Trearbe: 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.
What changed
Trearbe
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€117,762
2024 · €8,539+€109,223
Equity
€8.8m
2024 · €1.4m+€7.4m
Cash
€622,920
2024 · €398,469+€224,452
Balance sheet total
€9.5m
2024 · €2.0m+€7.5m
Largest movements
Assets
- Tangible fixed assets +€7.3m
up €7.3m (+450.8%), from €1.6m to €8.9m
of which Land and buildings: +€7.3m
- Cash +€224,452
up €224,452 (+56.3%), from €398,469 to €622,920
mainly Contributions, distributions and other (+€7.3m) and Net result for the year (+€117,762)
Equity and liabilities
- Revaluation surpluses +€7.3m
new in 2025: €7.3m
Income statement
- Gross operating margin +€141,384
up €141,384 (+74.2%), from €190,477 to €331,861
- Taxes +€15,606
up €15,606 (+317.8%), from €4,911 to €20,517
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
€8,539
Gross operating margin
+€141,384
Depreciation
+€3,309
Other operating charges
-€2,179
Financial income
+€2,201
Financial charges
+€2,021
Taxes
-€15,606
Deferred taxes and other
-€21,906
Result 2025
€117,762
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
+€319,970
Investment
-€7.4m
Financing
+€7.3m
Cash 2024
€398,469
From operations (derived)
+€319,970
Net result for the year
+€117,762
Depreciation
+€91,468
Smaller working-capital items
+€1,967
Provisions
+€19,487
Trade debts
+€49,807
Accrued charges and deferred income
+€39,478
Investment (derived)
-€7.4m
Investment in fixed assets (net)
-€7.4m
Financing
+€7.3m
Contributions, distributions and other
+€7.3m
Cash 2025
€622,920
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,018,425 | €9,513,509 | +€7.5m | +371.3% |
| Fixed assets | 21/28 | €1,612,203 | €8,879,874 | +€7.3m | +450.8% |
| Tangible fixed assets | 22/27 | €1,612,079 | €8,879,750 | +€7.3m | +450.8% |
| Land and buildings | 22 | €1,606,070 | €8,875,000 | +€7.3m | +452.6% |
| Plant, machinery and equipment | 23 | €3,780 | €2,780 | -€1,000 | -26.4% |
| Furniture and vehicles | 24 | €2,229 | €1,970 | -€259 | -11.6% |
| Financial fixed assets | 28 | €124 | €124 | = | 0.0% |
| Current assets | 29/58 | €406,222 | €633,634 | +€227,413 | +56.0% |
| Amounts receivable within one year | 40/41 | €4,938 | €7,728 | +€2,790 | +56.5% |
| Other amounts receivable | 41 | €4,938 | €7,728 | +€2,790 | +56.5% |
| Cash at bank and in hand | 54/58 | €398,469 | €622,920 | +€224,452 | +56.3% |
| Deferred charges and accrued income | 490/1 | €2,815 | €2,986 | +€171 | +6.1% |
| Total equity and liabilities | 10/49 | €2,018,425 | €9,513,509 | +€7.5m | +371.3% |
| Equity | 10/15 | €1,388,307 | €8,769,690 | +€7.4m | +531.7% |
| Contributions | 10/11 | €708,480 | €708,480 | = | 0.0% |
| Capital | 10 | €708,480 | €708,480 | = | 0.0% |
| Issued capital | 100 | €708,480 | €708,480 | = | 0.0% |
| Revaluation surpluses | 12 | - | €7,263,621 | +€7.3m | |
| Reserves | 13 | €635,278 | €704,236 | +€68,958 | +10.9% |
| Non-distributable reserves | 130/1 | €22,501 | €25,377 | +€2,875 | +12.8% |
| Legal reserve | 130 | €22,501 | €25,377 | +€2,875 | +12.8% |
| Tax-exempt reserves | 132 | €317,447 | €377,700 | +€60,253 | +19.0% |
| Distributable reserves | 133 | €295,329 | €301,159 | +€5,830 | +2.0% |
| Profit (loss) carried forward | 14 | €44,549 | €93,353 | +€48,804 | +109.6% |
| Provisions and deferred taxes | 16 | €34,597 | €54,084 | +€19,487 | +56.3% |
| Deferred taxes | 168 | €34,597 | €54,084 | +€19,487 | +56.3% |
| Amounts payable | 17/49 | €595,521 | €689,735 | +€94,214 | +15.8% |
| Amounts payable within one year | 42/48 | €353,063 | €407,798 | +€54,736 | +15.5% |
| Trade debts | 44 | €1,055 | €50,862 | +€49,807 | +4723.0% |
| Suppliers | 440/4 | €1,055 | €50,862 | +€49,807 | +4723.0% |
| Taxes, remuneration and social security | 45 | €4,765 | €9,694 | +€4,928 | +103.4% |
| Taxes | 450/3 | €4,765 | €9,694 | +€4,928 | +103.4% |
| Other amounts payable | 47/48 | €347,243 | €347,243 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €242,458 | €281,937 | +€39,478 | +16.3% |
| Non-recurring operating income | 76A | - | €87,667 | +€87,667 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €94,776 | €91,468 | -€3,309 | -3.5% |
| Other operating charges | 640/8 | €41,906 | €44,085 | +€2,179 | +5.2% |
| Gross operating margin | 9900 | €190,477 | €331,861 | +€141,384 | +74.2% |
| Operating profit (loss) | 9901 | €53,794 | €196,307 | +€142,513 | +264.9% |
| Financial income | 75/76B | €542 | €2,743 | +€2,201 | +405.7% |
| Recurring financial income | 75 | €542 | €2,743 | +€2,201 | +405.7% |
| Financial charges | 65/66B | €43,306 | €41,285 | -€2,021 | -4.7% |
| Recurring financial charges | 65 | €43,306 | €41,285 | -€2,021 | -4.7% |
| Profit (loss) for the period before taxes | 9903 | €11,031 | €157,765 | +€146,735 | +1330.2% |
| Transfer from deferred taxes | 780 | €2,419 | €2,430 | +€11 | +0.5% |
| Transfer to deferred taxes | 680 | - | €21,917 | +€21,917 | |
| Income taxes | 67/77 | €4,911 | €20,517 | +€15,606 | +317.8% |
| Profit (loss) for the period | 9904 | €8,539 | €117,762 | +€109,223 | +1279.1% |
| Transfer from tax-exempt reserves | 789 | €5,283 | €5,497 | +€214 | +4.1% |
| Transfer to tax-exempt reserves | 689 | - | €65,750 | +€65,750 | |
| Profit (loss) for the period to be appropriated | 9905 | €13,822 | €57,509 | +€43,687 | +316.1% |
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 29 September 2026 via checked.be.