TREE STORY: 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 STORY
Largest movements
- Receivables within one year +€101,138
up €101,138 (+450%), from €22,500 to €123,638
of which Other amounts receivable: +€113,958
- Cash -€36,442
down €36,442 (-87.2%), from €41,775 to €5,333
mainly Receivables within one year (-€101,138) and Investment in fixed assets (net) (-€28,414)
- Tangible fixed assets +€3,031
up €3,031 (+3.7%), from €82,550 to €85,581
of which Furniture and vehicles: +€18,545
- Reserves +€82,917
up €82,917 (+101%), from €81,946 to €164,864
- Debts after one year -€11,346
down €11,346 (-32.5%), from €34,959 to €23,613
- Tax, wage and social debts -€5,401
down €5,401 (-29.2%), from €18,511 to €13,110
of which Taxes: -€5,401
- Gross operating margin +€55,108
up €55,108 (+68.4%), from €80,519 to €135,627
- Taxes +€12,042
up €12,042 (+103%), from €11,662 to €23,704
- Depreciation +€3,731
up €3,731 (+17.2%), from €21,651 to €25,383
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 | €147,815 | €215,534 | +€67,718 | +45.8% |
| Fixed assets | 21/28 | €82,550 | €85,581 | +€3,031 | +3.7% |
| Tangible fixed assets | 22/27 | €82,550 | €85,581 | +€3,031 | +3.7% |
| Furniture and vehicles | 24 | €21,557 | €40,102 | +€18,545 | +86.0% |
| Leasing and similar rights | 25 | €60,993 | €45,479 | -€15,514 | -25.4% |
| Current assets | 29/58 | €65,265 | €129,952 | +€64,687 | +99.1% |
| Amounts receivable within one year | 40/41 | €22,500 | €123,638 | +€101,138 | +450% |
| Trade receivables | 40 | €22,500 | €9,680 | -€12,820 | -57.0% |
| Other amounts receivable | 41 | - | €113,958 | +€113,958 | |
| Cash at bank and in hand | 54/58 | €41,775 | €5,333 | -€36,442 | -87.2% |
| Deferred charges and accrued income | 490/1 | €991 | €981 | -€9 | -1.0% |
| Total equity and liabilities | 10/49 | €147,815 | €215,534 | +€67,718 | +45.8% |
| Equity | 10/15 | €83,946 | €166,864 | +€82,917 | +98.8% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €81,946 | €164,864 | +€82,917 | +101% |
| Distributable reserves | 133 | €81,946 | €164,864 | +€82,917 | +101% |
| Amounts payable | 17/49 | €63,869 | €48,670 | -€15,199 | -23.8% |
| Amounts payable after more than one year | 17 | €34,959 | €23,613 | -€11,346 | -32.5% |
| Financial debts | 170/4 | €34,959 | €23,613 | -€11,346 | -32.5% |
| Amounts payable within one year | 42/48 | €28,910 | €25,057 | -€3,853 | -13.3% |
| Current portion of amounts payable after more than one year | 42 | €9,177 | €10,493 | +€1,316 | +14.3% |
| Trade debts | 44 | €1,222 | €1,454 | +€232 | +19.0% |
| Suppliers | 440/4 | €1,222 | €1,454 | +€232 | +19.0% |
| Taxes, remuneration and social security | 45 | €18,511 | €13,110 | -€5,401 | -29.2% |
| Taxes | 450/3 | €18,511 | €13,110 | -€5,401 | -29.2% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,651 | €25,383 | +€3,731 | +17.2% |
| Other operating charges | 640/8 | €1,836 | €3,072 | +€1,236 | +67.3% |
| Gross operating margin | 9900 | €80,519 | €135,627 | +€55,108 | +68.4% |
| Operating profit (loss) | 9901 | €57,032 | €107,172 | +€50,141 | +87.9% |
| Financial income | 75/76B | - | €1,208 | +€1,208 | |
| Recurring financial income | 75 | - | €1,208 | +€1,208 | |
| Financial charges | 65/66B | €2,266 | €1,759 | -€507 | -22.4% |
| Recurring financial charges | 65 | €2,266 | €1,759 | -€507 | -22.4% |
| Profit (loss) for the period before taxes | 9903 | €54,766 | €106,622 | +€51,856 | +94.7% |
| Income taxes | 67/77 | €11,662 | €23,704 | +€12,042 | +103% |
| Profit (loss) for the period | 9904 | €43,104 | €82,917 | +€39,814 | +92.4% |
| Profit (loss) for the period to be appropriated | 9905 | €43,104 | €82,917 | +€39,814 | +92.4% |
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 16 October 2026 via checked.be.