TRD POLICY: 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.
TRD POLICY
Largest movements
- Receivables within one year -€21,359
down €21,359 (-36.4%), from €58,657 to €37,299
of which Trade receivables: -€13,017
- Cash -€3,038
down €3,038 (-99.9%), from €3,041 to €3
mainly Net result for the year (-€22,583) and Trade debts (-€15,524)
- Deferred charges and accrued income -€1,203
no longer reported in 2025 (was €1,203)
- Other debts +€23,652
up €23,652 (+40.7%), from €58,115 to €81,767
- Profit (loss) carried forward -€22,583
down €22,583 (-53.0%), from -€42,609 to -€65,192
- Trade debts -€15,524
down €15,524 (-79.8%), from €19,458 to €3,933
- Tax, wage and social debts -€9,359
down €9,359 (-76.5%), from €12,238 to €2,878
- Accrued charges and deferred income -€1,808
no longer reported in 2025 (was €1,808)
- Gross operating margin -€20,884
down €20,884, from €207 to -€20,677
- Financial charges +€383
up €383 (+55.6%), from €688 to €1,071
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 | €63,401 | €37,802 | -€25,599 | -40.4% |
| Fixed assets | 21/28 | €500 | €500 | = | 0.0% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €62,901 | €37,302 | -€25,599 | -40.7% |
| Amounts receivable within one year | 40/41 | €58,657 | €37,299 | -€21,359 | -36.4% |
| Trade receivables | 40 | €13,017 | - | -€13,017 | |
| Other amounts receivable | 41 | €45,640 | €37,299 | -€8,341 | -18.3% |
| Cash at bank and in hand | 54/58 | €3,041 | €3 | -€3,038 | -99.9% |
| Deferred charges and accrued income | 490/1 | €1,203 | - | -€1,203 | |
| Total equity and liabilities | 10/49 | €63,401 | €37,802 | -€25,599 | -40.4% |
| Equity | 10/15 | -€30,209 | -€52,792 | -€22,583 | -74.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€42,609 | -€65,192 | -€22,583 | -53.0% |
| Amounts payable | 17/49 | €93,610 | €90,593 | -€3,017 | -3.2% |
| Amounts payable within one year | 42/48 | €91,802 | €90,593 | -€1,208 | -1.3% |
| Financial debts | 43 | €1,992 | €2,015 | +€23 | +1.2% |
| Credit institutions | 430/8 | €1,992 | €2,015 | +€23 | +1.2% |
| Trade debts | 44 | €19,458 | €3,933 | -€15,524 | -79.8% |
| Suppliers | 440/4 | €19,458 | €3,933 | -€15,524 | -79.8% |
| Taxes, remuneration and social security | 45 | €12,238 | €2,878 | -€9,359 | -76.5% |
| Taxes | 450/3 | €12,238 | €2,878 | -€9,359 | -76.5% |
| Other amounts payable | 47/48 | €58,115 | €81,767 | +€23,652 | +40.7% |
| Accrued charges and deferred income | 492/3 | €1,808 | - | -€1,808 | |
| Other operating charges | 640/8 | €780 | €835 | +€55 | +7.1% |
| Gross operating margin | 9900 | €207 | -€20,677 | -€20,884 | |
| Operating profit (loss) | 9901 | -€573 | -€21,512 | -€20,940 | -3,657% |
| Financial charges | 65/66B | €688 | €1,071 | +€383 | +55.6% |
| Recurring financial charges | 65 | €688 | €1,071 | +€383 | +55.6% |
| Profit (loss) for the period before taxes | 9903 | -€1,261 | -€22,583 | -€21,322 | -1,691% |
| Profit (loss) for the period | 9904 | -€1,261 | -€22,583 | -€21,322 | -1,691% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,261 | -€22,583 | -€21,322 | -1,691% |
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 15 October 2026 via checked.be.