Energy Protect: 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.
Energy Protect
Largest movements
- Receivables within one year +€466,506
up €466,506 (+62.5%), from €746,461 to €1.2m
of which Trade receivables: +€767,164
- Stocks and contracts -€231,641
down €231,641 (-14.6%), from €1.6m to €1.4m
of which Stocks: -€267,367
- Cash +€174,055
up €174,055 (+327%), from €53,233 to €227,288
mainly Trade debts (+€945,144) and Stocks and contracts (+€231,641)
- Deferred charges and accrued income +€43,923
up €43,923 (+1,216%), from €3,612 to €47,535
- Trade debts +€945,144
up €945,144 (+2,223%), from €42,515 to €987,659
- Reserves -€558,780
down €558,780 (-27.0%), from €2.1m to €1.5m
of which Distributable reserves: -€558,780
- Current portion of long-term debt -€168,804
down €168,804 (-59.8%), from €282,390 to €113,586
- Short-term financial debts +€150,000
new in 2025: €150,000
- Debts after one year -€113,586
down €113,586 (-58.9%), from €193,004 to €79,418
- Gross operating margin -€341,271
down €341,271 (-31.3%), from €1.1m to €750,435
- Staff costs -€290,971
down €290,971 (-32.5%), from €896,066 to €605,096
- Other operating charges -€31,502
down €31,502 (-77.6%), from €40,592 to €9,090
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 | €2,648,311 | €3,086,396 | +€438,085 | +16.5% |
| Fixed assets | 21/28 | €254,553 | €239,796 | -€14,758 | -5.8% |
| Intangible fixed assets | 21 | €90,826 | €91,482 | +€656 | +0.7% |
| Tangible fixed assets | 22/27 | €141,692 | €126,048 | -€15,644 | -11.0% |
| Plant, machinery and equipment | 23 | €42,083 | €25,690 | -€16,392 | -39.0% |
| Furniture and vehicles | 24 | €22,351 | €13,800 | -€8,551 | -38.3% |
| Leasing and similar rights | 25 | €14,052 | €8,703 | -€5,349 | -38.1% |
| Other tangible fixed assets | 26 | €63,206 | €77,854 | +€14,648 | +23.2% |
| Financial fixed assets | 28 | €22,035 | €22,265 | +€230 | +1.0% |
| Current assets | 29/58 | €2,393,758 | €2,846,601 | +€452,843 | +18.9% |
| Stocks and contracts in progress | 3 | €1,590,452 | €1,358,810 | -€231,641 | -14.6% |
| Stocks | 30/36 | €1,590,452 | €1,323,085 | -€267,367 | -16.8% |
| Contracts in progress | 37 | - | €35,726 | +€35,726 | |
| Amounts receivable within one year | 40/41 | €746,461 | €1,212,967 | +€466,506 | +62.5% |
| Trade receivables | 40 | €359,215 | €1,126,379 | +€767,164 | +214% |
| Other amounts receivable | 41 | €387,246 | €86,588 | -€300,658 | -77.6% |
| Cash at bank and in hand | 54/58 | €53,233 | €227,288 | +€174,055 | +327% |
| Deferred charges and accrued income | 490/1 | €3,612 | €47,535 | +€43,923 | +1,216% |
| Total equity and liabilities | 10/49 | €2,648,311 | €3,086,396 | +€438,085 | +16.5% |
| Equity | 10/15 | €2,103,570 | €1,544,789 | -€558,780 | -26.6% |
| Contributions | 10/11 | €35,814 | €35,814 | = | 0.0% |
| Reserves | 13 | €2,067,756 | €1,508,975 | -€558,780 | -27.0% |
| Tax-exempt reserves | 132 | €1,151,994 | €1,151,994 | = | 0.0% |
| Distributable reserves | 133 | €915,761 | €356,981 | -€558,780 | -61.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €544,741 | €1,541,607 | +€996,866 | +183% |
| Amounts payable after more than one year | 17 | €193,004 | €79,418 | -€113,586 | -58.9% |
| Financial debts | 170/4 | €193,004 | €79,418 | -€113,586 | -58.9% |
| Amounts payable within one year | 42/48 | €351,737 | €1,461,390 | +€1.1m | +315% |
| Current portion of amounts payable after more than one year | 42 | €282,390 | €113,586 | -€168,804 | -59.8% |
| Financial debts | 43 | - | €150,000 | +€150,000 | |
| Credit institutions | 430/8 | - | €150,000 | +€150,000 | |
| Trade debts | 44 | €42,515 | €987,659 | +€945,144 | +2,223% |
| Suppliers | 440/4 | €42,515 | €987,659 | +€945,144 | +2,223% |
| Taxes, remuneration and social security | 45 | €26,832 | €108,082 | +€81,250 | +303% |
| Taxes | 450/3 | €9,710 | €45,211 | +€35,501 | +366% |
| Remuneration and social security | 454/9 | €17,122 | €62,871 | +€45,749 | +267% |
| Other amounts payable | 47/48 | - | €102,063 | +€102,063 | |
| Accrued charges and deferred income | 492/3 | - | €798 | +€798 | |
| Remuneration, social security and pensions | 62 | €896,066 | €605,096 | -€290,971 | -32.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €101,786 | €97,463 | -€4,323 | -4.2% |
| Other operating charges | 640/8 | €40,592 | €9,090 | -€31,502 | -77.6% |
| Non-recurring operating charges | 66A | - | €169 | +€169 | |
| Gross operating margin | 9900 | €1,091,706 | €750,435 | -€341,271 | -31.3% |
| Operating profit (loss) | 9901 | €53,262 | €38,618 | -€14,644 | -27.5% |
| Financial income | 75/76B | €3,612 | €5,186 | +€1,574 | +43.6% |
| Recurring financial income | 75 | €3,612 | €5,186 | +€1,574 | +43.6% |
| Financial charges | 65/66B | €26,255 | €34,995 | +€8,739 | +33.3% |
| Recurring financial charges | 65 | €26,255 | €34,995 | +€8,739 | +33.3% |
| Profit (loss) for the period before taxes | 9903 | €30,618 | €8,809 | -€21,809 | -71.2% |
| Income taxes | 67/77 | €9,710 | €7,589 | -€2,121 | -21.8% |
| Profit (loss) for the period | 9904 | €20,908 | €1,220 | -€19,689 | -94.2% |
| Profit (loss) for the period to be appropriated | 9905 | €20,908 | €1,220 | -€19,689 | -94.2% |
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 31 October 2026 via checked.be.