TREED: 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.
TREED
Largest movements
- Tangible fixed assets -€76,762
down €76,762 (-5.5%), from €1.4m to €1.3m
of which Land and buildings: -€70,515
- Cash -€62,286
down €62,286 (-69.2%), from €90,033 to €27,747
mainly Net result for the year (-€93,557) and Other debts (-€21,712)
- Current investments +€18,266
up €18,266 (+8.9%), from €205,869 to €224,136
- Reserves -€93,557
down €93,557 (-20.2%), from €463,805 to €370,248
of which Distributable reserves: -€80,069
- Other debts -€21,712
down €21,712 (-6.2%), from €352,310 to €330,598
- Gross operating margin -€43,793
down €43,793, from €40,858 to -€2,936
- Financial charges +€11,022
up €11,022, from -€313 to €10,709
- Financial income -€7,007
down €7,007 (-69.6%), from €10,066 to €3,058
- Depreciation +€3,304
up €3,304 (+4.3%), from €76,697 to €80,001
- Other operating charges +€1,314
up €1,314 (+19.3%), from €6,820 to €8,134
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 | €1,691,632 | €1,571,765 | -€119,867 | -7.1% |
| Fixed assets | 21/28 | €1,385,030 | €1,308,268 | -€76,762 | -5.5% |
| Tangible fixed assets | 22/27 | €1,383,780 | €1,307,018 | -€76,762 | -5.5% |
| Land and buildings | 22 | €1,358,575 | €1,288,060 | -€70,515 | -5.2% |
| Plant, machinery and equipment | 23 | €6,484 | €4,754 | -€1,730 | -26.7% |
| Furniture and vehicles | 24 | €18,721 | €14,205 | -€4,516 | -24.1% |
| Financial fixed assets | 28 | €1,250 | €1,250 | = | 0.0% |
| Current assets | 29/58 | €306,602 | €263,497 | -€43,105 | -14.1% |
| Amounts receivable within one year | 40/41 | €7,400 | €7,746 | +€346 | +4.7% |
| Trade receivables | 40 | €2,129 | €3,349 | +€1,220 | +57.3% |
| Other amounts receivable | 41 | €5,271 | €4,397 | -€874 | -16.6% |
| Current investments | 50/53 | €205,869 | €224,136 | +€18,266 | +8.9% |
| Cash at bank and in hand | 54/58 | €90,033 | €27,747 | -€62,286 | -69.2% |
| Deferred charges and accrued income | 490/1 | €3,300 | €3,868 | +€569 | +17.2% |
| Total equity and liabilities | 10/49 | €1,691,632 | €1,571,765 | -€119,867 | -7.1% |
| Equity | 10/15 | €763,805 | €670,248 | -€93,557 | -12.2% |
| Contributions | 10/11 | €300,000 | €300,000 | = | 0.0% |
| Capital | 10 | €300,000 | €300,000 | = | 0.0% |
| Issued capital | 100 | €300,000 | €300,000 | = | 0.0% |
| Reserves | 13 | €463,805 | €370,248 | -€93,557 | -20.2% |
| Non-distributable reserves | 130/1 | €30,000 | €30,000 | = | 0.0% |
| Legal reserve | 130 | €30,000 | €30,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €302,335 | €288,848 | -€13,488 | -4.5% |
| Distributable reserves | 133 | €131,469 | €51,400 | -€80,069 | -60.9% |
| Provisions and deferred taxes | 16 | €114,935 | €109,606 | -€5,329 | -4.6% |
| Provisions for liabilities and charges | 160/5 | €8,584 | €8,584 | = | 0.0% |
| Pensions and similar obligations | 160 | €8,584 | €8,584 | = | 0.0% |
| Deferred taxes | 168 | €106,351 | €101,022 | -€5,329 | -5.0% |
| Amounts payable | 17/49 | €812,892 | €791,911 | -€20,981 | -2.6% |
| Amounts payable after more than one year | 17 | €450,000 | €450,000 | = | 0.0% |
| Financial debts | 170/4 | €450,000 | €450,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €362,892 | €341,911 | -€20,981 | -5.8% |
| Trade debts | 44 | €1,210 | €3,299 | +€2,089 | +172.6% |
| Suppliers | 440/4 | €1,210 | €3,299 | +€2,089 | +172.6% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €9,372 | €8,014 | -€1,358 | -14.5% |
| Taxes | 450/3 | €9,372 | €8,014 | -€1,358 | -14.5% |
| Other amounts payable | 47/48 | €352,310 | €330,598 | -€21,712 | -6.2% |
| Non-recurring operating income | 76A | €50,464 | €0 | -€50,464 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €76,697 | €80,001 | +€3,304 | +4.3% |
| Other operating charges | 640/8 | €6,820 | €8,134 | +€1,314 | +19.3% |
| Gross operating margin | 9900 | €40,858 | -€2,936 | -€43,793 | |
| Operating profit (loss) | 9901 | -€42,660 | -€91,070 | -€48,411 | -113.5% |
| Financial income | 75/76B | €10,066 | €3,058 | -€7,007 | -69.6% |
| Recurring financial income | 75 | €10,066 | €3,058 | -€7,007 | -69.6% |
| Financial charges | 65/66B | -€313 | €10,709 | +€11,022 | |
| Recurring financial charges | 65 | -€313 | €10,709 | +€11,022 | |
| Profit (loss) for the period before taxes | 9903 | -€32,281 | -€98,721 | -€66,440 | -205.8% |
| Transfer from deferred taxes | 780 | €5,329 | €5,329 | = | 0.0% |
| Income taxes | 67/77 | €687 | €165 | -€522 | -76.0% |
| Profit (loss) for the period | 9904 | -€27,639 | -€93,557 | -€65,918 | -238.5% |
| Transfer from tax-exempt reserves | 789 | €13,488 | €13,488 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€14,151 | -€80,069 | -€65,918 | -465.8% |
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 30 September 2026 via checked.be.