TREATEX: 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
TREATEX
NACE 46.120, Wholesale trade
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€3.1m
2024 · €4,882+€3.1m
Equity
€6.9m
2024 · €3.8m+€3.1m
Cash
€543,138
2024 · €61,609+€481,530
Balance sheet total
€12.1m
2024 · €9.8m+€2.2m
Largest movements
Assets
- Receivables within one year +€2.3m
up €2.3m (+174.9%), from €1.3m to €3.6m
of which Other amounts receivable: +€2.2m
- Tangible fixed assets -€573,272
down €573,272 (-18.8%), from €3.1m to €2.5m
of which Land and buildings: -€606,127
- Cash +€481,530
up €481,530 (+781.6%), from €61,609 to €543,138
mainly Net result for the year (+€3.1m) and Depreciation (+€364,527)
Equity and liabilities
- Reserves +€3.1m
up €3.1m (+131.8%), from €2.4m to €5.5m
of which Tax-exempt reserves: +€2.0m
- Short-term financial debts -€1.2m
down €1.2m (-40.7%), from €3.0m to €1.8m
- Provisions +€336,353
up €336,353 (+203.8%), from €165,078 to €501,431
- Current portion of long-term debt +€286,692
up €286,692 (+119.3%), from €240,219 to €526,910
- Debts after one year -€142,580
down €142,580 (-26.0%), from €548,390 to €405,811
Income statement
- Gross operating margin +€3.9m
up €3.9m (+382.2%), from €1.0m to €5.0m
- Taxes +€663,074
up €663,074 (+2779.5%), from €23,856 to €686,930
- Financial charges -€71,758
down €71,758 (-34.0%), from €211,309 to €139,552
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
€4,882
Gross operating margin
+€3.9m
Staff costs
+€17,033
Depreciation
+€5,378
Other operating charges
+€47,803
Other operating items
-€1,917
Financial income
+€43,187
Financial charges
+€71,758
Taxes
-€663,074
Deferred taxes and other
-€346,159
Result 2025
€3.1m
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
+€1.3m
Investment
+€209,596
Financing
-€1.1m
Cash 2024
€61,609
From operations (derived)
+€1.3m
Net result for the year
+€3.1m
Depreciation
+€364,527
Stocks and contracts
-€16,958
Receivables within one year
-€2.3m
Smaller working-capital items
-€11,275
Provisions
+€336,353
Trade debts
-€131,933
Tax, wage and social debts
-€26,150
Investment (derived)
+€209,596
Investment in fixed assets (net)
+€209,596
Financing
-€1.1m
Debts after one year
-€142,580
Current portion of long-term debt
+€286,692
Short-term financial debts
-€1.2m
Cash 2025
€543,138
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €9,833,798 | €12,074,140 | +€2.2m | +22.8% |
| Fixed assets | 21/28 | €3,053,887 | €2,479,765 | -€574,122 | -18.8% |
| Intangible fixed assets | 21 | €2,098 | €1,247 | -€851 | -40.5% |
| Tangible fixed assets | 22/27 | €3,050,790 | €2,477,518 | -€573,272 | -18.8% |
| Land and buildings | 22 | €2,598,865 | €1,992,738 | -€606,127 | -23.3% |
| Plant, machinery and equipment | 23 | €332,187 | €381,506 | +€49,319 | +14.8% |
| Furniture and vehicles | 24 | €47,521 | €41,733 | -€5,788 | -12.2% |
| Leasing and similar rights | 25 | €72,217 | €61,541 | -€10,676 | -14.8% |
| Financial fixed assets | 28 | €1,000 | €1,000 | = | 0.0% |
| Current assets | 29/58 | €6,779,911 | €9,594,376 | +€2.8m | +41.5% |
| Stocks and contracts in progress | 3 | €3,710,880 | €3,727,838 | +€16,958 | +0.5% |
| Stocks | 30/36 | €3,710,880 | €3,727,838 | +€16,958 | +0.5% |
| Amounts receivable within one year | 40/41 | €1,319,920 | €3,628,220 | +€2.3m | +174.9% |
| Trade receivables | 40 | €582,439 | €728,619 | +€146,180 | +25.1% |
| Other amounts receivable | 41 | €737,481 | €2,899,601 | +€2.2m | +293.2% |
| Current investments | 50/53 | €1,650,000 | €1,650,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €61,609 | €543,138 | +€481,530 | +781.6% |
| Deferred charges and accrued income | 490/1 | €37,502 | €45,179 | +€7,677 | +20.5% |
| Total equity and liabilities | 10/49 | €9,833,798 | €12,074,140 | +€2.2m | +22.8% |
| Equity | 10/15 | €3,811,261 | €6,939,025 | +€3.1m | +82.1% |
| Contributions | 10/11 | €1,438,771 | €1,438,771 | = | 0.0% |
| Capital | 10 | €1,438,771 | €1,438,771 | = | 0.0% |
| Issued capital | 100 | €1,438,771 | €1,438,771 | = | 0.0% |
| Reserves | 13 | €2,372,489 | €5,500,254 | +€3.1m | +131.8% |
| Non-distributable reserves | 130/1 | €1,793,877 | €1,793,877 | = | 0.0% |
| Legal reserve | 130 | €143,877 | €143,877 | = | 0.0% |
| Own shares acquired | 1312 | €1,650,000 | €1,650,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €518,289 | €2,525,118 | +€2.0m | +387.2% |
| Distributable reserves | 133 | €60,323 | €1,181,259 | +€1.1m | +1858.2% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Provisions and deferred taxes | 16 | €165,078 | €501,431 | +€336,353 | +203.8% |
| Deferred taxes | 168 | €165,078 | €501,431 | +€336,353 | +203.8% |
| Amounts payable | 17/49 | €5,857,459 | €4,633,684 | -€1.2m | -20.9% |
| Amounts payable after more than one year | 17 | €548,390 | €405,811 | -€142,580 | -26.0% |
| Financial debts | 170/4 | €548,390 | €405,811 | -€142,580 | -26.0% |
| Amounts payable within one year | 42/48 | €5,309,069 | €4,227,530 | -€1.1m | -20.4% |
| Current portion of amounts payable after more than one year | 42 | €240,219 | €526,910 | +€286,692 | +119.3% |
| Financial debts | 43 | €2,965,000 | €1,758,793 | -€1.2m | -40.7% |
| Credit institutions | 430/8 | €2,965,000 | €1,758,793 | -€1.2m | -40.7% |
| Trade debts | 44 | €453,230 | €321,297 | -€131,933 | -29.1% |
| Suppliers | 440/4 | €453,230 | €321,297 | -€131,933 | -29.1% |
| Taxes, remuneration and social security | 45 | €62,366 | €36,216 | -€26,150 | -41.9% |
| Taxes | 450/3 | €8,703 | €8,398 | -€305 | -3.5% |
| Remuneration and social security | 454/9 | €53,664 | €27,818 | -€25,846 | -48.2% |
| Other amounts payable | 47/48 | €1,588,254 | €1,584,313 | -€3,941 | -0.2% |
| Accrued charges and deferred income | 492/3 | - | €343 | +€343 | |
| Non-recurring operating income | 76A | €0 | €1,778 | +€1,778 | |
| Remuneration, social security and pensions | 62 | €338,696 | €321,663 | -€17,033 | -5.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €369,905 | €364,527 | -€5,378 | -1.5% |
| Other operating charges | 640/8 | €118,495 | €70,693 | -€47,803 | -40.3% |
| Non-recurring operating charges | 66A | €648 | €2,565 | +€1,917 | +295.8% |
| Gross operating margin | 9900 | €1,033,220 | €4,982,094 | +€3.9m | +382.2% |
| Operating profit (loss) | 9901 | €205,476 | €4,222,647 | +€4.0m | +1955.1% |
| Financial income | 75/76B | €24,765 | €67,952 | +€43,187 | +174.4% |
| Recurring financial income | 75 | €24,765 | €67,952 | +€43,187 | +174.4% |
| Financial charges | 65/66B | €211,309 | €139,552 | -€71,758 | -34.0% |
| Recurring financial charges | 65 | €211,309 | €139,552 | -€71,758 | -34.0% |
| Profit (loss) for the period before taxes | 9903 | €18,932 | €4,151,047 | +€4.1m | +21826.1% |
| Transfer from deferred taxes | 780 | €9,806 | €29,074 | +€19,268 | +196.5% |
| Transfer to deferred taxes | 680 | - | €365,427 | +€365,427 | |
| Income taxes | 67/77 | €23,856 | €686,930 | +€663,074 | +2779.5% |
| Profit (loss) for the period | 9904 | €4,882 | €3,127,765 | +€3.1m | +63962.3% |
| Transfer from tax-exempt reserves | 789 | €29,419 | €87,223 | +€57,804 | +196.5% |
| Transfer to tax-exempt reserves | 689 | - | €2,094,052 | +€2.1m | |
| Profit (loss) for the period to be appropriated | 9905 | €34,301 | €1,120,936 | +€1.1m | +3167.9% |
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 12 October 2026 via checked.be.