TRE-NDS: 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.
TRE-NDS
Largest movements
- Receivables within one year +€170,451
up €170,451 (+134.6%), from €126,607 to €297,058
of which Trade receivables: +€162,979
- Cash -€43,393
down €43,393 (-74.5%), from €58,277 to €14,884
mainly Receivables within one year (-€170,451) and Contributions, distributions and other (-€136,000)
- Intangible fixed assets -€19,616
down €19,616 (-17.3%), from €113,463 to €93,847
- Other debts +€65,445
up €65,445 (+73.3%), from €89,294 to €154,739
- Tax, wage and social debts +€39,791
up €39,791 (+168.3%), from €23,639 to €63,430
- Accrued charges and deferred income +€5,412
new in 2025: €5,412
- Gross operating margin +€109,787
up €109,787 (+112.0%), from €98,053 to €207,840
- Taxes +€31,509
up €31,509 (+158.0%), from €19,943 to €51,452
- Depreciation -€2,597
down €2,597 (-10.7%), from €24,371 to €21,774
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 | €300,987 | €411,692 | +€110,705 | +36.8% |
| Formation expenses | 20 | €423 | €20 | -€403 | -95.3% |
| Fixed assets | 21/28 | €115,149 | €97,248 | -€17,901 | -15.5% |
| Intangible fixed assets | 21 | €113,463 | €93,847 | -€19,616 | -17.3% |
| Tangible fixed assets | 22/27 | €1,486 | €3,201 | +€1,715 | +115.4% |
| Furniture and vehicles | 24 | €1,486 | €3,201 | +€1,715 | +115.4% |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €185,415 | €314,424 | +€129,009 | +69.6% |
| Amounts receivable within one year | 40/41 | €126,607 | €297,058 | +€170,451 | +134.6% |
| Trade receivables | 40 | €126,607 | €289,586 | +€162,979 | +128.7% |
| Other amounts receivable | 41 | - | €7,472 | +€7,472 | |
| Cash at bank and in hand | 54/58 | €58,277 | €14,884 | -€43,393 | -74.5% |
| Deferred charges and accrued income | 490/1 | €531 | €2,482 | +€1,951 | +367.4% |
| Total equity and liabilities | 10/49 | €300,987 | €411,692 | +€110,705 | +36.8% |
| Equity | 10/15 | €100,719 | €98,119 | -€2,600 | -2.6% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Outside capital | 11 | €10,000 | - | -€10,000 | |
| Other | 1109/19 | €10,000 | - | -€10,000 | |
| Reserves | 13 | €61,400 | €61,400 | = | 0.0% |
| Tax-exempt reserves | 132 | €41,400 | €41,400 | = | 0.0% |
| Distributable reserves | 133 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €29,319 | €26,719 | -€2,600 | -8.9% |
| Amounts payable | 17/49 | €200,268 | €313,573 | +€113,305 | +56.6% |
| Amounts payable within one year | 42/48 | €200,268 | €308,161 | +€107,893 | +53.9% |
| Trade debts | 44 | €87,335 | €89,992 | +€2,657 | +3.0% |
| Suppliers | 440/4 | €87,335 | €89,992 | +€2,657 | +3.0% |
| Taxes, remuneration and social security | 45 | €23,639 | €63,430 | +€39,791 | +168.3% |
| Taxes | 450/3 | €23,639 | €63,430 | +€39,791 | +168.3% |
| Other amounts payable | 47/48 | €89,294 | €154,739 | +€65,445 | +73.3% |
| Accrued charges and deferred income | 492/3 | - | €5,412 | +€5,412 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,371 | €21,774 | -€2,597 | -10.7% |
| Other operating charges | 640/8 | €414 | €1,003 | +€589 | +142.3% |
| Gross operating margin | 9900 | €98,053 | €207,840 | +€109,787 | +112.0% |
| Operating profit (loss) | 9901 | €73,268 | €185,063 | +€111,795 | +152.6% |
| Financial income | 75/76B | €828 | €125 | -€703 | -84.9% |
| Recurring financial income | 75 | €828 | €125 | -€703 | -84.9% |
| Financial charges | 65/66B | €9 | €336 | +€327 | +3633.3% |
| Recurring financial charges | 65 | €9 | €336 | +€327 | +3633.3% |
| Profit (loss) for the period before taxes | 9903 | €74,087 | €184,852 | +€110,765 | +149.5% |
| Income taxes | 67/77 | €19,943 | €51,452 | +€31,509 | +158.0% |
| Profit (loss) for the period | 9904 | €54,144 | €133,400 | +€79,256 | +146.4% |
| Profit (loss) for the period to be appropriated | 9905 | €54,144 | €133,400 | +€79,256 | +146.4% |
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.