TRADEST: 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.
TRADEST
Largest movements
- Receivables within one year -€90,135
down €90,135 (-50.6%), from €178,128 to €87,994
of which Trade receivables: -€96,297
- Tangible fixed assets -€18,531
down €18,531 (-2.0%), from €938,322 to €919,791
of which Land and buildings: -€13,431
- Profit (loss) carried forward -€100,152
no longer reported in 2025 (was €100,152)
- Reserves +€88,784
up €88,784 (+61.6%), from €144,146 to €232,930
of which Distributable reserves: +€89,786
- Other debts -€72,280
down €72,280 (-21.3%), from €339,961 to €267,681
- Debts after one year -€25,159
down €25,159 (-5.0%), from €503,724 to €478,565
of which Financial debts: -€25,159
- Gross operating margin -€23,241
down €23,241 (-17.6%), from €131,757 to €108,516
- Depreciation +€3,488
up €3,488 (+8.8%), from €39,449 to €42,937
- Taxes +€3,095
up €3,095 (+17.9%), from €17,270 to €20,365
- Other operating charges +€1,567
up €1,567 (+13.5%), from €11,621 to €13,189
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 | €1,193,710 | €1,086,701 | -€107,009 | -9.0% |
| Fixed assets | 21/28 | €938,322 | €919,791 | -€18,531 | -2.0% |
| Tangible fixed assets | 22/27 | €938,322 | €919,791 | -€18,531 | -2.0% |
| Land and buildings | 22 | €928,951 | €915,520 | -€13,431 | -1.4% |
| Plant, machinery and equipment | 23 | €829 | - | -€829 | |
| Furniture and vehicles | 24 | €8,541 | €4,271 | -€4,271 | -50.0% |
| Current assets | 29/58 | €255,388 | €166,910 | -€88,478 | -34.6% |
| Amounts receivable after more than one year | 29 | €57,000 | €57,000 | = | 0.0% |
| Other amounts receivable | 291 | €57,000 | €57,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €178,128 | €87,994 | -€90,135 | -50.6% |
| Trade receivables | 40 | €174,084 | €77,787 | -€96,297 | -55.3% |
| Other amounts receivable | 41 | €4,044 | €10,206 | +€6,162 | +152.4% |
| Cash at bank and in hand | 54/58 | €18,434 | €18,452 | +€17 | +0.1% |
| Deferred charges and accrued income | 490/1 | €1,825 | €3,464 | +€1,639 | +89.8% |
| Total equity and liabilities | 10/49 | €1,193,710 | €1,086,701 | -€107,009 | -9.0% |
| Equity | 10/15 | €262,898 | €251,530 | -€11,368 | -4.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €144,146 | €232,930 | +€88,784 | +61.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €59,688 | €58,686 | -€1,002 | -1.7% |
| Distributable reserves | 133 | €82,598 | €172,384 | +€89,786 | +108.7% |
| Profit (loss) carried forward | 14 | €100,152 | - | -€100,152 | |
| Provisions and deferred taxes | 16 | €19,896 | €19,562 | -€334 | -1.7% |
| Deferred taxes | 168 | €19,896 | €19,562 | -€334 | -1.7% |
| Amounts payable | 17/49 | €910,915 | €815,608 | -€95,307 | -10.5% |
| Amounts payable after more than one year | 17 | €503,724 | €478,565 | -€25,159 | -5.0% |
| Financial debts | 170/4 | €500,764 | €475,605 | -€25,159 | -5.0% |
| Other amounts payable | 178/9 | €2,960 | €2,960 | = | 0.0% |
| Amounts payable within one year | 42/48 | €407,191 | €336,860 | -€70,332 | -17.3% |
| Current portion of amounts payable after more than one year | 42 | €45,407 | €42,974 | -€2,432 | -5.4% |
| Financial debts | 43 | €9,777 | €9,486 | -€291 | -3.0% |
| Other loans | 439 | €9,777 | €9,486 | -€291 | -3.0% |
| Trade debts | 44 | €9,191 | €16,718 | +€7,528 | +81.9% |
| Suppliers | 440/4 | €9,191 | €16,718 | +€7,528 | +81.9% |
| Taxes, remuneration and social security | 45 | €2,857 | - | -€2,857 | |
| Taxes | 450/3 | €2,857 | - | -€2,857 | |
| Other amounts payable | 47/48 | €339,961 | €267,681 | -€72,280 | -21.3% |
| Accrued charges and deferred income | 492/3 | - | €184 | +€184 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,449 | €42,937 | +€3,488 | +8.8% |
| Other operating charges | 640/8 | €11,621 | €13,189 | +€1,567 | +13.5% |
| Gross operating margin | 9900 | €131,757 | €108,516 | -€23,241 | -17.6% |
| Operating profit (loss) | 9901 | €80,686 | €52,390 | -€28,296 | -35.1% |
| Financial income | 75/76B | €1,254 | €1,140 | -€114 | -9.1% |
| Recurring financial income | 75 | €1,254 | €1,140 | -€114 | -9.1% |
| Financial charges | 65/66B | €25,021 | €24,868 | -€153 | -0.6% |
| Recurring financial charges | 65 | €25,021 | €24,868 | -€153 | -0.6% |
| Profit (loss) for the period before taxes | 9903 | €56,919 | €28,663 | -€28,257 | -49.6% |
| Transfer from deferred taxes | 780 | €1,336 | €1,336 | = | 0.0% |
| Income taxes | 67/77 | €17,270 | €20,365 | +€3,095 | +17.9% |
| Profit (loss) for the period | 9904 | €40,985 | €9,633 | -€31,352 | -76.5% |
| Profit (loss) for the period to be appropriated | 9905 | €40,985 | €9,633 | -€31,352 | -76.5% |
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 11 October 2026 via checked.be.