A trust: 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.
A trust
Largest movements
- Cash +€166,588
up €166,588 (+239%), from €69,669 to €236,257
mainly Investment in fixed assets (net) (+€81,072) and Current investments (+€74,310)
- Tangible fixed assets -€92,688
down €92,688 (-24.9%), from €372,258 to €279,570
of which Land and buildings: -€90,870
- Current investments -€74,310
down €74,310 (-87.0%), from €85,396 to €11,086
- Receivables within one year -€13,930
down €13,930 (-45.4%), from €30,659 to €16,729
of which Trade receivables: -€27,874
- Reserves -€45,502
down €45,502 (-14.6%), from €311,765 to €266,263
of which Distributable reserves: -€45,502
- Other debts +€41,587
new in 2025: €41,587
- Debts after one year -€16,641
down €16,641 (-9.0%), from €185,164 to €168,523
- Tax, wage and social debts +€8,317
up €8,317 (+31.7%), from €26,268 to €34,584
- Gross operating margin -€13,682
down €13,682 (-11.4%), from €120,280 to €106,598
- Taxes -€11,175
down €11,175 (-37.1%), from €30,082 to €18,907
- Other operating charges +€5,254
up €5,254 (+361%), from €1,453 to €6,707
- Financial charges -€2,727
down €2,727 (-46.0%), from €5,931 to €3,204
- Depreciation -€2,360
down €2,360 (-16.9%), from €13,976 to €11,616
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €567,932 | €553,591 | -€14,341 | -2.5% |
| Fixed assets | 21/28 | €382,208 | €289,520 | -€92,688 | -24.3% |
| Tangible fixed assets | 22/27 | €372,258 | €279,570 | -€92,688 | -24.9% |
| Land and buildings | 22 | €366,967 | €276,097 | -€90,870 | -24.8% |
| Plant, machinery and equipment | 23 | €2,985 | €2,343 | -€643 | -21.5% |
| Furniture and vehicles | 24 | €2,305 | €1,129 | -€1,175 | -51.0% |
| Financial fixed assets | 28 | €9,950 | €9,950 | = | 0.0% |
| Current assets | 29/58 | €185,724 | €264,072 | +€78,347 | +42.2% |
| Amounts receivable within one year | 40/41 | €30,659 | €16,729 | -€13,930 | -45.4% |
| Trade receivables | 40 | €29,356 | €1,482 | -€27,874 | -95.0% |
| Other amounts receivable | 41 | €1,304 | €15,247 | +€13,944 | +1,070% |
| Current investments | 50/53 | €85,396 | €11,086 | -€74,310 | -87.0% |
| Cash at bank and in hand | 54/58 | €69,669 | €236,257 | +€166,588 | +239% |
| Total equity and liabilities | 10/49 | €567,932 | €553,591 | -€14,341 | -2.5% |
| Equity | 10/15 | €331,002 | €285,499 | -€45,502 | -13.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €311,765 | €266,263 | -€45,502 | -14.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €309,905 | €264,403 | -€45,502 | -14.7% |
| Profit (loss) carried forward | 14 | €637 | €637 | = | 0.0% |
| Amounts payable | 17/49 | €236,930 | €268,092 | +€31,162 | +13.2% |
| Amounts payable after more than one year | 17 | €185,164 | €168,523 | -€16,641 | -9.0% |
| Financial debts | 170/4 | €185,164 | €168,523 | -€16,641 | -9.0% |
| Amounts payable within one year | 42/48 | €51,767 | €99,569 | +€47,802 | +92.3% |
| Current portion of amounts payable after more than one year | 42 | €22,967 | €21,641 | -€1,326 | -5.8% |
| Trade debts | 44 | €2,532 | €1,757 | -€775 | -30.6% |
| Suppliers | 440/4 | €2,532 | €1,757 | -€775 | -30.6% |
| Taxes, remuneration and social security | 45 | €26,268 | €34,584 | +€8,317 | +31.7% |
| Taxes | 450/3 | €26,268 | €34,584 | +€8,317 | +31.7% |
| Other amounts payable | 47/48 | - | €41,587 | +€41,587 | |
| Non-recurring operating income | 76A | - | €44,778 | +€44,778 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,976 | €11,616 | -€2,360 | -16.9% |
| Other operating charges | 640/8 | €1,453 | €6,707 | +€5,254 | +361% |
| Non-recurring operating charges | 66A | - | €17,816 | +€17,816 | |
| Gross operating margin | 9900 | €120,280 | €106,598 | -€13,682 | -11.4% |
| Operating profit (loss) | 9901 | €104,851 | €70,459 | -€34,391 | -32.8% |
| Financial income | 75/76B | €2,118 | €2,360 | +€242 | +11.4% |
| Recurring financial income | 75 | €2,118 | €2,360 | +€242 | +11.4% |
| Financial charges | 65/66B | €5,931 | €3,204 | -€2,727 | -46.0% |
| Recurring financial charges | 65 | €5,931 | €3,204 | -€2,727 | -46.0% |
| Profit (loss) for the period before taxes | 9903 | €101,037 | €69,615 | -€31,422 | -31.1% |
| Income taxes | 67/77 | €30,082 | €18,907 | -€11,175 | -37.1% |
| Profit (loss) for the period | 9904 | €70,955 | €50,708 | -€20,247 | -28.5% |
| Profit (loss) for the period to be appropriated | 9905 | €70,955 | €50,708 | -€20,247 | -28.5% |
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 14 October 2026 via checked.be.