T & R MANAGEMENT: 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 MANAGEMENT
Largest movements
- Receivables within one year +€32,164
up €32,164 (+93.3%), from €34,467 to €66,631
of which Trade receivables: +€37,985
- Cash +€9,809
up €9,809 (+6.1%), from €160,145 to €169,954
mainly Net result for the year (+€45,412) and Other debts (+€26,280)
- Deferred charges and accrued income +€4,274
up €4,274 (+310%), from €1,381 to €5,654
- Other debts +€26,280
up €26,280 (+30.4%), from €86,336 to €112,616
- Reserves +€20,261
up €20,261 (+18.5%), from €109,558 to €129,820
- Tax, wage and social debts +€5,468
up €5,468 (+137%), from €4,000 to €9,468
of which Taxes: +€5,468
- Trade debts -€4,715
down €4,715 (-30.1%), from €15,670 to €10,955
- Gross operating margin +€22,560
up €22,560 (+46.5%), from €48,498 to €71,058
- Taxes +€6,203
up €6,203 (+55.5%), from €11,172 to €17,375
- Depreciation -€1,141
down €1,141 (-14.1%), from €8,103 to €6,962
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 | €234,604 | €281,853 | +€47,249 | +20.1% |
| Fixed assets | 21/28 | €16,569 | €16,067 | -€502 | -3.0% |
| Tangible fixed assets | 22/27 | €16,569 | €16,067 | -€502 | -3.0% |
| Plant, machinery and equipment | 23 | €10,550 | €12,079 | +€1,529 | +14.5% |
| Furniture and vehicles | 24 | €6,019 | €3,988 | -€2,031 | -33.7% |
| Current assets | 29/58 | €218,035 | €265,786 | +€47,751 | +21.9% |
| Stocks and contracts in progress | 3 | €22,042 | €23,546 | +€1,504 | +6.8% |
| Stocks | 30/36 | €22,042 | €23,546 | +€1,504 | +6.8% |
| Amounts receivable within one year | 40/41 | €34,467 | €66,631 | +€32,164 | +93.3% |
| Trade receivables | 40 | €28,522 | €66,506 | +€37,985 | +133% |
| Other amounts receivable | 41 | €5,946 | €125 | -€5,821 | -97.9% |
| Cash at bank and in hand | 54/58 | €160,145 | €169,954 | +€9,809 | +6.1% |
| Deferred charges and accrued income | 490/1 | €1,381 | €5,654 | +€4,274 | +310% |
| Total equity and liabilities | 10/49 | €234,604 | €281,853 | +€47,249 | +20.1% |
| Equity | 10/15 | €128,158 | €148,420 | +€20,261 | +15.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €109,558 | €129,820 | +€20,261 | +18.5% |
| Distributable reserves | 133 | €109,558 | €129,820 | +€20,261 | +18.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €106,445 | €133,433 | +€26,987 | +25.4% |
| Amounts payable within one year | 42/48 | €106,006 | €133,038 | +€27,032 | +25.5% |
| Trade debts | 44 | €15,670 | €10,955 | -€4,715 | -30.1% |
| Suppliers | 440/4 | €15,670 | €10,955 | -€4,715 | -30.1% |
| Taxes, remuneration and social security | 45 | €4,000 | €9,468 | +€5,468 | +137% |
| Taxes | 450/3 | €2,100 | €7,568 | +€5,468 | +260% |
| Remuneration and social security | 454/9 | €1,900 | €1,900 | = | 0.0% |
| Other amounts payable | 47/48 | €86,336 | €112,616 | +€26,280 | +30.4% |
| Accrued charges and deferred income | 492/3 | €439 | €395 | -€44 | -10.1% |
| Non-recurring operating income | 76A | €3,750 | €8,140 | +€4,390 | +117% |
| Remuneration, social security and pensions | 62 | €76 | €0 | -€76 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,103 | €6,962 | -€1,141 | -14.1% |
| Other operating charges | 640/8 | €1,381 | €1,399 | +€18 | +1.3% |
| Gross operating margin | 9900 | €48,498 | €71,058 | +€22,560 | +46.5% |
| Operating profit (loss) | 9901 | €38,938 | €62,696 | +€23,759 | +61.0% |
| Financial income | 75/76B | €178 | €433 | +€255 | +143% |
| Recurring financial income | 75 | €178 | €433 | +€255 | +143% |
| Financial charges | 65/66B | €415 | €342 | -€73 | -17.5% |
| Recurring financial charges | 65 | €415 | €342 | -€73 | -17.5% |
| Profit (loss) for the period before taxes | 9903 | €38,700 | €62,787 | +€24,086 | +62.2% |
| Income taxes | 67/77 | €11,172 | €17,375 | +€6,203 | +55.5% |
| Profit (loss) for the period | 9904 | €27,529 | €45,412 | +€17,883 | +65.0% |
| Profit (loss) for the period to be appropriated | 9905 | €27,529 | €45,412 | +€17,883 | +65.0% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.