TREF - ZEKER: 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 - ZEKER
Largest movements
- Cash -€27,618
down €27,618 (-45.6%), from €60,608 to €32,990
mainly Short-term financial debts (-€9,635) and Net result for the year (-€7,684)
- Receivables within one year +€2,134
up €2,134 (+18.9%), from €11,279 to €13,413
of which Other amounts receivable: +€3,007
- Short-term financial debts -€9,635
down €9,635 (-66.1%), from €14,585 to €4,949
- Profit (loss) carried forward -€7,684
down €7,684 (-116.5%), from -€6,594 to -€14,278
- Tax, wage and social debts -€6,250
down €6,250 (-91.2%), from €6,850 to €600
- Other debts -€1,660
no longer reported in 2025 (was €1,660)
- Other operating charges -€1,080
down €1,080 (-38.9%), from €2,774 to €1,694
- Gross operating margin -€935
down €935 (-22.8%), from -€4,094 to -€5,029
- Financial charges +€313
up €313 (+64.0%), from €490 to €803
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 | €75,912 | €50,890 | -€25,021 | -33.0% |
| Fixed assets | 21/28 | €3,937 | €4,330 | +€393 | +10.0% |
| Tangible fixed assets | 22/27 | €500 | €250 | -€250 | -50.0% |
| Plant, machinery and equipment | 23 | €500 | €250 | -€250 | -50.0% |
| Financial fixed assets | 28 | €3,437 | €4,080 | +€643 | +18.7% |
| Current assets | 29/58 | €71,975 | €46,560 | -€25,415 | -35.3% |
| Stocks and contracts in progress | 3 | €88 | €158 | +€70 | +79.2% |
| Stocks | 30/36 | €88 | €158 | +€70 | +79.2% |
| Amounts receivable within one year | 40/41 | €11,279 | €13,413 | +€2,134 | +18.9% |
| Trade receivables | 40 | €8,770 | €7,898 | -€873 | -10.0% |
| Other amounts receivable | 41 | €2,509 | €5,516 | +€3,007 | +119.8% |
| Cash at bank and in hand | 54/58 | €60,608 | €32,990 | -€27,618 | -45.6% |
| Total equity and liabilities | 10/49 | €75,912 | €50,890 | -€25,021 | -33.0% |
| Equity | 10/15 | €50,830 | €43,146 | -€7,684 | -15.1% |
| Contributions | 10/11 | €18,840 | €18,840 | = | 0.0% |
| Reserves | 13 | €38,584 | €38,584 | = | 0.0% |
| Distributable reserves | 133 | €38,584 | €38,584 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€6,594 | -€14,278 | -€7,684 | -116.5% |
| Amounts payable | 17/49 | €25,082 | €7,745 | -€17,338 | -69.1% |
| Amounts payable within one year | 42/48 | €25,082 | €7,745 | -€17,338 | -69.1% |
| Financial debts | 43 | €14,585 | €4,949 | -€9,635 | -66.1% |
| Other loans | 439 | €14,585 | €4,949 | -€9,635 | -66.1% |
| Trade debts | 44 | €1,988 | €2,196 | +€208 | +10.5% |
| Suppliers | 440/4 | €1,988 | €2,196 | +€208 | +10.5% |
| Taxes, remuneration and social security | 45 | €6,850 | €600 | -€6,250 | -91.2% |
| Taxes | 450/3 | €6,850 | €600 | -€6,250 | -91.2% |
| Other amounts payable | 47/48 | €1,660 | - | -€1,660 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €251 | €250 | -€1 | -0.5% |
| Other operating charges | 640/8 | €2,774 | €1,694 | -€1,080 | -38.9% |
| Gross operating margin | 9900 | -€4,094 | -€5,029 | -€935 | -22.8% |
| Operating profit (loss) | 9901 | -€7,119 | -€6,973 | +€147 | +2.1% |
| Financial income | 75/76B | €112 | €92 | -€20 | -18.1% |
| Recurring financial income | 75 | €112 | €92 | -€20 | -18.1% |
| Financial charges | 65/66B | €490 | €803 | +€313 | +64.0% |
| Recurring financial charges | 65 | €490 | €803 | +€313 | +64.0% |
| Profit (loss) for the period before taxes | 9903 | -€7,497 | -€7,684 | -€187 | -2.5% |
| Profit (loss) for the period | 9904 | -€7,497 | -€7,684 | -€187 | -2.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€7,497 | -€7,684 | -€187 | -2.5% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.