G-TRI: 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.
What changed
G-TRI
NACE 38.210, Materials recovery from waste
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€99,642
2024 · -€18,186+€117,828
Equity
€59,175
2024 · -€39,635+€98,810
Cash
€2,542
2024 · €2,542
Balance sheet total
€351,517
2024 · €242,020+€109,497
Largest movements
Assets
- Receivables within one year +€54,022
up €54,022 (+35.7%), from €151,368 to €205,390
of which Trade receivables: +€54,018
- Receivables after one year +€43,000
new in 2025: €43,000
- Tangible fixed assets +€17,201
up €17,201 (+21.4%), from €80,479 to €97,681
of which Furniture and vehicles: +€40,818
- Deferred charges and accrued income -€4,726
down €4,726 (-84.6%), from €5,586 to €860
Equity and liabilities
- Profit (loss) carried forward +€99,642
up €99,642 (+88.9%), from -€112,036 to -€12,394
- Trade debts +€19,536
up €19,536 (+24.9%), from €78,313 to €97,850
- Other debts -€16,524
down €16,524 (-66.5%), from €24,850 to €8,325
- Debts after one year +€16,240
up €16,240 (+28.9%), from €56,122 to €72,362
- Current portion of long-term debt +€10,122
up €10,122 (+40.5%), from €25,006 to €35,128
Income statement
- Gross operating margin +€87,192
up €87,192 (+33.1%), from €263,205 to €350,397
- Staff costs -€37,988
down €37,988 (-16.8%), from €225,776 to €187,787
- Other operating charges +€6,545
up €6,545 (+81.6%), from €8,017 to €14,563
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.
Result 2024
-€18,186
Gross operating margin
+€87,192
Staff costs
+€37,988
Depreciation
+€720
Other operating charges
-€6,545
Financial income
+€310
Financial charges
+€418
Taxes
-€2,463
Deferred taxes and other
+€208
Result 2025
€99,642
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.
From operations
+€38,390
Investment
-€54,258
Financing
+€15,869
Cash 2024
€2,542
From operations (derived)
+€38,390
Net result for the year
+€99,642
Depreciation
+€37,057
Receivables after one year
-€43,000
Receivables within one year
-€54,022
Deferred charges and accrued income
+€4,726
Provisions
-€208
Trade debts
+€19,536
Tax, wage and social debts
-€6,745
Other debts
-€16,524
Accrued charges and deferred income
-€2,073
Investment (derived)
-€54,258
Investment in fixed assets (net)
-€54,259
Current investments
+€0
Financing
+€15,869
Debts after one year
+€16,240
Current portion of long-term debt
+€10,122
Short-term financial debts
-€9,661
Contributions, distributions and other
-€832
Cash 2025
€2,542
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €242,020 | €351,517 | +€109,497 | +45.2% |
| Fixed assets | 21/28 | €82,524 | €99,725 | +€17,201 | +20.8% |
| Tangible fixed assets | 22/27 | €80,479 | €97,681 | +€17,201 | +21.4% |
| Plant, machinery and equipment | 23 | €14,204 | €10,953 | -€3,251 | -22.9% |
| Furniture and vehicles | 24 | €24,941 | €65,759 | +€40,818 | +163.7% |
| Leasing and similar rights | 25 | €41,334 | €20,969 | -€20,365 | -49.3% |
| Financial fixed assets | 28 | €2,045 | €2,045 | = | 0.0% |
| Current assets | 29/58 | €159,496 | €251,792 | +€92,296 | +57.9% |
| Amounts receivable after more than one year | 29 | - | €43,000 | +€43,000 | |
| Other amounts receivable | 291 | - | €43,000 | +€43,000 | |
| Amounts receivable within one year | 40/41 | €151,368 | €205,390 | +€54,022 | +35.7% |
| Trade receivables | 40 | €151,368 | €205,386 | +€54,018 | +35.7% |
| Other amounts receivable | 41 | - | €4 | +€4 | |
| Current investments | 50/53 | €0 | - | -€0 | |
| Cash at bank and in hand | 54/58 | €2,542 | €2,542 | = | 0.0% |
| Deferred charges and accrued income | 490/1 | €5,586 | €860 | -€4,726 | -84.6% |
| Total equity and liabilities | 10/49 | €242,020 | €351,517 | +€109,497 | +45.2% |
| Equity | 10/15 | -€39,635 | €59,175 | +€98,810 | |
| Contributions | 10/11 | €62,040 | €62,040 | = | 0.0% |
| Capital | 10 | €62,040 | €62,040 | = | 0.0% |
| Issued capital | 100 | €62,040 | €62,040 | = | 0.0% |
| Reserves | 13 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€112,036 | -€12,394 | +€99,642 | +88.9% |
| Investment grants | 15 | €4,162 | €3,329 | -€832 | -20.0% |
| Provisions and deferred taxes | 16 | €1,040 | €832 | -€208 | -20.0% |
| Deferred taxes | 168 | €1,040 | €832 | -€208 | -20.0% |
| Amounts payable | 17/49 | €280,614 | €291,509 | +€10,895 | +3.9% |
| Amounts payable after more than one year | 17 | €56,122 | €72,362 | +€16,240 | +28.9% |
| Financial debts | 170/4 | €56,122 | €72,362 | +€16,240 | +28.9% |
| Amounts payable within one year | 42/48 | €222,240 | €218,967 | -€3,272 | -1.5% |
| Current portion of amounts payable after more than one year | 42 | €25,006 | €35,128 | +€10,122 | +40.5% |
| Financial debts | 43 | €57,759 | €48,098 | -€9,661 | -16.7% |
| Credit institutions | 430/8 | €57,759 | €48,098 | -€9,661 | -16.7% |
| Trade debts | 44 | €78,313 | €97,850 | +€19,536 | +24.9% |
| Suppliers | 440/4 | €78,313 | €97,850 | +€19,536 | +24.9% |
| Taxes, remuneration and social security | 45 | €36,311 | €29,566 | -€6,745 | -18.6% |
| Taxes | 450/3 | €4,899 | €4,247 | -€653 | -13.3% |
| Remuneration and social security | 454/9 | €31,412 | €25,320 | -€6,092 | -19.4% |
| Other amounts payable | 47/48 | €24,850 | €8,325 | -€16,524 | -66.5% |
| Accrued charges and deferred income | 492/3 | €2,253 | €180 | -€2,073 | -92.0% |
| Remuneration, social security and pensions | 62 | €225,776 | €187,787 | -€37,988 | -16.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,777 | €37,057 | -€720 | -1.9% |
| Other operating charges | 640/8 | €8,017 | €14,563 | +€6,545 | +81.6% |
| Gross operating margin | 9900 | €263,205 | €350,397 | +€87,192 | +33.1% |
| Operating profit (loss) | 9901 | -€8,365 | €110,991 | +€119,355 | |
| Financial income | 75/76B | €1,384 | €1,693 | +€310 | +22.4% |
| Recurring financial income | 75 | €1,384 | €1,693 | +€310 | +22.4% |
| Financial charges | 65/66B | €10,972 | €10,555 | -€418 | -3.8% |
| Recurring financial charges | 65 | €10,972 | €10,555 | -€418 | -3.8% |
| Profit (loss) for the period before taxes | 9903 | -€17,953 | €102,129 | +€120,083 | |
| Transfer from deferred taxes | 780 | - | €208 | +€208 | |
| Income taxes | 67/77 | €232 | €2,695 | +€2,463 | +1060.4% |
| Profit (loss) for the period | 9904 | -€18,186 | €99,642 | +€117,828 | |
| Profit (loss) for the period to be appropriated | 9905 | -€18,186 | €99,642 | +€117,828 |
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 3 October 2026 via checked.be.