M-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.
M-PROTECT
Largest movements
- Cash -€22,284
down €22,284 (-83.0%), from €26,856 to €4,572
mainly Accrued charges and deferred income (-€28,417) and Debts after one year (-€25,000)
- Stocks and contracts +€13,603
up €13,603 (+7.6%), from €179,171 to €192,774
- Intangible fixed assets -€13,571
down €13,571 (-83.3%), from €16,283 to €2,712
- Trade debts +€46,632
up €46,632 (+90.9%), from €51,288 to €97,921
- Accrued charges and deferred income -€28,417
down €28,417 (-100.0%), from €28,417 to €0
- Debts after one year -€25,000
down €25,000 (-11.2%), from €223,203 to €198,203
- Profit (loss) carried forward -€14,534
down €14,534 (-25.8%), from -€56,364 to -€70,897
- Gross operating margin +€36,054
up €36,054, from -€30,758 to €5,296
- Financial charges +€2,358
up €2,358 (+70.9%), from €3,325 to €5,683
- Depreciation -€412
down €412 (-2.9%), from €14,178 to €13,766
- Financial income -€333
down €333 (-29.3%), from €1,135 to €802
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 | €308,690 | €288,141 | -€20,549 | -6.7% |
| Fixed assets | 21/28 | €16,478 | €2,712 | -€13,766 | -83.5% |
| Intangible fixed assets | 21 | €16,283 | €2,712 | -€13,571 | -83.3% |
| Tangible fixed assets | 22/27 | €195 | €0 | -€195 | -100.0% |
| Furniture and vehicles | 24 | €195 | €0 | -€195 | -100.0% |
| Current assets | 29/58 | €292,212 | €285,429 | -€6,783 | -2.3% |
| Stocks and contracts in progress | 3 | €179,171 | €192,774 | +€13,603 | +7.6% |
| Stocks | 30/36 | €179,171 | €192,774 | +€13,603 | +7.6% |
| Amounts receivable within one year | 40/41 | €82,185 | €83,683 | +€1,498 | +1.8% |
| Trade receivables | 40 | €63,462 | €72,040 | +€8,577 | +13.5% |
| Other amounts receivable | 41 | €18,723 | €11,644 | -€7,079 | -37.8% |
| Cash at bank and in hand | 54/58 | €26,856 | €4,572 | -€22,284 | -83.0% |
| Deferred charges and accrued income | 490/1 | €4,000 | €4,400 | +€400 | +10.0% |
| Total equity and liabilities | 10/49 | €308,690 | €288,141 | -€20,549 | -6.7% |
| Equity | 10/15 | €5,636 | -€8,897 | -€14,534 | |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€56,364 | -€70,897 | -€14,534 | -25.8% |
| Amounts payable | 17/49 | €303,053 | €297,038 | -€6,015 | -2.0% |
| Amounts payable after more than one year | 17 | €223,203 | €198,203 | -€25,000 | -11.2% |
| Trade debts | 175 | €223,203 | €198,203 | -€25,000 | -11.2% |
| Amounts payable within one year | 42/48 | €51,433 | €98,836 | +€47,402 | +92.2% |
| Financial debts | 43 | €128 | €915 | +€788 | +617.5% |
| Credit institutions | 430/8 | €128 | €915 | +€788 | +617.5% |
| Trade debts | 44 | €51,288 | €97,921 | +€46,632 | +90.9% |
| Suppliers | 440/4 | €51,288 | €97,921 | +€46,632 | +90.9% |
| Taxes, remuneration and social security | 45 | €17 | €0 | -€17 | -100.0% |
| Taxes | 450/3 | €17 | €0 | -€17 | -100.0% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €28,417 | €0 | -€28,417 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,178 | €13,766 | -€412 | -2.9% |
| Other operating charges | 640/8 | €1,169 | €1,183 | +€14 | +1.2% |
| Gross operating margin | 9900 | -€30,758 | €5,296 | +€36,054 | |
| Operating profit (loss) | 9901 | -€46,104 | -€9,652 | +€36,451 | +79.1% |
| Financial income | 75/76B | €1,135 | €802 | -€333 | -29.3% |
| Recurring financial income | 75 | €1,135 | €802 | -€333 | -29.3% |
| Financial charges | 65/66B | €3,325 | €5,683 | +€2,358 | +70.9% |
| Recurring financial charges | 65 | €3,325 | €5,683 | +€2,358 | +70.9% |
| Profit (loss) for the period before taxes | 9903 | -€48,293 | -€14,534 | +€33,760 | +69.9% |
| Profit (loss) for the period | 9904 | -€48,293 | -€14,534 | +€33,760 | +69.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€48,293 | -€14,534 | +€33,760 | +69.9% |
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 5 October 2026 via checked.be.