CONTROL AND PROTECTION: 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.
CONTROL AND PROTECTION
Largest movements
- Receivables within one year -€332,464
down €332,464 (-8.2%), from €4.1m to €3.7m
of which Other amounts receivable: -€469,810
- Cash -€104,820
down €104,820 (-86.1%), from €121,777 to €16,956
mainly Debts after one year (-€253,110) and Trade debts (-€156,013)
- Receivables after one year +€85,837
up €85,837 (+47.5%), from €180,746 to €266,583
- Short-term financial debts +€259,595
up €259,595 (+2,332%), from €11,133 to €270,728
of which Credit institutions: +€177,475
- Debts after one year -€253,110
down €253,110 (-100%), from €253,110 to €0
- Trade debts -€156,013
down €156,013 (-19.9%), from €785,299 to €629,286
- Profit (loss) carried forward -€144,567
down €144,567 (-15.6%), from €927,251 to €782,684
- Tax, wage and social debts -€70,926
down €70,926 (-27.2%), from €260,742 to €189,816
of which Taxes: -€42,708
- Financial charges +€401,598
up €401,598 (+1,272%), from €31,580 to €433,178
- Gross operating margin -€318,471
down €318,471 (-31.8%), from €1.0m to €682,298
- Taxes -€154,386
down €154,386 (-100%), from €154,386 to €0
- Staff costs -€14,500
down €14,500 (-3.6%), from €406,721 to €392,221
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,521,455 | €4,156,433 | -€365,021 | -8.1% |
| Fixed assets | 21/28 | €15,446 | €12,125 | -€3,322 | -21.5% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €8,446 | €5,125 | -€3,322 | -39.3% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €8,446 | €5,125 | -€3,322 | -39.3% |
| Financial fixed assets | 28 | €7,000 | €7,000 | = | 0.0% |
| Current assets | 29/58 | €4,506,008 | €4,144,309 | -€361,699 | -8.0% |
| Amounts receivable after more than one year | 29 | €180,746 | €266,583 | +€85,837 | +47.5% |
| Other amounts receivable | 291 | €180,746 | €266,583 | +€85,837 | +47.5% |
| Stocks and contracts in progress | 3 | €149,078 | €128,207 | -€20,871 | -14.0% |
| Stocks | 30/36 | €149,078 | €128,207 | -€20,871 | -14.0% |
| Amounts receivable within one year | 40/41 | €4,051,755 | €3,719,291 | -€332,464 | -8.2% |
| Trade receivables | 40 | €589,309 | €726,655 | +€137,346 | +23.3% |
| Other amounts receivable | 41 | €3,462,447 | €2,992,637 | -€469,810 | -13.6% |
| Cash at bank and in hand | 54/58 | €121,777 | €16,956 | -€104,820 | -86.1% |
| Deferred charges and accrued income | 490/1 | €2,652 | €13,271 | +€10,619 | +400% |
| Total equity and liabilities | 10/49 | €4,521,455 | €4,156,433 | -€365,021 | -8.1% |
| Equity | 10/15 | €2,970,367 | €2,825,800 | -€144,567 | -4.9% |
| Contributions | 10/11 | €173,523 | €173,523 | = | 0.0% |
| Capital | 10 | €173,523 | €173,523 | = | 0.0% |
| Issued capital | 100 | €173,523 | €173,523 | = | 0.0% |
| Reserves | 13 | €1,869,593 | €1,869,593 | = | 0.0% |
| Non-distributable reserves | 130/1 | €17,352 | €17,352 | = | 0.0% |
| Legal reserve | 130 | €17,352 | €17,352 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,218,700 | €1,218,700 | = | 0.0% |
| Distributable reserves | 133 | €633,541 | €633,541 | = | 0.0% |
| Profit (loss) carried forward | 14 | €927,251 | €782,684 | -€144,567 | -15.6% |
| Provisions and deferred taxes | 16 | €124,608 | €124,608 | = | 0.0% |
| Deferred taxes | 168 | €124,608 | €124,608 | = | 0.0% |
| Amounts payable | 17/49 | €1,426,480 | €1,206,026 | -€220,454 | -15.5% |
| Amounts payable after more than one year | 17 | €253,110 | €0 | -€253,110 | -100% |
| Financial debts | 170/4 | €253,110 | €0 | -€253,110 | -100% |
| Amounts payable within one year | 42/48 | €1,057,174 | €1,089,829 | +€32,656 | +3.1% |
| Financial debts | 43 | €11,133 | €270,728 | +€259,595 | +2,332% |
| Credit institutions | 430/8 | - | €177,475 | +€177,475 | |
| Other loans | 439 | €11,133 | €93,253 | +€82,120 | +738% |
| Trade debts | 44 | €785,299 | €629,286 | -€156,013 | -19.9% |
| Suppliers | 440/4 | €785,299 | €629,286 | -€156,013 | -19.9% |
| Taxes, remuneration and social security | 45 | €260,742 | €189,816 | -€70,926 | -27.2% |
| Taxes | 450/3 | €205,851 | €163,143 | -€42,708 | -20.7% |
| Remuneration and social security | 454/9 | €54,891 | €26,673 | -€28,218 | -51.4% |
| Accrued charges and deferred income | 492/3 | €116,197 | €116,197 | = | 0.0% |
| Non-recurring operating income | 76A | €1,667 | €3,050 | +€1,383 | +82.9% |
| Remuneration, social security and pensions | 62 | €406,721 | €392,221 | -€14,500 | -3.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,103 | €6,372 | -€731 | -10.3% |
| Other operating charges | 640/8 | €18,355 | €9,075 | -€9,280 | -50.6% |
| Gross operating margin | 9900 | €1,000,769 | €682,298 | -€318,471 | -31.8% |
| Operating profit (loss) | 9901 | €568,590 | €274,630 | -€293,960 | -51.7% |
| Financial income | 75/76B | €12,987 | €13,981 | +€994 | +7.7% |
| Recurring financial income | 75 | €12,987 | €13,981 | +€994 | +7.7% |
| Financial charges | 65/66B | €31,580 | €433,178 | +€401,598 | +1,272% |
| Recurring financial charges | 65 | €31,580 | €433,178 | +€401,598 | +1,272% |
| Profit (loss) for the period before taxes | 9903 | €549,997 | -€144,567 | -€694,564 | |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €154,386 | €0 | -€154,386 | -100% |
| Profit (loss) for the period | 9904 | €395,610 | -€144,567 | -€540,178 | |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €395,610 | -€144,567 | -€540,178 |
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 29 October 2026 via checked.be.