MB 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.
MB PROTECT
Largest movements
- Receivables within one year +€51,983
up €51,983 (+205%), from €25,378 to €77,361
of which Trade receivables: +€33,812
- Deferred charges and accrued income +€37,850
up €37,850 (+766%), from €4,943 to €42,793
- Stocks and contracts +€32,552
up €32,552 (+96.0%), from €33,914 to €66,467
- Cash +€14,321
up €14,321 (+58.8%), from €24,342 to €38,663
mainly Net result for the year (+€55,303) and Trade debts (+€36,991)
- Intangible fixed assets +€11,825
up €11,825 (+236%), from €5,017 to €16,842
- Profit (loss) carried forward +€55,303
up €55,303 (+129%), from €43,002 to €98,305
- Trade debts +€36,991
up €36,991 (+475%), from €7,792 to €44,783
- Tax, wage and social debts +€25,139
up €25,139 (+78.1%), from €32,190 to €57,330
of which Remuneration and social security: +€29,008
- Debts after one year +€15,284
new in 2025: €15,284
- Short-term financial debts +€15,091
up €15,091 (+304%), from €4,966 to €20,057
- Gross operating margin +€174,521
up €174,521 (+141%), from €123,753 to €298,274
- Staff costs +€149,520
up €149,520 (+254%), from €58,763 to €208,283
- Financial charges +€6,590
up €6,590 (+150%), from €4,387 to €10,977
- Depreciation +€3,569
up €3,569 (+58.3%), from €6,118 to €9,688
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 | €103,943 | €255,953 | +€152,010 | +146% |
| Formation expenses | 20 | €1,660 | €1,245 | -€415 | -25.0% |
| Fixed assets | 21/28 | €13,706 | €29,424 | +€15,718 | +115% |
| Intangible fixed assets | 21 | €5,017 | €16,842 | +€11,825 | +236% |
| Tangible fixed assets | 22/27 | €8,689 | €10,482 | +€1,793 | +20.6% |
| Plant, machinery and equipment | 23 | €195 | €3,301 | +€3,106 | +1,589% |
| Furniture and vehicles | 24 | €8,494 | €7,181 | -€1,313 | -15.5% |
| Financial fixed assets | 28 | - | €2,100 | +€2,100 | |
| Current assets | 29/58 | €88,578 | €225,284 | +€136,706 | +154% |
| Stocks and contracts in progress | 3 | €33,914 | €66,467 | +€32,552 | +96.0% |
| Stocks | 30/36 | €33,914 | €66,467 | +€32,552 | +96.0% |
| Amounts receivable within one year | 40/41 | €25,378 | €77,361 | +€51,983 | +205% |
| Trade receivables | 40 | €25,378 | €59,189 | +€33,812 | +133% |
| Other amounts receivable | 41 | - | €18,172 | +€18,172 | |
| Cash at bank and in hand | 54/58 | €24,342 | €38,663 | +€14,321 | +58.8% |
| Deferred charges and accrued income | 490/1 | €4,943 | €42,793 | +€37,850 | +766% |
| Total equity and liabilities | 10/49 | €103,943 | €255,953 | +€152,010 | +146% |
| Equity | 10/15 | €48,002 | €103,305 | +€55,303 | +115% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €43,002 | €98,305 | +€55,303 | +129% |
| Amounts payable | 17/49 | €55,941 | €152,648 | +€96,707 | +173% |
| Amounts payable after more than one year | 17 | - | €15,284 | +€15,284 | |
| Financial debts | 170/4 | - | €15,284 | +€15,284 | |
| Amounts payable within one year | 42/48 | €55,900 | €136,885 | +€80,985 | +145% |
| Current portion of amounts payable after more than one year | 42 | €8,734 | €14,716 | +€5,983 | +68.5% |
| Financial debts | 43 | €4,966 | €20,057 | +€15,091 | +304% |
| Credit institutions | 430/8 | €4,966 | €20,057 | +€15,091 | +304% |
| Trade debts | 44 | €7,792 | €44,783 | +€36,991 | +475% |
| Suppliers | 440/4 | €7,792 | €44,783 | +€36,991 | +475% |
| Taxes, remuneration and social security | 45 | €32,190 | €57,330 | +€25,139 | +78.1% |
| Taxes | 450/3 | €22,452 | €18,583 | -€3,869 | -17.2% |
| Remuneration and social security | 454/9 | €9,739 | €38,747 | +€29,008 | +298% |
| Other amounts payable | 47/48 | €2,219 | - | -€2,219 | |
| Accrued charges and deferred income | 492/3 | €41 | €479 | +€438 | +1,067% |
| Remuneration, social security and pensions | 62 | €58,763 | €208,283 | +€149,520 | +254% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,118 | €9,688 | +€3,569 | +58.3% |
| Other operating charges | 640/8 | - | €1,432 | +€1,432 | |
| Gross operating margin | 9900 | €123,753 | €298,274 | +€174,521 | +141% |
| Operating profit (loss) | 9901 | €58,872 | €78,871 | +€19,999 | +34.0% |
| Financial income | 75/76B | €65 | €0 | -€65 | -99.7% |
| Recurring financial income | 75 | €65 | €0 | -€65 | -99.7% |
| Financial charges | 65/66B | €4,387 | €10,977 | +€6,590 | +150% |
| Recurring financial charges | 65 | €4,387 | €10,977 | +€6,590 | +150% |
| Profit (loss) for the period before taxes | 9903 | €54,550 | €67,894 | +€13,344 | +24.5% |
| Income taxes | 67/77 | €11,548 | €12,591 | +€1,043 | +9.0% |
| Profit (loss) for the period | 9904 | €43,002 | €55,303 | +€12,301 | +28.6% |
| Profit (loss) for the period to be appropriated | 9905 | €43,002 | €55,303 | +€12,301 | +28.6% |
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 14 October 2026 via checked.be.