TREHUS: 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.
TREHUS
Largest movements
- Stocks and contracts +€105,609
up €105,609 (+226.3%), from €46,677 to €152,286
of which Contracts in progress: +€83,988
- Cash -€79,512
down €79,512 (-61.5%), from €129,314 to €49,802
mainly Stocks and contracts (-€105,609) and Contributions, distributions and other (-€50,000)
- Tangible fixed assets -€68,787
down €68,787 (-26.1%), from €263,777 to €194,990
of which Furniture and vehicles: -€52,138
- Receivables within one year +€29,195
up €29,195 (+7.8%), from €372,449 to €401,645
of which Trade receivables: +€74,979
- Debts after one year -€34,095
down €34,095 (-28.8%), from €118,370 to €84,275
- Other debts +€24,527
up €24,527 (+219.8%), from €11,159 to €35,686
- Accrued charges and deferred income +€10,796
up €10,796 (+6355.0%), from €170 to €10,966
- Trade debts -€9,589
down €9,589 (-13.9%), from €68,803 to €59,214
- Reserves -€9,023
down €9,023 (-1.7%), from €540,487 to €531,464
of which Distributable reserves: -€9,023
- Gross operating margin -€29,746
down €29,746 (-13.5%), from €220,002 to €190,256
- Taxes -€5,360
down €5,360 (-29.5%), from €18,181 to €12,821
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 | €823,535 | €818,350 | -€5,185 | -0.6% |
| Fixed assets | 21/28 | €265,727 | €196,940 | -€68,787 | -25.9% |
| Tangible fixed assets | 22/27 | €263,777 | €194,990 | -€68,787 | -26.1% |
| Land and buildings | 22 | €16,826 | €15,836 | -€990 | -5.9% |
| Plant, machinery and equipment | 23 | €93,015 | €77,356 | -€15,659 | -16.8% |
| Furniture and vehicles | 24 | €153,936 | €101,798 | -€52,138 | -33.9% |
| Financial fixed assets | 28 | €1,950 | €1,950 | = | 0.0% |
| Current assets | 29/58 | €557,808 | €621,410 | +€63,602 | +11.4% |
| Amounts receivable after more than one year | 29 | - | €7,500 | +€7,500 | |
| Other amounts receivable | 291 | - | €7,500 | +€7,500 | |
| Stocks and contracts in progress | 3 | €46,677 | €152,286 | +€105,609 | +226.3% |
| Stocks | 30/36 | €15,718 | €37,339 | +€21,621 | +137.6% |
| Contracts in progress | 37 | €30,959 | €114,947 | +€83,988 | +271.3% |
| Amounts receivable within one year | 40/41 | €372,449 | €401,645 | +€29,195 | +7.8% |
| Trade receivables | 40 | €209,540 | €284,519 | +€74,979 | +35.8% |
| Other amounts receivable | 41 | €162,909 | €117,126 | -€45,783 | -28.1% |
| Cash at bank and in hand | 54/58 | €129,314 | €49,802 | -€79,512 | -61.5% |
| Deferred charges and accrued income | 490/1 | €9,369 | €10,178 | +€809 | +8.6% |
| Total equity and liabilities | 10/49 | €823,535 | €818,350 | -€5,185 | -0.6% |
| Equity | 10/15 | €559,087 | €550,064 | -€9,023 | -1.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €540,487 | €531,464 | -€9,023 | -1.7% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Other | 1319 | €0 | - | = | |
| Distributable reserves | 133 | €540,487 | €531,464 | -€9,023 | -1.7% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €264,448 | €268,286 | +€3,838 | +1.5% |
| Amounts payable after more than one year | 17 | €118,370 | €84,275 | -€34,095 | -28.8% |
| Financial debts | 170/4 | €118,370 | €84,275 | -€34,095 | -28.8% |
| Amounts payable within one year | 42/48 | €145,909 | €173,046 | +€27,137 | +18.6% |
| Current portion of amounts payable after more than one year | 42 | €54,146 | €56,540 | +€2,394 | +4.4% |
| Trade debts | 44 | €68,803 | €59,214 | -€9,589 | -13.9% |
| Suppliers | 440/4 | €68,803 | €59,214 | -€9,589 | -13.9% |
| Advances received on contracts in progress | 46 | €0 | €3,000 | +€3,000 | |
| Taxes, remuneration and social security | 45 | €11,801 | €18,606 | +€6,805 | +57.7% |
| Taxes | 450/3 | €1,381 | €9,245 | +€7,864 | +569.3% |
| Remuneration and social security | 454/9 | €10,420 | €9,361 | -€1,059 | -10.2% |
| Other amounts payable | 47/48 | €11,159 | €35,686 | +€24,527 | +219.8% |
| Accrued charges and deferred income | 492/3 | €170 | €10,966 | +€10,796 | +6355.0% |
| Remuneration, social security and pensions | 62 | €56,533 | €56,789 | +€256 | +0.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €70,257 | €68,787 | -€1,470 | -2.1% |
| Other operating charges | 640/8 | €4,050 | €4,232 | +€183 | +4.5% |
| Gross operating margin | 9900 | €220,002 | €190,256 | -€29,746 | -13.5% |
| Operating profit (loss) | 9901 | €89,162 | €60,448 | -€28,715 | -32.2% |
| Financial income | 75/76B | €1,915 | €2,220 | +€305 | +15.9% |
| Recurring financial income | 75 | €1,915 | €2,220 | +€305 | +15.9% |
| Financial charges | 65/66B | €9,894 | €8,870 | -€1,024 | -10.3% |
| Recurring financial charges | 65 | €9,894 | €8,870 | -€1,024 | -10.3% |
| Profit (loss) for the period before taxes | 9903 | €81,184 | €53,798 | -€27,386 | -33.7% |
| Income taxes | 67/77 | €18,181 | €12,821 | -€5,360 | -29.5% |
| Profit (loss) for the period | 9904 | €63,003 | €40,977 | -€22,026 | -35.0% |
| Profit (loss) for the period to be appropriated | 9905 | €63,003 | €40,977 | -€22,026 | -35.0% |
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 12 October 2026 via checked.be.