TRAILBLAZER: what changed
Two fiscal 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.
TRAILBLAZER
Largest movements
- Current investments +€70,000
new in 2025: €70,000
- Receivables within one year -€25,203
down €25,203 (-88.4%), from €28,520 to €3,318
of which Trade receivables: -€25,169
- Cash -€24,517
down €24,517 (-33.6%), from €73,026 to €48,509
mainly Current investments (-€70,000) and Contributions, distributions and other (-€11,678)
- Deferred charges and accrued income +€11,437
up €11,437 (+955.4%), from €1,197 to €12,634
- Reserves +€37,020
up €37,020 (+52.0%), from €71,134 to €108,154
- Other debts -€4,000
no longer reported in 2025 (was €4,000)
- Tax, wage and social debts -€2,515
down €2,515 (-38.4%), from €6,548 to €4,034
- Trade debts +€2,089
up €2,089 (+127.8%), from €1,634 to €3,723
- Gross operating margin +€38,458
up €38,458 (+144.3%), from €26,653 to €65,111
- Taxes +€8,782
up €8,782 (+182.7%), from €4,806 to €13,589
- Other operating charges +€1,751
up €1,751 (+168.1%), from €1,041 to €2,792
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 | €102,743 | €134,461 | +€31,718 | +30.9% |
| Current assets | 29/58 | €102,743 | €134,461 | +€31,718 | +30.9% |
| Amounts receivable within one year | 40/41 | €28,520 | €3,318 | -€25,203 | -88.4% |
| Trade receivables | 40 | €25,169 | - | -€25,169 | |
| Other amounts receivable | 41 | €3,351 | €3,318 | -€34 | -1.0% |
| Current investments | 50/53 | - | €70,000 | +€70,000 | |
| Cash at bank and in hand | 54/58 | €73,026 | €48,509 | -€24,517 | -33.6% |
| Deferred charges and accrued income | 490/1 | €1,197 | €12,634 | +€11,437 | +955.4% |
| Total equity and liabilities | 10/49 | €102,743 | €134,461 | +€31,718 | +30.9% |
| Equity | 10/15 | €89,684 | €126,704 | +€37,020 | +41.3% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €71,134 | €108,154 | +€37,020 | +52.0% |
| Distributable reserves | 133 | €71,134 | €108,154 | +€37,020 | +52.0% |
| Amounts payable | 17/49 | €13,059 | €7,757 | -€5,302 | -40.6% |
| Amounts payable within one year | 42/48 | €12,183 | €7,757 | -€4,426 | -36.3% |
| Trade debts | 44 | €1,634 | €3,723 | +€2,089 | +127.8% |
| Suppliers | 440/4 | €1,634 | €3,723 | +€2,089 | +127.8% |
| Taxes, remuneration and social security | 45 | €6,548 | €4,034 | -€2,515 | -38.4% |
| Taxes | 450/3 | €6,548 | €4,034 | -€2,515 | -38.4% |
| Other amounts payable | 47/48 | €4,000 | - | -€4,000 | |
| Accrued charges and deferred income | 492/3 | €876 | - | -€876 | |
| Other operating charges | 640/8 | €1,041 | €2,792 | +€1,751 | +168.1% |
| Gross operating margin | 9900 | €26,653 | €65,111 | +€38,458 | +144.3% |
| Operating profit (loss) | 9901 | €25,612 | €62,319 | +€36,707 | +143.3% |
| Financial income | 75/76B | €5 | €28 | +€23 | +466.5% |
| Recurring financial income | 75 | €5 | €28 | +€23 | +466.5% |
| Financial charges | 65/66B | €61 | €61 | -€1 | -0.9% |
| Recurring financial charges | 65 | €61 | €61 | -€1 | -0.9% |
| Profit (loss) for the period before taxes | 9903 | €25,556 | €62,287 | +€36,731 | +143.7% |
| Income taxes | 67/77 | €4,806 | €13,589 | +€8,782 | +182.7% |
| Profit (loss) for the period | 9904 | €20,749 | €48,698 | +€27,949 | +134.7% |
| Profit (loss) for the period to be appropriated | 9905 | €20,749 | €48,698 | +€27,949 | +134.7% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.