Trafalgar Immo: 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.
Trafalgar Immo
Largest movements
- Receivables within one year -€52,586
down €52,586 (-68.6%), from €76,706 to €24,120
of which Other amounts receivable: -€62,331
- Tangible fixed assets -€36,743
down €36,743 (-3.2%), from €1.2m to €1.1m
- Debts after one year -€56,578
down €56,578 (-7.0%), from €810,400 to €753,822
- Tax, wage and social debts -€37,972
down €37,972 (-91.0%), from €41,707 to €3,735
- Gross operating margin -€18,694
down €18,694 (-25.1%), from €74,432 to €55,738
- Financial charges -€3,999
down €3,999 (-19.3%), from €20,708 to €16,709
- Taxes -€1,898
down €1,898 (-97.8%), from €1,940 to €42
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 | €1,253,120 | €1,153,216 | -€99,904 | -8.0% |
| Fixed assets | 21/28 | €1,154,431 | €1,117,688 | -€36,743 | -3.2% |
| Tangible fixed assets | 22/27 | €1,154,083 | €1,117,340 | -€36,743 | -3.2% |
| Land and buildings | 22 | €1,154,083 | €1,117,340 | -€36,743 | -3.2% |
| Financial fixed assets | 28 | €348 | €348 | = | 0.0% |
| Current assets | 29/58 | €98,689 | €35,528 | -€63,161 | -64.0% |
| Amounts receivable within one year | 40/41 | €76,706 | €24,120 | -€52,586 | -68.6% |
| Trade receivables | 40 | €5,549 | €15,294 | +€9,746 | +176% |
| Other amounts receivable | 41 | €71,157 | €8,826 | -€62,331 | -87.6% |
| Cash at bank and in hand | 54/58 | €20,440 | €9,570 | -€10,870 | -53.2% |
| Deferred charges and accrued income | 490/1 | €1,544 | €1,838 | +€294 | +19.0% |
| Total equity and liabilities | 10/49 | €1,253,120 | €1,153,216 | -€99,904 | -8.0% |
| Equity | 10/15 | €132,495 | €124,568 | -€7,927 | -6.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €113,895 | €105,968 | -€7,927 | -7.0% |
| Amounts payable | 17/49 | €1,120,625 | €1,028,648 | -€91,977 | -8.2% |
| Amounts payable after more than one year | 17 | €810,400 | €753,822 | -€56,578 | -7.0% |
| Financial debts | 170/4 | €810,400 | €753,822 | -€56,578 | -7.0% |
| Amounts payable within one year | 42/48 | €309,722 | €274,347 | -€35,376 | -11.4% |
| Current portion of amounts payable after more than one year | 42 | €55,563 | €56,578 | +€1,014 | +1.8% |
| Trade debts | 44 | €169 | €5,690 | +€5,521 | +3,267% |
| Suppliers | 440/4 | €169 | €5,690 | +€5,521 | +3,267% |
| Taxes, remuneration and social security | 45 | €41,707 | €3,735 | -€37,972 | -91.0% |
| Taxes | 450/3 | €41,707 | €3,735 | -€37,972 | -91.0% |
| Other amounts payable | 47/48 | €212,283 | €208,344 | -€3,939 | -1.9% |
| Accrued charges and deferred income | 492/3 | €503 | €480 | -€24 | -4.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,432 | €42,454 | +€22 | +0.1% |
| Other operating charges | 640/8 | €4,418 | €4,556 | +€137 | +3.1% |
| Gross operating margin | 9900 | €74,432 | €55,738 | -€18,694 | -25.1% |
| Operating profit (loss) | 9901 | €27,582 | €8,728 | -€18,854 | -68.4% |
| Financial income | 75/76B | €398 | €96 | -€302 | -76.0% |
| Recurring financial income | 75 | €398 | €96 | -€302 | -76.0% |
| Financial charges | 65/66B | €20,708 | €16,709 | -€3,999 | -19.3% |
| Recurring financial charges | 65 | €20,708 | €16,709 | -€3,999 | -19.3% |
| Profit (loss) for the period before taxes | 9903 | €7,273 | -€7,885 | -€15,158 | |
| Income taxes | 67/77 | €1,940 | €42 | -€1,898 | -97.8% |
| Profit (loss) for the period | 9904 | €5,333 | -€7,927 | -€13,260 | |
| Profit (loss) for the period to be appropriated | 9905 | €5,333 | -€7,927 | -€13,260 |
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.