TREADSTONE: 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.
What changed
TREADSTONE
NACE 70.200, Business and other management consultancy
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€80
2024 · €70,065-€69,986
Equity
€408,195
2024 · €408,115+€80
Cash
€83,883
2024 · €96,233-€12,349
Balance sheet total
€5.1m
2024 · €4.2m+€919,754
Largest movements
Assets
- Stocks and contracts +€988,295
up €988,295 (+54.9%), from €1.8m to €2.8m
Equity and liabilities
- Debts after one year +€935,948
up €935,948 (+55.7%), from €1.7m to €2.6m
- Current portion of long-term debt +€77,880
up €77,880 (+128.7%), from €60,516 to €138,396
- Trade debts -€68,855
down €68,855 (-45.0%), from €153,078 to €84,223
Income statement
- Gross operating margin -€44,824
down €44,824 (-13.1%), from €342,214 to €297,390
- Other operating charges +€41,063
up €41,063 (+39.4%), from €104,232 to €145,295
- Financial charges +€26,952
up €26,952 (+37.5%), from €71,871 to €98,824
- Taxes -€19,055
down €19,055 (-76.0%), from €25,077 to €6,022
- Depreciation -€11,504
down €11,504 (-20.8%), from €55,378 to €43,874
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.
Result 2024
€70,065
Gross operating margin
-€44,824
Depreciation
+€11,504
Other operating charges
-€41,063
Other operating items
+€12,295
Financial income
-€0
Financial charges
-€26,952
Taxes
+€19,055
Result 2025
€80
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.
From operations
-€1.0m
Investment
+€4,243
Financing
+€1.0m
Cash 2024
€96,233
From operations (derived)
-€1.0m
Net result for the year
+€80
Depreciation
+€43,874
Stocks and contracts
-€988,295
Receivables within one year
+€9,340
Deferred charges and accrued income
-€1,265
Trade debts
-€68,855
Tax, wage and social debts
+€8,906
Other debts
-€34,205
Investment (derived)
+€4,243
Investment in fixed assets (net)
+€4,243
Financing
+€1.0m
Debts after one year
+€935,948
Current portion of long-term debt
+€77,880
Cash 2025
€83,883
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,160,428 | €5,080,182 | +€919,754 | +22.1% |
| Fixed assets | 21/28 | €2,025,600 | €1,977,483 | -€48,117 | -2.4% |
| Tangible fixed assets | 22/27 | €1,309,659 | €1,259,542 | -€50,117 | -3.8% |
| Land and buildings | 22 | €1,260,174 | €1,228,754 | -€31,420 | -2.5% |
| Plant, machinery and equipment | 23 | €11,144 | €6,788 | -€4,356 | -39.1% |
| Furniture and vehicles | 24 | €33,441 | €24,000 | -€9,441 | -28.2% |
| Other tangible fixed assets | 26 | €4,900 | - | -€4,900 | |
| Financial fixed assets | 28 | €715,941 | €717,941 | +€2,000 | +0.3% |
| Current assets | 29/58 | €2,134,828 | €3,102,698 | +€967,871 | +45.3% |
| Stocks and contracts in progress | 3 | €1,801,441 | €2,789,736 | +€988,295 | +54.9% |
| Stocks | 30/36 | €1,801,441 | €2,789,736 | +€988,295 | +54.9% |
| Amounts receivable within one year | 40/41 | €236,936 | €227,596 | -€9,340 | -3.9% |
| Trade receivables | 40 | €107 | €1,583 | +€1,476 | +1383.9% |
| Other amounts receivable | 41 | €236,830 | €226,014 | -€10,816 | -4.6% |
| Cash at bank and in hand | 54/58 | €96,233 | €83,883 | -€12,349 | -12.8% |
| Deferred charges and accrued income | 490/1 | €218 | €1,483 | +€1,265 | +580.2% |
| Total equity and liabilities | 10/49 | €4,160,428 | €5,080,182 | +€919,754 | +22.1% |
| Equity | 10/15 | €408,115 | €408,195 | +€80 | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | - | -€18,600 | |
| Issued capital | 100 | €18,600 | - | -€18,600 | |
| Revaluation surpluses | 12 | €113,868 | €108,808 | -€5,061 | -4.4% |
| Reserves | 13 | €37,956 | €43,017 | +€5,061 | +13.3% |
| Distributable reserves | 133 | €37,956 | €43,017 | +€5,061 | +13.3% |
| Profit (loss) carried forward | 14 | €237,691 | €237,770 | +€80 | 0.0% |
| Amounts payable | 17/49 | €3,752,313 | €4,671,987 | +€919,674 | +24.5% |
| Amounts payable after more than one year | 17 | €1,680,156 | €2,616,103 | +€935,948 | +55.7% |
| Financial debts | 170/4 | €1,680,156 | €2,616,103 | +€935,948 | +55.7% |
| Amounts payable within one year | 42/48 | €2,072,158 | €2,055,884 | -€16,274 | -0.8% |
| Current portion of amounts payable after more than one year | 42 | €60,516 | €138,396 | +€77,880 | +128.7% |
| Trade debts | 44 | €153,078 | €84,223 | -€68,855 | -45.0% |
| Suppliers | 440/4 | €153,078 | €84,223 | -€68,855 | -45.0% |
| Taxes, remuneration and social security | 45 | €58,749 | €67,656 | +€8,906 | +15.2% |
| Taxes | 450/3 | €58,749 | €67,656 | +€8,906 | +15.2% |
| Other amounts payable | 47/48 | €1,799,814 | €1,765,610 | -€34,205 | -1.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,378 | €43,874 | -€11,504 | -20.8% |
| Other operating charges | 640/8 | €104,232 | €145,295 | +€41,063 | +39.4% |
| Non-recurring operating charges | 66A | €15,592 | €3,297 | -€12,295 | -78.9% |
| Gross operating margin | 9900 | €342,214 | €297,390 | -€44,824 | -13.1% |
| Operating profit (loss) | 9901 | €167,012 | €104,925 | -€62,088 | -37.2% |
| Financial income | 75/76B | €1 | €0 | -€0 | -57.4% |
| Recurring financial income | 75 | €1 | €0 | -€0 | -57.4% |
| Financial charges | 65/66B | €71,871 | €98,824 | +€26,952 | +37.5% |
| Recurring financial charges | 65 | €71,871 | €98,824 | +€26,952 | +37.5% |
| Profit (loss) for the period before taxes | 9903 | €95,142 | €6,101 | -€89,041 | -93.6% |
| Income taxes | 67/77 | €25,077 | €6,022 | -€19,055 | -76.0% |
| Profit (loss) for the period | 9904 | €70,065 | €80 | -€69,986 | -99.9% |
| Profit (loss) for the period to be appropriated | 9905 | €70,065 | €80 | -€69,986 | -99.9% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.