PROTECTION UNIT GROUP: 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
PROTECTION UNIT GROUP
NACE 80.010, Investigation and private security services
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€3.5m
2024 · -€1.9m+€5.4m
Equity
€1.8m
2024 · -€3.7m+€5.5m
Cash
€5.0m
2024 · €2.0m+€3.1m
Balance sheet total
€30.2m
2024 · €24.1m+€6.0m
Largest movements
Assets
- Cash +€3.1m
up €3.1m (+158%), from €2.0m to €5.0m
mainly Net result for the year (+€3.5m) and Other debts (+€2.9m)
- Financial fixed assets +€2.9m
up €2.9m (+15.6%), from €18.7m to €21.6m
of which Affiliated companies: +€2.9m
Equity and liabilities
- Profit (loss) carried forward +€3.5m
up €3.5m (+30.2%), from -€11.6m to -€8.1m
- Other debts +€2.9m
up €2.9m (+27.0%), from €10.8m to €13.7m
- Debts after one year -€2.1m
down €2.1m (-21.8%), from €9.7m to €7.6m
of which Financial debts: -€1.3m
- Contributions +€2.0m
up €2.0m (+25.6%), from €7.8m to €9.8m
- Provisions -€1.6m
no longer reported in 2025 (was €1.6m)
Income statement
- Turnover +€6.9m
up €6.9m (+338%), from €2.0m to €8.9m
- Provisions +€2.0m
no longer reported in 2025 (was -€2.0m)
- Services and other goods +€1.1m
up €1.1m (+36.2%), from €3.1m to €4.2m
- Other operating charges -€279,733
down €279,733 (-37.3%), from €750,746 to €471,013
- Depreciation +€143,529
up €143,529 (+36.2%), from €396,669 to €540,198
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
-€1.9m
Turnover
+€6.9m
Other operating income
-€2,651
Services and other goods
-€1.1m
Staff costs
+€565
Depreciation
-€143,529
Provisions
-€2.0m
Other operating charges
+€279,733
Other operating items
+€1.4m
Financial income
+€4,614
Financial charges
+€124,691
Taxes
-€965
Result 2025
€3.5m
raises the resultlowers the resultnot broken down further in the accounts
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
+€6.3m
Investment
-€3.4m
Financing
+€219,612
Cash 2024
€2.0m
From operations (derived)
+€6.3m
Net result for the year
+€3.5m
Depreciation
+€540,198
Receivables after one year
+€42,678
Receivables within one year
-€82,929
Deferred charges and accrued income
-€34,872
Provisions
-€1.6m
Trade debts
+€482,299
Tax, wage and social debts
+€467,815
Other debts
+€2.9m
Accrued charges and deferred income
-€230
Investment (derived)
-€3.4m
Investment in fixed assets (net)
-€3.4m
Financing
+€219,612
Debts after one year
-€2.1m
Current portion of long-term debt
+€335,485
Contributions, distributions and other
+€2.0m
Cash 2025
€5.0m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €24,143,854 | €30,178,492 | +€6.0m | +25.0% |
| Formation expenses | 20 | €108,059 | €9,806 | -€98,253 | -90.9% |
| Fixed assets | 21/28 | €21,065,338 | €24,028,508 | +€3.0m | +14.1% |
| Intangible fixed assets | 21 | €1,392,107 | €1,530,879 | +€138,772 | +10.0% |
| Tangible fixed assets | 22/27 | €951,158 | €858,500 | -€92,658 | -9.7% |
| Furniture and vehicles | 24 | €105,173 | €102,767 | -€2,406 | -2.3% |
| Other tangible fixed assets | 26 | €583,087 | €492,835 | -€90,252 | -15.5% |
| Assets under construction and advance payments | 27 | €262,898 | €262,898 | = | 0.0% |
| Financial fixed assets | 28 | €18,722,073 | €21,639,129 | +€2.9m | +15.6% |
| Affiliated companies | 280/1 | €18,698,588 | €21,613,394 | +€2.9m | +15.6% |
| Participating interests | 280 | €17,456,746 | €21,156,746 | +€3.7m | +21.2% |
| Amounts receivable | 281 | €1,241,842 | €456,648 | -€785,194 | -63.2% |
| Other financial fixed assets | 284/8 | €23,485 | €25,735 | +€2,250 | +9.6% |
| Amounts receivable and cash guarantees | 285/8 | €23,485 | €25,735 | +€2,250 | +9.6% |
| Current assets | 29/58 | €2,970,457 | €6,140,178 | +€3.2m | +107% |
| Amounts receivable after more than one year | 29 | €369,604 | €326,926 | -€42,678 | -11.5% |
| Other amounts receivable | 291 | €369,604 | €326,926 | -€42,678 | -11.5% |
| Amounts receivable within one year | 40/41 | €567,791 | €650,720 | +€82,929 | +14.6% |
| Trade receivables | 40 | €146,212 | €141,452 | -€4,760 | -3.3% |
| Other amounts receivable | 41 | €421,579 | €509,268 | +€87,689 | +20.8% |
| Cash at bank and in hand | 54/58 | €1,954,684 | €5,049,282 | +€3.1m | +158% |
| Deferred charges and accrued income | 490/1 | €78,378 | €113,250 | +€34,872 | +44.5% |
| Total equity and liabilities | 10/49 | €24,143,854 | €30,178,492 | +€6.0m | +25.0% |
| Equity | 10/15 | -€3,737,668 | €1,757,185 | +€5.5m | |
| Contributions | 10/11 | €7,801,181 | €9,801,181 | +€2.0m | +25.6% |
| Capital | 10 | €7,801,181 | €9,801,181 | +€2.0m | +25.6% |
| Issued capital | 100 | €9,801,181 | €9,801,181 | = | 0.0% |
| Uncalled capital | 101 | €2,000,000 | - | -€2.0m | |
| Reserves | 13 | €23,633 | €23,633 | = | 0.0% |
| Non-distributable reserves | 130/1 | €21,150 | €21,150 | = | 0.0% |
| Legal reserve | 130 | €21,150 | €21,150 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,483 | €2,483 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€11,562,482 | -€8,067,629 | +€3.5m | +30.2% |
| Provisions and deferred taxes | 16 | €1,550,918 | - | -€1.6m | |
| Provisions for liabilities and charges | 160/5 | €1,550,918 | - | -€1.6m | |
| Other liabilities and charges | 164/5 | €1,550,918 | - | -€1.6m | |
| Amounts payable | 17/49 | €26,330,604 | €28,421,307 | +€2.1m | +7.9% |
| Amounts payable after more than one year | 17 | €9,727,613 | €7,611,739 | -€2.1m | -21.8% |
| Financial debts | 170/4 | €8,942,419 | €7,611,739 | -€1.3m | -14.9% |
| Subordinated loans | 170 | €3,973,741 | €2,261,366 | -€1.7m | -43.1% |
| Unsubordinated bonds | 171 | €825,750 | €532,444 | -€293,306 | -35.5% |
| Leasing and similar obligations | 172 | €238,100 | €95,220 | -€142,880 | -60.0% |
| Credit institutions | 173 | €136,000 | €27,200 | -€108,800 | -80.0% |
| Other loans | 174 | €3,768,828 | €4,695,509 | +€926,681 | +24.6% |
| Other amounts payable | 178/9 | €785,194 | - | -€785,194 | |
| Amounts payable within one year | 42/48 | €16,546,864 | €20,753,671 | +€4.2m | +25.4% |
| Current portion of amounts payable after more than one year | 42 | €3,072,412 | €3,407,897 | +€335,485 | +10.9% |
| Trade debts | 44 | €2,538,247 | €3,020,546 | +€482,299 | +19.0% |
| Suppliers | 440/4 | €2,538,247 | €3,020,546 | +€482,299 | +19.0% |
| Taxes, remuneration and social security | 45 | €117,089 | €584,904 | +€467,815 | +400% |
| Taxes | 450/3 | €72,083 | €529,374 | +€457,291 | +634% |
| Remuneration and social security | 454/9 | €45,006 | €55,530 | +€10,524 | +23.4% |
| Other amounts payable | 47/48 | €10,819,116 | €13,740,324 | +€2.9m | +27.0% |
| Accrued charges and deferred income | 492/3 | €56,127 | €55,897 | -€230 | -0.4% |
| Operating income | 70/76A | €2,839,877 | €11,138,206 | +€8.3m | +292% |
| Turnover | 70 | €2,040,046 | €8,937,453 | +€6.9m | +338% |
| Own construction capitalised | 72 | €779,941 | - | -€779,941 | |
| Other operating income | 74 | €19,890 | €17,239 | -€2,651 | -13.3% |
| Non-recurring operating income | 76A | - | €2,183,514 | +€2.2m | |
| Operating charges | 60/66A | €4,124,798 | €7,114,601 | +€3.0m | +72.5% |
| Services and other goods | 61 | €3,061,730 | €4,171,117 | +€1.1m | +36.2% |
| Remuneration, social security and pensions | 62 | €371,632 | €371,067 | -€565 | -0.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €396,669 | €540,198 | +€143,529 | +36.2% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€2,027,954 | - | +€2.0m | |
| Other operating charges | 640/8 | €750,746 | €471,013 | -€279,733 | -37.3% |
| Non-recurring operating charges | 66A | €1,571,975 | €1,561,206 | -€10,769 | -0.7% |
| Operating profit (loss) | 9901 | -€1,284,921 | €4,023,605 | +€5.3m | |
| Financial income | 75/76B | €8,364 | €12,978 | +€4,614 | +55.2% |
| Recurring financial income | 75 | €8,364 | €12,978 | +€4,614 | +55.2% |
| Income from current assets | 751 | €8,364 | €12,574 | +€4,210 | +50.3% |
| Other financial income | 752/9 | - | €404 | +€404 | |
| Financial charges | 65/66B | €664,372 | €539,681 | -€124,691 | -18.8% |
| Recurring financial charges | 65 | €621,972 | €539,681 | -€82,291 | -13.2% |
| Debt charges | 650 | €607,411 | €534,009 | -€73,402 | -12.1% |
| Other financial charges | 652/9 | €14,561 | €5,672 | -€8,889 | -61.0% |
| Non-recurring financial charges | 66B | €42,400 | - | -€42,400 | |
| Profit (loss) for the period before taxes | 9903 | -€1,940,929 | €3,496,902 | +€5.4m | |
| Income taxes | 67/77 | €1,085 | €2,050 | +€965 | +88.9% |
| Taxes | 670/3 | €1,085 | €2,050 | +€965 | +88.9% |
| Profit (loss) for the period | 9904 | -€1,942,014 | €3,494,852 | +€5.4m | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,942,014 | €3,494,852 | +€5.4m |
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 23 October 2026 via checked.be.