,568 | +€22,778 | +99.9% |
| Suppliers | 440/4 | €22,790 | €45,568 | +€22,778 | +99.9% |
| Taxes, remuneration and social security | 45 | €216,345 | €139,284 | -€77,062 | -35.6% |
| Taxes | 450/3 | €77,823 | €68,770 | -€9,053 | -11.6% |
| Remuneration and social security | 454/9 | €138,522 | €70,514 | -€68,008 | -49.1% |
| Other amounts payable | 47/48 | €17,456 | €17,659 | +€203 | +1.2% |
| Remuneration, social security and pensions | 62 | €793,916 | €651,373 | -€142,544 | -18.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,758 | €222 | -€1,536 | -87.4% |
| Other operating charges | 640/8 | €7,337 | €2,230 | -€5,107 | -69.6% |
| Gross operating margin | 9900 | €890,958 | €664,995 | -€225,963 | -25.4% |
| Operating profit (loss) | 9901 | €87,946 | €11,170 | -€76,777 | -87.3% |
| Financial income | 75/76B | €10 | €456 | +€447 | +4648.9% |
| Recurring financial income | 75 | €10 | €456 | +€447 | +4648.9% |
| Financial charges | 65/66B | €2,156 | €1,750 | -€406 | -18.8% |
| Recurring financial charges | 65 | €2,156 | €1,750 | -€406 | -18.8% |
| Profit (loss) for the period before taxes | 9903 | €85,800 | €9,876 | -€75,924 | -88.5% |
| Income taxes | 67/77 | €16,258 | €4,220 | -€12,039 | -74.0% |
| Profit (loss) for the period | 9904 | €69,542 | €5,656 | -€63,885 | -91.9% |
| Profit (loss) for the period to be appropriated | 9905 | €69,542 | €5,656 | -€63,885 | -91.9% |
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 10 October 2026 via checked.be.