TRAC: 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.
TRAC
Largest movements
- Receivables within one year -€299,828
down €299,828 (-43.0%), from €696,650 to €396,822
of which Trade receivables: -€155,046
- Tangible fixed assets -€82,552
down €82,552 (-8.4%), from €983,977 to €901,425
of which Furniture and vehicles: -€46,645
- Cash -€24,779
down €24,779 (-67.9%), from €36,507 to €11,728
mainly Tax, wage and social debts (-€196,218) and Debts after one year (-€90,657)
- Tax, wage and social debts -€196,218
down €196,218 (-71.8%), from €273,130 to €76,912
of which Remuneration and social security: -€107,060
- Other debts +€106,387
up €106,387 (+123.9%), from €85,882 to €192,269
- Debts after one year -€90,657
down €90,657 (-14.0%), from €645,892 to €555,235
- Profit (loss) carried forward -€72,155
down €72,155, from €56,554 to -€15,601
- Trade debts -€60,643
down €60,643 (-40.5%), from €149,797 to €89,154
- Gross operating margin -€209,178
down €209,178 (-21.6%), from €969,343 to €760,165
- Depreciation -€11,601
down €11,601 (-22.1%), from €52,502 to €40,901
- Other operating charges -€11,545
down €11,545 (-43.7%), from €26,431 to €14,886
- Taxes -€10,634
down €10,634 (-92.4%), from €11,509 to €875
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 | €1,747,446 | €1,354,287 | -€393,159 | -22.5% |
| Fixed assets | 21/28 | €985,913 | €903,361 | -€82,552 | -8.4% |
| Tangible fixed assets | 22/27 | €983,977 | €901,425 | -€82,552 | -8.4% |
| Land and buildings | 22 | €931,510 | €895,359 | -€36,151 | -3.9% |
| Plant, machinery and equipment | 23 | €101 | €345 | +€244 | +241.6% |
| Furniture and vehicles | 24 | €52,366 | €5,721 | -€46,645 | -89.1% |
| Financial fixed assets | 28 | €1,936 | €1,936 | = | 0.0% |
| Current assets | 29/58 | €761,533 | €450,926 | -€310,607 | -40.8% |
| Stocks and contracts in progress | 3 | €19,288 | €16,675 | -€2,613 | -13.5% |
| Stocks | 30/36 | €19,288 | €16,675 | -€2,613 | -13.5% |
| Amounts receivable within one year | 40/41 | €696,650 | €396,822 | -€299,828 | -43.0% |
| Trade receivables | 40 | €366,533 | €211,487 | -€155,046 | -42.3% |
| Other amounts receivable | 41 | €330,117 | €185,335 | -€144,782 | -43.9% |
| Cash at bank and in hand | 54/58 | €36,507 | €11,728 | -€24,779 | -67.9% |
| Deferred charges and accrued income | 490/1 | €9,088 | €25,701 | +€16,613 | +182.8% |
| Total equity and liabilities | 10/49 | €1,747,446 | €1,354,287 | -€393,159 | -22.5% |
| Equity | 10/15 | €325,512 | €253,357 | -€72,155 | -22.2% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Capital | 10 | €200,000 | €200,000 | = | 0.0% |
| Issued capital | 100 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €68,958 | €68,958 | = | 0.0% |
| Non-distributable reserves | 130/1 | €18,958 | €18,958 | = | 0.0% |
| Legal reserve | 130 | €18,958 | €18,958 | = | 0.0% |
| Distributable reserves | 133 | €50,000 | €50,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €56,554 | -€15,601 | -€72,155 | |
| Amounts payable | 17/49 | €1,421,934 | €1,100,930 | -€321,004 | -22.6% |
| Amounts payable after more than one year | 17 | €645,892 | €555,235 | -€90,657 | -14.0% |
| Financial debts | 170/4 | €645,892 | €555,235 | -€90,657 | -14.0% |
| Amounts payable within one year | 42/48 | €775,379 | €543,143 | -€232,236 | -30.0% |
| Current portion of amounts payable after more than one year | 42 | €186,153 | €141,412 | -€44,741 | -24.0% |
| Financial debts | 43 | €80,417 | €43,396 | -€37,021 | -46.0% |
| Credit institutions | 430/8 | €80,417 | €43,396 | -€37,021 | -46.0% |
| Trade debts | 44 | €149,797 | €89,154 | -€60,643 | -40.5% |
| Suppliers | 440/4 | €149,797 | €89,154 | -€60,643 | -40.5% |
| Taxes, remuneration and social security | 45 | €273,130 | €76,912 | -€196,218 | -71.8% |
| Taxes | 450/3 | €90,033 | €875 | -€89,158 | -99.0% |
| Remuneration and social security | 454/9 | €183,097 | €76,037 | -€107,060 | -58.5% |
| Other amounts payable | 47/48 | €85,882 | €192,269 | +€106,387 | +123.9% |
| Accrued charges and deferred income | 492/3 | €663 | €2,552 | +€1,889 | +284.9% |
| Remuneration, social security and pensions | 62 | €707,174 | €701,766 | -€5,408 | -0.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,502 | €40,901 | -€11,601 | -22.1% |
| Other operating charges | 640/8 | €26,431 | €14,886 | -€11,545 | -43.7% |
| Non-recurring operating charges | 66A | €99,051 | €8,909 | -€90,142 | -91.0% |
| Gross operating margin | 9900 | €969,343 | €760,165 | -€209,178 | -21.6% |
| Operating profit (loss) | 9901 | €84,185 | -€6,297 | -€90,482 | |
| Financial income | 75/76B | €4,507 | €1,160 | -€3,347 | -74.3% |
| Recurring financial income | 75 | €4,507 | €1,160 | -€3,347 | -74.3% |
| Financial charges | 65/66B | €66,514 | €66,143 | -€371 | -0.6% |
| Recurring financial charges | 65 | €66,514 | €66,143 | -€371 | -0.6% |
| Profit (loss) for the period before taxes | 9903 | €22,178 | -€71,280 | -€93,458 | |
| Income taxes | 67/77 | €11,509 | €875 | -€10,634 | -92.4% |
| Profit (loss) for the period | 9904 | €10,669 | -€72,155 | -€82,824 | |
| Profit (loss) for the period to be appropriated | 9905 | €10,669 | -€72,155 | -€82,824 |
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 12 October 2026 via checked.be.