TREKELS J.: 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.
TREKELS J.
Largest movements
- Tangible fixed assets -€27,175
down €27,175 (-7.4%), from €366,680 to €339,505
of which Furniture and vehicles: -€73,540
- Cash -€23,375
down €23,375 (-55.2%), from €42,344 to €18,969
mainly Investment in fixed assets (net) (-€54,666) and Debts after one year (-€51,858)
- Debts after one year -€51,858
down €51,858 (-40.9%), from €126,797 to €74,939
- Reserves -€10,513
down €10,513 (-6.2%), from €170,497 to €159,985
of which Tax-exempt reserves: -€17,038
- Tax, wage and social debts +€10,266
up €10,266 (+13.0%), from €78,733 to €88,999
of which Taxes: +€10,279
- Other debts -€7,894
down €7,894 (-21.5%), from €36,743 to €28,849
- Gross operating margin -€107,938
down €107,938 (-26.1%), from €413,201 to €305,263
- Staff costs -€70,316
down €70,316 (-28.2%), from €249,254 to €178,938
- Write-downs -€44,842
down €44,842 (-100%), from €44,842 to €0
- Depreciation +€14,723
up €14,723 (+21.9%), from €67,117 to €81,841
- Other operating charges -€7,613
down €7,613 (-15.1%), from €50,335 to €42,723
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 | €626,061 | €571,036 | -€55,025 | -8.8% |
| Fixed assets | 21/28 | €367,126 | €339,952 | -€27,175 | -7.4% |
| Tangible fixed assets | 22/27 | €366,680 | €339,505 | -€27,175 | -7.4% |
| Land and buildings | 22 | - | €50,830 | +€50,830 | |
| Plant, machinery and equipment | 23 | €22,320 | €17,856 | -€4,464 | -20.0% |
| Furniture and vehicles | 24 | €344,360 | €270,819 | -€73,540 | -21.4% |
| Financial fixed assets | 28 | €446 | €446 | = | 0.0% |
| Current assets | 29/58 | €258,934 | €231,084 | -€27,850 | -10.8% |
| Amounts receivable within one year | 40/41 | €214,798 | €209,333 | -€5,466 | -2.5% |
| Trade receivables | 40 | €208,646 | €208,456 | -€189 | -0.1% |
| Other amounts receivable | 41 | €6,153 | €876 | -€5,276 | -85.8% |
| Cash at bank and in hand | 54/58 | €42,344 | €18,969 | -€23,375 | -55.2% |
| Deferred charges and accrued income | 490/1 | €1,792 | €2,782 | +€991 | +55.3% |
| Total equity and liabilities | 10/49 | €626,061 | €571,036 | -€55,025 | -8.8% |
| Equity | 10/15 | €176,797 | €166,285 | -€10,513 | -5.9% |
| Contributions | 10/11 | €6,300 | €6,300 | = | 0.0% |
| Reserves | 13 | €170,497 | €159,985 | -€10,513 | -6.2% |
| Tax-exempt reserves | 132 | €88,560 | €71,522 | -€17,038 | -19.2% |
| Distributable reserves | 133 | €81,937 | €88,462 | +€6,525 | +8.0% |
| Provisions and deferred taxes | 16 | €29,520 | €23,841 | -€5,679 | -19.2% |
| Deferred taxes | 168 | €29,520 | €23,841 | -€5,679 | -19.2% |
| Amounts payable | 17/49 | €419,743 | €380,910 | -€38,833 | -9.3% |
| Amounts payable after more than one year | 17 | €126,797 | €74,939 | -€51,858 | -40.9% |
| Financial debts | 170/4 | €126,797 | €74,939 | -€51,858 | -40.9% |
| Amounts payable within one year | 42/48 | €292,946 | €305,812 | +€12,866 | +4.4% |
| Current portion of amounts payable after more than one year | 42 | €61,403 | €66,511 | +€5,108 | +8.3% |
| Financial debts | 43 | - | €783 | +€783 | |
| Credit institutions | 430/8 | - | €783 | +€783 | |
| Trade debts | 44 | €116,068 | €120,671 | +€4,602 | +4.0% |
| Suppliers | 440/4 | €116,068 | €120,671 | +€4,602 | +4.0% |
| Taxes, remuneration and social security | 45 | €78,733 | €88,999 | +€10,266 | +13.0% |
| Taxes | 450/3 | €52,981 | €63,260 | +€10,279 | +19.4% |
| Remuneration and social security | 454/9 | €25,752 | €25,739 | -€14 | -0.1% |
| Other amounts payable | 47/48 | €36,743 | €28,849 | -€7,894 | -21.5% |
| Accrued charges and deferred income | 492/3 | - | €160 | +€160 | |
| Remuneration, social security and pensions | 62 | €249,254 | €178,938 | -€70,316 | -28.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,117 | €81,841 | +€14,723 | +21.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €44,842 | €0 | -€44,842 | -100% |
| Other operating charges | 640/8 | €50,335 | €42,723 | -€7,613 | -15.1% |
| Gross operating margin | 9900 | €413,201 | €305,263 | -€107,938 | -26.1% |
| Operating profit (loss) | 9901 | €1,652 | €1,762 | +€110 | +6.7% |
| Financial income | 75/76B | €210 | €264 | +€54 | +25.7% |
| Recurring financial income | 75 | €210 | €264 | +€54 | +25.7% |
| Financial charges | 65/66B | €15,230 | €14,512 | -€717 | -4.7% |
| Recurring financial charges | 65 | €15,230 | €14,512 | -€717 | -4.7% |
| Profit (loss) for the period before taxes | 9903 | -€13,367 | -€12,486 | +€882 | +6.6% |
| Transfer from deferred taxes | 780 | €8,184 | €5,679 | -€2,504 | -30.6% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €0 | €3,707 | +€3,707 | |
| Profit (loss) for the period | 9904 | -€5,184 | -€10,513 | -€5,329 | -103% |
| Transfer from tax-exempt reserves | 789 | €24,550 | €17,038 | -€7,513 | -30.6% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €19,367 | €6,525 | -€12,842 | -66.3% |
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 20 October 2026 via checked.be.