TREEX: 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.
TREEX
Largest movements
- Receivables within one year +€90,856
up €90,856 (+140.1%), from €64,849 to €155,705
of which Trade receivables: +€69,012
- Cash -€56,495
down €56,495 (-54.9%), from €102,836 to €46,342
mainly Receivables within one year (-€90,856) and Trade debts (-€36,007)
- Tangible fixed assets -€10,763
down €10,763 (-26.7%), from €40,344 to €29,581
of which Leasing and similar rights: -€9,993
- Deferred charges and accrued income -€8,557
down €8,557 (-91.8%), from €9,322 to €765
- Receivables after one year -€3,694
no longer reported in 2025 (was €3,694)
- Current portion of long-term debt +€60,000
up €60,000 (+260.8%), from €23,009 to €83,009
- Trade debts -€36,007
down €36,007 (-24.7%), from €145,741 to €109,735
- Tax, wage and social debts -€21,418
down €21,418 (-77.5%), from €27,648 to €6,231
- Profit (loss) carried forward +€16,466
up €16,466 (+78.7%), from -€20,934 to -€4,468
- Debts after one year -€8,009
down €8,009 (-28.9%), from €27,757 to €19,748
- Gross operating margin -€20,346
down €20,346 (-33.9%), from €60,063 to €39,717
- Taxes +€5,773
up €5,773 (+1150.3%), from €502 to €6,275
- Depreciation -€806
down €806 (-5.9%), from €13,633 to €12,826
- Financial income -€758
down €758 (-99.7%), from €760 to €2
- Other operating charges -€676
down €676 (-36.6%), from €1,848 to €1,172
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 | €230,323 | €241,355 | +€11,032 | +4.8% |
| Fixed assets | 21/28 | €49,622 | €38,543 | -€11,079 | -22.3% |
| Intangible fixed assets | 21 | €569 | €253 | -€316 | -55.6% |
| Tangible fixed assets | 22/27 | €40,344 | €29,581 | -€10,763 | -26.7% |
| Plant, machinery and equipment | 23 | €1,008 | €248 | -€760 | -75.4% |
| Furniture and vehicles | 24 | €3,529 | €3,518 | -€11 | -0.3% |
| Leasing and similar rights | 25 | €35,807 | €25,814 | -€9,993 | -27.9% |
| Financial fixed assets | 28 | €8,709 | €8,709 | = | 0.0% |
| Current assets | 29/58 | €180,701 | €202,812 | +€22,111 | +12.2% |
| Amounts receivable after more than one year | 29 | €3,694 | - | -€3,694 | |
| Other amounts receivable | 291 | €3,694 | - | -€3,694 | |
| Amounts receivable within one year | 40/41 | €64,849 | €155,705 | +€90,856 | +140.1% |
| Trade receivables | 40 | €51,353 | €120,366 | +€69,012 | +134.4% |
| Other amounts receivable | 41 | €13,496 | €35,340 | +€21,844 | +161.9% |
| Cash at bank and in hand | 54/58 | €102,836 | €46,342 | -€56,495 | -54.9% |
| Deferred charges and accrued income | 490/1 | €9,322 | €765 | -€8,557 | -91.8% |
| Total equity and liabilities | 10/49 | €230,323 | €241,355 | +€11,032 | +4.8% |
| Equity | 10/15 | €6,167 | €22,632 | +€16,466 | +267.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €20,900 | €20,900 | = | 0.0% |
| Non-distributable reserves | 130/1 | €205 | €205 | = | 0.0% |
| Reserves not available under the articles | 1311 | €205 | €205 | = | 0.0% |
| Distributable reserves | 133 | €20,695 | €20,695 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€20,934 | -€4,468 | +€16,466 | +78.7% |
| Amounts payable | 17/49 | €224,156 | €218,722 | -€5,434 | -2.4% |
| Amounts payable after more than one year | 17 | €27,757 | €19,748 | -€8,009 | -28.9% |
| Financial debts | 170/4 | €27,757 | €19,748 | -€8,009 | -28.9% |
| Amounts payable within one year | 42/48 | €196,399 | €198,975 | +€2,576 | +1.3% |
| Current portion of amounts payable after more than one year | 42 | €23,009 | €83,009 | +€60,000 | +260.8% |
| Trade debts | 44 | €145,741 | €109,735 | -€36,007 | -24.7% |
| Suppliers | 440/4 | €145,741 | €109,735 | -€36,007 | -24.7% |
| Taxes, remuneration and social security | 45 | €27,648 | €6,231 | -€21,418 | -77.5% |
| Taxes | 450/3 | €27,648 | €6,231 | -€21,418 | -77.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,633 | €12,826 | -€806 | -5.9% |
| Other operating charges | 640/8 | €1,848 | €1,172 | -€676 | -36.6% |
| Non-recurring operating charges | 66A | €33 | - | -€33 | |
| Gross operating margin | 9900 | €60,063 | €39,717 | -€20,346 | -33.9% |
| Operating profit (loss) | 9901 | €44,549 | €25,719 | -€18,830 | -42.3% |
| Financial income | 75/76B | €760 | €2 | -€758 | -99.7% |
| Recurring financial income | 75 | €760 | €2 | -€758 | -99.7% |
| Financial charges | 65/66B | €2,571 | €2,980 | +€408 | +15.9% |
| Recurring financial charges | 65 | €2,571 | €2,980 | +€408 | +15.9% |
| Profit (loss) for the period before taxes | 9903 | €42,738 | €22,741 | -€19,997 | -46.8% |
| Income taxes | 67/77 | €502 | €6,275 | +€5,773 | +1150.3% |
| Profit (loss) for the period | 9904 | €42,236 | €16,466 | -€25,770 | -61.0% |
| Profit (loss) for the period to be appropriated | 9905 | €42,236 | €16,466 | -€25,770 | -61.0% |
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 4 October 2026 via checked.be.