TRADGARD: 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.
TRADGARD
Largest movements
- Cash +€11,906
up €11,906 (+62.4%), from €19,067 to €30,973
mainly Depreciation (+€28,595) and Net result for the year (+€9,948)
- Tangible fixed assets -€7,914
down €7,914 (-3.2%), from €250,223 to €242,309
of which Leasing and similar rights: -€10,847
- Receivables within one year +€4,189
up €4,189 (+68.7%), from €6,096 to €10,285
of which Trade receivables: +€4,189
- Deferred charges and accrued income -€3,050
down €3,050 (-83.3%), from €3,661 to €611
- Current portion of long-term debt -€15,241
down €15,241 (-57.0%), from €26,748 to €11,507
- Debts after one year -€10,968
down €10,968 (-6.6%), from €165,154 to €154,185
- Reserves +€9,948
up €9,948 (+17.0%), from €58,573 to €68,522
- Other debts +€8,619
up €8,619 (+324%), from €2,660 to €11,278
- Trade debts +€8,301
up €8,301 (+55.9%), from €14,863 to €23,164
- Gross operating margin +€6,947
up €6,947 (+16.1%), from €43,189 to €50,135
- Depreciation -€3,062
down €3,062 (-9.7%), from €31,657 to €28,595
- Taxes +€2,404
up €2,404 (+1,076%), from €223 to €2,628
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 | €284,531 | €288,231 | +€3,700 | +1.3% |
| Fixed assets | 21/28 | €250,223 | €242,309 | -€7,914 | -3.2% |
| Tangible fixed assets | 22/27 | €250,223 | €242,309 | -€7,914 | -3.2% |
| Land and buildings | 22 | €232,128 | €233,656 | +€1,528 | +0.7% |
| Plant, machinery and equipment | 23 | €2,603 | €2,633 | +€30 | +1.1% |
| Furniture and vehicles | 24 | - | €1,375 | +€1,375 | |
| Leasing and similar rights | 25 | €15,492 | €4,645 | -€10,847 | -70.0% |
| Current assets | 29/58 | €34,308 | €45,922 | +€11,614 | +33.9% |
| Stocks and contracts in progress | 3 | €5,485 | €4,054 | -€1,431 | -26.1% |
| Stocks | 30/36 | €5,485 | €4,054 | -€1,431 | -26.1% |
| Amounts receivable within one year | 40/41 | €6,096 | €10,285 | +€4,189 | +68.7% |
| Trade receivables | 40 | €3,889 | €8,077 | +€4,189 | +108% |
| Other amounts receivable | 41 | €2,207 | €2,207 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €19,067 | €30,973 | +€11,906 | +62.4% |
| Deferred charges and accrued income | 490/1 | €3,661 | €611 | -€3,050 | -83.3% |
| Total equity and liabilities | 10/49 | €284,531 | €288,231 | +€3,700 | +1.3% |
| Equity | 10/15 | €68,573 | €78,522 | +€9,948 | +14.5% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €58,573 | €68,522 | +€9,948 | +17.0% |
| Distributable reserves | 133 | €58,573 | €68,522 | +€9,948 | +17.0% |
| Amounts payable | 17/49 | €215,958 | €209,709 | -€6,248 | -2.9% |
| Amounts payable after more than one year | 17 | €165,154 | €154,185 | -€10,968 | -6.6% |
| Financial debts | 170/4 | €165,154 | €154,185 | -€10,968 | -6.6% |
| Amounts payable within one year | 42/48 | €50,804 | €55,524 | +€4,720 | +9.3% |
| Current portion of amounts payable after more than one year | 42 | €26,748 | €11,507 | -€15,241 | -57.0% |
| Trade debts | 44 | €14,863 | €23,164 | +€8,301 | +55.9% |
| Suppliers | 440/4 | €14,863 | €23,164 | +€8,301 | +55.9% |
| Taxes, remuneration and social security | 45 | €6,533 | €9,575 | +€3,041 | +46.6% |
| Taxes | 450/3 | €6,533 | €9,375 | +€2,841 | +43.5% |
| Remuneration and social security | 454/9 | - | €200 | +€200 | |
| Other amounts payable | 47/48 | €2,660 | €11,278 | +€8,619 | +324% |
| Non-recurring operating income | 76A | - | €174 | +€174 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,657 | €28,595 | -€3,062 | -9.7% |
| Other operating charges | 640/8 | €884 | €1,096 | +€212 | +24.0% |
| Gross operating margin | 9900 | €43,189 | €50,135 | +€6,947 | +16.1% |
| Operating profit (loss) | 9901 | €10,648 | €20,444 | +€9,796 | +92.0% |
| Financial income | 75/76B | €177 | €111 | -€67 | -37.6% |
| Recurring financial income | 75 | €177 | €111 | -€67 | -37.6% |
| Financial charges | 65/66B | €8,367 | €7,979 | -€388 | -4.6% |
| Recurring financial charges | 65 | €8,367 | €7,979 | -€388 | -4.6% |
| Profit (loss) for the period before taxes | 9903 | €2,458 | €12,576 | +€10,118 | +412% |
| Income taxes | 67/77 | €223 | €2,628 | +€2,404 | +1,076% |
| Profit (loss) for the period | 9904 | €2,235 | €9,948 | +€7,714 | +345% |
| Profit (loss) for the period to be appropriated | 9905 | €2,235 | €9,948 | +€7,714 | +345% |
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 20 October 2026 via checked.be.