TRE-CAVALLI: 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.
TRE-CAVALLI
Largest movements
- Receivables within one year -€46,542
down €46,542 (-25.8%), from €180,734 to €134,192
- Cash +€3,589
up €3,589 (+251%), from €1,429 to €5,017
mainly Receivables within one year (+€46,542) and Trade debts (+€16,860)
- Other debts -€27,750
down €27,750 (-46.0%), from €60,381 to €32,631
- Reserves -€25,685
down €25,685 (-100%), from €25,685 to €0
- Trade debts +€16,860
up €16,860 (+92.4%), from €18,250 to €35,110
- Tax, wage and social debts -€6,157
down €6,157 (-38.0%), from €16,190 to €10,033
- Financial charges +€83,554
up €83,554 (+10,965%), from €762 to €84,316
of which Non-recurring financial charges: +€83,921
- Gross operating margin +€60,608
up €60,608, from -€851 to €59,757
- Other operating charges -€978
down €978 (-42.1%), from €2,325 to €1,347
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 | €182,753 | €139,209 | -€43,544 | -23.8% |
| Fixed assets | 21/28 | €590 | €0 | -€590 | -100% |
| Tangible fixed assets | 22/27 | €590 | €0 | -€590 | -100% |
| Furniture and vehicles | 24 | €590 | €0 | -€590 | -100% |
| Current assets | 29/58 | €182,163 | €139,209 | -€42,953 | -23.6% |
| Amounts receivable within one year | 40/41 | €180,734 | €134,192 | -€46,542 | -25.8% |
| Other amounts receivable | 41 | €180,734 | €134,192 | -€46,542 | -25.8% |
| Cash at bank and in hand | 54/58 | €1,429 | €5,017 | +€3,589 | +251% |
| Total equity and liabilities | 10/49 | €182,753 | €139,209 | -€43,544 | -23.8% |
| Equity | 10/15 | -€22,968 | -€49,464 | -€26,496 | -115% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €25,685 | €0 | -€25,685 | -100% |
| Distributable reserves | 133 | €25,685 | €0 | -€25,685 | -100% |
| Profit (loss) carried forward | 14 | -€54,852 | -€55,664 | -€812 | -1.5% |
| Amounts payable | 17/49 | €205,721 | €188,673 | -€17,047 | -8.3% |
| Amounts payable within one year | 42/48 | €115,821 | €98,773 | -€17,047 | -14.7% |
| Current portion of amounts payable after more than one year | 42 | €21,000 | €21,000 | = | 0.0% |
| Trade debts | 44 | €18,250 | €35,110 | +€16,860 | +92.4% |
| Suppliers | 440/4 | €18,250 | €35,110 | +€16,860 | +92.4% |
| Taxes, remuneration and social security | 45 | €16,190 | €10,033 | -€6,157 | -38.0% |
| Taxes | 450/3 | €16,190 | €10,033 | -€6,157 | -38.0% |
| Other amounts payable | 47/48 | €60,381 | €32,631 | -€27,750 | -46.0% |
| Accrued charges and deferred income | 492/3 | €89,900 | €89,900 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €590 | €590 | = | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €2,325 | €1,347 | -€978 | -42.1% |
| Gross operating margin | 9900 | -€851 | €59,757 | +€60,608 | |
| Operating profit (loss) | 9901 | -€3,767 | €57,819 | +€61,586 | |
| Financial charges | 65/66B | €762 | €84,316 | +€83,554 | +10,965% |
| Recurring financial charges | 65 | €762 | €395 | -€367 | -48.2% |
| Non-recurring financial charges | 66B | - | €83,921 | +€83,921 | |
| Profit (loss) for the period before taxes | 9903 | -€4,529 | -€26,496 | -€21,968 | -485% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€4,529 | -€26,496 | -€21,968 | -485% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,529 | -€26,496 | -€21,968 | -485% |
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 27 October 2026 via checked.be.