TREG: 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.
TREG
Largest movements
- Cash +€20,008
up €20,008 (+51.4%), from €38,927 to €58,936
mainly Net result for the year (+€432,679) and Tax, wage and social debts (+€39,235)
- Other debts -€472,898
down €472,898 (-32.6%), from €1.5m to €978,376
- Reserves +€432,679
up €432,679 (+146%), from €297,232 to €729,911
- Tax, wage and social debts +€39,235
up €39,235 (+233%), from €16,828 to €56,064
- Financial income +€447,600
new in 2025: €447,600
- Taxes +€40,541
up €40,541 (+373%), from €10,882 to €51,423
- Gross operating margin -€1,579
down €1,579 (-2.9%), from €55,050 to €53,471
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 | €1,894,488 | €1,904,791 | +€10,303 | +0.5% |
| Fixed assets | 21/28 | €1,841,879 | €1,844,129 | +€2,250 | +0.1% |
| Tangible fixed assets | 22/27 | €26,187 | €28,437 | +€2,250 | +8.6% |
| Furniture and vehicles | 24 | €23,387 | €25,637 | +€2,250 | +9.6% |
| Other tangible fixed assets | 26 | €2,800 | €2,800 | = | 0.0% |
| Financial fixed assets | 28 | €1,815,692 | €1,815,692 | = | 0.0% |
| Current assets | 29/58 | €52,609 | €60,662 | +€8,053 | +15.3% |
| Amounts receivable within one year | 40/41 | €12,100 | €0 | -€12,100 | -100% |
| Trade receivables | 40 | €12,100 | €0 | -€12,100 | -100% |
| Cash at bank and in hand | 54/58 | €38,927 | €58,936 | +€20,008 | +51.4% |
| Deferred charges and accrued income | 490/1 | €1,582 | €1,726 | +€145 | +9.2% |
| Total equity and liabilities | 10/49 | €1,894,488 | €1,904,791 | +€10,303 | +0.5% |
| Equity | 10/15 | €397,232 | €829,911 | +€432,679 | +109% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €297,232 | €729,911 | +€432,679 | +146% |
| Distributable reserves | 133 | €297,232 | €729,911 | +€432,679 | +146% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €1,497,256 | €1,074,880 | -€422,376 | -28.2% |
| Amounts payable after more than one year | 17 | €21,487 | €24,920 | +€3,433 | +16.0% |
| Financial debts | 170/4 | €21,487 | €24,920 | +€3,433 | +16.0% |
| Amounts payable within one year | 42/48 | €1,475,674 | €1,049,960 | -€425,714 | -28.8% |
| Current portion of amounts payable after more than one year | 42 | €7,242 | €11,077 | +€3,835 | +53.0% |
| Trade debts | 44 | €330 | €4,443 | +€4,113 | +1,245% |
| Suppliers | 440/4 | €330 | €4,443 | +€4,113 | +1,245% |
| Taxes, remuneration and social security | 45 | €16,828 | €56,064 | +€39,235 | +233% |
| Taxes | 450/3 | €16,828 | €56,064 | +€39,235 | +233% |
| Other amounts payable | 47/48 | €1,451,273 | €978,376 | -€472,898 | -32.6% |
| Accrued charges and deferred income | 492/3 | €95 | €0 | -€95 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,768 | €14,143 | +€374 | +2.7% |
| Other operating charges | 640/8 | €1,631 | €1,325 | -€306 | -18.7% |
| Gross operating margin | 9900 | €55,050 | €53,471 | -€1,579 | -2.9% |
| Operating profit (loss) | 9901 | €39,651 | €38,003 | -€1,648 | -4.2% |
| Financial income | 75/76B | - | €447,600 | +€447,600 | |
| Recurring financial income | 75 | - | €447,600 | +€447,600 | |
| Financial charges | 65/66B | €1,893 | €1,501 | -€392 | -20.7% |
| Recurring financial charges | 65 | €1,801 | €1,501 | -€300 | -16.7% |
| Non-recurring financial charges | 66B | €92 | €0 | -€92 | -100% |
| Profit (loss) for the period before taxes | 9903 | €37,758 | €484,102 | +€446,344 | +1,182% |
| Income taxes | 67/77 | €10,882 | €51,423 | +€40,541 | +373% |
| Profit (loss) for the period | 9904 | €26,877 | €432,679 | +€405,803 | +1,510% |
| Profit (loss) for the period to be appropriated | 9905 | €26,877 | €432,679 | +€405,803 | +1,510% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.