TREADLO: 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.
TREADLO
Largest movements
- Financial fixed assets +€1.2m
new in 2025: €1.2m
- Tangible fixed assets +€217,878
up €217,878 (+11.8%), from €1.8m to €2.1m
of which Land and buildings: +€235,439
- Receivables within one year -€85,706
down €85,706 (-30.7%), from €278,984 to €193,278
of which Trade receivables: -€95,025
- Receivables after one year +€75,000
new in 2025: €75,000
- Cash +€48,966
up €48,966 (+138.8%), from €35,285 to €84,251
mainly Debts after one year (+€646,739) and Contributions, distributions and other (+€638,143)
- Debts after one year +€646,739
up €646,739 (+47.7%), from €1.4m to €2.0m
- Revaluation surpluses +€638,143
new in 2025: €638,143
- Current portion of long-term debt +€98,800
up €98,800 (+113.4%), from €87,109 to €185,909
- Reserves +€75,175
up €75,175 (+15.0%), from €499,691 to €574,866
- Trade debts +€69,421
up €69,421 (+55.1%), from €126,090 to €195,511
- Gross operating margin -€59,343
down €59,343 (-18.2%), from €326,048 to €266,705
- Taxes -€16,114
down €16,114 (-38.9%), from €41,390 to €25,276
- Depreciation +€7,899
up €7,899 (+7.9%), from €100,503 to €108,402
- Financial charges +€6,269
up €6,269 (+15.3%), from €41,095 to €47,364
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 | €2,173,157 | €3,657,629 | +€1.5m | +68.3% |
| Fixed assets | 21/28 | €1,848,766 | €3,295,107 | +€1.4m | +78.2% |
| Tangible fixed assets | 22/27 | €1,848,766 | €2,066,644 | +€217,878 | +11.8% |
| Land and buildings | 22 | €1,736,367 | €1,971,806 | +€235,439 | +13.6% |
| Plant, machinery and equipment | 23 | €900 | €286 | -€613 | -68.2% |
| Furniture and vehicles | 24 | €11,009 | €6,917 | -€4,093 | -37.2% |
| Leasing and similar rights | 25 | €100,490 | €87,635 | -€12,855 | -12.8% |
| Financial fixed assets | 28 | - | €1,228,463 | +€1.2m | |
| Current assets | 29/58 | €324,391 | €362,521 | +€38,131 | +11.8% |
| Amounts receivable after more than one year | 29 | - | €75,000 | +€75,000 | |
| Other amounts receivable | 291 | - | €75,000 | +€75,000 | |
| Amounts receivable within one year | 40/41 | €278,984 | €193,278 | -€85,706 | -30.7% |
| Trade receivables | 40 | €248,984 | €153,959 | -€95,025 | -38.2% |
| Other amounts receivable | 41 | €30,000 | €39,319 | +€9,319 | +31.1% |
| Cash at bank and in hand | 54/58 | €35,285 | €84,251 | +€48,966 | +138.8% |
| Deferred charges and accrued income | 490/1 | €10,121 | €9,992 | -€129 | -1.3% |
| Total equity and liabilities | 10/49 | €2,173,157 | €3,657,629 | +€1.5m | +68.3% |
| Equity | 10/15 | €518,291 | €1,231,609 | +€713,318 | +137.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Revaluation surpluses | 12 | - | €638,143 | +€638,143 | |
| Reserves | 13 | €499,691 | €574,866 | +€75,175 | +15.0% |
| Distributable reserves | 133 | €499,691 | €574,866 | +€75,175 | +15.0% |
| Amounts payable | 17/49 | €1,654,866 | €2,426,020 | +€771,154 | +46.6% |
| Amounts payable after more than one year | 17 | €1,356,783 | €2,003,522 | +€646,739 | +47.7% |
| Financial debts | 170/4 | €1,356,783 | €2,003,522 | +€646,739 | +47.7% |
| Amounts payable within one year | 42/48 | €296,947 | €421,907 | +€124,960 | +42.1% |
| Current portion of amounts payable after more than one year | 42 | €87,109 | €185,909 | +€98,800 | +113.4% |
| Financial debts | 43 | €20,890 | €0 | -€20,890 | -100.0% |
| Credit institutions | 430/8 | €20,890 | €0 | -€20,890 | -100.0% |
| Trade debts | 44 | €126,090 | €195,511 | +€69,421 | +55.1% |
| Suppliers | 440/4 | €126,090 | €195,511 | +€69,421 | +55.1% |
| Taxes, remuneration and social security | 45 | €35,337 | €40,487 | +€5,149 | +14.6% |
| Taxes | 450/3 | €35,337 | €40,487 | +€5,149 | +14.6% |
| Other amounts payable | 47/48 | €27,521 | €0 | -€27,521 | -100.0% |
| Accrued charges and deferred income | 492/3 | €1,136 | €591 | -€545 | -48.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €100,503 | €108,402 | +€7,899 | +7.9% |
| Other operating charges | 640/8 | €15,946 | €14,475 | -€1,471 | -9.2% |
| Non-recurring operating charges | 66A | €553 | €0 | -€553 | -100.0% |
| Gross operating margin | 9900 | €326,048 | €266,705 | -€59,343 | -18.2% |
| Operating profit (loss) | 9901 | €209,046 | €143,828 | -€65,218 | -31.2% |
| Financial income | 75/76B | €732 | €3,987 | +€3,255 | +444.4% |
| Recurring financial income | 75 | €732 | €3,987 | +€3,255 | +444.4% |
| Financial charges | 65/66B | €41,095 | €47,364 | +€6,269 | +15.3% |
| Recurring financial charges | 65 | €41,095 | €47,364 | +€6,269 | +15.3% |
| Profit (loss) for the period before taxes | 9903 | €168,684 | €100,451 | -€68,232 | -40.4% |
| Income taxes | 67/77 | €41,390 | €25,276 | -€16,114 | -38.9% |
| Profit (loss) for the period | 9904 | €127,294 | €75,175 | -€52,119 | -40.9% |
| Profit (loss) for the period to be appropriated | 9905 | €127,294 | €75,175 | -€52,119 | -40.9% |
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.