PROTECTIONS: what changed
PROTECTIONS
Largest movements
- Cash -€269,748
down €269,748 (-18.1%), from €1.5m to €1.2m
mainly Contributions, distributions and other (-€1.0m) and Receivables within one year (-€226,269)
- Receivables within one year +€226,269
up €226,269 (+21.3%), from €1.1m to €1.3m
of which Trade receivables: +€216,395
- Trade debts +€248,264
up €248,264 (+32.5%), from €764,288 to €1.0m
- Profit (loss) carried forward -€153,176
down €153,176 (-26.1%), from €585,881 to €432,705
- Other debts -€100,000
down €100,000 (-9.1%), from €1.1m to €1.0m
- Tax, wage and social debts -€38,324
down €38,324 (-51.2%), from €74,835 to €36,511
of which Taxes: -€40,192
- Gross operating margin -€347,912
down €347,912 (-19.2%), from €1.8m to €1.5m
- Taxes -€100,066
down €100,066 (-25.6%), from €390,192 to €290,127
- Staff costs +€33,039
up €33,039 (+11.3%), from €292,345 to €325,383
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 | €2,556,190 | €2,512,953 | -€43,237 | -1.7% |
| Fixed assets | 21/28 | €3,021 | €3,263 | +€243 | +8.0% |
| Tangible fixed assets | 22/27 | €3,021 | €3,263 | +€243 | +8.0% |
| Furniture and vehicles | 24 | €3,021 | €3,263 | +€243 | +8.0% |
| Current assets | 29/58 | €2,553,169 | €2,509,689 | -€43,479 | -1.7% |
| Amounts receivable within one year | 40/41 | €1,064,143 | €1,290,411 | +€226,269 | +21.3% |
| Trade receivables | 40 | €1,064,143 | €1,280,538 | +€216,395 | +20.3% |
| Other amounts receivable | 41 | - | €9,873 | +€9,873 | |
| Cash at bank and in hand | 54/58 | €1,489,026 | €1,219,278 | -€269,748 | -18.1% |
| Total equity and liabilities | 10/49 | €2,556,190 | €2,512,953 | -€43,237 | -1.7% |
| Equity | 10/15 | €617,066 | €463,890 | -€153,176 | -24.8% |
| Contributions | 10/11 | €28,350 | €28,350 | = | 0.0% |
| Capital | 10 | €28,350 | €28,350 | = | 0.0% |
| Issued capital | 100 | €28,350 | €28,350 | = | 0.0% |
| Reserves | 13 | €2,835 | €2,835 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,835 | €2,835 | = | 0.0% |
| Legal reserve | 130 | €2,835 | €2,835 | = | 0.0% |
| Profit (loss) carried forward | 14 | €585,881 | €432,705 | -€153,176 | -26.1% |
| Amounts payable | 17/49 | €1,939,123 | €2,049,063 | +€109,939 | +5.7% |
| Amounts payable within one year | 42/48 | €1,939,123 | €2,049,063 | +€109,939 | +5.7% |
| Trade debts | 44 | €764,288 | €1,012,552 | +€248,264 | +32.5% |
| Suppliers | 440/4 | €764,288 | €1,012,552 | +€248,264 | +32.5% |
| Taxes, remuneration and social security | 45 | €74,835 | €36,511 | -€38,324 | -51.2% |
| Taxes | 450/3 | €40,192 | - | -€40,192 | |
| Remuneration and social security | 454/9 | €34,643 | €36,511 | +€1,868 | +5.4% |
| Other amounts payable | 47/48 | €1,100,000 | €1,000,000 | -€100,000 | -9.1% |
| Remuneration, social security and pensions | 62 | €292,345 | €325,383 | +€33,039 | +11.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,836 | €1,358 | -€3,478 | -71.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €8,925 | €0 | -€8,925 | -100% |
| Gross operating margin | 9900 | €1,812,070 | €1,464,157 | -€347,912 | -19.2% |
| Operating profit (loss) | 9901 | €1,505,964 | €1,137,416 | -€368,548 | -24.5% |
| Financial charges | 65/66B | €477 | €466 | -€11 | -2.3% |
| Recurring financial charges | 65 | €477 | €466 | -€11 | -2.3% |
| Profit (loss) for the period before taxes | 9903 | €1,505,487 | €1,136,950 | -€368,537 | -24.5% |
| Income taxes | 67/77 | €390,192 | €290,127 | -€100,066 | -25.6% |
| Profit (loss) for the period | 9904 | €1,115,295 | €846,824 | -€268,471 | -24.1% |
| Profit (loss) for the period to be appropriated | 9905 | €1,115,295 | €846,824 | -€268,471 | -24.1% |
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 8 November 2026 via checked.be.