TRAILFINDERS: 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.
TRAILFINDERS
Largest movements
- Cash +€35,636
up €35,636 (+95.6%), from €37,262 to €72,898
mainly Trade debts (+€79,922) and Stocks and contracts (+€18,247)
- Stocks and contracts -€18,247
down €18,247 (-48.2%), from €37,843 to €19,597
- Receivables within one year -€10,573
down €10,573 (-19.7%), from €53,737 to €43,164
of which Trade receivables: -€28,099
- Intangible fixed assets -€7,640
down €7,640 (-15.8%), from €48,498 to €40,858
- Tangible fixed assets -€6,336
down €6,336 (-9.4%), from €67,728 to €61,392
of which Furniture and vehicles: -€6,122
- Trade debts +€79,922
up €79,922 (+101%), from €79,391 to €159,313
- Advances received -€50,077
down €50,077 (-88.8%), from €56,399 to €6,323
- Debts after one year -€23,663
down €23,663 (-51.7%), from €45,748 to €22,085
- Profit (loss) carried forward -€20,430
down €20,430 (-65.3%), from €31,296 to €10,866
- Current portion of long-term debt +€5,165
new in 2025: €5,165
- Gross operating margin +€17,618
up €17,618 (+71.9%), from €24,497 to €42,114
- Depreciation +€7,529
up €7,529 (+77.3%), from €9,744 to €17,273
- Staff costs +€6,067
up €6,067 (+18.8%), from €32,279 to €38,347
- Financial charges +€2,366
up €2,366 (+50.1%), from €4,724 to €7,091
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 | €250,055 | €245,339 | -€4,716 | -1.9% |
| Fixed assets | 21/28 | €116,476 | €102,500 | -€13,976 | -12.0% |
| Intangible fixed assets | 21 | €48,498 | €40,858 | -€7,640 | -15.8% |
| Tangible fixed assets | 22/27 | €67,728 | €61,392 | -€6,336 | -9.4% |
| Land and buildings | 22 | €40,331 | €40,331 | = | 0.0% |
| Plant, machinery and equipment | 23 | €2,774 | €2,560 | -€214 | -7.7% |
| Furniture and vehicles | 24 | €24,623 | €18,501 | -€6,122 | -24.9% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €133,579 | €142,839 | +€9,260 | +6.9% |
| Stocks and contracts in progress | 3 | €37,843 | €19,597 | -€18,247 | -48.2% |
| Stocks | 30/36 | €37,843 | €19,597 | -€18,247 | -48.2% |
| Amounts receivable within one year | 40/41 | €53,737 | €43,164 | -€10,573 | -19.7% |
| Trade receivables | 40 | €36,260 | €8,161 | -€28,099 | -77.5% |
| Other amounts receivable | 41 | €17,477 | €35,003 | +€17,526 | +100% |
| Cash at bank and in hand | 54/58 | €37,262 | €72,898 | +€35,636 | +95.6% |
| Deferred charges and accrued income | 490/1 | €4,737 | €7,180 | +€2,444 | +51.6% |
| Total equity and liabilities | 10/49 | €250,055 | €245,339 | -€4,716 | -1.9% |
| Equity | 10/15 | €58,796 | €38,366 | -€20,430 | -34.7% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €2,500 | €2,500 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,500 | €2,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €31,296 | €10,866 | -€20,430 | -65.3% |
| Amounts payable | 17/49 | €191,259 | €206,973 | +€15,714 | +8.2% |
| Amounts payable after more than one year | 17 | €45,748 | €22,085 | -€23,663 | -51.7% |
| Financial debts | 170/4 | €45,748 | €22,085 | -€23,663 | -51.7% |
| Amounts payable within one year | 42/48 | €144,133 | €183,510 | +€39,377 | +27.3% |
| Current portion of amounts payable after more than one year | 42 | - | €5,165 | +€5,165 | |
| Trade debts | 44 | €79,391 | €159,313 | +€79,922 | +101% |
| Suppliers | 440/4 | €79,391 | €159,313 | +€79,922 | +101% |
| Advances received on contracts in progress | 46 | €56,399 | €6,323 | -€50,077 | -88.8% |
| Taxes, remuneration and social security | 45 | €8,342 | €12,709 | +€4,367 | +52.3% |
| Taxes | 450/3 | €1,728 | €6,624 | +€4,896 | +283% |
| Remuneration and social security | 454/9 | €6,614 | €6,086 | -€529 | -8.0% |
| Accrued charges and deferred income | 492/3 | €1,378 | €1,378 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €32,279 | €38,347 | +€6,067 | +18.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,744 | €17,273 | +€7,529 | +77.3% |
| Other operating charges | 640/8 | €1,479 | €1,066 | -€413 | -27.9% |
| Gross operating margin | 9900 | €24,497 | €42,114 | +€17,618 | +71.9% |
| Operating profit (loss) | 9901 | -€19,006 | -€14,572 | +€4,435 | +23.3% |
| Financial income | 75/76B | €1,018 | €1,374 | +€356 | +35.0% |
| Recurring financial income | 75 | €1,018 | €1,374 | +€356 | +35.0% |
| Financial charges | 65/66B | €4,724 | €7,091 | +€2,366 | +50.1% |
| Recurring financial charges | 65 | €4,724 | €7,091 | +€2,366 | +50.1% |
| Profit (loss) for the period before taxes | 9903 | -€22,713 | -€20,289 | +€2,424 | +10.7% |
| Income taxes | 67/77 | €58 | €141 | +€83 | +142% |
| Profit (loss) for the period | 9904 | -€22,771 | -€20,430 | +€2,341 | +10.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€22,771 | -€20,430 | +€2,341 | +10.3% |
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 28 October 2026 via checked.be.