Protec Belgium: 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.
Protec Belgium
Largest movements
- Cash +€3.4m
up €3.4m (+473%), from €720,393 to €4.1m
mainly Other debts (+€6.2m) and Net result for the year (+€5.7m)
- Receivables after one year +€1.1m
up €1.1m (+132%), from €792,953 to €1.8m
- Financial fixed assets +€729,828
up €729,828 (+83.8%), from €870,408 to €1.6m
- Receivables within one year +€141,852
up €141,852 (+33.0%), from €430,399 to €572,251
of which Other amounts receivable: +€123,554
- Other debts +€6.2m
up €6.2m (+93,521%), from €6,680 to €6.3m
- Profit (loss) carried forward -€580,863
no longer reported in 2025 (was €580,863)
- Accrued charges and deferred income -€122,997
down €122,997 (-6.7%), from €1.8m to €1.7m
- Debts after one year -€115,535
down €115,535 (-5.2%), from €2.2m to €2.1m
of which Financial debts: -€125,803
- Financial income +€5.9m
up €5.9m (+23,960%), from €24,676 to €5.9m
of which Non-recurring financial income: +€5.9m
- Gross operating margin -€90,512
down €90,512 (-70.1%), from €129,111 to €38,599
- Financial charges +€22,923
up €22,923 (+32.1%), from €71,316 to €94,239
- Depreciation -€6,836
down €6,836 (-3.7%), from €185,420 to €178,583
- Other operating charges -€5,100
down €5,100 (-14.9%), from €34,226 to €29,125
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 | €5,211,261 | €10,630,605 | +€5.4m | +104% |
| Fixed assets | 21/28 | €3,262,539 | €4,082,430 | +€819,891 | +25.1% |
| Tangible fixed assets | 22/27 | €2,392,131 | €2,482,194 | +€90,063 | +3.8% |
| Land and buildings | 22 | €29,730 | €271,495 | +€241,766 | +813% |
| Plant, machinery and equipment | 23 | €4,802 | €3,835 | -€967 | -20.1% |
| Furniture and vehicles | 24 | €10,960 | €20,304 | +€9,344 | +85.3% |
| Leasing and similar rights | 25 | €2,346,640 | €2,186,560 | -€160,080 | -6.8% |
| Financial fixed assets | 28 | €870,408 | €1,600,236 | +€729,828 | +83.8% |
| Current assets | 29/58 | €1,948,722 | €6,548,175 | +€4.6m | +236% |
| Amounts receivable after more than one year | 29 | €792,953 | €1,842,953 | +€1.1m | +132% |
| Other amounts receivable | 291 | €792,953 | €1,842,953 | +€1.1m | +132% |
| Amounts receivable within one year | 40/41 | €430,399 | €572,251 | +€141,852 | +33.0% |
| Trade receivables | 40 | €2,471 | €20,769 | +€18,298 | +740% |
| Other amounts receivable | 41 | €427,927 | €551,482 | +€123,554 | +28.9% |
| Cash at bank and in hand | 54/58 | €720,393 | €4,131,178 | +€3.4m | +473% |
| Deferred charges and accrued income | 490/1 | €4,977 | €1,794 | -€3,183 | -64.0% |
| Total equity and liabilities | 10/49 | €5,211,261 | €10,630,605 | +€5.4m | +104% |
| Equity | 10/15 | €987,256 | €406,393 | -€580,863 | -58.8% |
| Contributions | 10/11 | €198,315 | €198,315 | = | 0.0% |
| Capital | 10 | €198,315 | €198,315 | = | 0.0% |
| Issued capital | 100 | €198,315 | €198,315 | = | 0.0% |
| Reserves | 13 | €208,078 | €208,078 | = | 0.0% |
| Non-distributable reserves | 130/1 | €207,077 | €207,077 | = | 0.0% |
| Legal reserve | 130 | €21,157 | €21,157 | = | 0.0% |
| Reserves not available under the articles | 1311 | €185,920 | €185,920 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,001 | €1,001 | = | 0.0% |
| Profit (loss) carried forward | 14 | €580,863 | - | -€580,863 | |
| Amounts payable | 17/49 | €4,224,005 | €10,224,212 | +€6.0m | +142% |
| Amounts payable after more than one year | 17 | €2,220,682 | €2,105,147 | -€115,535 | -5.2% |
| Financial debts | 170/4 | €2,220,682 | €2,094,879 | -€125,803 | -5.7% |
| Other amounts payable | 178/9 | - | €10,268 | +€10,268 | |
| Amounts payable within one year | 42/48 | €156,215 | €6,394,955 | +€6.2m | +3,994% |
| Current portion of amounts payable after more than one year | 42 | €120,763 | €125,803 | +€5,040 | +4.2% |
| Trade debts | 44 | €20,217 | €826 | -€19,390 | -95.9% |
| Suppliers | 440/4 | €20,217 | €826 | -€19,390 | -95.9% |
| Taxes, remuneration and social security | 45 | €8,555 | €13,999 | +€5,444 | +63.6% |
| Taxes | 450/3 | €8,555 | €13,999 | +€5,444 | +63.6% |
| Other amounts payable | 47/48 | €6,680 | €6,254,326 | +€6.2m | +93,521% |
| Accrued charges and deferred income | 492/3 | €1,847,108 | €1,724,110 | -€122,997 | -6.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €185,420 | €178,583 | -€6,836 | -3.7% |
| Other operating charges | 640/8 | €34,226 | €29,125 | -€5,100 | -14.9% |
| Gross operating margin | 9900 | €129,111 | €38,599 | -€90,512 | -70.1% |
| Operating profit (loss) | 9901 | -€90,534 | -€169,109 | -€78,575 | -86.8% |
| Financial income | 75/76B | €24,676 | €5,936,812 | +€5.9m | +23,960% |
| Recurring financial income | 75 | €24,676 | €55,935 | +€31,260 | +127% |
| Non-recurring financial income | 76B | - | €5,880,876 | +€5.9m | |
| Financial charges | 65/66B | €71,316 | €94,239 | +€22,923 | +32.1% |
| Recurring financial charges | 65 | €71,316 | €94,239 | +€22,923 | +32.1% |
| Profit (loss) for the period before taxes | 9903 | -€137,175 | €5,673,463 | +€5.8m | |
| Income taxes | 67/77 | €174 | - | -€174 | |
| Profit (loss) for the period | 9904 | -€137,350 | €5,673,463 | +€5.8m | |
| Profit (loss) for the period to be appropriated | 9905 | -€137,350 | €5,673,463 | +€5.8m |
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 17 October 2026 via checked.be.