The invention relates to a data carrier, in particular a document of value or a security paper, comprising a data carrier substrate having a perforated portion and a front face and a rear face, wherein: the front face of the data carrier substrate is provided with a film security element in the perforated portion; the perforated portion of the data carrier substrate is formed by a plurality of cut-outs extending through the data carrier substrate which together form a perforated portion motif, said perforated portion motif not being visible when the front face of the data carrier is viewed under reflected light and being covered by the film security element, and being visible through the film security element when the front face of the data carrier is viewed under transmitted light; and the film security element shows a first appearance when the front face of the data carrier is viewed under reflected light, and shows a second appearance when the front face of the data carrier is viewed under transmitted light, said second appearance complementing the perforated portion motif of the data carrier substrate.