GROUP PROTECT: 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.
GROUP PROTECT
Largest movements
- Receivables within one year -€2.2m
down €2.2m (-58.5%), from €3.7m to €1.6m
of which Trade receivables: -€1.4m
- Stocks and contracts -€176,005
down €176,005 (-62.4%), from €282,199 to €106,194
- Trade debts -€867,425
down €867,425 (-49.0%), from €1.8m to €903,214
- Reserves -€527,924
down €527,924 (-49.7%), from €1.1m to €533,605
of which Distributable reserves: -€527,924
- Advances received -€520,515
down €520,515 (-87.3%), from €596,032 to €75,517
- Short-term financial debts -€300,000
down €300,000 (-50.0%), from €600,000 to €300,000
- Tax, wage and social debts -€134,539
down €134,539 (-68.6%), from €196,167 to €61,628
of which Taxes: -€91,888
- Staff costs +€77,004
up €77,004 (+8.1%), from €948,645 to €1.0m
- Financial income -€66,544
down €66,544 (-79.0%), from €84,279 to €17,735
- Taxes -€37,970
down €37,970 (-56.1%), from €67,703 to €29,733
- Gross operating margin -€27,298
down €27,298 (-2.2%), from €1.2m to €1.2m
- Depreciation +€14,871
up €14,871 (+57.6%), from €25,813 to €40,684
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 | €4,599,068 | €2,146,322 | -€2.5m | -53.3% |
| Fixed assets | 21/28 | €181,635 | €151,355 | -€30,281 | -16.7% |
| Intangible fixed assets | 21 | €86,255 | €45,384 | -€40,871 | -47.4% |
| Tangible fixed assets | 22/27 | €64,237 | €82,037 | +€17,800 | +27.7% |
| Plant, machinery and equipment | 23 | €2,045 | €2,705 | +€660 | +32.3% |
| Furniture and vehicles | 24 | €27,864 | €25,006 | -€2,858 | -10.3% |
| Other tangible fixed assets | 26 | €34,328 | €54,326 | +€19,998 | +58.3% |
| Financial fixed assets | 28 | €31,143 | €23,934 | -€7,209 | -23.1% |
| Current assets | 29/58 | €4,417,433 | €1,994,968 | -€2.4m | -54.8% |
| Stocks and contracts in progress | 3 | €282,199 | €106,194 | -€176,005 | -62.4% |
| Stocks | 30/36 | €282,199 | €106,194 | -€176,005 | -62.4% |
| Amounts receivable within one year | 40/41 | €3,743,200 | €1,552,523 | -€2.2m | -58.5% |
| Trade receivables | 40 | €2,472,187 | €1,032,039 | -€1.4m | -58.3% |
| Other amounts receivable | 41 | €1,271,013 | €520,485 | -€750,528 | -59.0% |
| Cash at bank and in hand | 54/58 | €128,417 | €90,671 | -€37,745 | -29.4% |
| Deferred charges and accrued income | 490/1 | €263,618 | €245,579 | -€18,039 | -6.8% |
| Total equity and liabilities | 10/49 | €4,599,068 | €2,146,322 | -€2.5m | -53.3% |
| Equity | 10/15 | €1,073,216 | €545,292 | -€527,924 | -49.2% |
| Contributions | 10/11 | €11,687 | €11,687 | = | 0.0% |
| Reserves | 13 | €1,061,529 | €533,605 | -€527,924 | -49.7% |
| Tax-exempt reserves | 132 | €375,937 | €375,937 | = | 0.0% |
| Distributable reserves | 133 | €685,592 | €157,668 | -€527,924 | -77.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €3,525,852 | €1,601,030 | -€1.9m | -54.6% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €3,522,240 | €1,601,030 | -€1.9m | -54.5% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | €600,000 | €300,000 | -€300,000 | -50.0% |
| Credit institutions | 430/8 | €600,000 | €300,000 | -€300,000 | -50.0% |
| Trade debts | 44 | €1,770,639 | €903,214 | -€867,425 | -49.0% |
| Suppliers | 440/4 | €1,770,639 | €903,214 | -€867,425 | -49.0% |
| Advances received on contracts in progress | 46 | €596,032 | €75,517 | -€520,515 | -87.3% |
| Taxes, remuneration and social security | 45 | €196,167 | €61,628 | -€134,539 | -68.6% |
| Taxes | 450/3 | €91,888 | €0 | -€91,888 | -100.0% |
| Remuneration and social security | 454/9 | €104,279 | €61,628 | -€42,651 | -40.9% |
| Other amounts payable | 47/48 | €359,402 | €260,672 | -€98,731 | -27.5% |
| Accrued charges and deferred income | 492/3 | €3,612 | €0 | -€3,612 | -100.0% |
| Non-recurring operating income | 76A | €28,057 | €2,342 | -€25,715 | -91.7% |
| Remuneration, social security and pensions | 62 | €948,645 | €1,025,648 | +€77,004 | +8.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,813 | €40,684 | +€14,871 | +57.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €41,218 | €32,354 | -€8,865 | -21.5% |
| Non-recurring operating charges | 66A | €21,390 | €20,882 | -€508 | -2.4% |
| Gross operating margin | 9900 | €1,233,576 | €1,206,278 | -€27,298 | -2.2% |
| Operating profit (loss) | 9901 | €196,510 | €86,710 | -€109,800 | -55.9% |
| Financial income | 75/76B | €84,279 | €17,735 | -€66,544 | -79.0% |
| Recurring financial income | 75 | €84,279 | €17,735 | -€66,544 | -79.0% |
| Financial charges | 65/66B | €40,029 | €42,636 | +€2,608 | +6.5% |
| Recurring financial charges | 65 | €40,029 | €42,636 | +€2,608 | +6.5% |
| Profit (loss) for the period before taxes | 9903 | €240,760 | €61,809 | -€178,951 | -74.3% |
| Income taxes | 67/77 | €67,703 | €29,733 | -€37,970 | -56.1% |
| Profit (loss) for the period | 9904 | €173,057 | €32,076 | -€140,982 | -81.5% |
| Profit (loss) for the period to be appropriated | 9905 | €173,057 | €32,076 | -€140,982 | -81.5% |
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 8 October 2026 via checked.be.