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
- Cash -€214,503
down €214,503 (-34.1%), from €629,351 to €414,848
mainly Contributions, distributions and other (-€354,382) and Current investments (-€74,260)
- Current investments +€74,260
new in 2025: €74,260
- Reserves -€153,294
down €153,294 (-100.0%), from €153,294 to €0
- Accrued charges and deferred income +€10,986
up €10,986 (+2197.2%), from €500 to €11,486
- Tax, wage and social debts +€8,059
up €8,059 (+32.6%), from €24,722 to €32,780
- Gross operating margin -€74,457
down €74,457 (-20.7%), from €360,507 to €286,050
- Taxes -€15,927
down €15,927 (-18.5%), from €85,878 to €69,951
- Financial charges +€10,824
up €10,824 (+858.4%), from €1,261 to €12,085
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 | €677,308 | €545,246 | -€132,062 | -19.5% |
| Fixed assets | 21/28 | €7,171 | €10,287 | +€3,116 | +43.5% |
| Tangible fixed assets | 22/27 | €7,171 | €10,287 | +€3,116 | +43.5% |
| Plant, machinery and equipment | 23 | €5,295 | €4,581 | -€714 | -13.5% |
| Furniture and vehicles | 24 | €1,876 | €2,400 | +€524 | +27.9% |
| Other tangible fixed assets | 26 | - | €3,306 | +€3,306 | |
| Current assets | 29/58 | €670,137 | €534,959 | -€135,178 | -20.2% |
| Amounts receivable within one year | 40/41 | €39,527 | €40,740 | +€1,213 | +3.1% |
| Trade receivables | 40 | €39,527 | €40,621 | +€1,095 | +2.8% |
| Other amounts receivable | 41 | €0 | €119 | +€119 | |
| Current investments | 50/53 | - | €74,260 | +€74,260 | |
| Cash at bank and in hand | 54/58 | €629,351 | €414,848 | -€214,503 | -34.1% |
| Deferred charges and accrued income | 490/1 | €1,259 | €5,110 | +€3,852 | +305.9% |
| Total equity and liabilities | 10/49 | €677,308 | €545,246 | -€132,062 | -19.5% |
| Equity | 10/15 | €154,294 | €1,000 | -€153,294 | -99.4% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €153,294 | €0 | -€153,294 | -100.0% |
| Distributable reserves | 133 | €153,294 | €0 | -€153,294 | -100.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €523,014 | €544,246 | +€21,232 | +4.1% |
| Amounts payable within one year | 42/48 | €522,514 | €532,760 | +€10,246 | +2.0% |
| Trade debts | 44 | €3,219 | €6,918 | +€3,699 | +114.9% |
| Suppliers | 440/4 | €3,219 | €6,918 | +€3,699 | +114.9% |
| Taxes, remuneration and social security | 45 | €24,722 | €32,780 | +€8,059 | +32.6% |
| Taxes | 450/3 | €24,722 | €32,780 | +€8,059 | +32.6% |
| Other amounts payable | 47/48 | €494,573 | €493,061 | -€1,512 | -0.3% |
| Accrued charges and deferred income | 492/3 | €500 | €11,486 | +€10,986 | +2197.2% |
| Non-recurring operating income | 76A | - | €15,000 | +€15,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,785 | €2,426 | +€641 | +35.9% |
| Other operating charges | 640/8 | €683 | €750 | +€67 | +9.8% |
| Gross operating margin | 9900 | €360,507 | €286,050 | -€74,457 | -20.7% |
| Operating profit (loss) | 9901 | €358,039 | €282,874 | -€75,166 | -21.0% |
| Financial income | 75/76B | €40 | €251 | +€211 | +521.6% |
| Recurring financial income | 75 | €40 | €251 | +€211 | +521.6% |
| Financial charges | 65/66B | €1,261 | €12,085 | +€10,824 | +858.4% |
| Recurring financial charges | 65 | €1,261 | €12,085 | +€10,824 | +858.4% |
| Profit (loss) for the period before taxes | 9903 | €356,819 | €271,039 | -€85,779 | -24.0% |
| Income taxes | 67/77 | €85,878 | €69,951 | -€15,927 | -18.5% |
| Profit (loss) for the period | 9904 | €270,941 | €201,088 | -€69,853 | -25.8% |
| Profit (loss) for the period to be appropriated | 9905 | €270,941 | €201,088 | -€69,853 | -25.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.