TREFI: 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.
TREFI
Largest movements
- Stocks and contracts +€452,369
up €452,369 (+3,619%), from €12,500 to €464,869
of which Contracts in progress: +€452,369
- Receivables within one year +€108,778
up €108,778 (+26,021%), from €418 to €109,196
of which Trade receivables: +€105,100
- Cash +€102,399
up €102,399 (+138%), from €74,107 to €176,506
mainly Other debts (+€229,440) and Advances received (+€188,581)
- Tangible fixed assets -€16,875
down €16,875 (-59.1%), from €28,549 to €11,674
of which Leasing and similar rights: -€13,394
- Other debts +€229,440
new in 2025: €229,440
- Advances received +€188,581
new in 2025: €188,581
- Profit (loss) carried forward +€150,232
up €150,232 (+432%), from €34,810 to €185,042
- Trade debts +€80,133
up €80,133 (+1,958%), from €4,093 to €84,226
- Tax, wage and social debts +€56,595
up €56,595 (+420%), from €13,460 to €70,055
of which Taxes: +€56,595
- Gross operating margin +€197,627
up €197,627 (+561%), from €35,232 to €232,859
- Taxes +€69,516
up €69,516 (+4,507%), from €1,543 to €71,059
- Provisions -€41,500
new in 2025: -€41,500
- Financial charges +€10,375
up €10,375 (+2,035%), from €510 to €10,885
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 | €119,455 | €769,315 | +€649,860 | +544% |
| Fixed assets | 21/28 | €30,899 | €14,024 | -€16,875 | -54.6% |
| Tangible fixed assets | 22/27 | €28,549 | €11,674 | -€16,875 | -59.1% |
| Plant, machinery and equipment | 23 | €817 | €456 | -€360 | -44.1% |
| Furniture and vehicles | 24 | €3,794 | €2,659 | -€1,135 | -29.9% |
| Leasing and similar rights | 25 | €18,599 | €5,205 | -€13,394 | -72.0% |
| Other tangible fixed assets | 26 | €5,339 | €3,354 | -€1,985 | -37.2% |
| Financial fixed assets | 28 | €2,350 | €2,350 | = | 0.0% |
| Current assets | 29/58 | €88,555 | €755,290 | +€666,735 | +753% |
| Stocks and contracts in progress | 3 | €12,500 | €464,869 | +€452,369 | +3,619% |
| Stocks | 30/36 | €12,500 | €12,500 | = | 0.0% |
| Contracts in progress | 37 | - | €452,369 | +€452,369 | |
| Amounts receivable within one year | 40/41 | €418 | €109,196 | +€108,778 | +26,021% |
| Trade receivables | 40 | €0 | €105,100 | +€105,100 | |
| Other amounts receivable | 41 | €418 | €4,097 | +€3,678 | +880% |
| Cash at bank and in hand | 54/58 | €74,107 | €176,506 | +€102,399 | +138% |
| Deferred charges and accrued income | 490/1 | €1,531 | €4,719 | +€3,188 | +208% |
| Total equity and liabilities | 10/49 | €119,455 | €769,315 | +€649,860 | +544% |
| Equity | 10/15 | €38,810 | €189,042 | +€150,232 | +387% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €34,810 | €185,042 | +€150,232 | +432% |
| Provisions and deferred taxes | 16 | €41,500 | €0 | -€41,500 | -100% |
| Provisions for liabilities and charges | 160/5 | €41,500 | €0 | -€41,500 | -100% |
| Other liabilities and charges | 164/5 | €41,500 | €0 | -€41,500 | -100% |
| Amounts payable | 17/49 | €39,145 | €580,273 | +€541,128 | +1,382% |
| Amounts payable after more than one year | 17 | €7,971 | €2,232 | -€5,738 | -72.0% |
| Financial debts | 170/4 | €7,971 | €2,232 | -€5,738 | -72.0% |
| Amounts payable within one year | 42/48 | €31,174 | €578,041 | +€546,867 | +1,754% |
| Current portion of amounts payable after more than one year | 42 | €13,621 | €5,738 | -€7,882 | -57.9% |
| Trade debts | 44 | €4,093 | €84,226 | +€80,133 | +1,958% |
| Suppliers | 440/4 | €4,093 | €84,226 | +€80,133 | +1,958% |
| Advances received on contracts in progress | 46 | - | €188,581 | +€188,581 | |
| Taxes, remuneration and social security | 45 | €13,460 | €70,055 | +€56,595 | +420% |
| Taxes | 450/3 | €10,960 | €67,555 | +€56,595 | +516% |
| Remuneration and social security | 454/9 | €2,500 | €2,500 | = | 0.0% |
| Other amounts payable | 47/48 | - | €229,440 | +€229,440 | |
| Remuneration, social security and pensions | 62 | €1,879 | €1,741 | -€137 | -7.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,875 | €16,875 | = | 0.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | -€41,500 | -€41,500 | |
| Other operating charges | 640/8 | €1,895 | €1,937 | +€42 | +2.2% |
| Gross operating margin | 9900 | €35,232 | €232,859 | +€197,627 | +561% |
| Operating profit (loss) | 9901 | €14,583 | €253,806 | +€239,223 | +1,640% |
| Financial income | 75/76B | €253 | €45 | -€208 | -82.1% |
| Recurring financial income | 75 | €253 | €45 | -€208 | -82.1% |
| Financial charges | 65/66B | €510 | €10,885 | +€10,375 | +2,035% |
| Recurring financial charges | 65 | €510 | €10,885 | +€10,375 | +2,035% |
| Profit (loss) for the period before taxes | 9903 | €14,326 | €242,966 | +€228,640 | +1,596% |
| Income taxes | 67/77 | €1,543 | €71,059 | +€69,516 | +4,507% |
| Profit (loss) for the period | 9904 | €12,784 | €171,907 | +€159,123 | +1,245% |
| Profit (loss) for the period to be appropriated | 9905 | €12,784 | €171,907 | +€159,123 | +1,245% |
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 14 October 2026 via checked.be.