TRAPO BELGIUM: 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.
TRAPO BELGIUM
Largest movements
- Receivables within one year -€1.1m
down €1.1m (-36.4%), from €3.0m to €1.9m
of which Other amounts receivable: -€2.0m
- Cash +€304,362
up €304,362 (+820%), from €37,128 to €341,490
mainly Other debts (+€1.1m) and Receivables within one year (+€1.1m)
- Trade debts -€2.2m
down €2.2m (-94.5%), from €2.3m to €125,346
- Other debts +€1.1m
up €1.1m (+249%), from €446,244 to €1.6m
- Reserves +€239,941
up €239,941 (+64.5%), from €371,831 to €611,772
- Tax, wage and social debts +€107,704
up €107,704 (+268%), from €40,209 to €147,914
of which Taxes: +€106,833
- Accrued charges and deferred income -€40,598
down €40,598 (-98.1%), from €41,405 to €807
- Gross operating margin +€230,567
up €230,567 (+93.3%), from €247,248 to €477,815
- Taxes +€69,405
up €69,405 (+341%), from €20,343 to €89,749
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 | €3,514,928 | €2,757,117 | -€757,811 | -21.6% |
| Fixed assets | 21/28 | €511,190 | €528,103 | +€16,912 | +3.3% |
| Tangible fixed assets | 22/27 | €324,923 | €341,835 | +€16,912 | +5.2% |
| Land and buildings | 22 | €321,869 | €338,734 | +€16,865 | +5.2% |
| Furniture and vehicles | 24 | €3,054 | €3,101 | +€47 | +1.5% |
| Financial fixed assets | 28 | €186,268 | €186,268 | = | 0.0% |
| Current assets | 29/58 | €3,003,738 | €2,229,015 | -€774,723 | -25.8% |
| Amounts receivable within one year | 40/41 | €2,962,598 | €1,883,392 | -€1.1m | -36.4% |
| Trade receivables | 40 | €656,323 | €1,617,969 | +€961,646 | +147% |
| Other amounts receivable | 41 | €2,306,275 | €265,423 | -€2.0m | -88.5% |
| Cash at bank and in hand | 54/58 | €37,128 | €341,490 | +€304,362 | +820% |
| Deferred charges and accrued income | 490/1 | €4,012 | €4,134 | +€122 | +3.0% |
| Total equity and liabilities | 10/49 | €3,514,928 | €2,757,117 | -€757,811 | -21.6% |
| Equity | 10/15 | €446,831 | €686,772 | +€239,941 | +53.7% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €371,831 | €611,772 | +€239,941 | +64.5% |
| Distributable reserves | 133 | €371,831 | €611,772 | +€239,941 | +64.5% |
| Amounts payable | 17/49 | €3,068,097 | €2,070,346 | -€997,751 | -32.5% |
| Amounts payable after more than one year | 17 | €238,282 | €227,787 | -€10,495 | -4.4% |
| Financial debts | 170/4 | €238,282 | €227,787 | -€10,495 | -4.4% |
| Amounts payable within one year | 42/48 | €2,788,409 | €1,841,751 | -€946,658 | -33.9% |
| Current portion of amounts payable after more than one year | 42 | €10,078 | €10,495 | +€417 | +4.1% |
| Trade debts | 44 | €2,291,879 | €125,346 | -€2.2m | -94.5% |
| Suppliers | 440/4 | €2,291,879 | €125,346 | -€2.2m | -94.5% |
| Taxes, remuneration and social security | 45 | €40,209 | €147,914 | +€107,704 | +268% |
| Taxes | 450/3 | €24,765 | €131,598 | +€106,833 | +431% |
| Remuneration and social security | 454/9 | €15,444 | €16,316 | +€872 | +5.6% |
| Other amounts payable | 47/48 | €446,244 | €1,557,997 | +€1.1m | +249% |
| Accrued charges and deferred income | 492/3 | €41,405 | €807 | -€40,598 | -98.1% |
| Remuneration, social security and pensions | 62 | €122,572 | €126,744 | +€4,172 | +3.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,748 | €6,346 | +€2,598 | +69.3% |
| Other operating charges | 640/8 | €1,802 | €1,935 | +€133 | +7.4% |
| Non-recurring operating charges | 66A | €41,250 | €0 | -€41,250 | -100% |
| Gross operating margin | 9900 | €247,248 | €477,815 | +€230,567 | +93.3% |
| Operating profit (loss) | 9901 | €77,875 | €342,790 | +€264,915 | +340% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €10,211 | €13,100 | +€2,890 | +28.3% |
| Recurring financial charges | 65 | €10,211 | €13,100 | +€2,890 | +28.3% |
| Profit (loss) for the period before taxes | 9903 | €67,665 | €329,689 | +€262,025 | +387% |
| Income taxes | 67/77 | €20,343 | €89,749 | +€69,405 | +341% |
| Profit (loss) for the period | 9904 | €47,321 | €239,941 | +€192,619 | +407% |
| Profit (loss) for the period to be appropriated | 9905 | €47,321 | €239,941 | +€192,619 | +407% |
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 30 October 2026 via checked.be.