T2R: what changed
What changed
T2R
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
-€136,948
2024 · -€79,669-€57,279
Equity
€1.0m
2024 · €1.2m-€136,948
Cash
€803
2024 · €8,908-€8,104
Balance sheet total
€3.7m
2024 · €3.2m+€496,255
Largest movements
Assets
- Tangible fixed assets +€441,999
up €441,999 (+26.5%), from €1.7m to €2.1m
of which Land and buildings: +€426,650
- Receivables within one year +€62,360
up €62,360 (+103%), from €60,527 to €122,887
of which Trade receivables: +€37,784
Equity and liabilities
- Other debts +€697,336
up €697,336 (+252%), from €276,735 to €974,070
- Reserves -€136,948
down €136,948 (-11.7%), from €1.2m to €1.0m
of which Distributable reserves: -€136,948
- Accrued charges and deferred income -€98,110
down €98,110 (-32.8%), from €299,214 to €201,104
- Trade debts +€44,481
up €44,481 (+67.3%), from €66,079 to €110,560
Income statement
- Provisions +€31,471
up €31,471, from -€31,471 to €0
- Depreciation +€23,543
up €23,543 (+36.1%), from €65,227 to €88,770
- Financial income -€9,088
down €9,088 (-95.0%), from €9,571 to €483
- Financial charges -€5,530
down €5,530 (-8.6%), from €63,932 to €58,402
- Gross operating margin +€2,756
up €2,756 (+22.7%), from €12,141 to €14,896
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
-€79,669
Gross operating margin
+€2,756
Depreciation
-€23,543
Provisions
-€31,471
Other operating charges
-€732
Financial income
-€9,088
Financial charges
+€5,530
Taxes
-€729
Result 2025
-€136,948
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€524,517
Investment
-€530,769
Financing
-€1,853
Cash 2024
€8,908
From operations (derived)
+€524,517
Net result for the year
-€136,948
Depreciation
+€88,770
Receivables within one year
-€62,360
Provisions
-€8,273
Trade debts
+€44,481
Tax, wage and social debts
-€378
Other debts
+€697,336
Accrued charges and deferred income
-€98,110
Investment (derived)
-€530,769
Investment in fixed assets (net)
-€530,769
Financing
-€1,853
Debts after one year
-€1,037
Current portion of long-term debt
-€816
Cash 2025
€803
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,209,133 | €3,705,388 | +€496,255 | +15.5% |
| Fixed assets | 21/28 | €3,139,698 | €3,581,697 | +€441,999 | +14.1% |
| Tangible fixed assets | 22/27 | €1,666,091 | €2,108,090 | +€441,999 | +26.5% |
| Land and buildings | 22 | €1,473,527 | €1,900,178 | +€426,650 | +29.0% |
| Plant, machinery and equipment | 23 | €913 | €550 | -€364 | -39.8% |
| Furniture and vehicles | 24 | €136,745 | €117,520 | -€19,226 | -14.1% |
| Leasing and similar rights | 25 | €40,000 | €40,000 | = | 0.0% |
| Other tangible fixed assets | 26 | €14,905 | €49,843 | +€34,938 | +234% |
| Financial fixed assets | 28 | €1,473,608 | €1,473,608 | = | 0.0% |
| Current assets | 29/58 | €69,435 | €123,690 | +€54,256 | +78.1% |
| Amounts receivable within one year | 40/41 | €60,527 | €122,887 | +€62,360 | +103% |
| Trade receivables | 40 | €54,961 | €92,744 | +€37,784 | +68.7% |
| Other amounts receivable | 41 | €5,566 | €30,143 | +€24,577 | +442% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €8,908 | €803 | -€8,104 | -91.0% |
| Total equity and liabilities | 10/49 | €3,209,133 | €3,705,388 | +€496,255 | +15.5% |
| Equity | 10/15 | €1,179,487 | €1,042,538 | -€136,948 | -11.6% |
| Contributions | 10/11 | €8,034 | €8,034 | = | 0.0% |
| Reserves | 13 | €1,171,452 | €1,034,504 | -€136,948 | -11.7% |
| Non-distributable reserves | 130/1 | €1,205 | €1,205 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,205 | €1,205 | = | 0.0% |
| Tax-exempt reserves | 132 | €45 | €45 | = | 0.0% |
| Distributable reserves | 133 | €1,170,202 | €1,033,254 | -€136,948 | -11.7% |
| Provisions and deferred taxes | 16 | €1,350,137 | €1,341,864 | -€8,273 | -0.6% |
| Provisions for liabilities and charges | 160/5 | €1,350,137 | €1,341,864 | -€8,273 | -0.6% |
| Environmental obligations | 163 | €1,350,137 | €0 | -€1.4m | -100% |
| Other liabilities and charges | 164/5 | - | €1,341,864 | +€1.3m | |
| Amounts payable | 17/49 | €679,510 | €1,320,986 | +€641,476 | +94.4% |
| Amounts payable after more than one year | 17 | €34,419 | €33,382 | -€1,037 | -3.0% |
| Financial debts | 170/4 | €34,419 | €33,382 | -€1,037 | -3.0% |
| Amounts payable within one year | 42/48 | €345,877 | €1,086,499 | +€740,623 | +214% |
| Current portion of amounts payable after more than one year | 42 | €1,853 | €1,037 | -€816 | -44.1% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €66,079 | €110,560 | +€44,481 | +67.3% |
| Suppliers | 440/4 | €66,079 | €110,560 | +€44,481 | +67.3% |
| Taxes, remuneration and social security | 45 | €1,210 | €832 | -€378 | -31.2% |
| Taxes | 450/3 | €1,210 | €832 | -€378 | -31.2% |
| Other amounts payable | 47/48 | €276,735 | €974,070 | +€697,336 | +252% |
| Accrued charges and deferred income | 492/3 | €299,214 | €201,104 | -€98,110 | -32.8% |
| Non-recurring operating income | 76A | €21,816 | €0 | -€21,816 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,227 | €88,770 | +€23,543 | +36.1% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€31,471 | €0 | +€31,471 | |
| Other operating charges | 640/8 | €3,591 | €4,323 | +€732 | +20.4% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €12,141 | €14,896 | +€2,756 | +22.7% |
| Operating profit (loss) | 9901 | -€25,205 | -€78,197 | -€52,991 | -210% |
| Financial income | 75/76B | €9,571 | €483 | -€9,088 | -95.0% |
| Recurring financial income | 75 | €9,571 | €483 | -€9,088 | -95.0% |
| Financial charges | 65/66B | €63,932 | €58,402 | -€5,530 | -8.6% |
| Recurring financial charges | 65 | €63,932 | €58,402 | -€5,530 | -8.6% |
| Profit (loss) for the period before taxes | 9903 | -€79,566 | -€136,116 | -€56,550 | -71.1% |
| Income taxes | 67/77 | €103 | €832 | +€729 | +709% |
| Profit (loss) for the period | 9904 | -€79,669 | -€136,948 | -€57,279 | -71.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€79,669 | -€136,948 | -€57,279 | -71.9% |
Next steps
Work out how much credit to give this customer and on what payment terms.Credit check Check what to know before you do business with this company.Supplier due diligence Check whether you can accept this company as a client under the anti-money-laundering law.AML client file Compare this company with its sector.Sector benchmark
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.