TRAPHYSEM: 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.
TRAPHYSEM
Largest movements
- Receivables within one year +€175,006
up €175,006 (+92.8%), from €188,611 to €363,617
of which Trade receivables: +€175,805
- Tangible fixed assets +€88,005
up €88,005 (+31.8%), from €277,139 to €365,144
of which Plant, machinery and equipment: +€96,134
- Cash -€20,098
down €20,098 (-18.1%), from €111,272 to €91,174
mainly Receivables within one year (-€175,006) and Investment in fixed assets (net) (-€172,200)
- Trade debts +€89,358
up €89,358 (+51.6%), from €173,184 to €262,542
- Profit (loss) carried forward +€59,027
up €59,027, from -€991 to €58,036
- Debts after one year +€48,778
up €48,778 (+31.1%), from €157,046 to €205,824
- Reserves +€31,376
up €31,376 (+38.4%), from €81,678 to €113,054
of which Tax-exempt reserves: +€31,376
- Provisions +€10,541
up €10,541 (+704.6%), from €1,496 to €12,037
- Gross operating margin +€123,124
up €123,124 (+118.4%), from €104,008 to €227,132
- Staff costs +€7,096
up €7,096 (+23.8%), from €29,774 to €36,870
- Depreciation +€6,397
up €6,397 (+8.2%), from €77,798 to €84,195
- Financial income -€4,227
down €4,227 (-98.5%), from €4,291 to €64
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 | €584,574 | €828,032 | +€243,458 | +41.6% |
| Fixed assets | 21/28 | €277,139 | €365,144 | +€88,005 | +31.8% |
| Tangible fixed assets | 22/27 | €277,139 | €365,144 | +€88,005 | +31.8% |
| Plant, machinery and equipment | 23 | €258,298 | €354,432 | +€96,134 | +37.2% |
| Furniture and vehicles | 24 | €18,841 | €10,712 | -€8,129 | -43.1% |
| Current assets | 29/58 | €307,435 | €462,888 | +€155,453 | +50.6% |
| Stocks and contracts in progress | 3 | €7,257 | €7,257 | = | 0.0% |
| Stocks | 30/36 | €7,257 | €7,257 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €188,611 | €363,617 | +€175,006 | +92.8% |
| Trade receivables | 40 | €187,771 | €363,576 | +€175,805 | +93.6% |
| Other amounts receivable | 41 | €840 | €41 | -€799 | -95.1% |
| Cash at bank and in hand | 54/58 | €111,272 | €91,174 | -€20,098 | -18.1% |
| Deferred charges and accrued income | 490/1 | €295 | €840 | +€545 | +184.7% |
| Total equity and liabilities | 10/49 | €584,574 | €828,032 | +€243,458 | +41.6% |
| Equity | 10/15 | €99,287 | €189,690 | +€90,403 | +91.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €81,678 | €113,054 | +€31,376 | +38.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €4,818 | €36,194 | +€31,376 | +651.2% |
| Distributable reserves | 133 | €75,000 | €75,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€991 | €58,036 | +€59,027 | |
| Provisions and deferred taxes | 16 | €1,496 | €12,037 | +€10,541 | +704.6% |
| Deferred taxes | 168 | €1,496 | €12,037 | +€10,541 | +704.6% |
| Amounts payable | 17/49 | €483,791 | €626,305 | +€142,514 | +29.5% |
| Amounts payable after more than one year | 17 | €157,046 | €205,824 | +€48,778 | +31.1% |
| Financial debts | 170/4 | €157,046 | €205,824 | +€48,778 | +31.1% |
| Amounts payable within one year | 42/48 | €326,745 | €420,481 | +€93,736 | +28.7% |
| Current portion of amounts payable after more than one year | 42 | €76,022 | €69,231 | -€6,791 | -8.9% |
| Trade debts | 44 | €173,184 | €262,542 | +€89,358 | +51.6% |
| Suppliers | 440/4 | €173,184 | €262,542 | +€89,358 | +51.6% |
| Advances received on contracts in progress | 46 | €644 | €6,056 | +€5,412 | +840.4% |
| Taxes, remuneration and social security | 45 | €3,967 | €6,242 | +€2,275 | +57.3% |
| Taxes | 450/3 | - | €2,702 | +€2,702 | |
| Remuneration and social security | 454/9 | €3,967 | €3,540 | -€427 | -10.8% |
| Other amounts payable | 47/48 | €72,928 | €76,410 | +€3,482 | +4.8% |
| Remuneration, social security and pensions | 62 | €29,774 | €36,870 | +€7,096 | +23.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €77,798 | €84,195 | +€6,397 | +8.2% |
| Other operating charges | 640/8 | €161 | €290 | +€129 | +80.1% |
| Gross operating margin | 9900 | €104,008 | €227,132 | +€123,124 | +118.4% |
| Operating profit (loss) | 9901 | -€3,725 | €105,777 | +€109,502 | |
| Financial income | 75/76B | €4,291 | €64 | -€4,227 | -98.5% |
| Recurring financial income | 75 | €4,291 | €64 | -€4,227 | -98.5% |
| Financial charges | 65/66B | €5,145 | €4,896 | -€249 | -4.8% |
| Recurring financial charges | 65 | €5,145 | €4,896 | -€249 | -4.8% |
| Profit (loss) for the period before taxes | 9903 | -€4,579 | €100,945 | +€105,524 | |
| Transfer from deferred taxes | 780 | €602 | €2,459 | +€1,857 | +308.5% |
| Transfer to deferred taxes | 680 | - | €13,000 | +€13,000 | |
| Profit (loss) for the period | 9904 | -€3,977 | €90,404 | +€94,381 | |
| Transfer from tax-exempt reserves | 789 | €2,052 | €7,623 | +€5,571 | +271.5% |
| Transfer to tax-exempt reserves | 689 | - | €39,000 | +€39,000 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,925 | €59,027 | +€60,952 |
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 28 September 2026 via checked.be.