M 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.
M PROTECT
Largest movements
- Receivables within one year +€442,742
up €442,742 (+39.5%), from €1.1m to €1.6m
of which Other amounts receivable: +€488,596
- Cash -€132,810
down €132,810 (-24.7%), from €537,787 to €404,977
mainly Receivables within one year (-€442,742) and Current investments (-€49,261)
- Tangible fixed assets -€65,511
down €65,511 (-10.7%), from €609,770 to €544,259
of which Furniture and vehicles: -€43,630
- Current investments +€49,261
new in 2025: €49,261
- Deferred charges and accrued income -€33,943
no longer reported in 2025 (was €33,943)
- Reserves +€278,823
up €278,823 (+14.9%), from €1.9m to €2.1m
of which Distributable reserves: +€278,823
- Debts after one year -€39,747
down €39,747 (-15.3%), from €259,752 to €220,005
- Financial income +€7,835
up €7,835 (+15.2%), from €51,420 to €59,255
- Gross operating margin +€7,285
up €7,285 (+1.7%), from €418,955 to €426,241
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 | €2,306,501 | €2,565,599 | +€259,098 | +11.2% |
| Fixed assets | 21/28 | €609,770 | €544,259 | -€65,511 | -10.7% |
| Tangible fixed assets | 22/27 | €609,770 | €544,259 | -€65,511 | -10.7% |
| Land and buildings | 22 | €453,161 | €432,146 | -€21,014 | -4.6% |
| Plant, machinery and equipment | 23 | €11,927 | €11,060 | -€867 | -7.3% |
| Furniture and vehicles | 24 | €144,682 | €101,052 | -€43,630 | -30.2% |
| Current assets | 29/58 | €1,696,731 | €2,021,340 | +€324,609 | +19.1% |
| Stocks and contracts in progress | 3 | €3,137 | €2,497 | -€640 | -20.4% |
| Stocks | 30/36 | €3,137 | €2,497 | -€640 | -20.4% |
| Amounts receivable within one year | 40/41 | €1,121,864 | €1,564,606 | +€442,742 | +39.5% |
| Trade receivables | 40 | €66,864 | €21,009 | -€45,854 | -68.6% |
| Other amounts receivable | 41 | €1,055,000 | €1,543,596 | +€488,596 | +46.3% |
| Current investments | 50/53 | - | €49,261 | +€49,261 | |
| Cash at bank and in hand | 54/58 | €537,787 | €404,977 | -€132,810 | -24.7% |
| Deferred charges and accrued income | 490/1 | €33,943 | - | -€33,943 | |
| Total equity and liabilities | 10/49 | €2,306,501 | €2,565,599 | +€259,098 | +11.2% |
| Equity | 10/15 | €1,873,165 | €2,151,988 | +€278,823 | +14.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Capital | 10 | €6,200 | €6,200 | = | 0.0% |
| Issued capital | 100 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,866,965 | €2,145,788 | +€278,823 | +14.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,865,105 | €2,143,928 | +€278,823 | +14.9% |
| Amounts payable | 17/49 | €433,336 | €413,611 | -€19,725 | -4.6% |
| Amounts payable after more than one year | 17 | €259,752 | €220,005 | -€39,747 | -15.3% |
| Financial debts | 170/4 | €259,752 | €220,005 | -€39,747 | -15.3% |
| Amounts payable within one year | 42/48 | €173,584 | €193,606 | +€20,022 | +11.5% |
| Current portion of amounts payable after more than one year | 42 | €39,480 | €39,747 | +€267 | +0.7% |
| Trade debts | 44 | €83,486 | €93,886 | +€10,400 | +12.5% |
| Suppliers | 440/4 | €83,486 | €93,886 | +€10,400 | +12.5% |
| Taxes, remuneration and social security | 45 | €43,159 | €47,579 | +€4,420 | +10.2% |
| Taxes | 450/3 | €40,157 | €47,579 | +€7,423 | +18.5% |
| Remuneration and social security | 454/9 | €3,002 | - | -€3,002 | |
| Other amounts payable | 47/48 | €7,459 | €12,394 | +€4,935 | +66.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,555 | €69,184 | +€1,629 | +2.4% |
| Other operating charges | 640/8 | €4,375 | €7,612 | +€3,237 | +74.0% |
| Gross operating margin | 9900 | €418,955 | €426,241 | +€7,285 | +1.7% |
| Operating profit (loss) | 9901 | €347,026 | €349,445 | +€2,420 | +0.7% |
| Financial income | 75/76B | €51,420 | €59,255 | +€7,835 | +15.2% |
| Recurring financial income | 75 | €51,420 | €59,255 | +€7,835 | +15.2% |
| Financial charges | 65/66B | €3,046 | €2,872 | -€174 | -5.7% |
| Recurring financial charges | 65 | €3,046 | €2,872 | -€174 | -5.7% |
| Profit (loss) for the period before taxes | 9903 | €395,399 | €405,828 | +€10,429 | +2.6% |
| Income taxes | 67/77 | €121,571 | €124,006 | +€2,435 | +2.0% |
| Profit (loss) for the period | 9904 | €273,828 | €281,823 | +€7,994 | +2.9% |
| Profit (loss) for the period to be appropriated | 9905 | €273,828 | €281,823 | +€7,994 | +2.9% |
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 15 October 2026 via checked.be.