DR. J. TROUERBACH: 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.
DR. J. TROUERBACH
Largest movements
- Cash -€131,987
down €131,987 (-46.8%), from €281,989 to €150,002
mainly Contributions, distributions and other (-€248,208) and Other debts (-€72,334)
- Current investments +€66,595
up €66,595 (+15.2%), from €438,444 to €505,039
- Tangible fixed assets -€16,618
down €16,618 (-31.6%), from €52,649 to €36,031
of which Furniture and vehicles: -€15,477
- Deferred charges and accrued income -€11,473
down €11,473 (-14.8%), from €77,518 to €66,045
- Other debts -€72,334
down €72,334 (-46.5%), from €155,626 to €83,292
- Debts after one year -€16,455
down €16,455 (-63.0%), from €26,122 to €9,667
- Gross operating margin -€30,559
down €30,559 (-7.9%), from €384,924 to €354,365
- Financial income +€5,192
up €5,192 (+158%), from €3,278 to €8,470
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 | €884,963 | €791,643 | -€93,320 | -10.5% |
| Fixed assets | 21/28 | €52,699 | €36,081 | -€16,618 | -31.5% |
| Tangible fixed assets | 22/27 | €52,649 | €36,031 | -€16,618 | -31.6% |
| Plant, machinery and equipment | 23 | €5,994 | €4,853 | -€1,141 | -19.0% |
| Furniture and vehicles | 24 | €46,655 | €31,178 | -€15,477 | -33.2% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €832,265 | €755,563 | -€76,702 | -9.2% |
| Amounts receivable within one year | 40/41 | €34,314 | €34,476 | +€162 | +0.5% |
| Other amounts receivable | 41 | €34,314 | €34,476 | +€162 | +0.5% |
| Current investments | 50/53 | €438,444 | €505,039 | +€66,595 | +15.2% |
| Cash at bank and in hand | 54/58 | €281,989 | €150,002 | -€131,987 | -46.8% |
| Deferred charges and accrued income | 490/1 | €77,518 | €66,045 | -€11,473 | -14.8% |
| Total equity and liabilities | 10/49 | €884,963 | €791,643 | -€93,320 | -10.5% |
| Equity | 10/15 | €666,193 | €659,578 | -€6,614 | -1.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €653,793 | €647,178 | -€6,614 | -1.0% |
| Distributable reserves | 133 | €653,793 | €647,178 | -€6,614 | -1.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €218,771 | €132,065 | -€86,706 | -39.6% |
| Amounts payable after more than one year | 17 | €26,122 | €9,667 | -€16,455 | -63.0% |
| Financial debts | 170/4 | €26,122 | €9,667 | -€16,455 | -63.0% |
| Amounts payable within one year | 42/48 | €191,574 | €120,083 | -€71,491 | -37.3% |
| Current portion of amounts payable after more than one year | 42 | €16,309 | €16,455 | +€146 | +0.9% |
| Trade debts | 44 | €1,272 | €2,677 | +€1,406 | +111% |
| Suppliers | 440/4 | €1,272 | €2,677 | +€1,406 | +111% |
| Taxes, remuneration and social security | 45 | €18,368 | €17,659 | -€708 | -3.9% |
| Taxes | 450/3 | €18,368 | €17,659 | -€708 | -3.9% |
| Other amounts payable | 47/48 | €155,626 | €83,292 | -€72,334 | -46.5% |
| Accrued charges and deferred income | 492/3 | €1,075 | €2,315 | +€1,240 | +115% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,992 | €20,426 | +€435 | +2.2% |
| Other operating charges | 640/8 | €640 | €657 | +€18 | +2.7% |
| Gross operating margin | 9900 | €384,924 | €354,365 | -€30,559 | -7.9% |
| Operating profit (loss) | 9901 | €364,293 | €333,281 | -€31,011 | -8.5% |
| Financial income | 75/76B | €3,278 | €8,470 | +€5,192 | +158% |
| Recurring financial income | 75 | €3,278 | €8,470 | +€5,192 | +158% |
| Financial charges | 65/66B | €3,097 | €1,702 | -€1,395 | -45.0% |
| Recurring financial charges | 65 | €3,097 | €1,702 | -€1,395 | -45.0% |
| Profit (loss) for the period before taxes | 9903 | €364,474 | €340,050 | -€24,424 | -6.7% |
| Income taxes | 67/77 | €98,781 | €98,456 | -€325 | -0.3% |
| Profit (loss) for the period | 9904 | €265,693 | €241,594 | -€24,099 | -9.1% |
| Profit (loss) for the period to be appropriated | 9905 | €265,693 | €241,594 | -€24,099 | -9.1% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.