T.R.E.: 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.E.
Largest movements
- Cash +€393,941
up €393,941 (+41.7%), from €944,237 to €1.3m
mainly Other debts (+€941,524) and Net result for the year (+€309,148)
- Tangible fixed assets +€57,401
up €57,401 (+6.3%), from €915,515 to €972,916
of which Furniture and vehicles: +€84,040
- Receivables within one year -€52,002
down €52,002 (-11.9%), from €435,730 to €383,729
of which Trade receivables: -€141,842
- Current investments -€35,000
down €35,000 (-100.0%), from €35,000 to €0
- Other debts +€941,524
up €941,524 (+2823.1%), from €33,350 to €974,874
- Reserves -€665,727
down €665,727 (-48.8%), from €1.4m to €697,823
- Trade debts +€117,411
up €117,411 (+25.5%), from €460,853 to €578,264
- Tax, wage and social debts -€35,404
down €35,404 (-70.4%), from €50,283 to €14,879
of which Taxes: -€23,650
- Gross operating margin +€68,421
up €68,421 (+12.8%), from €534,073 to €602,494
- Taxes +€26,546
up €26,546 (+21.5%), from €123,636 to €150,182
- Financial charges -€19,859
down €19,859 (-69.3%), from €28,647 to €8,788
- Staff costs -€11,594
down €11,594 (-11.2%), from €103,966 to €92,372
- Depreciation +€11,479
up €11,479 (+38.1%), from €30,140 to €41,618
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 | €2,333,976 | €2,698,981 | +€365,004 | +15.6% |
| Fixed assets | 21/28 | €915,515 | €972,916 | +€57,401 | +6.3% |
| Tangible fixed assets | 22/27 | €915,515 | €972,916 | +€57,401 | +6.3% |
| Land and buildings | 22 | €904,753 | €885,071 | -€19,682 | -2.2% |
| Plant, machinery and equipment | 23 | €9,933 | €2,976 | -€6,957 | -70.0% |
| Furniture and vehicles | 24 | €829 | €84,869 | +€84,040 | +10136.3% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €1,418,461 | €1,726,065 | +€307,603 | +21.7% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €435,730 | €383,729 | -€52,002 | -11.9% |
| Trade receivables | 40 | €149,844 | €8,002 | -€141,842 | -94.7% |
| Other amounts receivable | 41 | €285,886 | €375,726 | +€89,841 | +31.4% |
| Current investments | 50/53 | €35,000 | €0 | -€35,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €944,237 | €1,338,178 | +€393,941 | +41.7% |
| Deferred charges and accrued income | 490/1 | €3,494 | €4,158 | +€664 | +19.0% |
| Total equity and liabilities | 10/49 | €2,333,976 | €2,698,981 | +€365,004 | +15.6% |
| Equity | 10/15 | €1,382,150 | €716,423 | -€665,727 | -48.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,363,550 | €697,823 | -€665,727 | -48.8% |
| Distributable reserves | 133 | €1,363,550 | €697,823 | -€665,727 | -48.8% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €951,826 | €1,982,557 | +€1.0m | +108.3% |
| Amounts payable after more than one year | 17 | €344,515 | €334,988 | -€9,527 | -2.8% |
| Financial debts | 170/4 | €344,515 | €334,988 | -€9,527 | -2.8% |
| Amounts payable within one year | 42/48 | €607,311 | €1,647,569 | +€1.0m | +171.3% |
| Current portion of amounts payable after more than one year | 42 | €62,826 | €79,552 | +€16,727 | +26.6% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Other loans | 439 | €0 | - | = | |
| Trade debts | 44 | €460,853 | €578,264 | +€117,411 | +25.5% |
| Suppliers | 440/4 | €460,853 | €578,264 | +€117,411 | +25.5% |
| Taxes, remuneration and social security | 45 | €50,283 | €14,879 | -€35,404 | -70.4% |
| Taxes | 450/3 | €27,643 | €3,993 | -€23,650 | -85.6% |
| Remuneration and social security | 454/9 | €22,640 | €10,886 | -€11,754 | -51.9% |
| Other amounts payable | 47/48 | €33,350 | €974,874 | +€941,524 | +2823.1% |
| Remuneration, social security and pensions | 62 | €103,966 | €92,372 | -€11,594 | -11.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,140 | €41,618 | +€11,479 | +38.1% |
| Other operating charges | 640/8 | €17,885 | €18,800 | +€915 | +5.1% |
| Non-recurring operating charges | 66A | - | €217 | +€217 | |
| Gross operating margin | 9900 | €534,073 | €602,494 | +€68,421 | +12.8% |
| Operating profit (loss) | 9901 | €382,082 | €449,487 | +€67,405 | +17.6% |
| Financial income | 75/76B | €24,982 | €18,631 | -€6,352 | -25.4% |
| Recurring financial income | 75 | €24,982 | €14,498 | -€10,484 | -42.0% |
| Non-recurring financial income | 76B | - | €4,132 | +€4,132 | |
| Financial charges | 65/66B | €28,647 | €8,788 | -€19,859 | -69.3% |
| Recurring financial charges | 65 | €28,647 | €8,788 | -€19,859 | -69.3% |
| Profit (loss) for the period before taxes | 9903 | €378,417 | €459,330 | +€80,913 | +21.4% |
| Income taxes | 67/77 | €123,636 | €150,182 | +€26,546 | +21.5% |
| Profit (loss) for the period | 9904 | €254,781 | €309,148 | +€54,367 | +21.3% |
| Profit (loss) for the period to be appropriated | 9905 | €254,781 | €309,148 | +€54,367 | +21.3% |
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 12 October 2026 via checked.be.