Vsec-security: 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.
Vsec-security
Largest movements
- Cash +€137,669
up €137,669 (+95.9%), from €143,553 to €281,222
mainly Net result for the year (+€114,708) and Receivables within one year (+€25,016)
- Receivables within one year -€25,016
down €25,016 (-70.2%), from €35,635 to €10,619
- Tangible fixed assets -€6,189
down €6,189 (-26.7%), from €23,209 to €17,020
- Reserves +€113,875
up €113,875 (+96.9%), from €117,571 to €231,447
- Debts after one year -€7,712
down €7,712 (-53.6%), from €14,400 to €6,688
- Gross operating margin -€6,936
down €6,936 (-4.3%), from €161,522 to €154,585
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 | €202,396 | €308,861 | +€106,464 | +52.6% |
| Fixed assets | 21/28 | €23,209 | €17,020 | -€6,189 | -26.7% |
| Tangible fixed assets | 22/27 | €23,209 | €17,020 | -€6,189 | -26.7% |
| Furniture and vehicles | 24 | €23,209 | €17,020 | -€6,189 | -26.7% |
| Current assets | 29/58 | €179,188 | €291,841 | +€112,653 | +62.9% |
| Amounts receivable within one year | 40/41 | €35,635 | €10,619 | -€25,016 | -70.2% |
| Trade receivables | 40 | €35,635 | €10,619 | -€25,016 | -70.2% |
| Cash at bank and in hand | 54/58 | €143,553 | €281,222 | +€137,669 | +95.9% |
| Total equity and liabilities | 10/49 | €202,396 | €308,861 | +€106,464 | +52.6% |
| Equity | 10/15 | €121,171 | €235,047 | +€113,875 | +94.0% |
| Contributions | 10/11 | €3,600 | €3,600 | = | 0.0% |
| Reserves | 13 | €117,571 | €231,447 | +€113,875 | +96.9% |
| Distributable reserves | 133 | €117,571 | €231,447 | +€113,875 | +96.9% |
| Amounts payable | 17/49 | €81,225 | €73,814 | -€7,411 | -9.1% |
| Amounts payable after more than one year | 17 | €14,400 | €6,688 | -€7,712 | -53.6% |
| Financial debts | 170/4 | €14,400 | €6,688 | -€7,712 | -53.6% |
| Amounts payable within one year | 42/48 | €64,574 | €66,180 | +€1,606 | +2.5% |
| Current portion of amounts payable after more than one year | 42 | €7,383 | €7,712 | +€328 | +4.4% |
| Trade debts | 44 | €784 | €590 | -€195 | -24.8% |
| Suppliers | 440/4 | €784 | €590 | -€195 | -24.8% |
| Taxes, remuneration and social security | 45 | €43,433 | €44,462 | +€1,029 | +2.4% |
| Taxes | 450/3 | €39,233 | €40,698 | +€1,465 | +3.7% |
| Remuneration and social security | 454/9 | €4,200 | €3,764 | -€436 | -10.4% |
| Other amounts payable | 47/48 | €12,974 | €13,416 | +€443 | +3.4% |
| Accrued charges and deferred income | 492/3 | €2,252 | €947 | -€1,305 | -58.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,736 | €6,189 | -€1,547 | -20.0% |
| Other operating charges | 640/8 | €550 | €317 | -€232 | -42.3% |
| Gross operating margin | 9900 | €161,522 | €154,585 | -€6,936 | -4.3% |
| Operating profit (loss) | 9901 | €153,236 | €148,079 | -€5,157 | -3.4% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €1,403 | €944 | -€459 | -32.7% |
| Recurring financial charges | 65 | €1,403 | €944 | -€459 | -32.7% |
| Profit (loss) for the period before taxes | 9903 | €151,833 | €147,135 | -€4,697 | -3.1% |
| Income taxes | 67/77 | €33,428 | €32,427 | -€1,001 | -3.0% |
| Profit (loss) for the period | 9904 | €118,404 | €114,708 | -€3,696 | -3.1% |
| Profit (loss) for the period to be appropriated | 9905 | €118,404 | €114,708 | -€3,696 | -3.1% |
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 6 October 2026 via checked.be.