All-Protections: 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.
All-Protections
Largest movements
- Receivables within one year +€62,880
up €62,880 (+168%), from €37,379 to €100,260
of which Trade receivables: +€68,337
- Stocks and contracts -€21,414
down €21,414 (-49.4%), from €43,357 to €21,943
- Cash -€7,676
no longer reported in 2025 (was €7,676)
mainly Receivables within one year (-€62,880) and Deferred charges and accrued income (-€5,857)
- Deferred charges and accrued income +€5,857
up €5,857 (+51.4%), from €11,396 to €17,253
- Tangible fixed assets -€2,723
down €2,723 (-35.7%), from €7,624 to €4,902
of which Furniture and vehicles: -€1,927
- Trade debts +€12,616
up €12,616 (+28.2%), from €44,740 to €57,356
- Short-term financial debts +€10,362
new in 2025: €10,362
- Other debts +€6,305
new in 2025: €6,305
- Tax, wage and social debts +€5,444
up €5,444 (+52.1%), from €10,459 to €15,902
- Profit (loss) carried forward +€2,712
up €2,712 (+7.1%), from €38,124 to €40,837
- Staff costs +€36,000
up €36,000 (+31.8%), from €113,148 to €149,148
- Gross operating margin +€14,322
up €14,322 (+9.6%), from €149,671 to €163,993
- Taxes -€6,184
down €6,184 (-76.5%), from €8,088 to €1,904
- Other operating charges -€4,211
down €4,211 (-64.3%), from €6,547 to €2,335
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 | €107,608 | €145,036 | +€37,428 | +34.8% |
| Fixed assets | 21/28 | €7,799 | €5,580 | -€2,219 | -28.5% |
| Intangible fixed assets | 21 | - | €503 | +€503 | |
| Tangible fixed assets | 22/27 | €7,624 | €4,902 | -€2,723 | -35.7% |
| Land and buildings | 22 | €389 | €194 | -€194 | -50.0% |
| Plant, machinery and equipment | 23 | €2,192 | €1,591 | -€601 | -27.4% |
| Furniture and vehicles | 24 | €5,043 | €3,116 | -€1,927 | -38.2% |
| Financial fixed assets | 28 | €175 | €175 | = | 0.0% |
| Current assets | 29/58 | €99,809 | €139,456 | +€39,647 | +39.7% |
| Stocks and contracts in progress | 3 | €43,357 | €21,943 | -€21,414 | -49.4% |
| Stocks | 30/36 | €43,357 | €21,943 | -€21,414 | -49.4% |
| Amounts receivable within one year | 40/41 | €37,379 | €100,260 | +€62,880 | +168% |
| Trade receivables | 40 | €9,620 | €77,958 | +€68,337 | +710% |
| Other amounts receivable | 41 | €27,759 | €22,302 | -€5,457 | -19.7% |
| Cash at bank and in hand | 54/58 | €7,676 | - | -€7,676 | |
| Deferred charges and accrued income | 490/1 | €11,396 | €17,253 | +€5,857 | +51.4% |
| Total equity and liabilities | 10/49 | €107,608 | €145,036 | +€37,428 | +34.8% |
| Equity | 10/15 | €44,324 | €47,037 | +€2,712 | +6.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €38,124 | €40,837 | +€2,712 | +7.1% |
| Amounts payable | 17/49 | €63,283 | €97,999 | +€34,716 | +54.9% |
| Amounts payable within one year | 42/48 | €63,283 | €97,999 | +€34,716 | +54.9% |
| Current portion of amounts payable after more than one year | 42 | €8,085 | €8,073 | -€11 | -0.1% |
| Financial debts | 43 | - | €10,362 | +€10,362 | |
| Credit institutions | 430/8 | - | €10,362 | +€10,362 | |
| Trade debts | 44 | €44,740 | €57,356 | +€12,616 | +28.2% |
| Suppliers | 440/4 | €44,740 | €57,356 | +€12,616 | +28.2% |
| Taxes, remuneration and social security | 45 | €10,459 | €15,902 | +€5,444 | +52.1% |
| Remuneration and social security | 454/9 | €10,459 | €15,902 | +€5,444 | +52.1% |
| Other amounts payable | 47/48 | - | €6,305 | +€6,305 | |
| Remuneration, social security and pensions | 62 | €113,148 | €149,148 | +€36,000 | +31.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,372 | €3,397 | +€25 | +0.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €90 | €1,140 | +€1,050 | +1,167% |
| Other operating charges | 640/8 | €6,547 | €2,335 | -€4,211 | -64.3% |
| Gross operating margin | 9900 | €149,671 | €163,993 | +€14,322 | +9.6% |
| Operating profit (loss) | 9901 | €26,514 | €7,972 | -€18,542 | -69.9% |
| Financial income | 75/76B | €915 | €367 | -€548 | -59.9% |
| Recurring financial income | 75 | €915 | €367 | -€548 | -59.9% |
| Financial charges | 65/66B | €2,713 | €3,723 | +€1,009 | +37.2% |
| Recurring financial charges | 65 | €2,713 | €3,723 | +€1,009 | +37.2% |
| Profit (loss) for the period before taxes | 9903 | €24,716 | €4,617 | -€20,099 | -81.3% |
| Income taxes | 67/77 | €8,088 | €1,904 | -€6,184 | -76.5% |
| Profit (loss) for the period | 9904 | €16,628 | €2,712 | -€13,915 | -83.7% |
| Profit (loss) for the period to be appropriated | 9905 | €16,628 | €2,712 | -€13,915 | -83.7% |
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 24 October 2026 via checked.be.