TREE 32: 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.
TREE 32
Largest movements
- Tangible fixed assets +€20,584
up €20,584 (+5.2%), from €396,068 to €416,652
- Receivables within one year -€16,328
no longer reported in 2025 (was €16,328)
- Debts after one year -€21,566
down €21,566 (-8.2%), from €261,890 to €240,323
- Trade debts +€20,444
up €20,444 (+387.3%), from €5,278 to €25,722
- Reserves +€19,697
up €19,697 (+130.5%), from €15,098 to €34,795
- Other debts -€17,477
down €17,477 (-15.4%), from €113,534 to €96,057
- Gross operating margin -€3,154
down €3,154 (-6.6%), from €47,717 to €44,563
- Financial charges -€1,996
down €1,996 (-29.5%), from €6,762 to €4,766
- Other operating charges -€1,487
down €1,487 (-65.9%), from €2,257 to €770
- Taxes +€1,321
up €1,321 (+16.9%), from €7,824 to €9,146
- Financial income -€946
no longer reported in 2025 (was €946)
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 | €431,355 | €435,747 | +€4,391 | +1.0% |
| Fixed assets | 21/28 | €396,068 | €416,652 | +€20,584 | +5.2% |
| Tangible fixed assets | 22/27 | €396,068 | €416,652 | +€20,584 | +5.2% |
| Land and buildings | 22 | €396,068 | €416,652 | +€20,584 | +5.2% |
| Current assets | 29/58 | €35,287 | €19,095 | -€16,192 | -45.9% |
| Amounts receivable within one year | 40/41 | €16,328 | - | -€16,328 | |
| Trade receivables | 40 | €16,328 | - | -€16,328 | |
| Cash at bank and in hand | 54/58 | €959 | €1,095 | +€136 | +14.1% |
| Deferred charges and accrued income | 490/1 | €18,000 | €18,000 | = | 0.0% |
| Total equity and liabilities | 10/49 | €431,355 | €435,747 | +€4,391 | +1.0% |
| Equity | 10/15 | €20,098 | €39,795 | +€19,697 | +98.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €15,098 | €34,795 | +€19,697 | +130.5% |
| Distributable reserves | 133 | €15,098 | €34,795 | +€19,697 | +130.5% |
| Amounts payable | 17/49 | €411,257 | €395,952 | -€15,305 | -3.7% |
| Amounts payable after more than one year | 17 | €261,890 | €240,323 | -€21,566 | -8.2% |
| Financial debts | 170/4 | €261,890 | €240,323 | -€21,566 | -8.2% |
| Amounts payable within one year | 42/48 | €149,367 | €155,628 | +€6,261 | +4.2% |
| Current portion of amounts payable after more than one year | 42 | €21,252 | €21,566 | +€315 | +1.5% |
| Trade debts | 44 | €5,278 | €25,722 | +€20,444 | +387.3% |
| Suppliers | 440/4 | €5,278 | €25,722 | +€20,444 | +387.3% |
| Taxes, remuneration and social security | 45 | €9,303 | €12,283 | +€2,980 | +32.0% |
| Taxes | 450/3 | €9,303 | €12,283 | +€2,980 | +32.0% |
| Other amounts payable | 47/48 | €113,534 | €96,057 | -€17,477 | -15.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,000 | €10,184 | +€184 | +1.8% |
| Other operating charges | 640/8 | €2,257 | €770 | -€1,487 | -65.9% |
| Gross operating margin | 9900 | €47,717 | €44,563 | -€3,154 | -6.6% |
| Operating profit (loss) | 9901 | €35,459 | €33,609 | -€1,851 | -5.2% |
| Financial income | 75/76B | €946 | - | -€946 | |
| Recurring financial income | 75 | €946 | - | -€946 | |
| Financial charges | 65/66B | €6,762 | €4,766 | -€1,996 | -29.5% |
| Recurring financial charges | 65 | €6,762 | €4,766 | -€1,996 | -29.5% |
| Profit (loss) for the period before taxes | 9903 | €29,643 | €28,842 | -€800 | -2.7% |
| Income taxes | 67/77 | €7,824 | €9,146 | +€1,321 | +16.9% |
| Profit (loss) for the period | 9904 | €21,818 | €19,697 | -€2,122 | -9.7% |
| Profit (loss) for the period to be appropriated | 9905 | €21,818 | €19,697 | -€2,122 | -9.7% |
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 29 September 2026 via checked.be.