TREDESOL: 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.
TREDESOL
Largest movements
- Cash +€156,626
up €156,626 (+92.9%), from €168,588 to €325,213
mainly Receivables within one year (+€86,563) and Trade debts (+€73,728)
- Receivables within one year -€86,563
down €86,563 (-44.2%), from €195,721 to €109,157
of which Trade receivables: -€60,735
- Tangible fixed assets -€30,376
down €30,376 (-42.3%), from €71,792 to €41,416
of which Plant, machinery and equipment: -€17,726
- Current investments +€6,563
up €6,563 (+13.1%), from €50,000 to €56,563
- Trade debts +€73,728
up €73,728 (+264%), from €27,882 to €101,610
- Other debts -€21,809
down €21,809 (-12.7%), from €172,130 to €150,321
- Reserves +€7,100
up €7,100 (+10.0%), from €70,998 to €78,098
of which Distributable reserves: +€7,100
- Current portion of long-term debt -€6,289
no longer reported in 2025 (was €6,289)
- Gross operating margin -€25,064
down €25,064 (-32.4%), from €77,284 to €52,220
- Other operating charges -€10,746
down €10,746 (-43.8%), from €24,559 to €13,813
- Financial income +€6,538
up €6,538 (+25,945%), from €25 to €6,563
- Staff costs +€5,258
no longer reported in 2025 (was -€5,258)
- Financial charges -€4,326
down €4,326 (-87.9%), from €4,919 to €593
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 | €486,135 | €532,642 | +€46,507 | +9.6% |
| Fixed assets | 21/28 | €71,827 | €41,451 | -€30,376 | -42.3% |
| Tangible fixed assets | 22/27 | €71,792 | €41,416 | -€30,376 | -42.3% |
| Plant, machinery and equipment | 23 | €40,322 | €22,596 | -€17,726 | -44.0% |
| Furniture and vehicles | 24 | €31,470 | €18,820 | -€12,650 | -40.2% |
| Financial fixed assets | 28 | €35 | €35 | = | 0.0% |
| Current assets | 29/58 | €414,308 | €491,191 | +€76,883 | +18.6% |
| Amounts receivable within one year | 40/41 | €195,721 | €109,157 | -€86,563 | -44.2% |
| Trade receivables | 40 | €169,892 | €109,157 | -€60,735 | -35.7% |
| Other amounts receivable | 41 | €25,828 | - | -€25,828 | |
| Current investments | 50/53 | €50,000 | €56,563 | +€6,563 | +13.1% |
| Cash at bank and in hand | 54/58 | €168,588 | €325,213 | +€156,626 | +92.9% |
| Deferred charges and accrued income | 490/1 | - | €257 | +€257 | |
| Total equity and liabilities | 10/49 | €486,135 | €532,642 | +€46,507 | +9.6% |
| Equity | 10/15 | €166,447 | €173,547 | +€7,100 | +4.3% |
| Contributions | 10/11 | €62,500 | €62,500 | = | 0.0% |
| Capital | 10 | €62,500 | €62,500 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Uncalled capital | 101 | €37,500 | €37,500 | = | 0.0% |
| Reserves | 13 | €70,998 | €78,098 | +€7,100 | +10.0% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Legal reserve | 130 | €10,000 | €10,000 | = | 0.0% |
| Distributable reserves | 133 | €60,998 | €68,098 | +€7,100 | +11.6% |
| Profit (loss) carried forward | 14 | €32,949 | €32,949 | = | 0.0% |
| Amounts payable | 17/49 | €319,689 | €359,095 | +€39,407 | +12.3% |
| Amounts payable within one year | 42/48 | €225,664 | €269,095 | +€43,432 | +19.2% |
| Current portion of amounts payable after more than one year | 42 | €6,289 | - | -€6,289 | |
| Trade debts | 44 | €27,882 | €101,610 | +€73,728 | +264% |
| Suppliers | 440/4 | €27,882 | €101,610 | +€73,728 | +264% |
| Taxes, remuneration and social security | 45 | €19,362 | €17,164 | -€2,198 | -11.4% |
| Taxes | 450/3 | €19,362 | €17,164 | -€2,198 | -11.4% |
| Other amounts payable | 47/48 | €172,130 | €150,321 | -€21,809 | -12.7% |
| Accrued charges and deferred income | 492/3 | €94,025 | €90,000 | -€4,025 | -4.3% |
| Remuneration, social security and pensions | 62 | -€5,258 | - | +€5,258 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,302 | €30,376 | -€3,926 | -11.4% |
| Other operating charges | 640/8 | €24,559 | €13,813 | -€10,746 | -43.8% |
| Non-recurring operating charges | 66A | - | €1,070 | +€1,070 | |
| Gross operating margin | 9900 | €77,284 | €52,220 | -€25,064 | -32.4% |
| Operating profit (loss) | 9901 | €23,681 | €6,961 | -€16,720 | -70.6% |
| Financial income | 75/76B | €25 | €6,563 | +€6,538 | +25,945% |
| Recurring financial income | 75 | €25 | €6,563 | +€6,538 | +25,945% |
| Financial charges | 65/66B | €4,919 | €593 | -€4,326 | -87.9% |
| Recurring financial charges | 65 | €4,919 | €593 | -€4,326 | -87.9% |
| Profit (loss) for the period before taxes | 9903 | €18,787 | €12,931 | -€5,856 | -31.2% |
| Income taxes | 67/77 | €4,002 | €5,832 | +€1,830 | +45.7% |
| Profit (loss) for the period | 9904 | €14,786 | €7,100 | -€7,686 | -52.0% |
| Profit (loss) for the period to be appropriated | 9905 | €14,786 | €7,100 | -€7,686 | -52.0% |
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 19 October 2026 via checked.be.