PROXY TRUST: 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.
PROXY TRUST
Largest movements
- Cash -€3,543
down €3,543 (-15.0%), from €23,621 to €20,078
mainly Other debts (-€50,059) and Trade debts (-€4,476)
- Receivables within one year -€3,219
down €3,219 (-18.4%), from €17,448 to €14,230
of which Trade receivables: -€3,219
- Other debts -€50,059
down €50,059 (-81.9%), from €61,141 to €11,083
- Profit (loss) carried forward +€35,032
up €35,032 (+66.7%), from -€52,509 to -€17,477
- Tax, wage and social debts +€12,582
up €12,582 (+651.3%), from €1,932 to €14,513
of which Taxes: +€12,582
- Trade debts -€4,476
down €4,476 (-45.5%), from €9,845 to €5,369
- Taxes +€13,000
new in 2025: €13,000
- Depreciation -€489
down €489 (-75.4%), from €649 to €160
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €41,409 | €34,488 | -€6,921 | -16.7% |
| Fixed assets | 21/28 | €340 | €180 | -€160 | -47.0% |
| Tangible fixed assets | 22/27 | €160 | - | -€160 | |
| Plant, machinery and equipment | 23 | €160 | - | -€160 | |
| Financial fixed assets | 28 | €180 | €180 | = | 0.0% |
| Current assets | 29/58 | €41,070 | €34,308 | -€6,761 | -16.5% |
| Amounts receivable within one year | 40/41 | €17,448 | €14,230 | -€3,219 | -18.4% |
| Trade receivables | 40 | €17,448 | €14,230 | -€3,219 | -18.4% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €23,621 | €20,078 | -€3,543 | -15.0% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €41,409 | €34,488 | -€6,921 | -16.7% |
| Equity | 10/15 | -€31,509 | €3,523 | +€35,032 | |
| Contributions | 10/11 | €21,000 | €21,000 | = | 0.0% |
| Capital | 10 | €0 | - | = | |
| Issued capital | 100 | €0 | - | = | |
| Outside capital | 11 | €21,000 | €21,000 | = | 0.0% |
| Other | 1109/19 | €21,000 | €21,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€52,509 | -€17,477 | +€35,032 | +66.7% |
| Amounts payable | 17/49 | €72,918 | €30,965 | -€41,953 | -57.5% |
| Amounts payable within one year | 42/48 | €72,918 | €30,965 | -€41,953 | -57.5% |
| Trade debts | 44 | €9,845 | €5,369 | -€4,476 | -45.5% |
| Suppliers | 440/4 | €9,845 | €5,369 | -€4,476 | -45.5% |
| Taxes, remuneration and social security | 45 | €1,932 | €14,513 | +€12,582 | +651.3% |
| Taxes | 450/3 | €1,932 | €14,513 | +€12,582 | +651.3% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €61,141 | €11,083 | -€50,059 | -81.9% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €137 | -€112 | -€249 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €649 | €160 | -€489 | -75.4% |
| Other operating charges | 640/8 | €387 | - | -€387 | |
| Gross operating margin | 9900 | €48,130 | €48,253 | +€123 | +0.3% |
| Operating profit (loss) | 9901 | €46,957 | €48,205 | +€1,249 | +2.7% |
| Financial charges | 65/66B | €165 | €173 | +€8 | +5.0% |
| Recurring financial charges | 65 | €165 | €173 | +€8 | +5.0% |
| Profit (loss) for the period before taxes | 9903 | €46,792 | €48,032 | +€1,240 | +2.7% |
| Income taxes | 67/77 | - | €13,000 | +€13,000 | |
| Profit (loss) for the period | 9904 | €46,792 | €35,032 | -€11,760 | -25.1% |
| Profit (loss) for the period to be appropriated | 9905 | €46,792 | €35,032 | -€11,760 | -25.1% |
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 1 October 2026 via checked.be.