TREEBRANCH: 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.
TREEBRANCH
Largest movements
- Current investments +€500,000
up €500,000, from €0 to €500,000
- Cash -€388,657
down €388,657 (-85.8%), from €452,952 to €64,294
mainly Current investments (-€500,000) and Debts after one year (-€277,557)
- Receivables within one year -€346,942
down €346,942 (-99.1%), from €350,000 to €3,058
of which Other amounts receivable: -€350,000
- Tangible fixed assets -€77,623
down €77,623 (-2.5%), from €3.1m to €3.0m
of which Land and buildings: -€77,623
- Debts after one year -€277,557
down €277,557 (-28.4%), from €978,497 to €700,940
of which Trade debts: -€200,000
- Trade debts -€105,711
down €105,711 (-98.9%), from €106,853 to €1,142
- Reserves +€54,244
up €54,244 (+211.3%), from €25,669 to €79,913
of which Distributable reserves: +€51,531
- Turnover -€282,259
down €282,259 (-100.0%), from €282,259 to €0
- Purchases and services -€220,814
down €220,814 (-86.7%), from €254,611 to €33,797
- Gross operating margin -€42,414
down €42,414 (-23.3%), from €182,110 to €139,696
- Depreciation -€19,735
down €19,735 (-20.2%), from €97,729 to €77,994
- Taxes -€6,989
down €6,989 (-27.7%), from €25,235 to €18,246
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 | €3,942,888 | €3,604,843 | -€338,045 | -8.6% |
| Fixed assets | 21/28 | €3,115,484 | €3,037,490 | -€77,994 | -2.5% |
| Intangible fixed assets | 21 | €2,252 | €1,881 | -€371 | -16.5% |
| Tangible fixed assets | 22/27 | €3,113,233 | €3,035,610 | -€77,623 | -2.5% |
| Land and buildings | 22 | €3,098,683 | €3,021,060 | -€77,623 | -2.5% |
| Furniture and vehicles | 24 | €14,550 | €14,550 | = | 0.0% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Current assets | 29/58 | €827,404 | €567,353 | -€260,051 | -31.4% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €350,000 | €3,058 | -€346,942 | -99.1% |
| Trade receivables | 40 | €0 | €3,058 | +€3,058 | |
| Other amounts receivable | 41 | €350,000 | €0 | -€350,000 | -100.0% |
| Current investments | 50/53 | €0 | €500,000 | +€500,000 | |
| Cash at bank and in hand | 54/58 | €452,952 | €64,294 | -€388,657 | -85.8% |
| Deferred charges and accrued income | 490/1 | €24,452 | €0 | -€24,452 | -100.0% |
| Total equity and liabilities | 10/49 | €3,942,888 | €3,604,843 | -€338,045 | -8.6% |
| Equity | 10/15 | €2,770,669 | €2,824,913 | +€54,244 | +2.0% |
| Contributions | 10/11 | €2,745,000 | €2,745,000 | = | 0.0% |
| Capital | 10 | €2,745,000 | €2,745,000 | = | 0.0% |
| Issued capital | 100 | €2,745,000 | €2,745,000 | = | 0.0% |
| Reserves | 13 | €25,669 | €79,913 | +€54,244 | +211.3% |
| Non-distributable reserves | 130/1 | €1,283 | €3,996 | +€2,712 | +211.3% |
| Legal reserve | 130 | €1,283 | €3,996 | +€2,712 | +211.3% |
| Distributable reserves | 133 | €24,386 | €75,917 | +€51,531 | +211.3% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €1,172,219 | €779,930 | -€392,289 | -33.5% |
| Amounts payable after more than one year | 17 | €978,497 | €700,940 | -€277,557 | -28.4% |
| Financial debts | 170/4 | €778,497 | €700,940 | -€77,557 | -10.0% |
| Trade debts | 175 | €200,000 | €0 | -€200,000 | -100.0% |
| Amounts payable within one year | 42/48 | €193,722 | €78,990 | -€114,732 | -59.2% |
| Current portion of amounts payable after more than one year | 42 | €76,348 | €77,557 | +€1,209 | +1.6% |
| Trade debts | 44 | €106,853 | €1,142 | -€105,711 | -98.9% |
| Suppliers | 440/4 | €106,853 | €1,142 | -€105,711 | -98.9% |
| Taxes, remuneration and social security | 45 | €10,520 | €291 | -€10,230 | -97.2% |
| Taxes | 450/3 | €10,520 | €291 | -€10,230 | -97.2% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Turnover | 70 | €282,259 | €0 | -€282,259 | -100.0% |
| Goods, raw materials, services and sundry goods | 60/61 | €254,611 | €33,797 | -€220,814 | -86.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €97,729 | €77,994 | -€19,735 | -20.2% |
| Other operating charges | 640/8 | €5,317 | €7,064 | +€1,746 | +32.8% |
| Gross operating margin | 9900 | €182,110 | €139,696 | -€42,414 | -23.3% |
| Operating profit (loss) | 9901 | €79,063 | €54,638 | -€24,425 | -30.9% |
| Financial income | 75/76B | €34,028 | €30,514 | -€3,514 | -10.3% |
| Recurring financial income | 75 | €34,028 | €30,514 | -€3,514 | -10.3% |
| Financial charges | 65/66B | €14,306 | €12,662 | -€1,644 | -11.5% |
| Recurring financial charges | 65 | €14,306 | €12,662 | -€1,644 | -11.5% |
| Profit (loss) for the period before taxes | 9903 | €98,786 | €72,490 | -€26,296 | -26.6% |
| Income taxes | 67/77 | €25,235 | €18,246 | -€6,989 | -27.7% |
| Profit (loss) for the period | 9904 | €73,551 | €54,244 | -€19,307 | -26.3% |
| Profit (loss) for the period to be appropriated | 9905 | €73,551 | €54,244 | -€19,307 | -26.3% |
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 3 October 2026 via checked.be.