VAN SAET 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.
What changed
VAN SAET SECURITY
NACE 43.211, General electrical installation work
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€458,592
2024 · €712,596-€254,004
Equity
€1.8m
2024 · €1.4m+€458,592
Cash
€86,556
2024 · €67,453+€19,103
Balance sheet total
€6.0m
2024 · €5.5m+€522,618
Largest movements
Assets
- Receivables within one year +€297,093
up €297,093 (+52.1%), from €570,291 to €867,384
of which Trade receivables: +€308,744
- Stocks and contracts +€248,267
up €248,267 (+19.8%), from €1.3m to €1.5m
of which Contracts in progress: +€188,457
Equity and liabilities
- Profit (loss) carried forward +€458,592
up €458,592 (+34.8%), from €1.3m to €1.8m
- Debts after one year -€320,608
down €320,608 (-20.6%), from €1.6m to €1.2m
- Current portion of long-term debt +€196,498
up €196,498 (+23.1%), from €851,154 to €1.0m
- Other debts +€93,701
up €93,701 (+56.9%), from €164,777 to €258,478
- Trade debts +€60,491
up €60,491 (+12.0%), from €502,757 to €563,248
Income statement
- Gross operating margin +€649,615
up €649,615 (+51.8%), from €1.3m to €1.9m
- Staff costs +€462,651
up €462,651 (+44.5%), from €1.0m to €1.5m
- Financial income -€390,354
down €390,354 (-54.2%), from €720,354 to €330,000
- Taxes +€52,040
up €52,040 (+339.6%), from €15,323 to €67,363
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.
Result 2024
€712,596
Gross operating margin
+€649,615
Staff costs
-€462,651
Depreciation
-€4,899
Other operating charges
-€3,890
Financial income
-€390,354
Financial charges
+€10,215
Taxes
-€52,040
Result 2025
€458,592
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.
From operations
+€189,103
Investment
-€40,889
Financing
-€129,111
Cash 2024
€67,453
From operations (derived)
+€189,103
Net result for the year
+€458,592
Depreciation
+€75,822
Stocks and contracts
-€248,267
Receivables within one year
-€297,093
Deferred charges and accrued income
+€6,912
Trade debts
+€60,491
Tax, wage and social debts
+€3,967
Advances received
+€43,977
Other debts
+€93,701
Accrued charges and deferred income
-€9,000
Investment (derived)
-€40,889
Investment in fixed assets (net)
-€40,889
Financing
-€129,111
Debts after one year
-€320,608
Current portion of long-term debt
+€196,498
Short-term financial debts
-€5,000
Cash 2025
€86,556
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,515,625 | €6,038,242 | +€522,618 | +9.5% |
| Fixed assets | 21/28 | €3,602,701 | €3,567,768 | -€34,933 | -1.0% |
| Tangible fixed assets | 22/27 | €567,971 | €533,038 | -€34,933 | -6.2% |
| Land and buildings | 22 | €414,188 | €387,813 | -€26,375 | -6.4% |
| Plant, machinery and equipment | 23 | €87,502 | €97,929 | +€10,427 | +11.9% |
| Furniture and vehicles | 24 | €55,447 | €42,236 | -€13,212 | -23.8% |
| Other tangible fixed assets | 26 | €10,833 | €5,060 | -€5,773 | -53.3% |
| Financial fixed assets | 28 | €3,034,730 | €3,034,730 | = | 0.0% |
| Current assets | 29/58 | €1,912,924 | €2,470,474 | +€557,550 | +29.1% |
| Stocks and contracts in progress | 3 | €1,254,736 | €1,503,002 | +€248,267 | +19.8% |
| Stocks | 30/36 | €90,282 | €150,092 | +€59,810 | +66.2% |
| Contracts in progress | 37 | €1,164,454 | €1,352,911 | +€188,457 | +16.2% |
| Amounts receivable within one year | 40/41 | €570,291 | €867,384 | +€297,093 | +52.1% |
| Trade receivables | 40 | €372,201 | €680,945 | +€308,744 | +83.0% |
| Other amounts receivable | 41 | €198,090 | €186,439 | -€11,651 | -5.9% |
| Cash at bank and in hand | 54/58 | €67,453 | €86,556 | +€19,103 | +28.3% |
| Deferred charges and accrued income | 490/1 | €20,444 | €13,531 | -€6,912 | -33.8% |
| Total equity and liabilities | 10/49 | €5,515,625 | €6,038,242 | +€522,618 | +9.5% |
| Equity | 10/15 | €1,386,615 | €1,845,207 | +€458,592 | +33.1% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €38,382 | €38,382 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,000 | €3,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,000 | €3,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €35,382 | €35,382 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,318,232 | €1,776,825 | +€458,592 | +34.8% |
| Amounts payable | 17/49 | €4,129,010 | €4,193,035 | +€64,025 | +1.6% |
| Amounts payable after more than one year | 17 | €1,558,149 | €1,237,541 | -€320,608 | -20.6% |
| Financial debts | 170/4 | €1,558,149 | €1,237,541 | -€320,608 | -20.6% |
| Amounts payable within one year | 42/48 | €2,525,861 | €2,919,495 | +€393,634 | +15.6% |
| Current portion of amounts payable after more than one year | 42 | €851,154 | €1,047,651 | +€196,498 | +23.1% |
| Financial debts | 43 | €5,000 | - | -€5,000 | |
| Credit institutions | 430/8 | €5,000 | - | -€5,000 | |
| Trade debts | 44 | €502,757 | €563,248 | +€60,491 | +12.0% |
| Suppliers | 440/4 | €502,757 | €563,248 | +€60,491 | +12.0% |
| Advances received on contracts in progress | 46 | €851,040 | €895,017 | +€43,977 | +5.2% |
| Taxes, remuneration and social security | 45 | €151,133 | €155,101 | +€3,967 | +2.6% |
| Taxes | 450/3 | €74,904 | €1,302 | -€73,602 | -98.3% |
| Remuneration and social security | 454/9 | €76,230 | €153,799 | +€77,569 | +101.8% |
| Other amounts payable | 47/48 | €164,777 | €258,478 | +€93,701 | +56.9% |
| Accrued charges and deferred income | 492/3 | €45,000 | €36,000 | -€9,000 | -20.0% |
| Remuneration, social security and pensions | 62 | €1,039,942 | €1,502,593 | +€462,651 | +44.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €70,923 | €75,822 | +€4,899 | +6.9% |
| Other operating charges | 640/8 | €12,112 | €16,002 | +€3,890 | +32.1% |
| Gross operating margin | 9900 | €1,253,765 | €1,903,379 | +€649,615 | +51.8% |
| Operating profit (loss) | 9901 | €130,788 | €308,963 | +€178,175 | +136.2% |
| Financial income | 75/76B | €720,354 | €330,000 | -€390,354 | -54.2% |
| Recurring financial income | 75 | €720,354 | €330,000 | -€390,354 | -54.2% |
| Financial charges | 65/66B | €123,223 | €113,008 | -€10,215 | -8.3% |
| Recurring financial charges | 65 | €123,223 | €113,008 | -€10,215 | -8.3% |
| Profit (loss) for the period before taxes | 9903 | €727,919 | €525,955 | -€201,964 | -27.7% |
| Income taxes | 67/77 | €15,323 | €67,363 | +€52,040 | +339.6% |
| Profit (loss) for the period | 9904 | €712,596 | €458,592 | -€254,004 | -35.6% |
| Profit (loss) for the period to be appropriated | 9905 | €712,596 | €458,592 | -€254,004 | -35.6% |
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 12 October 2026 via checked.be.