TRD PROPERTIES: 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.
TRD PROPERTIES
Largest movements
- Tangible fixed assets -€247,625
down €247,625 (-34.1%), from €726,025 to €478,400
of which Land and buildings: -€232,078
- Cash +€164,115
up €164,115 (+777.5%), from €21,109 to €185,224
mainly Investment in fixed assets (net) (+€232,637) and Net result for the year (+€119,842)
- Debts after one year -€251,799
down €251,799 (-68.1%), from €369,534 to €117,735
- Reserves +€119,842
up €119,842 (+42.1%), from €284,577 to €404,420
of which Tax-exempt reserves: +€108,695
- Provisions +€36,232
new in 2025: €36,232
- Other debts +€24,513
up €24,513 (+53.0%), from €46,208 to €70,722
- Current portion of long-term debt -€13,944
down €13,944 (-35.9%), from €38,828 to €24,884
- Gross operating margin +€141,426
up €141,426 (+263.2%), from €53,735 to €195,161
- Depreciation -€9,441
down €9,441 (-38.6%), from €24,429 to €14,988
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 | €767,658 | €684,985 | -€82,672 | -10.8% |
| Fixed assets | 21/28 | €744,625 | €497,000 | -€247,625 | -33.3% |
| Tangible fixed assets | 22/27 | €726,025 | €478,400 | -€247,625 | -34.1% |
| Land and buildings | 22 | €704,881 | €472,803 | -€232,078 | -32.9% |
| Plant, machinery and equipment | 23 | €21,143 | €5,597 | -€15,547 | -73.5% |
| Financial fixed assets | 28 | €18,600 | €18,600 | = | 0.0% |
| Current assets | 29/58 | €23,033 | €187,985 | +€164,952 | +716.2% |
| Cash at bank and in hand | 54/58 | €21,109 | €185,224 | +€164,115 | +777.5% |
| Deferred charges and accrued income | 490/1 | €1,924 | €2,761 | +€837 | +43.5% |
| Total equity and liabilities | 10/49 | €767,658 | €684,985 | -€82,672 | -10.8% |
| Equity | 10/15 | €303,177 | €423,020 | +€119,842 | +39.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €284,577 | €404,420 | +€119,842 | +42.1% |
| Tax-exempt reserves | 132 | - | €108,695 | +€108,695 | |
| Distributable reserves | 133 | €284,577 | €295,724 | +€11,147 | +3.9% |
| Provisions and deferred taxes | 16 | - | €36,232 | +€36,232 | |
| Deferred taxes | 168 | - | €36,232 | +€36,232 | |
| Amounts payable | 17/49 | €464,481 | €225,734 | -€238,746 | -51.4% |
| Amounts payable after more than one year | 17 | €369,534 | €117,735 | -€251,799 | -68.1% |
| Financial debts | 170/4 | €369,534 | €117,735 | -€251,799 | -68.1% |
| Amounts payable within one year | 42/48 | €91,997 | €105,049 | +€13,053 | +14.2% |
| Current portion of amounts payable after more than one year | 42 | €38,828 | €24,884 | -€13,944 | -35.9% |
| Trade debts | 44 | €857 | €5,384 | +€4,527 | +528.1% |
| Suppliers | 440/4 | €857 | €5,384 | +€4,527 | +528.1% |
| Taxes, remuneration and social security | 45 | €6,103 | €4,060 | -€2,043 | -33.5% |
| Taxes | 450/3 | €6,103 | €4,060 | -€2,043 | -33.5% |
| Other amounts payable | 47/48 | €46,208 | €70,722 | +€24,513 | +53.0% |
| Accrued charges and deferred income | 492/3 | €2,950 | €2,950 | = | 0.0% |
| Non-recurring operating income | 76A | - | €144,927 | +€144,927 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,429 | €14,988 | -€9,441 | -38.6% |
| Other operating charges | 640/8 | €8,096 | €7,732 | -€365 | -4.5% |
| Gross operating margin | 9900 | €53,735 | €195,161 | +€141,426 | +263.2% |
| Operating profit (loss) | 9901 | €21,210 | €172,442 | +€151,232 | +713.0% |
| Financial charges | 65/66B | €11,269 | €12,309 | +€1,040 | +9.2% |
| Recurring financial charges | 65 | €11,269 | €12,309 | +€1,040 | +9.2% |
| Profit (loss) for the period before taxes | 9903 | €9,941 | €160,133 | +€150,192 | +1510.9% |
| Transfer to deferred taxes | 680 | - | €36,232 | +€36,232 | |
| Income taxes | 67/77 | €2,703 | €4,059 | +€1,355 | +50.1% |
| Profit (loss) for the period | 9904 | €7,237 | €119,842 | +€112,605 | +1555.9% |
| Transfer to tax-exempt reserves | 689 | - | €108,695 | +€108,695 | |
| Profit (loss) for the period to be appropriated | 9905 | €7,237 | €11,147 | +€3,910 | +54.0% |
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 5 October 2026 via checked.be.