TRCA: 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.
TRCA
Largest movements
- Receivables within one year -€24,061
down €24,061 (-91.6%), from €26,273 to €2,212
of which Trade receivables: -€16,431
- Stocks and contracts +€23,619
up €23,619 (+13.2%), from €178,372 to €201,991
of which Contracts in progress: +€23,619
- Cash -€18,105
down €18,105 (-40.4%), from €44,810 to €26,705
mainly Stocks and contracts (-€23,619) and Trade debts (-€19,626)
- Tangible fixed assets +€3,535
up €3,535 (+26.2%), from €13,513 to €17,049
of which Furniture and vehicles: +€4,035
- Trade debts -€19,626
down €19,626 (-97.1%), from €20,221 to €595
- Tax, wage and social debts +€8,332
up €8,332 (+35.3%), from €23,600 to €31,932
- Other debts -€5,109
down €5,109 (-6.4%), from €79,377 to €74,267
- Gross operating margin -€22,912
down €22,912 (-29.4%), from €77,878 to €54,966
- Taxes -€12,662
down €12,662 (-56.8%), from €22,273 to €9,611
- Staff costs +€10,051
up €10,051 (+901.1%), from €1,115 to €11,166
- Depreciation +€2,540
up €2,540 (+34.2%), from €7,424 to €9,965
- Financial charges +€1,568
up €1,568 (+56.8%), from €2,763 to €4,332
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 | €262,968 | €247,957 | -€15,011 | -5.7% |
| Fixed assets | 21/28 | €13,513 | €17,049 | +€3,535 | +26.2% |
| Tangible fixed assets | 22/27 | €13,513 | €17,049 | +€3,535 | +26.2% |
| Plant, machinery and equipment | 23 | €500 | - | -€500 | |
| Furniture and vehicles | 24 | €13,013 | €17,049 | +€4,035 | +31.0% |
| Current assets | 29/58 | €249,454 | €230,908 | -€18,547 | -7.4% |
| Stocks and contracts in progress | 3 | €178,372 | €201,991 | +€23,619 | +13.2% |
| Stocks | 30/36 | €81,706 | €81,706 | = | 0.0% |
| Contracts in progress | 37 | €96,666 | €120,285 | +€23,619 | +24.4% |
| Amounts receivable within one year | 40/41 | €26,273 | €2,212 | -€24,061 | -91.6% |
| Trade receivables | 40 | €16,431 | - | -€16,431 | |
| Other amounts receivable | 41 | €9,841 | €2,212 | -€7,630 | -77.5% |
| Cash at bank and in hand | 54/58 | €44,810 | €26,705 | -€18,105 | -40.4% |
| Total equity and liabilities | 10/49 | €262,968 | €247,957 | -€15,011 | -5.7% |
| Equity | 10/15 | €102,302 | €104,757 | +€2,456 | +2.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €86,255 | €88,710 | +€2,456 | +2.8% |
| Distributable reserves | 133 | €86,255 | €88,710 | +€2,456 | +2.8% |
| Profit (loss) carried forward | 14 | €9,847 | €9,847 | = | 0.0% |
| Amounts payable | 17/49 | €160,666 | €143,199 | -€17,467 | -10.9% |
| Amounts payable after more than one year | 17 | €26,442 | €26,850 | +€408 | +1.5% |
| Financial debts | 170/4 | €26,442 | €26,850 | +€408 | +1.5% |
| Amounts payable within one year | 42/48 | €134,224 | €116,349 | -€17,875 | -13.3% |
| Current portion of amounts payable after more than one year | 42 | €11,027 | €9,555 | -€1,472 | -13.3% |
| Trade debts | 44 | €20,221 | €595 | -€19,626 | -97.1% |
| Suppliers | 440/4 | €20,221 | €595 | -€19,626 | -97.1% |
| Taxes, remuneration and social security | 45 | €23,600 | €31,932 | +€8,332 | +35.3% |
| Taxes | 450/3 | €23,600 | €31,932 | +€8,332 | +35.3% |
| Other amounts payable | 47/48 | €79,377 | €74,267 | -€5,109 | -6.4% |
| Remuneration, social security and pensions | 62 | €1,115 | €11,166 | +€10,051 | +901.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,424 | €9,965 | +€2,540 | +34.2% |
| Other operating charges | 640/8 | €997 | €825 | -€172 | -17.2% |
| Gross operating margin | 9900 | €77,878 | €54,966 | -€22,912 | -29.4% |
| Operating profit (loss) | 9901 | €68,341 | €33,010 | -€35,331 | -51.7% |
| Financial income | 75/76B | €4 | - | -€4 | |
| Recurring financial income | 75 | €4 | - | -€4 | |
| Financial charges | 65/66B | €2,763 | €4,332 | +€1,568 | +56.8% |
| Recurring financial charges | 65 | €2,763 | €4,332 | +€1,568 | +56.8% |
| Profit (loss) for the period before taxes | 9903 | €65,582 | €28,678 | -€36,904 | -56.3% |
| Income taxes | 67/77 | €22,273 | €9,611 | -€12,662 | -56.8% |
| Profit (loss) for the period | 9904 | €43,310 | €19,067 | -€24,242 | -56.0% |
| Profit (loss) for the period to be appropriated | 9905 | €43,310 | €19,067 | -€24,242 | -56.0% |
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 8 October 2026 via checked.be.