TREF EGO SUBSTRATES BELGIE: 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.
TREF EGO SUBSTRATES BELGIE
Largest movements
- Receivables within one year +€202,089
up €202,089 (+17.3%), from €1.2m to €1.4m
of which Other amounts receivable: +€266,264
- Cash +€35,332
up €35,332 (+35.1%), from €100,744 to €136,076
mainly Other debts (+€277,000) and Net result for the year (+€205,296)
- Other debts +€277,000
up €277,000 (+107%), from €260,000 to €537,000
- Reserves -€113,800
down €113,800 (-10.5%), from €1.1m to €967,072
of which Distributable reserves: -€113,800
- Trade debts +€93,867
up €93,867 (+95.9%), from €97,879 to €191,746
- Gross operating margin -€117,527
down €117,527 (-24.9%), from €472,509 to €354,982
- Financial charges -€27,981
down €27,981 (-69.5%), from €40,265 to €12,284
- Taxes +€5,387
up €5,387 (+12.2%), from €44,174 to €49,562
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.
Derived cash bridge
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 | €1,561,927 | €1,817,467 | +€255,541 | +16.4% |
| Fixed assets | 21/28 | €145,474 | €163,101 | +€17,627 | +12.1% |
| Tangible fixed assets | 22/27 | €144,919 | €162,545 | +€17,627 | +12.2% |
| Plant, machinery and equipment | 23 | €61,404 | €26,884 | -€34,520 | -56.2% |
| Furniture and vehicles | 24 | €83,515 | €135,661 | +€52,147 | +62.4% |
| Financial fixed assets | 28 | €556 | €556 | = | 0.0% |
| Current assets | 29/58 | €1,416,452 | €1,654,366 | +€237,914 | +16.8% |
| Amounts receivable after more than one year | 29 | €87,000 | €87,000 | = | 0.0% |
| Other amounts receivable | 291 | €87,000 | €87,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €12,286 | €13,457 | +€1,171 | +9.5% |
| Stocks | 30/36 | €12,286 | €13,457 | +€1,171 | +9.5% |
| Amounts receivable within one year | 40/41 | €1,166,736 | €1,368,824 | +€202,089 | +17.3% |
| Trade receivables | 40 | €279,224 | €215,049 | -€64,175 | -23.0% |
| Other amounts receivable | 41 | €887,512 | €1,153,775 | +€266,264 | +30.0% |
| Cash at bank and in hand | 54/58 | €100,744 | €136,076 | +€35,332 | +35.1% |
| Deferred charges and accrued income | 490/1 | €49,687 | €49,009 | -€678 | -1.4% |
| Total equity and liabilities | 10/49 | €1,561,927 | €1,817,467 | +€255,541 | +16.4% |
| Equity | 10/15 | €1,199,432 | €1,077,728 | -€121,704 | -10.1% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,080,872 | €967,072 | -€113,800 | -10.5% |
| Tax-exempt reserves | 132 | €31,013 | €31,013 | = | 0.0% |
| Distributable reserves | 133 | €1,049,859 | €936,059 | -€113,800 | -10.8% |
| Profit (loss) carried forward | 14 | €99,967 | €92,064 | -€7,904 | -7.9% |
| Amounts payable | 17/49 | €362,495 | €739,739 | +€377,244 | +104% |
| Amounts payable within one year | 42/48 | €362,495 | €739,739 | +€377,244 | +104% |
| Trade debts | 44 | €97,879 | €191,746 | +€93,867 | +95.9% |
| Suppliers | 440/4 | €97,879 | €191,746 | +€93,867 | +95.9% |
| Taxes, remuneration and social security | 45 | €4,616 | €10,993 | +€6,377 | +138% |
| Taxes | 450/3 | €4,616 | €10,993 | +€6,377 | +138% |
| Other amounts payable | 47/48 | €260,000 | €537,000 | +€277,000 | +107% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €103,164 | €102,373 | -€791 | -0.8% |
| Other operating charges | 640/8 | €2,938 | €2,384 | -€554 | -18.9% |
| Gross operating margin | 9900 | €472,509 | €354,982 | -€117,527 | -24.9% |
| Operating profit (loss) | 9901 | €366,406 | €250,225 | -€116,181 | -31.7% |
| Financial income | 75/76B | €14,293 | €16,917 | +€2,623 | +18.4% |
| Recurring financial income | 75 | €14,293 | €16,917 | +€2,623 | +18.4% |
| Financial charges | 65/66B | €40,265 | €12,284 | -€27,981 | -69.5% |
| Recurring financial charges | 65 | €40,265 | €12,284 | -€27,981 | -69.5% |
| Profit (loss) for the period before taxes | 9903 | €340,435 | €254,858 | -€85,577 | -25.1% |
| Income taxes | 67/77 | €44,174 | €49,562 | +€5,387 | +12.2% |
| Profit (loss) for the period | 9904 | €296,260 | €205,296 | -€90,964 | -30.7% |
| Profit (loss) for the period to be appropriated | 9905 | €296,260 | €205,296 | -€90,964 | -30.7% |
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 26 October 2026 via checked.be.