NEW T-CORE: 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.
NEW T-CORE
Largest movements
- Receivables within one year +€370,062
up €370,062 (+118%), from €314,785 to €684,847
- Cash -€331,090
down €331,090 (-28.3%), from €1.2m to €839,178
mainly Receivables within one year (-€370,062) and Current investments (-€300,000)
- Current investments +€300,000
new in 2025: €300,000
- Stocks and contracts +€62,359
up €62,359 (+12.1%), from €517,441 to €579,800
- Reserves +€325,498
up €325,498 (+19.7%), from €1.7m to €2.0m
- Trade debts +€105,594
up €105,594 (+835%), from €12,643 to €118,237
- Other debts -€96,010
down €96,010 (-31.9%), from €301,111 to €205,100
- Tax, wage and social debts +€51,560
up €51,560 (+35.6%), from €144,864 to €196,425
of which Taxes: +€49,410
- Short-term financial debts -€33,828
no longer reported in 2025 (was €33,828)
- Gross operating margin +€67,871
up €67,871 (+6.2%), from €1.1m to €1.2m
- Staff costs +€25,567
up €25,567 (+7.5%), from €342,285 to €367,852
- Financial income -€22,212
down €22,212 (-28.8%), from €77,205 to €54,993
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 | €2,151,007 | €2,504,721 | +€353,714 | +16.4% |
| Fixed assets | 21/28 | €137,773 | €90,068 | -€47,705 | -34.6% |
| Intangible fixed assets | 21 | €43,362 | €19,856 | -€23,506 | -54.2% |
| Tangible fixed assets | 22/27 | €93,533 | €69,335 | -€24,199 | -25.9% |
| Furniture and vehicles | 24 | €93,533 | €69,335 | -€24,199 | -25.9% |
| Financial fixed assets | 28 | €877 | €877 | = | 0.0% |
| Current assets | 29/58 | €2,013,234 | €2,414,654 | +€401,419 | +19.9% |
| Stocks and contracts in progress | 3 | €517,441 | €579,800 | +€62,359 | +12.1% |
| Stocks | 30/36 | €517,441 | €579,800 | +€62,359 | +12.1% |
| Amounts receivable within one year | 40/41 | €314,785 | €684,847 | +€370,062 | +118% |
| Trade receivables | 40 | €314,785 | €684,847 | +€370,062 | +118% |
| Current investments | 50/53 | - | €300,000 | +€300,000 | |
| Cash at bank and in hand | 54/58 | €1,170,268 | €839,178 | -€331,090 | -28.3% |
| Deferred charges and accrued income | 490/1 | €10,740 | €10,829 | +€88 | +0.8% |
| Total equity and liabilities | 10/49 | €2,151,007 | €2,504,721 | +€353,714 | +16.4% |
| Equity | 10/15 | €1,656,261 | €1,981,760 | +€325,498 | +19.7% |
| Reserves | 13 | €1,656,261 | €1,981,760 | +€325,498 | +19.7% |
| Distributable reserves | 133 | €1,656,261 | €1,981,760 | +€325,498 | +19.7% |
| Amounts payable | 17/49 | €494,746 | €522,962 | +€28,216 | +5.7% |
| Amounts payable within one year | 42/48 | €492,446 | €519,762 | +€27,316 | +5.5% |
| Financial debts | 43 | €33,828 | - | -€33,828 | |
| Credit institutions | 430/8 | €33,828 | - | -€33,828 | |
| Trade debts | 44 | €12,643 | €118,237 | +€105,594 | +835% |
| Suppliers | 440/4 | €12,643 | €118,237 | +€105,594 | +835% |
| Taxes, remuneration and social security | 45 | €144,864 | €196,425 | +€51,560 | +35.6% |
| Taxes | 450/3 | €103,860 | €153,271 | +€49,410 | +47.6% |
| Remuneration and social security | 454/9 | €41,004 | €43,154 | +€2,150 | +5.2% |
| Other amounts payable | 47/48 | €301,111 | €205,100 | -€96,010 | -31.9% |
| Accrued charges and deferred income | 492/3 | €2,300 | €3,200 | +€900 | +39.1% |
| Remuneration, social security and pensions | 62 | €342,285 | €367,852 | +€25,567 | +7.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,580 | €48,282 | +€6,702 | +16.1% |
| Other operating charges | 640/8 | €2,313 | €2,073 | -€241 | -10.4% |
| Gross operating margin | 9900 | €1,087,571 | €1,155,442 | +€67,871 | +6.2% |
| Operating profit (loss) | 9901 | €701,393 | €737,235 | +€35,843 | +5.1% |
| Financial income | 75/76B | €77,205 | €54,993 | -€22,212 | -28.8% |
| Recurring financial income | 75 | €77,205 | €54,993 | -€22,212 | -28.8% |
| Financial charges | 65/66B | €5,430 | €7,068 | +€1,638 | +30.2% |
| Recurring financial charges | 65 | €5,430 | €7,068 | +€1,638 | +30.2% |
| Profit (loss) for the period before taxes | 9903 | €773,168 | €785,160 | +€11,992 | +1.6% |
| Income taxes | 67/77 | €243,893 | €254,562 | +€10,669 | +4.4% |
| Profit (loss) for the period | 9904 | €529,275 | €530,598 | +€1,323 | +0.2% |
| Profit (loss) for the period to be appropriated | 9905 | €529,275 | €530,598 | +€1,323 | +0.2% |
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 30 October 2026 via checked.be.