OLIVIER TROUILLARD: what changed
OLIVIER TROUILLARD
Largest movements
- Intangible fixed assets +€926,338
up €926,338 (+258%), from €359,206 to €1.3m
- Cash +€222,888
up €222,888 (+70.7%), from €315,457 to €538,345
mainly Debts after one year (+€909,553) and Net result for the year (+€391,572)
- Current investments +€75,000
new in 2025: €75,000
- Deferred charges and accrued income +€69,160
up €69,160 (+162%), from €42,680 to €111,840
- Tangible fixed assets +€60,584
up €60,584 (+3,494%), from €1,734 to €62,318
of which Other tangible fixed assets: +€41,692
- Debts after one year +€909,553
up €909,553 (+277%), from €328,772 to €1.2m
- Other debts +€197,972
up €197,972 (+98.0%), from €201,978 to €399,949
- Tax, wage and social debts +€158,926
up €158,926 (+825%), from €19,257 to €178,183
of which Taxes: +€116,465
- Current portion of long-term debt +€100,218
up €100,218 (+187%), from €53,553 to €153,771
- Gross operating margin +€803,111
up €803,111 (+185%), from €433,930 to €1.2m
- Staff costs +€403,204
up €403,204 (+301%), from €134,172 to €537,376
- Taxes +€126,248
up €126,248 (+661%), from €19,095 to €145,343
- Depreciation +€83,014
up €83,014 (+161%), from €51,668 to €134,681
- Financial charges +€25,424
up €25,424 (+507%), from €5,017 to €30,441
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €719,767 | €2,080,973 | +€1.4m | +189% |
| Fixed assets | 21/28 | €361,630 | €1,347,862 | +€986,232 | +273% |
| Intangible fixed assets | 21 | €359,206 | €1,285,544 | +€926,338 | +258% |
| Tangible fixed assets | 22/27 | €1,734 | €62,318 | +€60,584 | +3,494% |
| Furniture and vehicles | 24 | €1,054 | €19,946 | +€18,892 | +1,793% |
| Other tangible fixed assets | 26 | €680 | €42,372 | +€41,692 | +6,132% |
| Financial fixed assets | 28 | €690 | - | -€690 | |
| Current assets | 29/58 | €358,137 | €733,112 | +€374,974 | +105% |
| Amounts receivable within one year | 40/41 | - | €7,926 | +€7,926 | |
| Trade receivables | 40 | - | €7,926 | +€7,926 | |
| Current investments | 50/53 | - | €75,000 | +€75,000 | |
| Cash at bank and in hand | 54/58 | €315,457 | €538,345 | +€222,888 | +70.7% |
| Deferred charges and accrued income | 490/1 | €42,680 | €111,840 | +€69,160 | +162% |
| Total equity and liabilities | 10/49 | €719,767 | €2,080,973 | +€1.4m | +189% |
| Equity | 10/15 | €91,405 | €91,405 | = | 0.0% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €85,405 | €85,405 | = | 0.0% |
| Distributable reserves | 133 | €85,405 | €85,405 | = | 0.0% |
| Amounts payable | 17/49 | €628,362 | €1,989,568 | +€1.4m | +217% |
| Amounts payable after more than one year | 17 | €328,772 | €1,238,325 | +€909,553 | +277% |
| Financial debts | 170/4 | €328,772 | €1,238,325 | +€909,553 | +277% |
| Amounts payable within one year | 42/48 | €299,590 | €751,243 | +€451,653 | +151% |
| Current portion of amounts payable after more than one year | 42 | €53,553 | €153,771 | +€100,218 | +187% |
| Trade debts | 44 | €24,803 | €19,340 | -€5,463 | -22.0% |
| Suppliers | 440/4 | €24,803 | €19,340 | -€5,463 | -22.0% |
| Taxes, remuneration and social security | 45 | €19,257 | €178,183 | +€158,926 | +825% |
| Taxes | 450/3 | €4,095 | €120,560 | +€116,465 | +2,844% |
| Remuneration and social security | 454/9 | €15,162 | €57,623 | +€42,461 | +280% |
| Other amounts payable | 47/48 | €201,978 | €399,949 | +€197,972 | +98.0% |
| Remuneration, social security and pensions | 62 | €134,172 | €537,376 | +€403,204 | +301% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,668 | €134,681 | +€83,014 | +161% |
| Other operating charges | 640/8 | €118 | €167 | +€49 | +41.5% |
| Gross operating margin | 9900 | €433,930 | €1,237,041 | +€803,111 | +185% |
| Operating profit (loss) | 9901 | €247,972 | €564,816 | +€316,844 | +128% |
| Financial income | 75/76B | €2,246 | €2,539 | +€293 | +13.0% |
| Recurring financial income | 75 | €2,246 | €2,539 | +€293 | +13.0% |
| Financial charges | 65/66B | €5,017 | €30,441 | +€25,424 | +507% |
| Recurring financial charges | 65 | €5,017 | €30,441 | +€25,424 | +507% |
| Profit (loss) for the period before taxes | 9903 | €245,201 | €536,915 | +€291,713 | +119% |
| Income taxes | 67/77 | €19,095 | €145,343 | +€126,248 | +661% |
| Profit (loss) for the period | 9904 | €226,106 | €391,572 | +€165,466 | +73.2% |
| Profit (loss) for the period to be appropriated | 9905 | €226,106 | €391,572 | +€165,466 | +73.2% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.