T.R.L.: 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.L.
Largest movements
- Receivables within one year +€60,770
up €60,770 (+69.1%), from €87,910 to €148,680
of which Trade receivables: +€63,989
- Stocks and contracts -€30,000
down €30,000 (-19.3%), from €155,430 to €125,430
- Tangible fixed assets -€13,010
down €13,010 (-1.6%), from €834,677 to €821,667
of which Land and buildings: -€10,923
- Profit (loss) carried forward +€12,029
up €12,029 (+1.5%), from -€826,719 to -€814,691
- Write-downs -€176,383
down €176,383 (-98.5%), from €179,118 to €2,736
- Gross operating margin -€97,679
down €97,679 (-58.6%), from €166,812 to €69,133
- Staff costs -€54,675
down €54,675 (-63.3%), from €86,381 to €31,706
- Depreciation -€9,116
down €9,116 (-43.2%), from €21,092 to €11,976
- Financial income +€6,080
up €6,080 (+1,694%), from €359 to €6,438
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 | €1,085,594 | €1,102,456 | +€16,861 | +1.6% |
| Fixed assets | 21/28 | €834,677 | €821,667 | -€13,010 | -1.6% |
| Tangible fixed assets | 22/27 | €834,677 | €821,667 | -€13,010 | -1.6% |
| Land and buildings | 22 | €831,600 | €820,676 | -€10,923 | -1.3% |
| Plant, machinery and equipment | 23 | €3,077 | €990 | -€2,087 | -67.8% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Current assets | 29/58 | €250,917 | €280,789 | +€29,871 | +11.9% |
| Stocks and contracts in progress | 3 | €155,430 | €125,430 | -€30,000 | -19.3% |
| Stocks | 30/36 | €155,430 | €125,430 | -€30,000 | -19.3% |
| Amounts receivable within one year | 40/41 | €87,910 | €148,680 | +€60,770 | +69.1% |
| Trade receivables | 40 | €84,692 | €148,680 | +€63,989 | +75.6% |
| Other amounts receivable | 41 | €3,218 | €0 | -€3,218 | -100% |
| Cash at bank and in hand | 54/58 | €2,251 | €1,638 | -€613 | -27.2% |
| Deferred charges and accrued income | 490/1 | €5,326 | €5,040 | -€286 | -5.4% |
| Total equity and liabilities | 10/49 | €1,085,594 | €1,102,456 | +€16,861 | +1.6% |
| Equity | 10/15 | -€74,286 | -€62,257 | +€12,029 | +16.2% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Revaluation surpluses | 12 | €684,234 | €684,234 | = | 0.0% |
| Reserves | 13 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€826,719 | -€814,691 | +€12,029 | +1.5% |
| Amounts payable | 17/49 | €1,159,880 | €1,164,713 | +€4,833 | +0.4% |
| Amounts payable within one year | 42/48 | €1,159,880 | €1,164,713 | +€4,833 | +0.4% |
| Financial debts | 43 | €200,000 | €200,000 | = | 0.0% |
| Credit institutions | 430/8 | €200,000 | €200,000 | = | 0.0% |
| Trade debts | 44 | €189,924 | €196,840 | +€6,916 | +3.6% |
| Suppliers | 440/4 | €189,924 | €196,840 | +€6,916 | +3.6% |
| Taxes, remuneration and social security | 45 | €7,875 | €2,422 | -€5,452 | -69.2% |
| Remuneration and social security | 454/9 | €7,875 | €2,422 | -€5,452 | -69.2% |
| Other amounts payable | 47/48 | €762,081 | €765,450 | +€3,369 | +0.4% |
| Non-recurring operating income | 76A | €0 | €37,830 | +€37,830 | |
| Remuneration, social security and pensions | 62 | €86,381 | €31,706 | -€54,675 | -63.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,092 | €11,976 | -€9,116 | -43.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €179,118 | €2,736 | -€176,383 | -98.5% |
| Other operating charges | 640/8 | €5,487 | €6,278 | +€791 | +14.4% |
| Non-recurring operating charges | 66A | €27,290 | €1,034 | -€26,255 | -96.2% |
| Gross operating margin | 9900 | €166,812 | €69,133 | -€97,679 | -58.6% |
| Operating profit (loss) | 9901 | -€152,556 | €15,403 | +€167,959 | |
| Financial income | 75/76B | €359 | €6,438 | +€6,080 | +1,694% |
| Recurring financial income | 75 | €359 | €6,438 | +€6,080 | +1,694% |
| Financial charges | 65/66B | €14,907 | €9,813 | -€5,094 | -34.2% |
| Recurring financial charges | 65 | €14,907 | €9,813 | -€5,094 | -34.2% |
| Profit (loss) for the period before taxes | 9903 | -€167,104 | €12,029 | +€179,133 | |
| Profit (loss) for the period | 9904 | -€167,104 | €12,029 | +€179,133 | |
| Profit (loss) for the period to be appropriated | 9905 | -€167,104 | €12,029 | +€179,133 |
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 30 October 2026 via checked.be.