TRBL MNGT: 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.
TRBL MNGT
Largest movements
- Receivables after one year +€153,719
new in 2025: €153,719
- Cash -€153,261
down €153,261 (-9.7%), from €1.6m to €1.4m
mainly Contributions, distributions and other (-€925,000) and Receivables after one year (-€153,719)
- Receivables within one year -€128,603
down €128,603 (-21.7%), from €593,956 to €465,353
of which Trade receivables: -€199,719
- Reserves -€1.0m
down €1.0m (-63.4%), from €1.6m to €600,294
- Other debts +€918,937
up €918,937 (+15156.2%), from €6,063 to €925,000
- Gross operating margin -€449,575
down €449,575, from €385,557 to -€64,017
- Financial charges +€111,991
up €111,991 (+430.2%), from €26,035 to €138,027
- Taxes -€103,530
down €103,530 (-95.7%), from €108,170 to €4,640
- Financial income +€63,254
up €63,254 (+123.1%), from €51,405 to €114,659
- Write-downs +€21,706
up €21,706, from -€6,460 to €15,247
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 | €2,177,518 | €2,058,205 | -€119,314 | -5.5% |
| Fixed assets | 21/28 | €1,851 | €10,680 | +€8,829 | +477.0% |
| Tangible fixed assets | 22/27 | €1,851 | €10,680 | +€8,829 | +477.0% |
| Furniture and vehicles | 24 | €1,851 | €10,680 | +€8,829 | +477.0% |
| Current assets | 29/58 | €2,175,667 | €2,047,524 | -€128,143 | -5.9% |
| Amounts receivable after more than one year | 29 | - | €153,719 | +€153,719 | |
| Other amounts receivable | 291 | - | €153,719 | +€153,719 | |
| Amounts receivable within one year | 40/41 | €593,956 | €465,353 | -€128,603 | -21.7% |
| Trade receivables | 40 | €570,398 | €370,678 | -€199,719 | -35.0% |
| Other amounts receivable | 41 | €23,558 | €94,675 | +€71,117 | +301.9% |
| Cash at bank and in hand | 54/58 | €1,581,623 | €1,428,363 | -€153,261 | -9.7% |
| Deferred charges and accrued income | 490/1 | €89 | €90 | +€1 | +1.5% |
| Total equity and liabilities | 10/49 | €2,177,518 | €2,058,205 | -€119,314 | -5.5% |
| Equity | 10/15 | €1,659,351 | €618,894 | -€1.0m | -62.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,640,751 | €600,294 | -€1.0m | -63.4% |
| Distributable reserves | 133 | €1,640,751 | €600,294 | -€1.0m | -63.4% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €518,167 | €1,439,310 | +€921,143 | +177.8% |
| Amounts payable within one year | 42/48 | €517,188 | €1,438,312 | +€921,124 | +178.1% |
| Trade debts | 44 | €450,855 | €454,242 | +€3,387 | +0.8% |
| Suppliers | 440/4 | €450,855 | €454,242 | +€3,387 | +0.8% |
| Taxes, remuneration and social security | 45 | €60,270 | €59,070 | -€1,200 | -2.0% |
| Taxes | 450/3 | €58,170 | €58,770 | +€600 | +1.0% |
| Remuneration and social security | 454/9 | €2,100 | €300 | -€1,800 | -85.7% |
| Other amounts payable | 47/48 | €6,063 | €925,000 | +€918,937 | +15156.2% |
| Accrued charges and deferred income | 492/3 | €979 | €998 | +€19 | +2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,451 | €3,693 | +€2,242 | +154.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€6,460 | €15,247 | +€21,706 | |
| Other operating charges | 640/8 | €1,083 | €4,492 | +€3,409 | +314.7% |
| Gross operating margin | 9900 | €385,557 | -€64,017 | -€449,575 | |
| Operating profit (loss) | 9901 | €389,483 | -€87,449 | -€476,932 | |
| Financial income | 75/76B | €51,405 | €114,659 | +€63,254 | +123.1% |
| Recurring financial income | 75 | €51,405 | €114,659 | +€63,254 | +123.1% |
| Financial charges | 65/66B | €26,035 | €138,027 | +€111,991 | +430.2% |
| Recurring financial charges | 65 | €26,035 | €138,027 | +€111,991 | +430.2% |
| Profit (loss) for the period before taxes | 9903 | €414,853 | -€110,817 | -€525,670 | |
| Income taxes | 67/77 | €108,170 | €4,640 | -€103,530 | -95.7% |
| Profit (loss) for the period | 9904 | €306,683 | -€115,457 | -€422,140 | |
| Profit (loss) for the period to be appropriated | 9905 | €306,683 | -€115,457 | -€422,140 |
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 11 October 2026 via checked.be.