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.
What changed
PROTECT
NACE 66.220, Insurance agents and brokers
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€164,909
2024 · €171,489-€6,580
Equity
€187,202
2024 · €187,293-€91
Cash
€315,466
2024 · €312,992+€2,474
Balance sheet total
€800,004
2024 · €580,974+€219,031
Largest movements
Assets
- Intangible fixed assets +€221,155
up €221,155 (+208%), from €106,580 to €327,735
- Tangible fixed assets -€13,275
down €13,275 (-9.7%), from €137,232 to €123,957
of which Land and buildings: -€11,892
Equity and liabilities
- Debts after one year +€189,202
up €189,202 (+135%), from €140,280 to €329,482
- Current portion of long-term debt +€27,627
up €27,627 (+40.7%), from €67,963 to €95,591
Income statement
- Gross operating margin +€15,725
up €15,725 (+4.6%), from €344,031 to €359,756
- Depreciation +€14,435
up €14,435 (+21.6%), from €66,700 to €81,134
- Staff costs +€8,128
up €8,128 (+8.7%), from €93,002 to €101,129
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.
Result 2024
€171,489
Gross operating margin
+€15,725
Staff costs
-€8,128
Depreciation
-€14,435
Other operating charges
-€57
Financial income
-€6
Financial charges
-€954
Taxes
+€1,275
Result 2025
€164,909
raises the resultlowers the result
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.
From operations
+€239,659
Investment
-€289,014
Financing
+€51,830
Cash 2024
€312,992
From operations (derived)
+€239,659
Net result for the year
+€164,909
Depreciation
+€81,134
Receivables within one year
-€882
Deferred charges and accrued income
-€7,795
Trade debts
+€2,247
Smaller working-capital items
+€45
Investment (derived)
-€289,014
Investment in fixed assets (net)
-€289,014
Financing
+€51,830
Debts after one year
+€189,202
Current portion of long-term debt
+€27,627
Contributions, distributions and other
-€165,000
Cash 2025
€315,466
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €580,974 | €800,004 | +€219,031 | +37.7% |
| Fixed assets | 21/28 | €251,662 | €459,542 | +€207,880 | +82.6% |
| Intangible fixed assets | 21 | €106,580 | €327,735 | +€221,155 | +208% |
| Tangible fixed assets | 22/27 | €137,232 | €123,957 | -€13,275 | -9.7% |
| Land and buildings | 22 | €133,084 | €121,192 | -€11,892 | -8.9% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Other tangible fixed assets | 26 | €4,148 | €2,765 | -€1,383 | -33.3% |
| Financial fixed assets | 28 | €7,850 | €7,850 | = | 0.0% |
| Current assets | 29/58 | €329,311 | €340,462 | +€11,151 | +3.4% |
| Amounts receivable within one year | 40/41 | €2,537 | €3,418 | +€882 | +34.8% |
| Trade receivables | 40 | €1,450 | €2,415 | +€965 | +66.6% |
| Other amounts receivable | 41 | €1,087 | €1,003 | -€84 | -7.7% |
| Cash at bank and in hand | 54/58 | €312,992 | €315,466 | +€2,474 | +0.8% |
| Deferred charges and accrued income | 490/1 | €13,783 | €21,578 | +€7,795 | +56.6% |
| Total equity and liabilities | 10/49 | €580,974 | €800,004 | +€219,031 | +37.7% |
| Equity | 10/15 | €187,293 | €187,202 | -€91 | 0.0% |
| Contributions | 10/11 | €98,456 | €98,456 | = | 0.0% |
| Reserves | 13 | €88,837 | €88,746 | -€91 | -0.1% |
| Distributable reserves | 133 | €88,837 | €88,746 | -€91 | -0.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €393,681 | €612,803 | +€219,122 | +55.7% |
| Amounts payable after more than one year | 17 | €140,280 | €329,482 | +€189,202 | +135% |
| Financial debts | 170/4 | €140,280 | €329,482 | +€189,202 | +135% |
| Amounts payable within one year | 42/48 | €253,248 | €283,145 | +€29,896 | +11.8% |
| Current portion of amounts payable after more than one year | 42 | €67,963 | €95,591 | +€27,627 | +40.7% |
| Trade debts | 44 | €4,323 | €6,571 | +€2,247 | +52.0% |
| Suppliers | 440/4 | €4,323 | €6,571 | +€2,247 | +52.0% |
| Taxes, remuneration and social security | 45 | €15,741 | €15,094 | -€647 | -4.1% |
| Taxes | 450/3 | €1,558 | €1,390 | -€168 | -10.8% |
| Remuneration and social security | 454/9 | €14,183 | €13,704 | -€479 | -3.4% |
| Other amounts payable | 47/48 | €165,221 | €165,889 | +€668 | +0.4% |
| Accrued charges and deferred income | 492/3 | €153 | €177 | +€23 | +15.3% |
| Non-recurring operating income | 76A | €2,473 | €0 | -€2,473 | -100% |
| Remuneration, social security and pensions | 62 | €93,002 | €101,129 | +€8,128 | +8.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €66,700 | €81,134 | +€14,435 | +21.6% |
| Other operating charges | 640/8 | €5,263 | €5,320 | +€57 | +1.1% |
| Gross operating margin | 9900 | €344,031 | €359,756 | +€15,725 | +4.6% |
| Operating profit (loss) | 9901 | €179,067 | €172,172 | -€6,894 | -3.8% |
| Financial income | 75/76B | €35 | €29 | -€6 | -16.8% |
| Recurring financial income | 75 | €35 | €29 | -€6 | -16.8% |
| Financial charges | 65/66B | €4,332 | €5,287 | +€954 | +22.0% |
| Recurring financial charges | 65 | €4,332 | €5,287 | +€954 | +22.0% |
| Profit (loss) for the period before taxes | 9903 | €174,769 | €166,915 | -€7,854 | -4.5% |
| Income taxes | 67/77 | €3,280 | €2,006 | -€1,275 | -38.9% |
| Profit (loss) for the period | 9904 | €171,489 | €164,909 | -€6,580 | -3.8% |
| Profit (loss) for the period to be appropriated | 9905 | €171,489 | €164,909 | -€6,580 | -3.8% |
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 21 October 2026 via checked.be.