ANDRE TRUYMAN: 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.
ANDRE TRUYMAN
Largest movements
- Tangible fixed assets -€129,842
down €129,842 (-20.2%), from €644,234 to €514,393
of which Land and buildings: -€65,936
- Cash -€14,205
down €14,205 (-26.9%), from €52,884 to €38,679
mainly Debts after one year (-€61,252) and Net result for the year (-€45,056)
- Stocks and contracts -€9,344
down €9,344 (-9.3%), from €100,461 to €91,117
- Debts after one year -€61,252
down €61,252 (-38.5%), from €158,916 to €97,664
- Reserves -€45,056
down €45,056 (-35.0%), from €128,589 to €83,533
- Other debts -€33,307
down €33,307 (-7.7%), from €431,564 to €398,257
- Gross operating margin -€14,085
down €14,085 (-10.8%), from €130,228 to €116,144
- Depreciation -€10,294
down €10,294 (-7.1%), from €145,470 to €135,175
- Write-downs +€2,893
up €2,893, from -€2,893 to €0
- Other operating charges -€2,057
down €2,057 (-8.9%), from €22,985 to €20,928
- Financial charges -€1,706
down €1,706 (-27.8%), from €6,143 to €4,437
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 | €829,150 | €681,094 | -€148,056 | -17.9% |
| Fixed assets | 21/28 | €644,281 | €514,559 | -€129,722 | -20.1% |
| Tangible fixed assets | 22/27 | €644,234 | €514,393 | -€129,842 | -20.2% |
| Land and buildings | 22 | €256,441 | €190,504 | -€65,936 | -25.7% |
| Plant, machinery and equipment | 23 | €332,305 | €283,007 | -€49,298 | -14.8% |
| Furniture and vehicles | 24 | €55,489 | €40,882 | -€14,607 | -26.3% |
| Financial fixed assets | 28 | €46 | €166 | +€120 | +261% |
| Current assets | 29/58 | €184,869 | €166,535 | -€18,334 | -9.9% |
| Stocks and contracts in progress | 3 | €100,461 | €91,117 | -€9,344 | -9.3% |
| Stocks | 30/36 | €100,461 | €91,117 | -€9,344 | -9.3% |
| Amounts receivable within one year | 40/41 | €23,656 | €22,263 | -€1,392 | -5.9% |
| Trade receivables | 40 | €23,656 | €22,263 | -€1,392 | -5.9% |
| Cash at bank and in hand | 54/58 | €52,884 | €38,679 | -€14,205 | -26.9% |
| Deferred charges and accrued income | 490/1 | €7,868 | €14,475 | +€6,607 | +84.0% |
| Total equity and liabilities | 10/49 | €829,150 | €681,094 | -€148,056 | -17.9% |
| Equity | 10/15 | €147,189 | €102,133 | -€45,056 | -30.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €128,589 | €83,533 | -€45,056 | -35.0% |
| Distributable reserves | 133 | €128,589 | €83,533 | -€45,056 | -35.0% |
| Amounts payable | 17/49 | €681,961 | €578,961 | -€103,000 | -15.1% |
| Amounts payable after more than one year | 17 | €158,916 | €97,664 | -€61,252 | -38.5% |
| Financial debts | 170/4 | €158,916 | €97,664 | -€61,252 | -38.5% |
| Amounts payable within one year | 42/48 | €521,688 | €480,109 | -€41,580 | -8.0% |
| Current portion of amounts payable after more than one year | 42 | €62,733 | €61,253 | -€1,480 | -2.4% |
| Trade debts | 44 | €12,954 | €10,063 | -€2,891 | -22.3% |
| Suppliers | 440/4 | €12,954 | €10,063 | -€2,891 | -22.3% |
| Advances received on contracts in progress | 46 | €799 | €0 | -€799 | -100% |
| Taxes, remuneration and social security | 45 | €13,638 | €10,536 | -€3,102 | -22.7% |
| Taxes | 450/3 | €11,007 | €8,225 | -€2,783 | -25.3% |
| Remuneration and social security | 454/9 | €2,631 | €2,311 | -€320 | -12.2% |
| Other amounts payable | 47/48 | €431,564 | €398,257 | -€33,307 | -7.7% |
| Accrued charges and deferred income | 492/3 | €1,357 | €1,188 | -€169 | -12.4% |
| Non-recurring operating income | 76A | €8,264 | €11,077 | +€2,813 | +34.0% |
| Remuneration, social security and pensions | 62 | €57 | €57 | -€0 | -0.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €145,470 | €135,175 | -€10,294 | -7.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€2,893 | €0 | +€2,893 | |
| Other operating charges | 640/8 | €22,985 | €20,928 | -€2,057 | -8.9% |
| Non-recurring operating charges | 66A | €140 | €0 | -€140 | -100% |
| Gross operating margin | 9900 | €130,228 | €116,144 | -€14,085 | -10.8% |
| Operating profit (loss) | 9901 | -€35,531 | -€40,017 | -€4,486 | -12.6% |
| Financial income | 75/76B | €216 | €148 | -€68 | -31.6% |
| Recurring financial income | 75 | €216 | €148 | -€68 | -31.6% |
| Financial charges | 65/66B | €6,143 | €4,437 | -€1,706 | -27.8% |
| Recurring financial charges | 65 | €6,143 | €4,437 | -€1,706 | -27.8% |
| Profit (loss) for the period before taxes | 9903 | -€41,458 | -€44,306 | -€2,848 | -6.9% |
| Income taxes | 67/77 | €764 | €750 | -€14 | -1.8% |
| Profit (loss) for the period | 9904 | -€42,222 | -€45,056 | -€2,834 | -6.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€42,222 | -€45,056 | -€2,834 | -6.7% |
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.