TREE FINANCE: what changed
What changed
TREE FINANCE
NACE 66.199, Other activities auxiliary to financial services, excluding insurance and pension funding
filed annual accounts (NBB)
Net result for the year
-€10,872
2024 · €3.2m-€3.2m
Equity
€5.1m
2024 · €5.1m-€10,872
Cash
€90,913
2024 · €212,227-€121,314
Balance sheet total
€7.4m
2024 · €8.4m-€994,116
Largest movements
Assets
- Receivables within one year -€1.0m
down €1.0m (-26.5%), from €3.9m to €2.8m
of which Other amounts receivable: -€1.2m
- Financial fixed assets +€165,000
up €165,000 (+4.6%), from €3.6m to €3.7m
- Cash -€121,314
down €121,314 (-57.2%), from €212,227 to €90,913
mainly Other debts (-€954,780) and Investment in fixed assets (net) (-€165,000)
Equity and liabilities
- Other debts -€954,780
down €954,780 (-33.7%), from €2.8m to €1.9m
Income statement
- Financial income -€3.1m
no longer reported in 2025 (was €3.1m)
of which Non-recurring financial income: -€3.1m
- Write-downs +€102,500
new in 2025: €102,500
- Gross operating margin +€35,544
up €35,544 (+41.0%), from €86,748 to €122,292
- Taxes -€16,212
down €16,212 (-96.3%), from €16,839 to €627
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€3.2m
Gross operating margin
+€35,544
Write-downs
-€102,500
Other operating charges
-€724
Financial income
-€3.1m
Financial charges
+€650
Taxes
+€16,212
Result 2025
-€10,872
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€75,837
Investment
-€165,000
Financing
-€32,151
Cash 2024
€212,227
From operations (derived)
+€75,837
Net result for the year
-€10,872
Depreciation
+€13,675
Receivables within one year
+€1.0m
Trade debts
+€16,530
Tax, wage and social debts
-€12,842
Other debts
-€954,780
Investment (derived)
-€165,000
Investment in fixed assets (net)
-€165,000
Financing
-€32,151
Debts after one year
-€32,489
Current portion of long-term debt
+€337
Cash 2025
€90,913
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €8,358,306 | €7,364,190 | -€994,116 | -11.9% |
| Fixed assets | 21/28 | €4,282,414 | €4,433,739 | +€151,325 | +3.5% |
| Tangible fixed assets | 22/27 | €701,179 | €687,504 | -€13,675 | -2.0% |
| Land and buildings | 22 | €701,179 | €687,504 | -€13,675 | -2.0% |
| Financial fixed assets | 28 | €3,581,235 | €3,746,235 | +€165,000 | +4.6% |
| Current assets | 29/58 | €4,075,892 | €2,930,451 | -€1.1m | -28.1% |
| Amounts receivable within one year | 40/41 | €3,863,665 | €2,839,538 | -€1.0m | -26.5% |
| Trade receivables | 40 | €3,165 | €177,641 | +€174,476 | +5,512% |
| Other amounts receivable | 41 | €3,860,500 | €2,661,897 | -€1.2m | -31.0% |
| Cash at bank and in hand | 54/58 | €212,227 | €90,913 | -€121,314 | -57.2% |
| Total equity and liabilities | 10/49 | €8,358,306 | €7,364,190 | -€994,116 | -11.9% |
| Equity | 10/15 | €5,063,624 | €5,052,751 | -€10,872 | -0.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Revaluation surpluses | 12 | €1,001,688 | €1,001,688 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,043,335 | €4,032,463 | -€10,872 | -0.3% |
| Amounts payable | 17/49 | €3,294,682 | €2,311,439 | -€983,243 | -29.8% |
| Amounts payable after more than one year | 17 | €410,194 | €377,706 | -€32,489 | -7.9% |
| Financial debts | 170/4 | €410,194 | €377,706 | -€32,489 | -7.9% |
| Amounts payable within one year | 42/48 | €2,884,488 | €1,933,733 | -€950,755 | -33.0% |
| Current portion of amounts payable after more than one year | 42 | €32,389 | €32,726 | +€337 | +1.0% |
| Trade debts | 44 | €1,755 | €18,285 | +€16,530 | +942% |
| Suppliers | 440/4 | €1,755 | €18,285 | +€16,530 | +942% |
| Taxes, remuneration and social security | 45 | €20,580 | €7,738 | -€12,842 | -62.4% |
| Taxes | 450/3 | €20,580 | €7,738 | -€12,842 | -62.4% |
| Other amounts payable | 47/48 | €2,829,763 | €1,874,983 | -€954,780 | -33.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,675 | €13,675 | = | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €102,500 | +€102,500 | |
| Other operating charges | 640/8 | €7,625 | €8,349 | +€724 | +9.5% |
| Gross operating margin | 9900 | €86,748 | €122,292 | +€35,544 | +41.0% |
| Operating profit (loss) | 9901 | €65,448 | -€2,232 | -€67,680 | |
| Financial income | 75/76B | €3,119,893 | - | -€3.1m | |
| Recurring financial income | 75 | €28 | - | -€28 | |
| Non-recurring financial income | 76B | €3,119,865 | - | -€3.1m | |
| Financial charges | 65/66B | €8,664 | €8,014 | -€650 | -7.5% |
| Recurring financial charges | 65 | €8,664 | €8,014 | -€650 | -7.5% |
| Profit (loss) for the period before taxes | 9903 | €3,176,677 | -€10,246 | -€3.2m | |
| Income taxes | 67/77 | €16,839 | €627 | -€16,212 | -96.3% |
| Profit (loss) for the period | 9904 | €3,159,838 | -€10,872 | -€3.2m | |
| Profit (loss) for the period to be appropriated | 9905 | €3,159,838 | -€10,872 | -€3.2m |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.