PROTECPIPE: 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.
PROTECPIPE
Largest movements
- Receivables within one year +€14,314
up €14,314 (+5112.0%), from €280 to €14,594
of which Trade receivables: +€14,258
- Cash +€7,761
up €7,761 (+91.8%), from €8,451 to €16,212
mainly Advances received (+€16,492) and Net result for the year (+€8,021)
- Tangible fixed assets -€664
down €664 (-28.6%), from €2,322 to €1,659
- Advances received +€16,492
new in 2025: €16,492
- Profit (loss) carried forward +€8,021
up €8,021 (+16.5%), from -€48,544 to -€40,523
- Other debts -€3,962
down €3,962 (-8.4%), from €47,094 to €43,131
- Tax, wage and social debts +€964
new in 2025: €964
- Gross operating margin +€17,966
up €17,966, from -€8,747 to €9,219
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 | €11,053 | €32,465 | +€21,412 | +193.7% |
| Fixed assets | 21/28 | €2,322 | €1,659 | -€664 | -28.6% |
| Tangible fixed assets | 22/27 | €2,322 | €1,659 | -€664 | -28.6% |
| Plant, machinery and equipment | 23 | €2,322 | €1,659 | -€664 | -28.6% |
| Current assets | 29/58 | €8,731 | €30,806 | +€22,075 | +252.8% |
| Amounts receivable within one year | 40/41 | €280 | €14,594 | +€14,314 | +5112.0% |
| Trade receivables | 40 | - | €14,258 | +€14,258 | |
| Other amounts receivable | 41 | €280 | €336 | +€56 | +20.0% |
| Cash at bank and in hand | 54/58 | €8,451 | €16,212 | +€7,761 | +91.8% |
| Total equity and liabilities | 10/49 | €11,053 | €32,465 | +€21,412 | +193.7% |
| Equity | 10/15 | -€36,144 | -€28,123 | +€8,021 | +22.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€48,544 | -€40,523 | +€8,021 | +16.5% |
| Amounts payable | 17/49 | €47,197 | €60,587 | +€13,390 | +28.4% |
| Amounts payable within one year | 42/48 | €47,197 | €60,587 | +€13,390 | +28.4% |
| Trade debts | 44 | €103 | - | -€103 | |
| Suppliers | 440/4 | €103 | - | -€103 | |
| Advances received on contracts in progress | 46 | - | €16,492 | +€16,492 | |
| Taxes, remuneration and social security | 45 | - | €964 | +€964 | |
| Taxes | 450/3 | - | €964 | +€964 | |
| Other amounts payable | 47/48 | €47,094 | €43,131 | -€3,962 | -8.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €664 | €664 | = | 0.0% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | -€8,747 | €9,219 | +€17,966 | |
| Operating profit (loss) | 9901 | -€9,798 | €8,156 | +€17,954 | |
| Financial charges | 65/66B | €138 | €135 | -€3 | -2.2% |
| Recurring financial charges | 65 | €138 | €135 | -€3 | -2.2% |
| Profit (loss) for the period before taxes | 9903 | -€9,935 | €8,021 | +€17,957 | |
| Profit (loss) for the period | 9904 | -€9,935 | €8,021 | +€17,957 | |
| Profit (loss) for the period to be appropriated | 9905 | -€9,935 | €8,021 | +€17,957 |
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 29 September 2026 via checked.be.