TrajectoireS: 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.
TrajectoireS
Largest movements
- Receivables after one year +€36,000
new in 2025: €36,000
- Tangible fixed assets -€9,035
down €9,035 (-18.8%), from €48,111 to €39,076
of which Other tangible fixed assets: -€7,810
- Cash -€5,097
down €5,097 (-10.2%), from €49,894 to €44,797
mainly Receivables after one year (-€36,000) and Contributions, distributions and other (-€14,286)
- Receivables within one year -€2,274
no longer reported in 2025 (was €2,274)
- Reserves +€32,037
up €32,037 (+88.3%), from €36,263 to €68,300
of which Distributable reserves: +€32,037
- Profit (loss) carried forward -€14,285
down €14,285 (-73.9%), from €19,336 to €5,051
- Debts after one year -€6,734
down €6,734 (-25.6%), from €26,309 to €19,575
- Trade debts +€3,720
up €3,720 (+100.2%), from €3,712 to €7,432
- Tax, wage and social debts +€3,406
up €3,406 (+94.6%), from €3,600 to €7,006
- Gross operating margin +€18,085
up €18,085 (+47.5%), from €38,041 to €56,126
- Taxes +€6,680
up €6,680 (+92.4%), from €7,226 to €13,906
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 | €102,630 | €122,535 | +€19,905 | +19.4% |
| Fixed assets | 21/28 | €48,111 | €39,076 | -€9,035 | -18.8% |
| Tangible fixed assets | 22/27 | €48,111 | €39,076 | -€9,035 | -18.8% |
| Furniture and vehicles | 24 | €1,923 | €698 | -€1,225 | -63.7% |
| Other tangible fixed assets | 26 | €46,188 | €38,378 | -€7,810 | -16.9% |
| Current assets | 29/58 | €54,519 | €83,459 | +€28,940 | +53.1% |
| Amounts receivable after more than one year | 29 | - | €36,000 | +€36,000 | |
| Other amounts receivable | 291 | - | €36,000 | +€36,000 | |
| Amounts receivable within one year | 40/41 | €2,274 | - | -€2,274 | |
| Other amounts receivable | 41 | €2,274 | - | -€2,274 | |
| Cash at bank and in hand | 54/58 | €49,894 | €44,797 | -€5,097 | -10.2% |
| Deferred charges and accrued income | 490/1 | €2,351 | €2,662 | +€311 | +13.2% |
| Total equity and liabilities | 10/49 | €102,630 | €122,535 | +€19,905 | +19.4% |
| Equity | 10/15 | €61,799 | €79,551 | +€17,752 | +28.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €36,263 | €68,300 | +€32,037 | +88.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €34,403 | €66,440 | +€32,037 | +93.1% |
| Profit (loss) carried forward | 14 | €19,336 | €5,051 | -€14,285 | -73.9% |
| Amounts payable | 17/49 | €40,831 | €42,984 | +€2,153 | +5.3% |
| Amounts payable after more than one year | 17 | €26,309 | €19,575 | -€6,734 | -25.6% |
| Financial debts | 170/4 | €26,309 | €19,575 | -€6,734 | -25.6% |
| Amounts payable within one year | 42/48 | €14,522 | €21,429 | +€6,907 | +47.6% |
| Current portion of amounts payable after more than one year | 42 | €6,644 | €6,734 | +€90 | +1.4% |
| Trade debts | 44 | €3,712 | €7,432 | +€3,720 | +100.2% |
| Suppliers | 440/4 | €3,712 | €7,432 | +€3,720 | +100.2% |
| Taxes, remuneration and social security | 45 | €3,600 | €7,006 | +€3,406 | +94.6% |
| Taxes | 450/3 | €3,600 | €7,006 | +€3,406 | +94.6% |
| Other amounts payable | 47/48 | €566 | €257 | -€309 | -54.6% |
| Accrued charges and deferred income | 492/3 | - | €1,980 | +€1,980 | |
| Non-recurring operating income | 76A | - | €666 | +€666 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,097 | €9,035 | -€62 | -0.7% |
| Other operating charges | 640/8 | €730 | €978 | +€248 | +34.0% |
| Gross operating margin | 9900 | €38,041 | €56,126 | +€18,085 | +47.5% |
| Operating profit (loss) | 9901 | €28,214 | €46,113 | +€17,899 | +63.4% |
| Financial income | 75/76B | - | €497 | +€497 | |
| Recurring financial income | 75 | - | €497 | +€497 | |
| Financial charges | 65/66B | €678 | €666 | -€12 | -1.8% |
| Recurring financial charges | 65 | €678 | €666 | -€12 | -1.8% |
| Profit (loss) for the period before taxes | 9903 | €27,536 | €45,944 | +€18,408 | +66.9% |
| Income taxes | 67/77 | €7,226 | €13,906 | +€6,680 | +92.4% |
| Profit (loss) for the period | 9904 | €20,310 | €32,038 | +€11,728 | +57.7% |
| Profit (loss) for the period to be appropriated | 9905 | €20,310 | €32,038 | +€11,728 | +57.7% |
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 10 October 2026 via checked.be.