HS 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.
HS Protect
Largest movements
- Deferred charges and accrued income -€66,041
down €66,041 (-74.0%), from €89,235 to €23,194
- Receivables within one year +€62,660
up €62,660 (+53.4%), from €117,376 to €180,036
of which Other amounts receivable: +€69,590
- Stocks and contracts -€37,067
down €37,067 (-38.9%), from €95,321 to €58,255
- Cash -€12,217
down €12,217 (-6.4%), from €189,673 to €177,456
mainly Receivables within one year (-€62,660) and Contributions, distributions and other (-€34,000)
- Intangible fixed assets +€5,781
new in 2025: €5,781
- Profit (loss) carried forward +€54,134
up €54,134, from -€54,134 to €0
- Reserves -€27,107
down €27,107 (-5.9%), from €461,943 to €434,836
- Trade debts -€22,861
down €22,861 (-45.7%), from €50,033 to €27,172
- Short-term financial debts -€20,400
down €20,400 (-100.0%), from €20,400 to €0
- Other debts -€15,440
down €15,440 (-31.2%), from €49,486 to €34,046
- Gross operating margin -€68,149
down €68,149 (-39.5%), from €172,686 to €104,538
- Other operating charges -€30,283
down €30,283 (-93.7%), from €32,328 to €2,045
- Write-downs -€9,000
new in 2025: -€9,000
- Taxes +€7,070
up €7,070 (+1566.4%), from €451 to €7,522
- Staff costs -€3,225
down €3,225 (-10.9%), from €29,696 to €26,471
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 | €562,930 | €517,692 | -€45,238 | -8.0% |
| Fixed assets | 21/28 | €71,324 | €78,751 | +€7,427 | +10.4% |
| Intangible fixed assets | 21 | - | €5,781 | +€5,781 | |
| Tangible fixed assets | 22/27 | €66,974 | €68,621 | +€1,646 | +2.5% |
| Plant, machinery and equipment | 23 | €25,548 | €30,255 | +€4,708 | +18.4% |
| Furniture and vehicles | 24 | €20,041 | €18,583 | -€1,458 | -7.3% |
| Other tangible fixed assets | 26 | €21,386 | €19,782 | -€1,604 | -7.5% |
| Financial fixed assets | 28 | €4,350 | €4,350 | = | 0.0% |
| Current assets | 29/58 | €491,606 | €438,940 | -€52,665 | -10.7% |
| Stocks and contracts in progress | 3 | €95,321 | €58,255 | -€37,067 | -38.9% |
| Stocks | 30/36 | €95,321 | €58,255 | -€37,067 | -38.9% |
| Amounts receivable within one year | 40/41 | €117,376 | €180,036 | +€62,660 | +53.4% |
| Trade receivables | 40 | €89,227 | €82,297 | -€6,931 | -7.8% |
| Other amounts receivable | 41 | €28,149 | €97,739 | +€69,590 | +247.2% |
| Cash at bank and in hand | 54/58 | €189,673 | €177,456 | -€12,217 | -6.4% |
| Deferred charges and accrued income | 490/1 | €89,235 | €23,194 | -€66,041 | -74.0% |
| Total equity and liabilities | 10/49 | €562,930 | €517,692 | -€45,238 | -8.0% |
| Equity | 10/15 | €426,409 | €453,436 | +€27,027 | +6.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €461,943 | €434,836 | -€27,107 | -5.9% |
| Distributable reserves | 133 | €461,943 | €434,836 | -€27,107 | -5.9% |
| Profit (loss) carried forward | 14 | -€54,134 | €0 | +€54,134 | |
| Amounts payable | 17/49 | €136,521 | €64,256 | -€72,266 | -52.9% |
| Amounts payable within one year | 42/48 | €135,582 | €64,256 | -€71,327 | -52.6% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | €20,400 | €0 | -€20,400 | -100.0% |
| Credit institutions | 430/8 | €20,400 | €0 | -€20,400 | -100.0% |
| Trade debts | 44 | €50,033 | €27,172 | -€22,861 | -45.7% |
| Suppliers | 440/4 | €50,033 | €27,172 | -€22,861 | -45.7% |
| Advances received on contracts in progress | 46 | €450 | €0 | -€450 | -100.0% |
| Taxes, remuneration and social security | 45 | €15,214 | €3,038 | -€12,176 | -80.0% |
| Taxes | 450/3 | €12,032 | €260 | -€11,772 | -97.8% |
| Remuneration and social security | 454/9 | €3,181 | €2,778 | -€404 | -12.7% |
| Other amounts payable | 47/48 | €49,486 | €34,046 | -€15,440 | -31.2% |
| Accrued charges and deferred income | 492/3 | €939 | €0 | -€939 | -100.0% |
| Remuneration, social security and pensions | 62 | €29,696 | €26,471 | -€3,225 | -10.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,357 | €11,426 | +€3,069 | +36.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€9,000 | -€9,000 | |
| Other operating charges | 640/8 | €32,328 | €2,045 | -€30,283 | -93.7% |
| Non-recurring operating charges | 66A | €152,915 | €0 | -€152,915 | -100.0% |
| Gross operating margin | 9900 | €172,686 | €104,538 | -€68,149 | -39.5% |
| Operating profit (loss) | 9901 | -€50,609 | €73,596 | +€124,205 | |
| Financial income | 75/76B | €2,679 | €437 | -€2,242 | -83.7% |
| Recurring financial income | 75 | €2,679 | €437 | -€2,242 | -83.7% |
| Financial charges | 65/66B | €5,752 | €5,483 | -€269 | -4.7% |
| Recurring financial charges | 65 | €5,752 | €5,483 | -€269 | -4.7% |
| Profit (loss) for the period before taxes | 9903 | -€53,683 | €68,549 | +€122,232 | |
| Income taxes | 67/77 | €451 | €7,522 | +€7,070 | +1566.4% |
| Profit (loss) for the period | 9904 | -€54,134 | €61,027 | +€115,162 | |
| Profit (loss) for the period to be appropriated | 9905 | -€54,134 | €61,027 | +€115,162 |
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 7 October 2026 via checked.be.