HIGH PROTECTION SYSTEMS: 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.
What changed
HIGH PROTECTION SYSTEMS
NACE 46.496, Wholesale trade
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€527
2024 · €19,723-€19,197
Equity
€209,885
2024 · €209,359+€527
Cash
€49,200
2024 · €28,450+€20,751
Balance sheet total
€6.0m
2024 · €3.5m+€2.5m
Largest movements
Assets
- Receivables within one year +€1.0m
up €1.0m (+165%), from €633,079 to €1.7m
of which Trade receivables: +€1.1m
- Intangible fixed assets +€819,772
up €819,772 (+37.1%), from €2.2m to €3.0m
- Stocks and contracts +€392,433
up €392,433 (+83.9%), from €467,985 to €860,419
- Deferred charges and accrued income +€221,008
up €221,008 (+656%), from €33,678 to €254,686
Equity and liabilities
- Trade debts +€2.5m
up €2.5m (+174%), from €1.4m to €3.9m
Income statement
- Staff costs +€66,237
up €66,237 (+19.2%), from €344,949 to €411,186
- Gross operating margin +€57,130
up €57,130 (+12.0%), from €474,320 to €531,450
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.
Result 2024
€19,723
Gross operating margin
+€57,130
Staff costs
-€66,237
Depreciation
-€4,610
Other operating charges
+€735
Financial income
+€0
Financial charges
-€1,693
Taxes
-€4,522
Result 2025
€527
raises the resultlowers the result
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.
From operations
+€877,161
Investment
-€852,073
Financing
-€4,338
Cash 2024
€28,450
From operations (derived)
+€877,161
Net result for the year
+€527
Depreciation
+€32,252
Stocks and contracts
-€392,433
Receivables within one year
-€1.0m
Deferred charges and accrued income
-€221,008
Trade debts
+€2.5m
Tax, wage and social debts
+€24,179
Investment (derived)
-€852,073
Investment in fixed assets (net)
-€852,073
Financing
-€4,338
Debts after one year
-€4,338
Cash 2025
€49,200
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,539,999 | €6,035,709 | +€2.5m | +70.5% |
| Fixed assets | 21/28 | €2,376,807 | €3,196,628 | +€819,821 | +34.5% |
| Intangible fixed assets | 21 | €2,209,584 | €3,029,356 | +€819,772 | +37.1% |
| Tangible fixed assets | 22/27 | €123,191 | €120,115 | -€3,076 | -2.5% |
| Plant, machinery and equipment | 23 | €120,780 | €119,260 | -€1,521 | -1.3% |
| Furniture and vehicles | 24 | €2,410 | €855 | -€1,556 | -64.5% |
| Financial fixed assets | 28 | €44,033 | €47,158 | +€3,125 | +7.1% |
| Current assets | 29/58 | €1,163,192 | €2,839,081 | +€1.7m | +144% |
| Stocks and contracts in progress | 3 | €467,985 | €860,419 | +€392,433 | +83.9% |
| Stocks | 30/36 | €467,985 | €860,419 | +€392,433 | +83.9% |
| Amounts receivable within one year | 40/41 | €633,079 | €1,674,775 | +€1.0m | +165% |
| Trade receivables | 40 | €599,462 | €1,655,738 | +€1.1m | +176% |
| Other amounts receivable | 41 | €33,616 | €19,038 | -€14,579 | -43.4% |
| Cash at bank and in hand | 54/58 | €28,450 | €49,200 | +€20,751 | +72.9% |
| Deferred charges and accrued income | 490/1 | €33,678 | €254,686 | +€221,008 | +656% |
| Total equity and liabilities | 10/49 | €3,539,999 | €6,035,709 | +€2.5m | +70.5% |
| Equity | 10/15 | €209,359 | €209,885 | +€527 | +0.3% |
| Contributions | 10/11 | €665,000 | €665,000 | = | 0.0% |
| Capital | 10 | €665,000 | €665,000 | = | 0.0% |
| Issued capital | 100 | €665,000 | €665,000 | = | 0.0% |
| Reserves | 13 | €23,313 | €23,313 | = | 0.0% |
| Non-distributable reserves | 130/1 | €12,041 | €12,041 | = | 0.0% |
| Legal reserve | 130 | €12,041 | €12,041 | = | 0.0% |
| Tax-exempt reserves | 132 | €11,272 | €11,272 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€478,954 | -€478,428 | +€527 | +0.1% |
| Amounts payable | 17/49 | €3,330,640 | €5,825,824 | +€2.5m | +74.9% |
| Amounts payable after more than one year | 17 | €1,866,578 | €1,862,240 | -€4,338 | -0.2% |
| Financial debts | 170/4 | €1,866,578 | €1,862,240 | -€4,338 | -0.2% |
| Amounts payable within one year | 42/48 | €1,464,063 | €3,963,584 | +€2.5m | +171% |
| Trade debts | 44 | €1,426,624 | €3,901,966 | +€2.5m | +174% |
| Suppliers | 440/4 | €1,426,624 | €3,901,966 | +€2.5m | +174% |
| Taxes, remuneration and social security | 45 | €37,439 | €61,618 | +€24,179 | +64.6% |
| Taxes | 450/3 | €15,671 | €21,927 | +€6,257 | +39.9% |
| Remuneration and social security | 454/9 | €21,768 | €39,691 | +€17,923 | +82.3% |
| Remuneration, social security and pensions | 62 | €344,949 | €411,186 | +€66,237 | +19.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,642 | €32,252 | +€4,610 | +16.7% |
| Other operating charges | 640/8 | €8,140 | €7,405 | -€735 | -9.0% |
| Gross operating margin | 9900 | €474,320 | €531,450 | +€57,130 | +12.0% |
| Operating profit (loss) | 9901 | €93,589 | €80,607 | -€12,982 | -13.9% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €73,866 | €75,558 | +€1,693 | +2.3% |
| Recurring financial charges | 65 | €73,866 | €75,558 | +€1,693 | +2.3% |
| Profit (loss) for the period before taxes | 9903 | €19,723 | €5,048 | -€14,675 | -74.4% |
| Income taxes | 67/77 | - | €4,522 | +€4,522 | |
| Profit (loss) for the period | 9904 | €19,723 | €527 | -€19,197 | -97.3% |
| Profit (loss) for the period to be appropriated | 9905 | €19,723 | €527 | -€19,197 | -97.3% |
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 20 October 2026 via checked.be.