Mathieu Protin: 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.
Mathieu Protin
Largest movements
- Current investments +€36,358
up €36,358 (+44.1%), from €82,396 to €118,754
- Tangible fixed assets -€10,154
down €10,154 (-23.0%), from €44,062 to €33,908
of which Furniture and vehicles: -€9,280
- Receivables within one year +€5,738
up €5,738 (+50.3%), from €11,408 to €17,146
of which Other amounts receivable: +€3,994
- Cash -€2,304
down €2,304 (-5.1%), from €45,552 to €43,248
mainly Current investments (-€36,358) and Tax, wage and social debts (-€12,999)
- Reserves +€50,236
up €50,236 (+45.8%), from €109,797 to €160,033
- Tax, wage and social debts -€12,999
down €12,999 (-62.3%), from €20,849 to €7,850
- Profit (loss) carried forward -€7,884
down €7,884 (-15.7%), from €50,235 to €42,351
- Depreciation +€6,679
up €6,679 (+192.3%), from €3,474 to €10,153
- Gross operating margin -€5,144
down €5,144 (-7.3%), from €70,622 to €65,478
- Turnover -€3,770
down €3,770 (-2.4%), from €159,532 to €155,762
- Taxes -€2,742
down €2,742 (-18.0%), from €15,202 to €12,460
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 | €184,631 | €214,346 | +€29,715 | +16.1% |
| Fixed assets | 21/28 | €44,062 | €33,908 | -€10,154 | -23.0% |
| Tangible fixed assets | 22/27 | €44,062 | €33,908 | -€10,154 | -23.0% |
| Land and buildings | 22 | €5,251 | €4,377 | -€874 | -16.6% |
| Furniture and vehicles | 24 | €38,811 | €29,531 | -€9,280 | -23.9% |
| Current assets | 29/58 | €140,569 | €180,438 | +€39,869 | +28.4% |
| Amounts receivable within one year | 40/41 | €11,408 | €17,146 | +€5,738 | +50.3% |
| Trade receivables | 40 | €11,324 | €13,068 | +€1,744 | +15.4% |
| Other amounts receivable | 41 | €84 | €4,078 | +€3,994 | +4754.8% |
| Current investments | 50/53 | €82,396 | €118,754 | +€36,358 | +44.1% |
| Cash at bank and in hand | 54/58 | €45,552 | €43,248 | -€2,304 | -5.1% |
| Deferred charges and accrued income | 490/1 | €1,213 | €1,290 | +€77 | +6.3% |
| Total equity and liabilities | 10/49 | €184,631 | €214,346 | +€29,715 | +16.1% |
| Equity | 10/15 | €163,032 | €205,384 | +€42,352 | +26.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €109,797 | €160,033 | +€50,236 | +45.8% |
| Distributable reserves | 133 | €109,797 | €160,033 | +€50,236 | +45.8% |
| Profit (loss) carried forward | 14 | €50,235 | €42,351 | -€7,884 | -15.7% |
| Amounts payable | 17/49 | €21,599 | €8,962 | -€12,637 | -58.5% |
| Amounts payable within one year | 42/48 | €21,599 | €8,962 | -€12,637 | -58.5% |
| Trade debts | 44 | €612 | €1,112 | +€500 | +81.7% |
| Suppliers | 440/4 | €612 | €1,112 | +€500 | +81.7% |
| Taxes, remuneration and social security | 45 | €20,849 | €7,850 | -€12,999 | -62.3% |
| Taxes | 450/3 | €20,849 | €7,850 | -€12,999 | -62.3% |
| Other amounts payable | 47/48 | €138 | - | -€138 | |
| Turnover | 70 | €159,532 | €155,762 | -€3,770 | -2.4% |
| Goods, raw materials, services and sundry goods | 60/61 | €88,910 | €90,284 | +€1,374 | +1.5% |
| Remuneration, social security and pensions | 62 | €614 | €633 | +€19 | +3.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,474 | €10,153 | +€6,679 | +192.3% |
| Other operating charges | 640/8 | €1,327 | €180 | -€1,147 | -86.4% |
| Gross operating margin | 9900 | €70,622 | €65,478 | -€5,144 | -7.3% |
| Operating profit (loss) | 9901 | €65,207 | €54,512 | -€10,695 | -16.4% |
| Financial income | 75/76B | €288 | €434 | +€146 | +50.7% |
| Recurring financial income | 75 | €288 | €434 | +€146 | +50.7% |
| Financial charges | 65/66B | €58 | €135 | +€77 | +132.8% |
| Recurring financial charges | 65 | €58 | €135 | +€77 | +132.8% |
| Profit (loss) for the period before taxes | 9903 | €65,437 | €54,811 | -€10,626 | -16.2% |
| Income taxes | 67/77 | €15,202 | €12,460 | -€2,742 | -18.0% |
| Profit (loss) for the period | 9904 | €50,235 | €42,351 | -€7,884 | -15.7% |
| Profit (loss) for the period to be appropriated | 9905 | €50,235 | €42,351 | -€7,884 | -15.7% |
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.