TREE HOUSE: 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.
TREE HOUSE
Largest movements
- Financial fixed assets +€2.5m
new in 2025: €2.5m
- Cash -€449,053
down €449,053 (-91.4%), from €491,520 to €42,467
mainly Investment in fixed assets (net) (-€2.7m) and Receivables within one year (-€218,958)
- Tangible fixed assets -€241,039
down €241,039 (-2.9%), from €8.3m to €8.1m
of which Land and buildings: -€278,423
- Receivables within one year +€218,958
new in 2025: €218,958
of which Other amounts receivable: +€162,586
- Debts after one year +€1.3m
up €1.3m (+46.2%), from €2.8m to €4.2m
- Profit (loss) carried forward +€416,612
up €416,612 (+17.5%), from €2.4m to €2.8m
- Other debts +€200,000
new in 2025: €200,000
- Reserves -€155,172
down €155,172 (-8.3%), from €1.9m to €1.7m
of which Tax-exempt reserves: -€155,172
- Tax, wage and social debts +€123,547
up €123,547 (+149%), from €83,020 to €206,567
- Financial income +€100,900
new in 2025: €100,900
- Gross operating margin +€40,353
up €40,353 (+3.4%), from €1.2m to €1.2m
- Financial charges +€34,481
up €34,481 (+52.9%), from €65,227 to €99,709
- Depreciation +€29,856
up €29,856 (+6.4%), from €463,177 to €493,033
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 | €8,810,761 | €10,790,494 | +€2.0m | +22.5% |
| Fixed assets | 21/28 | €8,318,806 | €10,528,768 | +€2.2m | +26.6% |
| Tangible fixed assets | 22/27 | €8,318,806 | €8,077,768 | -€241,039 | -2.9% |
| Land and buildings | 22 | €8,068,493 | €7,790,071 | -€278,423 | -3.5% |
| Plant, machinery and equipment | 23 | €88,428 | €250,481 | +€162,053 | +183% |
| Assets under construction and advance payments | 27 | €161,885 | €37,215 | -€124,669 | -77.0% |
| Financial fixed assets | 28 | - | €2,451,000 | +€2.5m | |
| Current assets | 29/58 | €491,954 | €261,726 | -€230,228 | -46.8% |
| Amounts receivable within one year | 40/41 | - | €218,958 | +€218,958 | |
| Trade receivables | 40 | - | €56,372 | +€56,372 | |
| Other amounts receivable | 41 | - | €162,586 | +€162,586 | |
| Current investments | 50/53 | €434 | €300 | -€134 | -30.8% |
| Cash at bank and in hand | 54/58 | €491,520 | €42,467 | -€449,053 | -91.4% |
| Total equity and liabilities | 10/49 | €8,810,761 | €10,790,494 | +€2.0m | +22.5% |
| Equity | 10/15 | €4,650,451 | €4,911,891 | +€261,440 | +5.6% |
| Contributions | 10/11 | €390,423 | €390,423 | = | 0.0% |
| Capital | 10 | €390,423 | €390,423 | = | 0.0% |
| Issued capital | 100 | €390,423 | €390,423 | = | 0.0% |
| Reserves | 13 | €1,873,329 | €1,718,157 | -€155,172 | -8.3% |
| Non-distributable reserves | 130/1 | €37,182 | €37,182 | = | 0.0% |
| Legal reserve | 130 | €37,182 | €37,182 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,683,504 | €1,528,331 | -€155,172 | -9.2% |
| Distributable reserves | 133 | €152,643 | €152,643 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,386,700 | €2,803,312 | +€416,612 | +17.5% |
| Provisions and deferred taxes | 16 | €556,480 | €504,756 | -€51,724 | -9.3% |
| Deferred taxes | 168 | €556,480 | €504,756 | -€51,724 | -9.3% |
| Amounts payable | 17/49 | €3,603,829 | €5,373,846 | +€1.8m | +49.1% |
| Amounts payable after more than one year | 17 | €2,844,455 | €4,158,773 | +€1.3m | +46.2% |
| Financial debts | 170/4 | €2,844,455 | €4,158,773 | +€1.3m | +46.2% |
| Amounts payable within one year | 42/48 | €752,474 | €1,152,796 | +€400,323 | +53.2% |
| Current portion of amounts payable after more than one year | 42 | €669,454 | €717,273 | +€47,819 | +7.1% |
| Financial debts | 43 | - | €25,000 | +€25,000 | |
| Other loans | 439 | - | €25,000 | +€25,000 | |
| Trade debts | 44 | - | €3,956 | +€3,956 | |
| Suppliers | 440/4 | - | €3,956 | +€3,956 | |
| Taxes, remuneration and social security | 45 | €83,020 | €206,567 | +€123,547 | +149% |
| Taxes | 450/3 | €83,020 | €206,567 | +€123,547 | +149% |
| Other amounts payable | 47/48 | - | €200,000 | +€200,000 | |
| Accrued charges and deferred income | 492/3 | €6,901 | €62,277 | +€55,376 | +802% |
| Non-recurring operating income | 76A | €29,945 | - | -€29,945 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €463,177 | €493,033 | +€29,856 | +6.4% |
| Other operating charges | 640/8 | €141,694 | €145,971 | +€4,277 | +3.0% |
| Gross operating margin | 9900 | €1,175,616 | €1,215,969 | +€40,353 | +3.4% |
| Operating profit (loss) | 9901 | €570,744 | €576,964 | +€6,220 | +1.1% |
| Financial income | 75/76B | - | €100,900 | +€100,900 | |
| Recurring financial income | 75 | - | €100,900 | +€100,900 | |
| Financial charges | 65/66B | €65,227 | €99,709 | +€34,481 | +52.9% |
| Recurring financial charges | 65 | €65,227 | €99,709 | +€34,481 | +52.9% |
| Profit (loss) for the period before taxes | 9903 | €505,517 | €578,155 | +€72,638 | +14.4% |
| Transfer from deferred taxes | 780 | €51,724 | €51,724 | = | 0.0% |
| Income taxes | 67/77 | €178,029 | €168,439 | -€9,590 | -5.4% |
| Profit (loss) for the period | 9904 | €379,212 | €461,440 | +€82,228 | +21.7% |
| Transfer from tax-exempt reserves | 789 | €155,172 | €155,172 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €534,384 | €616,612 | +€82,228 | +15.4% |
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 22 October 2026 via checked.be.