T.R.D.: 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.
T.R.D.
Largest movements
- Financial fixed assets -€935,714
down €935,714 (-14.0%), from €6.7m to €5.7m
- Cash +€356,760
up €356,760 (+593%), from €60,156 to €416,916
mainly Investment in fixed assets (net) (+€448,779) and Other debts (+€379,521)
- Tangible fixed assets +€334,427
up €334,427 (+8.9%), from €3.8m to €4.1m
of which Assets under construction and advance payments: +€455,000
- Receivables within one year +€282,925
up €282,925 (+5.1%), from €5.6m to €5.9m
of which Other amounts receivable: +€304,361
- Current investments +€276,209
up €276,209 (+4.1%), from €6.8m to €7.1m
- Other debts +€379,521
up €379,521 (+23.4%), from €1.6m to €2.0m
- Reserves -€327,928
down €327,928 (-17.2%), from €1.9m to €1.6m
of which Distributable reserves: -€279,986
- Financial income +€565,861
up €565,861 (+105%), from €541,230 to €1.1m
of which Financial income: +€714,234
- Financial charges +€234,758
up €234,758 (+21.5%), from €1.1m to €1.3m
of which Financial charges: +€234,758
- Gross operating margin +€162,988
up €162,988, from -€129,530 to €33,458
- Taxes -€8,389
down €8,389, from €206 to -€8,182
- Other operating charges +€4,956
up €4,956 (+29.2%), from €16,971 to €21,927
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 | €23,550,542 | €23,731,604 | +€181,063 | +0.8% |
| Fixed assets | 21/28 | €10,434,605 | €9,833,318 | -€601,287 | -5.8% |
| Tangible fixed assets | 22/27 | €3,765,232 | €4,099,660 | +€334,427 | +8.9% |
| Land and buildings | 22 | €3,294,165 | €3,206,882 | -€87,283 | -2.6% |
| Plant, machinery and equipment | 23 | €1,201 | €591 | -€610 | -50.8% |
| Furniture and vehicles | 24 | €126,866 | €94,187 | -€32,680 | -25.8% |
| Assets under construction and advance payments | 27 | €343,000 | €798,000 | +€455,000 | +133% |
| Financial fixed assets | 28 | €6,669,373 | €5,733,659 | -€935,714 | -14.0% |
| Current assets | 29/58 | €13,115,937 | €13,898,286 | +€782,349 | +6.0% |
| Amounts receivable after more than one year | 29 | €231,367 | €214,149 | -€17,218 | -7.4% |
| Other amounts receivable | 291 | €231,367 | €214,149 | -€17,218 | -7.4% |
| Amounts receivable within one year | 40/41 | €5,593,588 | €5,876,513 | +€282,925 | +5.1% |
| Trade receivables | 40 | €96,630 | €75,194 | -€21,435 | -22.2% |
| Other amounts receivable | 41 | €5,496,958 | €5,801,319 | +€304,361 | +5.5% |
| Current investments | 50/53 | €6,804,153 | €7,080,361 | +€276,209 | +4.1% |
| Cash at bank and in hand | 54/58 | €60,156 | €416,916 | +€356,760 | +593% |
| Deferred charges and accrued income | 490/1 | €426,673 | €310,347 | -€116,326 | -27.3% |
| Total equity and liabilities | 10/49 | €23,550,542 | €23,731,604 | +€181,063 | +0.8% |
| Equity | 10/15 | €16,441,266 | €16,113,338 | -€327,928 | -2.0% |
| Contributions | 10/11 | €14,530,000 | €14,530,000 | = | 0.0% |
| Reserves | 13 | €1,911,266 | €1,583,338 | -€327,928 | -17.2% |
| Tax-exempt reserves | 132 | €530,141 | €482,199 | -€47,942 | -9.0% |
| Distributable reserves | 133 | €1,381,124 | €1,101,138 | -€279,986 | -20.3% |
| Provisions and deferred taxes | 16 | €276,204 | €251,126 | -€25,078 | -9.1% |
| Deferred taxes | 168 | €276,204 | €251,126 | -€25,078 | -9.1% |
| Amounts payable | 17/49 | €6,833,072 | €7,367,141 | +€534,068 | +7.8% |
| Amounts payable within one year | 42/48 | €6,663,894 | €7,222,650 | +€558,756 | +8.4% |
| Financial debts | 43 | €5,000,000 | €5,208,077 | +€208,077 | +4.2% |
| Credit institutions | 430/8 | €2,000,000 | €5,208,077 | +€3.2m | +160% |
| Other loans | 439 | €3,000,000 | €0 | -€3.0m | -100% |
| Trade debts | 44 | €41,721 | €11,264 | -€30,457 | -73.0% |
| Suppliers | 440/4 | €41,721 | €11,264 | -€30,457 | -73.0% |
| Taxes, remuneration and social security | 45 | €0 | €1,616 | +€1,616 | |
| Taxes | 450/3 | €0 | €1,616 | +€1,616 | |
| Other amounts payable | 47/48 | €1,622,173 | €2,001,694 | +€379,521 | +23.4% |
| Accrued charges and deferred income | 492/3 | €169,178 | €144,490 | -€24,688 | -14.6% |
| Non-recurring operating income | 76A | €23,438 | €32,782 | +€9,343 | +39.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €152,842 | €152,508 | -€334 | -0.2% |
| Other operating charges | 640/8 | €16,971 | €21,927 | +€4,956 | +29.2% |
| Gross operating margin | 9900 | -€129,530 | €33,458 | +€162,988 | |
| Operating profit (loss) | 9901 | -€299,342 | -€140,976 | +€158,366 | +52.9% |
| Financial income | 75/76B | €541,230 | €1,107,091 | +€565,861 | +105% |
| Recurring financial income | 75 | €392,857 | €1,107,091 | +€714,234 | +182% |
| Non-recurring financial income | 76B | €148,373 | - | -€148,373 | |
| Financial charges | 65/66B | €1,092,545 | €1,327,303 | +€234,758 | +21.5% |
| Recurring financial charges | 65 | €1,092,545 | €1,327,303 | +€234,758 | +21.5% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | -€850,656 | -€361,188 | +€489,468 | +57.5% |
| Transfer from deferred taxes | 780 | €14,970 | €25,078 | +€10,108 | +67.5% |
| Income taxes | 67/77 | €206 | -€8,182 | -€8,389 | |
| Profit (loss) for the period | 9904 | -€835,892 | -€327,928 | +€507,964 | +60.8% |
| Transfer from tax-exempt reserves | 789 | €28,312 | €47,942 | +€19,630 | +69.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€807,580 | -€279,986 | +€527,594 | +65.3% |
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 21 October 2026 via checked.be.