Protex: what changed
Two fiscal 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.
Protex
Largest movements
- Receivables within one year +€130,473
up €130,473 (+28.4%), from €458,642 to €589,115
of which Trade receivables: +€79,746
- Cash -€110,417
down €110,417 (-29.6%), from €372,727 to €262,310
mainly Receivables within one year (-€130,473) and Stocks and contracts (-€78,002)
- Stocks and contracts +€78,002
up €78,002 (+130.4%), from €59,835 to €137,837
- Intangible fixed assets -€50,141
down €50,141 (-74.2%), from €67,536 to €17,395
- Financial fixed assets -€18,834
down €18,834 (-28.8%), from €65,405 to €46,571
- Trade debts +€91,640
up €91,640 (+20.0%), from €457,199 to €548,840
- Current portion of long-term debt -€60,345
down €60,345 (-54.7%), from €110,356 to €50,011
- Advances received -€39,137
down €39,137 (-53.2%), from €73,546 to €34,409
- Other debts +€33,393
up €33,393 (+230.7%), from €14,472 to €47,865
- Debts after one year -€25,453
down €25,453 (-43.7%), from €58,217 to €32,765
- Staff costs +€189,275
up €189,275 (+17.9%), from €1.1m to €1.2m
- Gross operating margin +€101,861
up €101,861 (+7.5%), from €1.4m to €1.5m
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.
Cash bridge derived
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,301,084 | €1,324,874 | +€23,791 | +1.8% |
| Fixed assets | 21/28 | €404,227 | €322,548 | -€81,679 | -20.2% |
| Intangible fixed assets | 21 | €67,536 | €17,395 | -€50,141 | -74.2% |
| Tangible fixed assets | 22/27 | €271,286 | €258,582 | -€12,704 | -4.7% |
| Plant, machinery and equipment | 23 | €2,463 | €4,430 | +€1,968 | +79.9% |
| Furniture and vehicles | 24 | €152,842 | €112,326 | -€40,516 | -26.5% |
| Other tangible fixed assets | 26 | €115,982 | €141,826 | +€25,844 | +22.3% |
| Financial fixed assets | 28 | €65,405 | €46,571 | -€18,834 | -28.8% |
| Current assets | 29/58 | €896,856 | €1,002,326 | +€105,470 | +11.8% |
| Stocks and contracts in progress | 3 | €59,835 | €137,837 | +€78,002 | +130.4% |
| Stocks | 30/36 | €59,835 | €137,837 | +€78,002 | +130.4% |
| Amounts receivable within one year | 40/41 | €458,642 | €589,115 | +€130,473 | +28.4% |
| Trade receivables | 40 | €440,584 | €520,330 | +€79,746 | +18.1% |
| Other amounts receivable | 41 | €18,058 | €68,784 | +€50,726 | +280.9% |
| Cash at bank and in hand | 54/58 | €372,727 | €262,310 | -€110,417 | -29.6% |
| Deferred charges and accrued income | 490/1 | €5,652 | €13,064 | +€7,412 | +131.1% |
| Total equity and liabilities | 10/49 | €1,301,084 | €1,324,874 | +€23,791 | +1.8% |
| Equity | 10/15 | €491,728 | €503,286 | +€11,558 | +2.4% |
| Contributions | 10/11 | €405,000 | €405,000 | = | 0.0% |
| Capital | 10 | €405,000 | €405,000 | = | 0.0% |
| Issued capital | 100 | €405,000 | €405,000 | = | 0.0% |
| Reserves | 13 | €7,000 | €9,000 | +€2,000 | +28.6% |
| Non-distributable reserves | 130/1 | €7,000 | €9,000 | +€2,000 | +28.6% |
| Legal reserve | 130 | €7,000 | €9,000 | +€2,000 | +28.6% |
| Profit (loss) carried forward | 14 | €79,728 | €89,286 | +€9,558 | +12.0% |
| Amounts payable | 17/49 | €809,356 | €821,588 | +€12,232 | +1.5% |
| Amounts payable after more than one year | 17 | €58,217 | €32,765 | -€25,453 | -43.7% |
| Financial debts | 170/4 | €58,217 | €32,765 | -€25,453 | -43.7% |
| Amounts payable within one year | 42/48 | €745,012 | €776,805 | +€31,793 | +4.3% |
| Current portion of amounts payable after more than one year | 42 | €110,356 | €50,011 | -€60,345 | -54.7% |
| Trade debts | 44 | €457,199 | €548,840 | +€91,640 | +20.0% |
| Suppliers | 440/4 | €457,199 | €548,840 | +€91,640 | +20.0% |
| Advances received on contracts in progress | 46 | €73,546 | €34,409 | -€39,137 | -53.2% |
| Taxes, remuneration and social security | 45 | €89,439 | €95,681 | +€6,242 | +7.0% |
| Taxes | 450/3 | €4,992 | €30,979 | +€25,987 | +520.6% |
| Remuneration and social security | 454/9 | €84,447 | €64,702 | -€19,745 | -23.4% |
| Other amounts payable | 47/48 | €14,472 | €47,865 | +€33,393 | +230.7% |
| Accrued charges and deferred income | 492/3 | €6,126 | €12,018 | +€5,892 | +96.2% |
| Remuneration, social security and pensions | 62 | €1,054,523 | €1,243,797 | +€189,275 | +17.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €146,913 | €140,485 | -€6,429 | -4.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €800 | €2,525 | +€1,725 | +215.7% |
| Other operating charges | 640/8 | €24,850 | €13,516 | -€11,334 | -45.6% |
| Gross operating margin | 9900 | €1,353,110 | €1,454,971 | +€101,861 | +7.5% |
| Operating profit (loss) | 9901 | €126,024 | €54,649 | -€71,376 | -56.6% |
| Financial income | 75/76B | €10,738 | €15,240 | +€4,502 | +41.9% |
| Recurring financial income | 75 | €10,738 | €15,240 | +€4,502 | +41.9% |
| Financial charges | 65/66B | €17,006 | €20,163 | +€3,156 | +18.6% |
| Recurring financial charges | 65 | €17,006 | €20,163 | +€3,156 | +18.6% |
| Profit (loss) for the period before taxes | 9903 | €119,756 | €49,726 | -€70,030 | -58.5% |
| Income taxes | 67/77 | €42,849 | €38,168 | -€4,681 | -10.9% |
| Profit (loss) for the period | 9904 | €76,907 | €11,558 | -€65,349 | -85.0% |
| Profit (loss) for the period to be appropriated | 9905 | €76,907 | €11,558 | -€65,349 | -85.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.