TR 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.
TR MANAGEMENT
Largest movements
- Current investments +€50,000
new in 2025: €50,000
- Cash -€25,207
down €25,207 (-73.7%), from €34,188 to €8,981
mainly Current investments (-€50,000) and Investment in fixed assets (net) (-€2,539)
- Tangible fixed assets -€13,652
down €13,652 (-38.1%), from €35,838 to €22,186
of which Furniture and vehicles: -€13,655
- Receivables within one year -€1,700
no longer reported in 2025 (was €1,700)
- Reserves +€9,055
up €9,055 (+15.7%), from €57,574 to €66,629
- Other debts +€1,618
up €1,618 (+158%), from €1,023 to €2,641
- Tax, wage and social debts -€1,195
down €1,195 (-21.3%), from €5,621 to €4,426
- Depreciation +€1,618
up €1,618 (+11.1%), from €14,573 to €16,191
- Gross operating margin -€380
down €380 (-1.2%), from €32,194 to €31,814
- Financial income +€350
new in 2025: €350
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 | €72,782 | €82,630 | +€9,848 | +13.5% |
| Fixed assets | 21/28 | €35,838 | €22,186 | -€13,652 | -38.1% |
| Tangible fixed assets | 22/27 | €35,838 | €22,186 | -€13,652 | -38.1% |
| Plant, machinery and equipment | 23 | €3,773 | €3,776 | +€3 | +0.1% |
| Furniture and vehicles | 24 | €32,065 | €18,410 | -€13,655 | -42.6% |
| Current assets | 29/58 | €36,944 | €60,444 | +€23,500 | +63.6% |
| Amounts receivable within one year | 40/41 | €1,700 | - | -€1,700 | |
| Other amounts receivable | 41 | €1,700 | - | -€1,700 | |
| Current investments | 50/53 | - | €50,000 | +€50,000 | |
| Cash at bank and in hand | 54/58 | €34,188 | €8,981 | -€25,207 | -73.7% |
| Deferred charges and accrued income | 490/1 | €1,056 | €1,463 | +€407 | +38.6% |
| Total equity and liabilities | 10/49 | €72,782 | €82,630 | +€9,848 | +13.5% |
| Equity | 10/15 | €65,635 | €74,691 | +€9,056 | +13.8% |
| Contributions | 10/11 | €8,060 | €8,060 | = | 0.0% |
| Reserves | 13 | €57,574 | €66,629 | +€9,055 | +15.7% |
| Distributable reserves | 133 | €57,574 | €66,629 | +€9,055 | +15.7% |
| Profit (loss) carried forward | 14 | €1 | €2 | +€1 | +121% |
| Amounts payable | 17/49 | €7,147 | €7,939 | +€792 | +11.1% |
| Amounts payable within one year | 42/48 | €7,147 | €7,939 | +€792 | +11.1% |
| Trade debts | 44 | €503 | €872 | +€369 | +73.4% |
| Suppliers | 440/4 | €503 | €872 | +€369 | +73.4% |
| Taxes, remuneration and social security | 45 | €5,621 | €4,426 | -€1,195 | -21.3% |
| Taxes | 450/3 | €5,621 | €4,426 | -€1,195 | -21.3% |
| Other amounts payable | 47/48 | €1,023 | €2,641 | +€1,618 | +158% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,573 | €16,191 | +€1,618 | +11.1% |
| Other operating charges | 640/8 | €387 | €447 | +€59 | +15.4% |
| Gross operating margin | 9900 | €32,194 | €31,814 | -€380 | -1.2% |
| Operating profit (loss) | 9901 | €17,234 | €15,176 | -€2,058 | -11.9% |
| Financial income | 75/76B | - | €350 | +€350 | |
| Recurring financial income | 75 | - | €350 | +€350 | |
| Financial charges | 65/66B | €117 | €145 | +€27 | +23.4% |
| Recurring financial charges | 65 | €117 | €145 | +€27 | +23.4% |
| Profit (loss) for the period before taxes | 9903 | €17,117 | €15,382 | -€1,735 | -10.1% |
| Income taxes | 67/77 | €6,208 | €6,326 | +€119 | +1.9% |
| Profit (loss) for the period | 9904 | €10,909 | €9,056 | -€1,853 | -17.0% |
| Profit (loss) for the period to be appropriated | 9905 | €10,909 | €9,056 | -€1,853 | -17.0% |
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 18 October 2026 via checked.be.