TREEPACK: what changed
TREEPACK
Largest movements
- Cash +€135,081
up €135,081 (+474%), from €28,477 to €163,558
mainly Net result for the year (+€114,783) and Stocks and contracts (+€73,800)
- Stocks and contracts -€73,800
down €73,800 (-100%), from €73,800 to €0
- Receivables within one year +€44,691
up €44,691 (+29.5%), from €151,590 to €196,281
of which Trade receivables: +€61,731
- Tangible fixed assets -€15,088
down €15,088 (-50.3%), from €29,969 to €14,881
of which Furniture and vehicles: -€14,520
- Deferred charges and accrued income +€11,142
up €11,142 (+119%), from €9,346 to €20,487
- Other debts +€50,010
up €50,010 (+100%), from €49,990 to €100,000
- Short-term financial debts +€50,000
up €50,000 (+100%), from €50,000 to €100,000
- Reserves +€41,271
new in 2025: €41,271
of which Distributable reserves: +€39,411
- Tax, wage and social debts +€27,298
up €27,298 (+154%), from €17,774 to €45,072
of which Remuneration and social security: +€20,361
- Trade debts -€25,779
down €25,779 (-35.8%), from €72,074 to €46,295
- Gross operating margin +€125,232
up €125,232 (+33.5%), from €373,821 to €499,053
- Staff costs +€38,444
up €38,444 (+15.3%), from €250,780 to €289,223
- Taxes +€16,601
up €16,601 (+46.1%), from €36,013 to €52,614
- Depreciation -€12,286
down €12,286 (-43.3%), from €28,353 to €16,066
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €301,902 | €403,771 | +€101,869 | +33.7% |
| Fixed assets | 21/28 | €38,689 | €23,445 | -€15,244 | -39.4% |
| Intangible fixed assets | 21 | €249 | €114 | -€135 | -54.2% |
| Tangible fixed assets | 22/27 | €29,969 | €14,881 | -€15,088 | -50.3% |
| Plant, machinery and equipment | 23 | €861 | €292 | -€569 | -66.1% |
| Furniture and vehicles | 24 | €29,108 | €14,589 | -€14,520 | -49.9% |
| Financial fixed assets | 28 | €8,471 | €8,450 | -€21 | -0.2% |
| Current assets | 29/58 | €263,212 | €380,326 | +€117,114 | +44.5% |
| Stocks and contracts in progress | 3 | €73,800 | €0 | -€73,800 | -100% |
| Contracts in progress | 37 | €73,800 | €0 | -€73,800 | -100% |
| Amounts receivable within one year | 40/41 | €151,590 | €196,281 | +€44,691 | +29.5% |
| Trade receivables | 40 | €108,520 | €170,251 | +€61,731 | +56.9% |
| Other amounts receivable | 41 | €43,071 | €26,030 | -€17,040 | -39.6% |
| Cash at bank and in hand | 54/58 | €28,477 | €163,558 | +€135,081 | +474% |
| Deferred charges and accrued income | 490/1 | €9,346 | €20,487 | +€11,142 | +119% |
| Total equity and liabilities | 10/49 | €301,902 | €403,771 | +€101,869 | +33.7% |
| Equity | 10/15 | €32,688 | €47,471 | +€14,783 | +45.2% |
| Contributions | 10/11 | €8,060 | €6,200 | -€1,860 | -23.1% |
| Reserves | 13 | - | €41,271 | +€41,271 | |
| Non-distributable reserves | 130/1 | - | €1,860 | +€1,860 | |
| Reserves not available under the articles | 1311 | - | €1,860 | +€1,860 | |
| Distributable reserves | 133 | - | €39,411 | +€39,411 | |
| Profit (loss) carried forward | 14 | €24,628 | €0 | -€24,628 | -100% |
| Amounts payable | 17/49 | €269,214 | €356,300 | +€87,086 | +32.3% |
| Amounts payable after more than one year | 17 | €17,513 | €12,378 | -€5,135 | -29.3% |
| Financial debts | 170/4 | €17,513 | €12,378 | -€5,135 | -29.3% |
| Amounts payable within one year | 42/48 | €251,701 | €343,921 | +€92,221 | +36.6% |
| Current portion of amounts payable after more than one year | 42 | €58,648 | €49,041 | -€9,607 | -16.4% |
| Financial debts | 43 | €50,000 | €100,000 | +€50,000 | +100% |
| Credit institutions | 430/8 | €50,000 | €100,000 | +€50,000 | +100% |
| Trade debts | 44 | €72,074 | €46,295 | -€25,779 | -35.8% |
| Suppliers | 440/4 | €72,074 | €46,295 | -€25,779 | -35.8% |
| Advances received on contracts in progress | 46 | €3,214 | €3,514 | +€300 | +9.3% |
| Taxes, remuneration and social security | 45 | €17,774 | €45,072 | +€27,298 | +154% |
| Taxes | 450/3 | €27 | €6,963 | +€6,937 | +26,048% |
| Remuneration and social security | 454/9 | €17,747 | €38,109 | +€20,361 | +115% |
| Other amounts payable | 47/48 | €49,990 | €100,000 | +€50,010 | +100% |
| Non-recurring operating income | 76A | - | €7,129 | +€7,129 | |
| Remuneration, social security and pensions | 62 | €250,780 | €289,223 | +€38,444 | +15.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,353 | €16,066 | -€12,286 | -43.3% |
| Other operating charges | 640/8 | €2,873 | €1,692 | -€1,181 | -41.1% |
| Non-recurring operating charges | 66A | - | €17,156 | +€17,156 | |
| Gross operating margin | 9900 | €373,821 | €499,053 | +€125,232 | +33.5% |
| Operating profit (loss) | 9901 | €91,816 | €174,916 | +€83,100 | +90.5% |
| Financial income | 75/76B | €172 | €424 | +€252 | +146% |
| Recurring financial income | 75 | €172 | €424 | +€252 | +146% |
| Financial charges | 65/66B | €4,168 | €7,942 | +€3,773 | +90.5% |
| Recurring financial charges | 65 | €4,168 | €7,942 | +€3,773 | +90.5% |
| Profit (loss) for the period before taxes | 9903 | €87,819 | €167,398 | +€79,578 | +90.6% |
| Income taxes | 67/77 | €36,013 | €52,614 | +€16,601 | +46.1% |
| Profit (loss) for the period | 9904 | €51,806 | €114,783 | +€62,977 | +122% |
| Profit (loss) for the period to be appropriated | 9905 | €51,806 | €114,783 | +€62,977 | +122% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.