TREBOR: 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.
TREBOR
Largest movements
- Tangible fixed assets -€93,388
down €93,388 (-10.5%), from €888,147 to €794,759
of which Land and buildings: -€91,348
- Cash +€88,820
up €88,820 (+168.7%), from €52,640 to €141,460
mainly Depreciation (+€126,093) and Net result for the year (+€52,676)
- Debts after one year -€63,157
down €63,157 (-14.1%), from €446,685 to €383,529
of which Financial debts: -€63,157
- Reserves +€45,345
up €45,345 (+20.1%), from €225,214 to €270,559
of which Distributable reserves: +€58,343
- Profit (loss) carried forward +€40,675
up €40,675, from -€40,400 to €275
- Revaluation surpluses -€33,343
down €33,343 (-33.3%), from €100,000 to €66,657
- Gross operating margin -€154,249
down €154,249 (-41.8%), from €369,020 to €214,771
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 | €978,596 | €974,513 | -€4,083 | -0.4% |
| Fixed assets | 21/28 | €888,147 | €794,759 | -€93,388 | -10.5% |
| Tangible fixed assets | 22/27 | €888,147 | €794,759 | -€93,388 | -10.5% |
| Land and buildings | 22 | €883,948 | €792,601 | -€91,348 | -10.3% |
| Furniture and vehicles | 24 | €1,432 | €747 | -€685 | -47.8% |
| Leasing and similar rights | 25 | €2,767 | €1,411 | -€1,355 | -49.0% |
| Current assets | 29/58 | €90,449 | €179,754 | +€89,305 | +98.7% |
| Amounts receivable within one year | 40/41 | €28,158 | €28,580 | +€422 | +1.5% |
| Trade receivables | 40 | €2,407 | €76 | -€2,331 | -96.9% |
| Other amounts receivable | 41 | €25,751 | €28,504 | +€2,753 | +10.7% |
| Cash at bank and in hand | 54/58 | €52,640 | €141,460 | +€88,820 | +168.7% |
| Deferred charges and accrued income | 490/1 | €9,651 | €9,715 | +€64 | +0.7% |
| Total equity and liabilities | 10/49 | €978,596 | €974,513 | -€4,083 | -0.4% |
| Equity | 10/15 | €303,435 | €356,111 | +€52,676 | +17.4% |
| Contributions | 10/11 | €18,621 | €18,621 | = | 0.0% |
| Revaluation surpluses | 12 | €100,000 | €66,657 | -€33,343 | -33.3% |
| Reserves | 13 | €225,214 | €270,559 | +€45,345 | +20.1% |
| Tax-exempt reserves | 132 | €225,214 | €212,216 | -€12,999 | -5.8% |
| Distributable reserves | 133 | - | €58,343 | +€58,343 | |
| Profit (loss) carried forward | 14 | -€40,400 | €275 | +€40,675 | |
| Provisions and deferred taxes | 16 | €56,304 | €53,054 | -€3,250 | -5.8% |
| Deferred taxes | 168 | €56,304 | €53,054 | -€3,250 | -5.8% |
| Amounts payable | 17/49 | €618,858 | €565,349 | -€53,509 | -8.6% |
| Amounts payable after more than one year | 17 | €446,685 | €383,529 | -€63,157 | -14.1% |
| Financial debts | 170/4 | €416,685 | €353,529 | -€63,157 | -15.2% |
| Other amounts payable | 178/9 | €30,000 | €30,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €150,625 | €153,085 | +€2,460 | +1.6% |
| Current portion of amounts payable after more than one year | 42 | €71,773 | €63,916 | -€7,857 | -10.9% |
| Trade debts | 44 | €5,154 | €4,932 | -€222 | -4.3% |
| Suppliers | 440/4 | €5,154 | €4,932 | -€222 | -4.3% |
| Taxes, remuneration and social security | 45 | - | €1,979 | +€1,979 | |
| Taxes | 450/3 | - | €1,979 | +€1,979 | |
| Other amounts payable | 47/48 | €73,697 | €82,257 | +€8,560 | +11.6% |
| Accrued charges and deferred income | 492/3 | €21,547 | €28,735 | +€7,188 | +33.4% |
| Remuneration, social security and pensions | 62 | -€780 | - | +€780 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €123,449 | €126,093 | +€2,644 | +2.1% |
| Other operating charges | 640/8 | €27,981 | €27,910 | -€71 | -0.3% |
| Gross operating margin | 9900 | €369,020 | €214,771 | -€154,249 | -41.8% |
| Operating profit (loss) | 9901 | €218,370 | €60,768 | -€157,602 | -72.2% |
| Financial charges | 65/66B | €12,115 | €9,362 | -€2,753 | -22.7% |
| Recurring financial charges | 65 | €12,115 | €9,362 | -€2,753 | -22.7% |
| Profit (loss) for the period before taxes | 9903 | €206,255 | €51,406 | -€154,849 | -75.1% |
| Transfer from deferred taxes | 780 | €2,305 | €3,250 | +€945 | +41.0% |
| Transfer to deferred taxes | 680 | €37,016 | - | -€37,016 | |
| Income taxes | 67/77 | - | €1,979 | +€1,979 | |
| Profit (loss) for the period | 9904 | €171,544 | €52,676 | -€118,867 | -69.3% |
| Transfer from tax-exempt reserves | 789 | €9,219 | €12,999 | +€3,780 | +41.0% |
| Transfer to tax-exempt reserves | 689 | €148,063 | - | -€148,063 | |
| Profit (loss) for the period to be appropriated | 9905 | €32,699 | €65,675 | +€32,975 | +100.8% |
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 30 September 2026 via checked.be.