TR-D: what changed
Two fiscal 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.
TR-D
Largest movements
- Cash -€103,995
down €103,995 (-77.1%), from €134,969 to €30,974
mainly Debts after one year (-€46,388) and Tax, wage and social debts (-€39,521)
- Tangible fixed assets -€101,200
down €101,200 (-9.7%), from €1.0m to €938,794
of which Land and buildings: -€57,616
- Debts after one year -€46,388
down €46,388 (-11.2%), from €413,480 to €367,092
- Tax, wage and social debts -€39,521
down €39,521 (-88.1%), from €44,852 to €5,331
of which Taxes: -€25,225
- Current portion of long-term debt -€34,696
down €34,696 (-42.8%), from €81,084 to €46,388
- Reserves -€32,141
down €32,141 (-2.5%), from €1.3m to €1.2m
of which Distributable reserves: -€32,141
- Gross operating margin -€224,650
down €224,650 (-62.0%), from €362,130 to €137,480
- Staff costs -€49,775
down €49,775, from €49,219 to -€556
- Taxes -€45,733
down €45,733 (-96.5%), from €47,390 to €1,656
- Depreciation +€5,124
up €5,124 (+5.3%), from €96,076 to €101,200
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 | €2,600,645 | €2,404,416 | -€196,229 | -7.5% |
| Fixed assets | 21/28 | €1,039,994 | €938,794 | -€101,200 | -9.7% |
| Tangible fixed assets | 22/27 | €1,039,994 | €938,794 | -€101,200 | -9.7% |
| Land and buildings | 22 | €891,156 | €833,540 | -€57,616 | -6.5% |
| Plant, machinery and equipment | 23 | €15,793 | €10,049 | -€5,744 | -36.4% |
| Furniture and vehicles | 24 | €133,045 | €95,205 | -€37,840 | -28.4% |
| Current assets | 29/58 | €1,560,651 | €1,465,622 | -€95,029 | -6.1% |
| Stocks and contracts in progress | 3 | €1,393,267 | €1,407,917 | +€14,650 | +1.1% |
| Stocks | 30/36 | €1,393,267 | €1,407,917 | +€14,650 | +1.1% |
| Amounts receivable within one year | 40/41 | €28,978 | €21,819 | -€7,160 | -24.7% |
| Trade receivables | 40 | €325 | €0 | -€325 | -100.0% |
| Other amounts receivable | 41 | €28,654 | €21,819 | -€6,835 | -23.9% |
| Cash at bank and in hand | 54/58 | €134,969 | €30,974 | -€103,995 | -77.1% |
| Deferred charges and accrued income | 490/1 | €3,437 | €4,912 | +€1,475 | +42.9% |
| Total equity and liabilities | 10/49 | €2,600,645 | €2,404,416 | -€196,229 | -7.5% |
| Equity | 10/15 | €1,430,859 | €1,398,717 | -€32,141 | -2.2% |
| Contributions | 10/11 | €160,000 | €160,000 | = | 0.0% |
| Reserves | 13 | €1,270,859 | €1,238,717 | -€32,141 | -2.5% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €5,330 | €5,330 | = | 0.0% |
| Distributable reserves | 133 | €1,265,529 | €1,233,388 | -€32,141 | -2.5% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €1,169,786 | €1,005,698 | -€164,088 | -14.0% |
| Amounts payable after more than one year | 17 | €413,480 | €367,092 | -€46,388 | -11.2% |
| Financial debts | 170/4 | €413,480 | €367,092 | -€46,388 | -11.2% |
| Amounts payable within one year | 42/48 | €746,838 | €629,598 | -€117,240 | -15.7% |
| Current portion of amounts payable after more than one year | 42 | €81,084 | €46,388 | -€34,696 | -42.8% |
| Financial debts | 43 | €400,088 | €376,737 | -€23,351 | -5.8% |
| Credit institutions | 430/8 | €400,088 | €376,737 | -€23,351 | -5.8% |
| Trade debts | 44 | €49,359 | €50,796 | +€1,436 | +2.9% |
| Suppliers | 440/4 | €49,359 | €50,796 | +€1,436 | +2.9% |
| Advances received on contracts in progress | 46 | €55,568 | €51,000 | -€4,568 | -8.2% |
| Taxes, remuneration and social security | 45 | €44,852 | €5,331 | -€39,521 | -88.1% |
| Taxes | 450/3 | €28,056 | €2,831 | -€25,225 | -89.9% |
| Remuneration and social security | 454/9 | €16,796 | €2,500 | -€14,296 | -85.1% |
| Other amounts payable | 47/48 | €115,887 | €99,346 | -€16,541 | -14.3% |
| Accrued charges and deferred income | 492/3 | €9,468 | €9,008 | -€460 | -4.9% |
| Remuneration, social security and pensions | 62 | €49,219 | -€556 | -€49,775 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €96,076 | €101,200 | +€5,124 | +5.3% |
| Other operating charges | 640/8 | €18,404 | €20,934 | +€2,531 | +13.8% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €362,130 | €137,480 | -€224,650 | -62.0% |
| Operating profit (loss) | 9901 | €198,432 | €15,902 | -€182,530 | -92.0% |
| Financial income | 75/76B | €8 | €7 | -€2 | -20.8% |
| Recurring financial income | 75 | €8 | €7 | -€2 | -20.8% |
| Financial charges | 65/66B | €43,002 | €46,393 | +€3,391 | +7.9% |
| Recurring financial charges | 65 | €43,002 | €46,393 | +€3,391 | +7.9% |
| Profit (loss) for the period before taxes | 9903 | €155,438 | -€30,485 | -€185,923 | |
| Income taxes | 67/77 | €47,390 | €1,656 | -€45,733 | -96.5% |
| Profit (loss) for the period | 9904 | €108,049 | -€32,141 | -€140,190 | |
| Profit (loss) for the period to be appropriated | 9905 | €108,049 | -€32,141 | -€140,190 |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.