TREDECIM: 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.
TREDECIM
Largest movements
- Tangible fixed assets -€25,496
down €25,496 (-6.7%), from €379,493 to €353,998
of which Land and buildings: -€20,303
- Receivables within one year -€17,626
down €17,626 (-87.6%), from €20,125 to €2,498
of which Other amounts receivable: -€13,226
- Cash -€16,301
down €16,301 (-94.4%), from €17,268 to €968
mainly Debts after one year (-€82,099) and Provisions (-€3,208)
- Debts after one year -€82,099
down €82,099 (-25.4%), from €323,789 to €241,690
- Other debts +€18,838
new in 2025: €18,838
- Profit (loss) carried forward +€13,147
no longer reported in 2025 (was -€13,147)
- Reserves -€6,413
down €6,413 (-16.7%), from €38,500 to €32,087
of which Tax-exempt reserves: -€9,625
- Gross operating margin -€42,765
down €42,765 (-50.3%), from €84,998 to €42,233
- Depreciation -€5,081
down €5,081 (-16.6%), from €30,577 to €25,496
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 | €416,886 | €357,464 | -€59,423 | -14.3% |
| Fixed assets | 21/28 | €379,493 | €353,998 | -€25,496 | -6.7% |
| Tangible fixed assets | 22/27 | €379,493 | €353,998 | -€25,496 | -6.7% |
| Land and buildings | 22 | €346,971 | €326,668 | -€20,303 | -5.9% |
| Plant, machinery and equipment | 23 | €21,900 | €19,604 | -€2,296 | -10.5% |
| Furniture and vehicles | 24 | €10,623 | €7,726 | -€2,897 | -27.3% |
| Current assets | 29/58 | €37,393 | €3,466 | -€33,927 | -90.7% |
| Amounts receivable within one year | 40/41 | €20,125 | €2,498 | -€17,626 | -87.6% |
| Trade receivables | 40 | €4,400 | - | -€4,400 | |
| Other amounts receivable | 41 | €15,725 | €2,498 | -€13,226 | -84.1% |
| Cash at bank and in hand | 54/58 | €17,268 | €968 | -€16,301 | -94.4% |
| Total equity and liabilities | 10/49 | €416,886 | €357,464 | -€59,423 | -14.3% |
| Equity | 10/15 | €45,813 | €50,687 | +€4,874 | +10.6% |
| Contributions | 10/11 | €20,460 | €18,600 | -€1,860 | -9.1% |
| Reserves | 13 | €38,500 | €32,087 | -€6,413 | -16.7% |
| Tax-exempt reserves | 132 | €38,500 | €28,875 | -€9,625 | -25.0% |
| Distributable reserves | 133 | - | €3,212 | +€3,212 | |
| Profit (loss) carried forward | 14 | -€13,147 | - | +€13,147 | |
| Provisions and deferred taxes | 16 | €12,833 | €9,625 | -€3,208 | -25.0% |
| Deferred taxes | 168 | €12,833 | €9,625 | -€3,208 | -25.0% |
| Amounts payable | 17/49 | €358,240 | €297,152 | -€61,089 | -17.1% |
| Amounts payable after more than one year | 17 | €323,789 | €241,690 | -€82,099 | -25.4% |
| Financial debts | 170/4 | €323,789 | €241,690 | -€82,099 | -25.4% |
| Amounts payable within one year | 42/48 | €34,451 | €55,462 | +€21,011 | +61.0% |
| Current portion of amounts payable after more than one year | 42 | €29,161 | €28,425 | -€736 | -2.5% |
| Trade debts | 44 | €4,722 | €4,377 | -€345 | -7.3% |
| Suppliers | 440/4 | €4,722 | €4,377 | -€345 | -7.3% |
| Advances received on contracts in progress | 46 | - | €3,500 | +€3,500 | |
| Taxes, remuneration and social security | 45 | €568 | €321 | -€247 | -43.5% |
| Taxes | 450/3 | €568 | €321 | -€247 | -43.5% |
| Other amounts payable | 47/48 | - | €18,838 | +€18,838 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,577 | €25,496 | -€5,081 | -16.6% |
| Other operating charges | 640/8 | €2,882 | €2,745 | -€137 | -4.8% |
| Gross operating margin | 9900 | €84,998 | €42,233 | -€42,765 | -50.3% |
| Operating profit (loss) | 9901 | €51,539 | €13,993 | -€37,546 | -72.9% |
| Financial income | 75/76B | €31 | - | -€31 | |
| Recurring financial income | 75 | €31 | - | -€31 | |
| Financial charges | 65/66B | €11,920 | €12,005 | +€85 | +0.7% |
| Recurring financial charges | 65 | €11,920 | €12,005 | +€85 | +0.7% |
| Profit (loss) for the period before taxes | 9903 | €39,650 | €1,987 | -€37,663 | -95.0% |
| Transfer from deferred taxes | 780 | €3,208 | €3,208 | = | 0.0% |
| Transfer to deferred taxes | 680 | €64,166 | - | -€64,166 | |
| Income taxes | 67/77 | €72 | €321 | +€249 | +346% |
| Profit (loss) for the period | 9904 | -€21,380 | €4,874 | +€26,254 | |
| Transfer from tax-exempt reserves | 789 | €9,625 | €9,625 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€11,755 | €14,499 | +€26,254 |
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 18 October 2026 via checked.be.