Treemakers: 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.
Treemakers
Largest movements
- Receivables within one year -€74,250
down €74,250 (-55.6%), from €133,564 to €59,314
of which Trade receivables: -€70,777
- Cash +€42,014
up €42,014 (+479.3%), from €8,767 to €50,780
mainly Receivables within one year (+€74,250) and Depreciation (+€28,676)
- Tangible fixed assets -€20,176
down €20,176 (-28.3%), from €71,278 to €51,103
of which Furniture and vehicles: -€19,686
- Intangible fixed assets -€8,500
down €8,500 (-20.2%), from €42,075 to €33,575
- Stocks and contracts +€7,995
up €7,995 (+3.4%), from €233,873 to €241,868
- Trade debts -€57,990
down €57,990 (-96.0%), from €60,376 to €2,387
- Profit (loss) carried forward +€26,182
up €26,182 (+25.2%), from -€103,854 to -€77,672
- Short-term financial debts -€15,000
down €15,000 (-27.3%), from €55,000 to €40,000
- Other debts -€12,493
down €12,493 (-5.7%), from €217,972 to €205,479
- Gross operating margin -€18,344
down €18,344 (-15.6%), from €117,784 to €99,440
- Financial charges -€10,837
down €10,837 (-37.4%), from €28,944 to €18,107
- Staff costs +€5,135
up €5,135 (+29.8%), from €17,238 to €22,372
- Taxes -€4,894
no longer reported in 2025 (was €4,894)
- Financial income -€2,040
down €2,040 (-99.9%), from €2,043 to €3
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 | €496,327 | €439,429 | -€56,898 | -11.5% |
| Fixed assets | 21/28 | €113,953 | €85,278 | -€28,676 | -25.2% |
| Intangible fixed assets | 21 | €42,075 | €33,575 | -€8,500 | -20.2% |
| Tangible fixed assets | 22/27 | €71,278 | €51,103 | -€20,176 | -28.3% |
| Plant, machinery and equipment | 23 | €2,883 | €2,393 | -€490 | -17.0% |
| Furniture and vehicles | 24 | €68,396 | €48,710 | -€19,686 | -28.8% |
| Financial fixed assets | 28 | €600 | €600 | = | 0.0% |
| Current assets | 29/58 | €382,373 | €354,151 | -€28,222 | -7.4% |
| Stocks and contracts in progress | 3 | €233,873 | €241,868 | +€7,995 | +3.4% |
| Stocks | 30/36 | €233,873 | €241,868 | +€7,995 | +3.4% |
| Amounts receivable within one year | 40/41 | €133,564 | €59,314 | -€74,250 | -55.6% |
| Trade receivables | 40 | €126,949 | €56,172 | -€70,777 | -55.8% |
| Other amounts receivable | 41 | €6,615 | €3,142 | -€3,473 | -52.5% |
| Cash at bank and in hand | 54/58 | €8,767 | €50,780 | +€42,014 | +479.3% |
| Deferred charges and accrued income | 490/1 | €6,170 | €2,189 | -€3,981 | -64.5% |
| Total equity and liabilities | 10/49 | €496,327 | €439,429 | -€56,898 | -11.5% |
| Equity | 10/15 | €156,922 | €183,103 | +€26,182 | +16.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €240,775 | €240,775 | = | 0.0% |
| Distributable reserves | 133 | €240,775 | €240,775 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€103,854 | -€77,672 | +€26,182 | +25.2% |
| Amounts payable | 17/49 | €339,405 | €256,326 | -€83,079 | -24.5% |
| Amounts payable within one year | 42/48 | €339,021 | €256,326 | -€82,695 | -24.4% |
| Financial debts | 43 | €55,000 | €40,000 | -€15,000 | -27.3% |
| Credit institutions | 430/8 | €55,000 | €40,000 | -€15,000 | -27.3% |
| Trade debts | 44 | €60,376 | €2,387 | -€57,990 | -96.0% |
| Suppliers | 440/4 | €60,376 | €2,387 | -€57,990 | -96.0% |
| Taxes, remuneration and social security | 45 | €5,672 | €8,460 | +€2,788 | +49.1% |
| Taxes | 450/3 | €3,480 | €6,203 | +€2,724 | +78.3% |
| Remuneration and social security | 454/9 | €2,193 | €2,257 | +€64 | +2.9% |
| Other amounts payable | 47/48 | €217,972 | €205,479 | -€12,493 | -5.7% |
| Accrued charges and deferred income | 492/3 | €384 | - | -€384 | |
| Remuneration, social security and pensions | 62 | €17,238 | €22,372 | +€5,135 | +29.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,676 | €28,676 | = | 0.0% |
| Other operating charges | 640/8 | €2,454 | €4,106 | +€1,653 | +67.4% |
| Gross operating margin | 9900 | €117,784 | €99,440 | -€18,344 | -15.6% |
| Operating profit (loss) | 9901 | €69,417 | €44,286 | -€25,131 | -36.2% |
| Financial income | 75/76B | €2,043 | €3 | -€2,040 | -99.9% |
| Recurring financial income | 75 | €2,043 | €3 | -€2,040 | -99.9% |
| Financial charges | 65/66B | €28,944 | €18,107 | -€10,837 | -37.4% |
| Recurring financial charges | 65 | €28,944 | €18,107 | -€10,837 | -37.4% |
| Profit (loss) for the period before taxes | 9903 | €42,516 | €26,182 | -€16,334 | -38.4% |
| Income taxes | 67/77 | €4,894 | - | -€4,894 | |
| Profit (loss) for the period | 9904 | €37,622 | €26,182 | -€11,440 | -30.4% |
| Profit (loss) for the period to be appropriated | 9905 | €37,622 | €26,182 | -€11,440 | -30.4% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.