EL TROS: 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.
EL TROS
Largest movements
- Cash -€131,893
down €131,893 (-54.4%), from €242,431 to €110,538
mainly Investment in fixed assets (net) (-€89,205) and Trade debts (-€79,362)
- Receivables within one year -€41,815
down €41,815 (-50.5%), from €82,827 to €41,011
of which Other amounts receivable: -€50,352
- Intangible fixed assets +€13,259
up €13,259, from €0 to €13,259
- Trade debts -€79,362
down €79,362 (-42.0%), from €189,081 to €109,719
- Other debts -€66,203
down €66,203 (-97.0%), from €68,266 to €2,063
- Current portion of long-term debt -€14,358
down €14,358 (-56.9%), from €25,226 to €10,868
- Reserves +€12,647
up €12,647 (+4.2%), from €298,726 to €311,374
of which Distributable reserves: +€12,647
- Debts after one year -€10,868
down €10,868 (-19.2%), from €56,565 to €45,697
- Staff costs +€48,360
up €48,360 (+17.0%), from €284,994 to €333,354
- Taxes +€12,424
up €12,424 (+303%), from €4,106 to €16,531
- Depreciation -€11,190
down €11,190 (-13.4%), from €83,741 to €72,551
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 | €666,628 | €513,334 | -€153,294 | -23.0% |
| Fixed assets | 21/28 | €312,578 | €329,232 | +€16,654 | +5.3% |
| Intangible fixed assets | 21 | €0 | €13,259 | +€13,259 | |
| Tangible fixed assets | 22/27 | €312,578 | €315,973 | +€3,395 | +1.1% |
| Land and buildings | 22 | €294,043 | €296,167 | +€2,124 | +0.7% |
| Plant, machinery and equipment | 23 | €15,199 | €11,843 | -€3,357 | -22.1% |
| Furniture and vehicles | 24 | €3,336 | €7,963 | +€4,627 | +139% |
| Current assets | 29/58 | €354,050 | €184,102 | -€169,948 | -48.0% |
| Stocks and contracts in progress | 3 | €19,606 | €24,122 | +€4,516 | +23.0% |
| Stocks | 30/36 | €19,606 | €24,122 | +€4,516 | +23.0% |
| Amounts receivable within one year | 40/41 | €82,827 | €41,011 | -€41,815 | -50.5% |
| Trade receivables | 40 | €13,009 | €21,546 | +€8,536 | +65.6% |
| Other amounts receivable | 41 | €69,818 | €19,466 | -€50,352 | -72.1% |
| Cash at bank and in hand | 54/58 | €242,431 | €110,538 | -€131,893 | -54.4% |
| Deferred charges and accrued income | 490/1 | €9,186 | €8,431 | -€755 | -8.2% |
| Total equity and liabilities | 10/49 | €666,628 | €513,334 | -€153,294 | -23.0% |
| Equity | 10/15 | €305,126 | €317,774 | +€12,647 | +4.1% |
| Contributions | 10/11 | €6,400 | €6,400 | = | 0.0% |
| Reserves | 13 | €298,726 | €311,374 | +€12,647 | +4.2% |
| Tax-exempt reserves | 132 | €13,000 | €13,000 | = | 0.0% |
| Distributable reserves | 133 | €285,726 | €298,374 | +€12,647 | +4.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €361,502 | €195,561 | -€165,941 | -45.9% |
| Amounts payable after more than one year | 17 | €56,565 | €45,697 | -€10,868 | -19.2% |
| Financial debts | 170/4 | €56,565 | €45,697 | -€10,868 | -19.2% |
| Amounts payable within one year | 42/48 | €304,937 | €149,864 | -€155,073 | -50.9% |
| Current portion of amounts payable after more than one year | 42 | €25,226 | €10,868 | -€14,358 | -56.9% |
| Financial debts | 43 | - | €29 | +€29 | |
| Credit institutions | 430/8 | - | €29 | +€29 | |
| Trade debts | 44 | €189,081 | €109,719 | -€79,362 | -42.0% |
| Suppliers | 440/4 | €189,081 | €109,719 | -€79,362 | -42.0% |
| Taxes, remuneration and social security | 45 | €22,363 | €27,184 | +€4,821 | +21.6% |
| Taxes | 450/3 | €8,706 | €13,171 | +€4,465 | +51.3% |
| Remuneration and social security | 454/9 | €13,657 | €14,013 | +€356 | +2.6% |
| Other amounts payable | 47/48 | €68,266 | €2,063 | -€66,203 | -97.0% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €284,994 | €333,354 | +€48,360 | +17.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €83,741 | €72,551 | -€11,190 | -13.4% |
| Other operating charges | 640/8 | €8,012 | €8,683 | +€672 | +8.4% |
| Gross operating margin | 9900 | €452,773 | €449,233 | -€3,540 | -0.8% |
| Operating profit (loss) | 9901 | €76,026 | €34,644 | -€41,382 | -54.4% |
| Financial income | 75/76B | €284 | €1,489 | +€1,204 | +423% |
| Recurring financial income | 75 | €284 | €1,489 | +€1,204 | +423% |
| Financial charges | 65/66B | €6,073 | €6,955 | +€881 | +14.5% |
| Recurring financial charges | 65 | €6,073 | €6,955 | +€881 | +14.5% |
| Profit (loss) for the period before taxes | 9903 | €70,237 | €29,178 | -€41,059 | -58.5% |
| Income taxes | 67/77 | €4,106 | €16,531 | +€12,424 | +303% |
| Profit (loss) for the period | 9904 | €66,131 | €12,647 | -€53,484 | -80.9% |
| Profit (loss) for the period to be appropriated | 9905 | €66,131 | €12,647 | -€53,484 | -80.9% |
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 28 October 2026 via checked.be.