T.R.B.: 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.
What changed
T.R.B.
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€52,447
2024 · -€78,743+€26,296
Equity
€1.0m
2024 · €1.1m-€52,554
Cash
€4,581
2024 · €6,544-€1,962
Balance sheet total
€3.4m
2024 · €3.5m-€26,065
Largest movements
Assets
- Tangible fixed assets -€74,638
down €74,638 (-5.1%), from €1.5m to €1.4m
of which Land and buildings: -€75,662
- Deferred charges and accrued income +€61,892
up €61,892 (+157%), from €39,405 to €101,297
Equity and liabilities
- Other debts +€60,000
up €60,000 (+66.5%), from €90,250 to €150,250
- Debts after one year -€51,031
down €51,031 (-3.7%), from €1.4m to €1.3m
of which Financial debts: -€121,316
- Profit (loss) carried forward -€45,086
down €45,086 (-17.9%), from €252,056 to €206,970
Income statement
- Gross operating margin +€63,600
up €63,600, from -€41,819 to €21,781
- Financial income -€60,956
down €60,956 (-37.0%), from €164,542 to €103,586
of which Non-recurring financial income: -€93,551
- Other operating charges -€12,080
down €12,080 (-41.2%), from €29,309 to €17,229
- Depreciation -€4,519
down €4,519 (-4.7%), from €96,094 to €91,575
- Taxes -€3,895
down €3,895 (-94.2%), from €4,136 to €241
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
-€78,743
Gross operating margin
+€63,600
Depreciation
+€4,519
Other operating charges
+€12,080
Financial income
-€60,956
Financial charges
+€2,439
Taxes
+€3,895
Deferred taxes and other
+€720
Result 2025
-€52,447
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€39,633
Investment
-€16,567
Financing
-€25,028
Cash 2024
€6,544
From operations (derived)
+€39,633
Net result for the year
-€52,447
Depreciation
+€91,575
Receivables after one year
+€9,136
Receivables within one year
+€1,850
Deferred charges and accrued income
-€61,892
Provisions
-€3,244
Trade debts
-€5,662
Tax, wage and social debts
-€202
Other debts
+€60,000
Accrued charges and deferred income
+€517
Investment (derived)
-€16,567
Investment in fixed assets (net)
-€16,567
Financing
-€25,028
Debts after one year
-€51,031
Current portion of long-term debt
+€3,293
Short-term financial debts
+€22,817
Contributions, distributions and other
-€108
Cash 2025
€4,581
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,458,477 | €3,432,412 | -€26,065 | -0.8% |
| Fixed assets | 21/28 | €2,368,643 | €2,293,635 | -€75,008 | -3.2% |
| Tangible fixed assets | 22/27 | €1,477,730 | €1,403,092 | -€74,638 | -5.1% |
| Land and buildings | 22 | €1,469,418 | €1,393,757 | -€75,662 | -5.1% |
| Plant, machinery and equipment | 23 | €7,936 | €8,206 | +€270 | +3.4% |
| Furniture and vehicles | 24 | €375 | €1,129 | +€754 | +201% |
| Financial fixed assets | 28 | €890,914 | €890,544 | -€370 | 0.0% |
| Current assets | 29/58 | €1,089,833 | €1,138,776 | +€48,943 | +4.5% |
| Amounts receivable after more than one year | 29 | €876,707 | €867,571 | -€9,136 | -1.0% |
| Other amounts receivable | 291 | €876,707 | €867,571 | -€9,136 | -1.0% |
| Amounts receivable within one year | 40/41 | €3,377 | €1,527 | -€1,850 | -54.8% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €3,377 | €1,527 | -€1,850 | -54.8% |
| Current investments | 50/53 | €163,800 | €163,800 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €6,544 | €4,581 | -€1,962 | -30.0% |
| Deferred charges and accrued income | 490/1 | €39,405 | €101,297 | +€61,892 | +157% |
| Total equity and liabilities | 10/49 | €3,458,477 | €3,432,412 | -€26,065 | -0.8% |
| Equity | 10/15 | €1,099,019 | €1,046,465 | -€52,554 | -4.8% |
| Contributions | 10/11 | €64,451 | €64,451 | = | 0.0% |
| Capital | 10 | €64,451 | €64,451 | = | 0.0% |
| Issued capital | 100 | €64,451 | €64,451 | = | 0.0% |
| Revaluation surpluses | 12 | €272,365 | €272,365 | = | 0.0% |
| Reserves | 13 | €510,146 | €502,679 | -€7,468 | -1.5% |
| Non-distributable reserves | 130/1 | €170,349 | €170,349 | = | 0.0% |
| Legal reserve | 130 | €6,549 | €6,549 | = | 0.0% |
| Own shares acquired | 1312 | €163,800 | €163,800 | = | 0.0% |
| Tax-exempt reserves | 132 | €339,797 | €332,330 | -€7,468 | -2.2% |
| Profit (loss) carried forward | 14 | €252,056 | €206,970 | -€45,086 | -17.9% |
| Provisions and deferred taxes | 16 | €128,978 | €125,735 | -€3,244 | -2.5% |
| Deferred taxes | 168 | €128,978 | €125,735 | -€3,244 | -2.5% |
| Amounts payable | 17/49 | €2,230,480 | €2,260,213 | +€29,733 | +1.3% |
| Amounts payable after more than one year | 17 | €1,369,757 | €1,318,726 | -€51,031 | -3.7% |
| Financial debts | 170/4 | €882,854 | €761,538 | -€121,316 | -13.7% |
| Other amounts payable | 178/9 | €486,903 | €557,188 | +€70,285 | +14.4% |
| Amounts payable within one year | 42/48 | €850,210 | €930,457 | +€80,247 | +9.4% |
| Current portion of amounts payable after more than one year | 42 | €118,023 | €121,316 | +€3,293 | +2.8% |
| Financial debts | 43 | €610,757 | €633,575 | +€22,817 | +3.7% |
| Credit institutions | 430/8 | €610,757 | €633,575 | +€22,817 | +3.7% |
| Trade debts | 44 | €29,674 | €24,011 | -€5,662 | -19.1% |
| Suppliers | 440/4 | €29,674 | €24,011 | -€5,662 | -19.1% |
| Taxes, remuneration and social security | 45 | €1,506 | €1,304 | -€202 | -13.4% |
| Taxes | 450/3 | €1,506 | €1,304 | -€202 | -13.4% |
| Other amounts payable | 47/48 | €90,250 | €150,250 | +€60,000 | +66.5% |
| Accrued charges and deferred income | 492/3 | €10,512 | €11,030 | +€517 | +4.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €96,094 | €91,575 | -€4,519 | -4.7% |
| Other operating charges | 640/8 | €29,309 | €17,229 | -€12,080 | -41.2% |
| Gross operating margin | 9900 | -€41,819 | €21,781 | +€63,600 | |
| Operating profit (loss) | 9901 | -€167,222 | -€87,022 | +€80,200 | +48.0% |
| Financial income | 75/76B | €164,542 | €103,586 | -€60,956 | -37.0% |
| Recurring financial income | 75 | €70,990 | €103,586 | +€32,595 | +45.9% |
| Non-recurring financial income | 76B | €93,551 | - | -€93,551 | |
| Financial charges | 65/66B | €74,452 | €72,013 | -€2,439 | -3.3% |
| Recurring financial charges | 65 | €74,452 | €72,013 | -€2,439 | -3.3% |
| Profit (loss) for the period before taxes | 9903 | -€77,132 | -€55,450 | +€21,682 | +28.1% |
| Transfer from deferred taxes | 780 | €2,524 | €3,244 | +€720 | +28.5% |
| Income taxes | 67/77 | €4,136 | €241 | -€3,895 | -94.2% |
| Profit (loss) for the period | 9904 | -€78,743 | -€52,447 | +€26,296 | +33.4% |
| Transfer from tax-exempt reserves | 789 | €6,070 | €7,468 | +€1,397 | +23.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€72,673 | -€44,979 | +€27,694 | +38.1% |
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 18 October 2026 via checked.be.