PROTECT PROJECTS: what changed
PROTECT PROJECTS
Largest movements
- Cash +€42,506
up €42,506 (+45.9%), from €92,583 to €135,089
mainly Net result for the year (+€37,221) and Receivables within one year (+€12,158)
- Receivables within one year -€12,158
down €12,158 (-62.3%), from €19,507 to €7,349
of which Trade receivables: -€8,252
- Tangible fixed assets -€10,048
down €10,048 (-38.3%), from €26,218 to €16,170
of which Furniture and vehicles: -€9,758
- Profit (loss) carried forward +€37,238
up €37,238 (+51.5%), from -€72,308 to -€35,070
- Debts after one year -€22,000
down €22,000 (-12.1%), from €181,096 to €159,096
- Tax, wage and social debts +€2,614
up €2,614 (+43.2%), from €6,047 to €8,661
- Accrued charges and deferred income +€1,701
up €1,701 (+25.5%), from €6,658 to €8,359
- Gross operating margin -€23,390
down €23,390 (-26.5%), from €88,378 to €64,988
- Taxes -€7,987
down €7,987 (-35.4%), from €22,559 to €14,571
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 | €141,714 | €161,812 | +€20,098 | +14.2% |
| Fixed assets | 21/28 | €26,218 | €16,170 | -€10,048 | -38.3% |
| Tangible fixed assets | 22/27 | €26,218 | €16,170 | -€10,048 | -38.3% |
| Plant, machinery and equipment | 23 | €1,195 | €905 | -€290 | -24.3% |
| Furniture and vehicles | 24 | €25,023 | €15,265 | -€9,758 | -39.0% |
| Current assets | 29/58 | €115,496 | €145,642 | +€30,146 | +26.1% |
| Stocks and contracts in progress | 3 | €850 | €850 | = | 0.0% |
| Stocks | 30/36 | €850 | €850 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €19,507 | €7,349 | -€12,158 | -62.3% |
| Trade receivables | 40 | €15,601 | €7,349 | -€8,252 | -52.9% |
| Other amounts receivable | 41 | €3,906 | €0 | -€3,906 | -100% |
| Cash at bank and in hand | 54/58 | €92,583 | €135,089 | +€42,506 | +45.9% |
| Deferred charges and accrued income | 490/1 | €2,557 | €2,354 | -€202 | -7.9% |
| Total equity and liabilities | 10/49 | €141,714 | €161,812 | +€20,098 | +14.2% |
| Equity | 10/15 | -€53,691 | -€16,470 | +€37,221 | +69.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €17 | €0 | -€17 | -100% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €17 | €0 | -€17 | -100% |
| Profit (loss) carried forward | 14 | -€72,308 | -€35,070 | +€37,238 | +51.5% |
| Amounts payable | 17/49 | €195,405 | €178,283 | -€17,122 | -8.8% |
| Amounts payable after more than one year | 17 | €181,096 | €159,096 | -€22,000 | -12.1% |
| Financial debts | 170/4 | €181,096 | €159,096 | -€22,000 | -12.1% |
| Amounts payable within one year | 42/48 | €7,651 | €10,828 | +€3,177 | +41.5% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €235 | €823 | +€588 | +250% |
| Suppliers | 440/4 | €235 | €823 | +€588 | +250% |
| Taxes, remuneration and social security | 45 | €6,047 | €8,661 | +€2,614 | +43.2% |
| Taxes | 450/3 | €6,047 | €8,661 | +€2,614 | +43.2% |
| Other amounts payable | 47/48 | €1,369 | €1,344 | -€25 | -1.8% |
| Accrued charges and deferred income | 492/3 | €6,658 | €8,359 | +€1,701 | +25.5% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,365 | €10,048 | -€318 | -3.1% |
| Other operating charges | 640/8 | €1,416 | €1,398 | -€18 | -1.3% |
| Gross operating margin | 9900 | €88,378 | €64,988 | -€23,390 | -26.5% |
| Operating profit (loss) | 9901 | €76,597 | €53,543 | -€23,054 | -30.1% |
| Financial charges | 65/66B | €2,168 | €1,751 | -€417 | -19.2% |
| Recurring financial charges | 65 | €2,168 | €1,751 | -€417 | -19.2% |
| Profit (loss) for the period before taxes | 9903 | €74,429 | €51,792 | -€22,637 | -30.4% |
| Income taxes | 67/77 | €22,559 | €14,571 | -€7,987 | -35.4% |
| Profit (loss) for the period | 9904 | €51,870 | €37,221 | -€14,650 | -28.2% |
| Profit (loss) for the period to be appropriated | 9905 | €51,870 | €37,221 | -€14,650 | -28.2% |
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.