Protector Belgium: what changed
What changed
Protector Belgium
NACE 43.230, Insulation installation
filed annual accounts (NBB)
Net result for the year
€550,722
2024 · €367,311+€183,411
Equity
€577,845
2024 · €277,123+€300,722
Cash
€598,495
2024 · €461,691+€136,804
Balance sheet total
€1.1m
2024 · €986,386+€136,409
Largest movements
Assets
- Cash +€136,804
up €136,804 (+29.6%), from €461,691 to €598,495
mainly Net result for the year (+€550,722) and Tax, wage and social debts (+€46,947)
- Receivables within one year +€13,175
up €13,175 (+3.0%), from €439,278 to €452,453
of which Trade receivables: +€115,145
Equity and liabilities
- Reserves +€300,722
up €300,722 (+1,176%), from €25,569 to €326,291
of which Distributable reserves: +€300,722
- Other debts -€162,627
down €162,627 (-38.7%), from €420,000 to €257,373
- Trade debts -€56,016
down €56,016 (-29.4%), from €190,515 to €134,499
- Tax, wage and social debts +€46,947
up €46,947 (+55.0%), from €85,414 to €132,361
of which Remuneration and social security: +€34,393
Income statement
- Gross operating margin +€444,447
up €444,447 (+21.7%), from €2.1m to €2.5m
- Staff costs +€211,923
up €211,923 (+14.2%), from €1.5m to €1.7m
- Taxes +€49,862
up €49,862 (+32.9%), from €151,440 to €201,302
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.
Result 2024
€367,311
Gross operating margin
+€444,447
Staff costs
-€211,923
Depreciation
+€1,902
Write-downs
-€15,004
Other operating charges
+€14,935
Other operating items
+€17,911
Financial income
-€1,728
Financial charges
+€563
Taxes
-€49,862
Deferred taxes and other
-€17,829
Result 2025
€550,722
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€391,331
Investment
-€11,194
Financing
-€243,333
Cash 2024
€461,691
From operations (derived)
+€391,331
Net result for the year
+€550,722
Depreciation
+€14,795
Stocks and contracts
+€1,809
Receivables within one year
-€13,175
Deferred charges and accrued income
+€8,160
Trade debts
-€56,016
Tax, wage and social debts
+€46,947
Other debts
-€162,627
Accrued charges and deferred income
+€717
Investment (derived)
-€11,194
Investment in fixed assets (net)
-€11,194
Financing
-€243,333
Short-term financial debts
+€6,667
Contributions, distributions and other
-€250,000
Cash 2025
€598,495
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €986,386 | €1,122,794 | +€136,409 | +13.8% |
| Fixed assets | 21/28 | €34,419 | €30,818 | -€3,601 | -10.5% |
| Intangible fixed assets | 21 | €2,630 | €1,208 | -€1,422 | -54.1% |
| Tangible fixed assets | 22/27 | €29,489 | €27,310 | -€2,179 | -7.4% |
| Land and buildings | 22 | €0 | - | = | |
| Plant, machinery and equipment | 23 | €6,077 | €5,594 | -€482 | -7.9% |
| Furniture and vehicles | 24 | €7,637 | €10,869 | +€3,233 | +42.3% |
| Other tangible fixed assets | 26 | €15,776 | €10,846 | -€4,929 | -31.2% |
| Financial fixed assets | 28 | €2,300 | €2,300 | = | 0.0% |
| Current assets | 29/58 | €951,967 | €1,091,976 | +€140,009 | +14.7% |
| Stocks and contracts in progress | 3 | €20,360 | €18,551 | -€1,809 | -8.9% |
| Stocks | 30/36 | €20,360 | €18,551 | -€1,809 | -8.9% |
| Amounts receivable within one year | 40/41 | €439,278 | €452,453 | +€13,175 | +3.0% |
| Trade receivables | 40 | €334,652 | €449,796 | +€115,145 | +34.4% |
| Other amounts receivable | 41 | €104,627 | €2,657 | -€101,970 | -97.5% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €461,691 | €598,495 | +€136,804 | +29.6% |
| Deferred charges and accrued income | 490/1 | €30,637 | €22,477 | -€8,160 | -26.6% |
| Total equity and liabilities | 10/49 | €986,386 | €1,122,794 | +€136,409 | +13.8% |
| Equity | 10/15 | €277,123 | €577,845 | +€300,722 | +109% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Reserves | 13 | €25,569 | €326,291 | +€300,722 | +1,176% |
| Tax-exempt reserves | 132 | €0 | - | = | |
| Distributable reserves | 133 | €25,569 | €326,291 | +€300,722 | +1,176% |
| Profit (loss) carried forward | 14 | €1,554 | €1,554 | = | 0.0% |
| Provisions and deferred taxes | 16 | €0 | - | = | |
| Deferred taxes | 168 | €0 | - | = | |
| Amounts payable | 17/49 | €709,263 | €544,949 | -€164,313 | -23.2% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €709,263 | €544,233 | -€165,030 | -23.3% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | €13,333 | €20,000 | +€6,667 | +50.0% |
| Credit institutions | 430/8 | €13,333 | €20,000 | +€6,667 | +50.0% |
| Trade debts | 44 | €190,515 | €134,499 | -€56,016 | -29.4% |
| Suppliers | 440/4 | €190,515 | €134,499 | -€56,016 | -29.4% |
| Taxes, remuneration and social security | 45 | €85,414 | €132,361 | +€46,947 | +55.0% |
| Taxes | 450/3 | €26,003 | €38,556 | +€12,554 | +48.3% |
| Remuneration and social security | 454/9 | €59,412 | €93,805 | +€34,393 | +57.9% |
| Other amounts payable | 47/48 | €420,000 | €257,373 | -€162,627 | -38.7% |
| Accrued charges and deferred income | 492/3 | - | €717 | +€717 | |
| Non-recurring operating income | 76A | €19,409 | €0 | -€19,409 | -100% |
| Remuneration, social security and pensions | 62 | €1,488,194 | €1,700,118 | +€211,923 | +14.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,696 | €14,795 | -€1,902 | -11.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€10,554 | €4,450 | +€15,004 | |
| Other operating charges | 640/8 | €33,883 | €18,948 | -€14,935 | -44.1% |
| Non-recurring operating charges | 66A | €18,739 | €827 | -€17,911 | -95.6% |
| Gross operating margin | 9900 | €2,052,558 | €2,497,004 | +€444,447 | +21.7% |
| Operating profit (loss) | 9901 | €505,600 | €757,867 | +€252,267 | +49.9% |
| Financial income | 75/76B | €4,369 | €2,641 | -€1,728 | -39.5% |
| Recurring financial income | 75 | €4,369 | €2,641 | -€1,728 | -39.5% |
| Financial charges | 65/66B | €9,047 | €8,484 | -€563 | -6.2% |
| Recurring financial charges | 65 | €9,047 | €8,484 | -€563 | -6.2% |
| Profit (loss) for the period before taxes | 9903 | €500,922 | €752,024 | +€251,102 | +50.1% |
| Transfer from deferred taxes | 780 | €17,829 | €0 | -€17,829 | -100% |
| Income taxes | 67/77 | €151,440 | €201,302 | +€49,862 | +32.9% |
| Profit (loss) for the period | 9904 | €367,311 | €550,722 | +€183,411 | +49.9% |
| Transfer from tax-exempt reserves | 789 | €53,487 | €0 | -€53,487 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €420,798 | €550,722 | +€129,924 | +30.9% |
Next steps
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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 3 November 2026 via checked.be.