NEW TRAILS: 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 TRAILS
Largest movements
- Current investments +€71,820
up €71,820 (+196%), from €36,606 to €108,426
- Cash -€60,071
down €60,071 (-87.0%), from €69,047 to €8,976
mainly Current investments (-€71,820) and Contributions, distributions and other (-€27,000)
- Tangible fixed assets -€19,533
down €19,533 (-9.1%), from €215,702 to €196,169
of which Furniture and vehicles: -€12,548
- Receivables within one year +€5,428
up €5,428 (+4.1%), from €133,174 to €138,601
of which Trade receivables: +€8,655
- Reserves +€70,500
up €70,500 (+25.1%), from €280,859 to €351,359
- Other debts -€26,700
down €26,700 (-99.8%), from €26,763 to €63
- Tax, wage and social debts -€22,108
down €22,108 (-73.5%), from €30,088 to €7,980
- Debts after one year -€19,336
down €19,336 (-23.3%), from €83,151 to €63,815
- Gross operating margin -€16,092
down €16,092 (-9.3%), from €173,907 to €157,814
- Taxes -€6,680
down €6,680 (-14.3%), from €46,815 to €40,135
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 | €456,188 | €453,884 | -€2,304 | -0.5% |
| Fixed assets | 21/28 | €215,702 | €196,169 | -€19,533 | -9.1% |
| Tangible fixed assets | 22/27 | €215,702 | €196,169 | -€19,533 | -9.1% |
| Land and buildings | 22 | €176,344 | €170,494 | -€5,851 | -3.3% |
| Plant, machinery and equipment | 23 | €3,561 | €2,426 | -€1,135 | -31.9% |
| Furniture and vehicles | 24 | €35,797 | €23,250 | -€12,548 | -35.1% |
| Current assets | 29/58 | €240,486 | €257,715 | +€17,229 | +7.2% |
| Amounts receivable within one year | 40/41 | €133,174 | €138,601 | +€5,428 | +4.1% |
| Trade receivables | 40 | €60,414 | €69,068 | +€8,655 | +14.3% |
| Other amounts receivable | 41 | €72,760 | €69,533 | -€3,227 | -4.4% |
| Current investments | 50/53 | €36,606 | €108,426 | +€71,820 | +196% |
| Cash at bank and in hand | 54/58 | €69,047 | €8,976 | -€60,071 | -87.0% |
| Deferred charges and accrued income | 490/1 | €1,659 | €1,712 | +€53 | +3.2% |
| Total equity and liabilities | 10/49 | €456,188 | €453,884 | -€2,304 | -0.5% |
| Equity | 10/15 | €289,719 | €360,238 | +€70,519 | +24.3% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Reserves | 13 | €280,859 | €351,359 | +€70,500 | +25.1% |
| Distributable reserves | 133 | €280,859 | €351,359 | +€70,500 | +25.1% |
| Profit (loss) carried forward | 14 | €2,662 | €2,682 | +€19 | +0.7% |
| Amounts payable | 17/49 | €166,469 | €93,646 | -€72,824 | -43.7% |
| Amounts payable after more than one year | 17 | €83,151 | €63,815 | -€19,336 | -23.3% |
| Financial debts | 170/4 | €83,151 | €63,815 | -€19,336 | -23.3% |
| Amounts payable within one year | 42/48 | €82,881 | €29,831 | -€53,051 | -64.0% |
| Current portion of amounts payable after more than one year | 42 | €20,224 | €19,336 | -€888 | -4.4% |
| Financial debts | 43 | - | €32 | +€32 | |
| Credit institutions | 430/8 | - | €32 | +€32 | |
| Trade debts | 44 | €5,807 | €2,420 | -€3,387 | -58.3% |
| Suppliers | 440/4 | €5,807 | €2,420 | -€3,387 | -58.3% |
| Taxes, remuneration and social security | 45 | €30,088 | €7,980 | -€22,108 | -73.5% |
| Taxes | 450/3 | €30,088 | €7,980 | -€22,108 | -73.5% |
| Other amounts payable | 47/48 | €26,763 | €63 | -€26,700 | -99.8% |
| Accrued charges and deferred income | 492/3 | €437 | €0 | -€437 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,413 | €19,533 | +€1,120 | +6.1% |
| Other operating charges | 640/8 | €1,238 | €1,347 | +€109 | +8.8% |
| Gross operating margin | 9900 | €173,907 | €157,814 | -€16,092 | -9.3% |
| Operating profit (loss) | 9901 | €154,256 | €136,934 | -€17,322 | -11.2% |
| Financial income | 75/76B | €4,353 | €3,200 | -€1,153 | -26.5% |
| Recurring financial income | 75 | €4,353 | €3,200 | -€1,153 | -26.5% |
| Financial charges | 65/66B | €2,488 | €2,480 | -€8 | -0.3% |
| Recurring financial charges | 65 | €2,488 | €2,480 | -€8 | -0.3% |
| Profit (loss) for the period before taxes | 9903 | €156,121 | €137,655 | -€18,467 | -11.8% |
| Income taxes | 67/77 | €46,815 | €40,135 | -€6,680 | -14.3% |
| Profit (loss) for the period | 9904 | €109,306 | €97,519 | -€11,787 | -10.8% |
| Profit (loss) for the period to be appropriated | 9905 | €109,306 | €97,519 | -€11,787 | -10.8% |
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 15 October 2026 via checked.be.