TREB: 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.
TREB
Largest movements
- Cash +€171,751
up €171,751 (+29.6%), from €580,333 to €752,084
mainly Other debts (+€1.8m) and Net result for the year (+€91,759)
- Receivables after one year +€88,386
up €88,386 (+4.8%), from €1.8m to €1.9m
- Other debts +€1.8m
up €1.8m (+564%), from €317,201 to €2.1m
- Reserves -€1.6m
down €1.6m (-81.4%), from €1.9m to €359,032
- Financial income -€794,910
down €794,910 (-91.5%), from €868,296 to €73,386
- Financial charges -€17,734
down €17,734 (-49.3%), from €35,937 to €18,203
- Gross operating margin -€4,493
down €4,493 (-5.9%), from €76,489 to €71,996
- Taxes -€1,604
down €1,604 (-4.6%), from €34,812 to €33,208
- Depreciation -€1,071
down €1,071 (-48.2%), from €2,222 to €1,152
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.
Derived cash bridge
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 | €2,509,717 | €2,773,546 | +€263,829 | +10.5% |
| Fixed assets | 21/28 | €1,602 | €451 | -€1,152 | -71.9% |
| Tangible fixed assets | 22/27 | €1,542 | €391 | -€1,152 | -74.7% |
| Furniture and vehicles | 24 | €1,542 | €391 | -€1,152 | -74.7% |
| Financial fixed assets | 28 | €60 | €60 | = | 0.0% |
| Current assets | 29/58 | €2,508,115 | €2,773,095 | +€264,981 | +10.6% |
| Amounts receivable after more than one year | 29 | €1,847,926 | €1,936,312 | +€88,386 | +4.8% |
| Other amounts receivable | 291 | €1,847,926 | €1,936,312 | +€88,386 | +4.8% |
| Amounts receivable within one year | 40/41 | €79,856 | €84,700 | +€4,844 | +6.1% |
| Trade receivables | 40 | €74,599 | €84,700 | +€10,101 | +13.5% |
| Other amounts receivable | 41 | €5,258 | - | -€5,258 | |
| Cash at bank and in hand | 54/58 | €580,333 | €752,084 | +€171,751 | +29.6% |
| Total equity and liabilities | 10/49 | €2,509,717 | €2,773,546 | +€263,829 | +10.5% |
| Equity | 10/15 | €1,932,373 | €359,132 | -€1.6m | -81.4% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €1,932,273 | €359,032 | -€1.6m | -81.4% |
| Distributable reserves | 133 | €1,932,273 | €359,032 | -€1.6m | -81.4% |
| Amounts payable | 17/49 | €577,344 | €2,414,414 | +€1.8m | +318% |
| Amounts payable after more than one year | 17 | €225,112 | €233,999 | +€8,887 | +3.9% |
| Other amounts payable | 178/9 | €225,112 | €233,999 | +€8,887 | +3.9% |
| Amounts payable within one year | 42/48 | €352,232 | €2,180,415 | +€1.8m | +519% |
| Financial debts | 43 | €2,538 | €2,531 | -€7 | -0.3% |
| Credit institutions | 430/8 | €2,538 | €2,531 | -€7 | -0.3% |
| Trade debts | 44 | - | €26,733 | +€26,733 | |
| Suppliers | 440/4 | - | €26,733 | +€26,733 | |
| Taxes, remuneration and social security | 45 | €32,494 | €45,036 | +€12,543 | +38.6% |
| Taxes | 450/3 | €32,494 | €45,036 | +€12,543 | +38.6% |
| Other amounts payable | 47/48 | €317,201 | €2,106,115 | +€1.8m | +564% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,222 | €1,152 | -€1,071 | -48.2% |
| Other operating charges | 640/8 | €1,030 | €1,060 | +€31 | +3.0% |
| Gross operating margin | 9900 | €76,489 | €71,996 | -€4,493 | -5.9% |
| Operating profit (loss) | 9901 | €73,238 | €69,784 | -€3,453 | -4.7% |
| Financial income | 75/76B | €868,296 | €73,386 | -€794,910 | -91.5% |
| Recurring financial income | 75 | €868,296 | €73,386 | -€794,910 | -91.5% |
| Financial charges | 65/66B | €35,937 | €18,203 | -€17,734 | -49.3% |
| Recurring financial charges | 65 | €35,937 | €18,203 | -€17,734 | -49.3% |
| Profit (loss) for the period before taxes | 9903 | €905,596 | €124,967 | -€780,629 | -86.2% |
| Income taxes | 67/77 | €34,812 | €33,208 | -€1,604 | -4.6% |
| Profit (loss) for the period | 9904 | €870,784 | €91,759 | -€779,025 | -89.5% |
| Profit (loss) for the period to be appropriated | 9905 | €870,784 | €91,759 | -€779,025 | -89.5% |
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 27 October 2026 via checked.be.