Protea Stables: what changed
Protea Stables
Largest movements
- Cash -€6,148
down €6,148 (-99.5%), from €6,176 to €28
mainly Trade debts (-€24,551) and Tax, wage and social debts (-€2,145)
- Receivables within one year -€5,811
down €5,811 (-15.5%), from €37,413 to €31,603
of which Trade receivables: -€8,159
- Tangible fixed assets -€4,125
down €4,125 (-17.6%), from €23,500 to €19,375
- Trade debts -€24,551
down €24,551 (-49.4%), from €49,660 to €25,109
- Reserves +€6,110
up €6,110 (+54.2%), from €11,273 to €17,384
- Other debts +€4,502
up €4,502 (+26.8%), from €16,817 to €21,319
- Tax, wage and social debts -€2,145
down €2,145 (-52.5%), from €4,089 to €1,944
of which Taxes: -€2,145
- Gross operating margin +€6,734
up €6,734 (+95.9%), from €7,021 to €13,755
- Taxes +€1,371
up €1,371 (+239%), from €573 to €1,944
- Staff costs +€549
up €549 (+383%), from €143 to €693
- Other operating charges -€491
down €491 (-57.0%), from €861 to €370
- Financial charges +€387
up €387 (+124%), from €311 to €699
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €91,840 | €75,755 | -€16,084 | -17.5% |
| Fixed assets | 21/28 | €23,500 | €19,375 | -€4,125 | -17.6% |
| Tangible fixed assets | 22/27 | €23,500 | €19,375 | -€4,125 | -17.6% |
| Land and buildings | 22 | €19,625 | €18,644 | -€981 | -5.0% |
| Furniture and vehicles | 24 | €2,542 | €731 | -€1,811 | -71.2% |
| Other tangible fixed assets | 26 | €1,333 | €0 | -€1,333 | -100% |
| Current assets | 29/58 | €68,340 | €56,381 | -€11,959 | -17.5% |
| Stocks and contracts in progress | 3 | €24,750 | €24,750 | = | 0.0% |
| Stocks | 30/36 | €24,750 | €24,750 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €37,413 | €31,603 | -€5,811 | -15.5% |
| Trade receivables | 40 | €37,413 | €29,255 | -€8,159 | -21.8% |
| Other amounts receivable | 41 | - | €2,348 | +€2,348 | |
| Cash at bank and in hand | 54/58 | €6,176 | €28 | -€6,148 | -99.5% |
| Total equity and liabilities | 10/49 | €91,840 | €75,755 | -€16,084 | -17.5% |
| Equity | 10/15 | €21,273 | €27,384 | +€6,110 | +28.7% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €11,273 | €17,384 | +€6,110 | +54.2% |
| Distributable reserves | 133 | €11,273 | €17,384 | +€6,110 | +54.2% |
| Amounts payable | 17/49 | €70,566 | €48,372 | -€22,195 | -31.5% |
| Amounts payable within one year | 42/48 | €70,566 | €48,372 | -€22,195 | -31.5% |
| Trade debts | 44 | €49,660 | €25,109 | -€24,551 | -49.4% |
| Suppliers | 440/4 | €49,660 | €25,109 | -€24,551 | -49.4% |
| Taxes, remuneration and social security | 45 | €4,089 | €1,944 | -€2,145 | -52.5% |
| Taxes | 450/3 | €4,089 | €1,944 | -€2,145 | -52.5% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €16,817 | €21,319 | +€4,502 | +26.8% |
| Remuneration, social security and pensions | 62 | €143 | €693 | +€549 | +383% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,811 | €4,125 | +€315 | +8.3% |
| Other operating charges | 640/8 | €861 | €370 | -€491 | -57.0% |
| Gross operating margin | 9900 | €7,021 | €13,755 | +€6,734 | +95.9% |
| Operating profit (loss) | 9901 | €2,206 | €8,567 | +€6,361 | +288% |
| Financial income | 75/76B | €465 | €186 | -€279 | -60.0% |
| Recurring financial income | 75 | €465 | €186 | -€279 | -60.0% |
| Financial charges | 65/66B | €311 | €699 | +€387 | +124% |
| Recurring financial charges | 65 | €311 | €699 | +€387 | +124% |
| Profit (loss) for the period before taxes | 9903 | €2,360 | €8,054 | +€5,695 | +241% |
| Income taxes | 67/77 | €573 | €1,944 | +€1,371 | +239% |
| Profit (loss) for the period | 9904 | €1,787 | €6,110 | +€4,323 | +242% |
| Profit (loss) for the period to be appropriated | 9905 | €1,787 | €6,110 | +€4,323 | +242% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.