TREKIJZER: 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.
TREKIJZER
Largest movements
- Receivables within one year -€500,000
down €500,000 (-9.1%), from €5.5m to €5.0m
- Tangible fixed assets -€433,777
down €433,777 (-9.1%), from €4.8m to €4.3m
- Cash +€273,689
up €273,689 (+21862.4%), from €1,252 to €274,941
mainly Net result for the year (+€594,906) and Receivables within one year (+€500,000)
- Debts after one year -€881,132
down €881,132 (-24.4%), from €3.6m to €2.7m
- Other debts -€400,000
no longer reported in 2025 (was €400,000)
- Reserves +€315,750
up €315,750 (+25.2%), from €1.3m to €1.6m
of which Tax-exempt reserves: +€210,500
- Profit (loss) carried forward +€279,156
up €279,156 (+26.2%), from €1.1m to €1.3m
- Short-term financial debts -€250,000
down €250,000 (-8.3%), from €3.0m to €2.8m
- Financial charges -€49,692
down €49,692 (-21.3%), from €233,106 to €183,414
- Gross operating margin +€45,307
up €45,307 (+3.4%), from €1.3m to €1.4m
- Taxes +€15,176
up €15,176 (+8.5%), from €179,340 to €194,517
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 | €10,442,807 | €9,681,368 | -€761,439 | -7.3% |
| Fixed assets | 21/28 | €4,756,506 | €4,322,729 | -€433,777 | -9.1% |
| Tangible fixed assets | 22/27 | €4,756,506 | €4,322,729 | -€433,777 | -9.1% |
| Land and buildings | 22 | €4,756,506 | €4,322,729 | -€433,777 | -9.1% |
| Current assets | 29/58 | €5,686,301 | €5,358,639 | -€327,663 | -5.8% |
| Amounts receivable within one year | 40/41 | €5,500,000 | €5,000,000 | -€500,000 | -9.1% |
| Other amounts receivable | 41 | €5,500,000 | €5,000,000 | -€500,000 | -9.1% |
| Cash at bank and in hand | 54/58 | €1,252 | €274,941 | +€273,689 | +21862.4% |
| Deferred charges and accrued income | 490/1 | €185,050 | €83,698 | -€101,352 | -54.8% |
| Total equity and liabilities | 10/49 | €10,442,807 | €9,681,368 | -€761,439 | -7.3% |
| Equity | 10/15 | €2,383,474 | €2,978,380 | +€594,906 | +25.0% |
| Contributions | 10/11 | €65,000 | €65,000 | = | 0.0% |
| Capital | 10 | €65,000 | €65,000 | = | 0.0% |
| Issued capital | 100 | €65,000 | €65,000 | = | 0.0% |
| Reserves | 13 | €1,254,800 | €1,570,550 | +€315,750 | +25.2% |
| Non-distributable reserves | 130/1 | €6,500 | €6,500 | = | 0.0% |
| Legal reserve | 130 | €6,500 | €6,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €631,500 | €842,000 | +€210,500 | +33.3% |
| Distributable reserves | 133 | €616,800 | €722,050 | +€105,250 | +17.1% |
| Profit (loss) carried forward | 14 | €1,063,674 | €1,342,830 | +€279,156 | +26.2% |
| Amounts payable | 17/49 | €8,059,334 | €6,702,988 | -€1.4m | -16.8% |
| Amounts payable after more than one year | 17 | €3,605,590 | €2,724,457 | -€881,132 | -24.4% |
| Financial debts | 170/4 | €3,605,590 | €2,724,457 | -€881,132 | -24.4% |
| Amounts payable within one year | 42/48 | €4,440,088 | €3,829,065 | -€611,023 | -13.8% |
| Current portion of amounts payable after more than one year | 42 | €867,946 | €881,132 | +€13,186 | +1.5% |
| Financial debts | 43 | €3,000,000 | €2,750,000 | -€250,000 | -8.3% |
| Credit institutions | 430/8 | €3,000,000 | €2,750,000 | -€250,000 | -8.3% |
| Trade debts | 44 | €47,345 | €48,913 | +€1,569 | +3.3% |
| Suppliers | 440/4 | €47,345 | €48,913 | +€1,569 | +3.3% |
| Taxes, remuneration and social security | 45 | €124,797 | €149,019 | +€24,222 | +19.4% |
| Taxes | 450/3 | €124,797 | €149,019 | +€24,222 | +19.4% |
| Other amounts payable | 47/48 | €400,000 | - | -€400,000 | |
| Accrued charges and deferred income | 492/3 | €13,656 | €149,466 | +€135,810 | +994.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €433,777 | €433,777 | = | 0.0% |
| Other operating charges | 640/8 | €78,603 | €81,907 | +€3,304 | +4.2% |
| Gross operating margin | 9900 | €1,322,568 | €1,367,875 | +€45,307 | +3.4% |
| Operating profit (loss) | 9901 | €810,189 | €852,191 | +€42,003 | +5.2% |
| Financial income | 75/76B | €113,766 | €120,646 | +€6,880 | +6.0% |
| Recurring financial income | 75 | €113,766 | €120,646 | +€6,880 | +6.0% |
| Financial charges | 65/66B | €233,106 | €183,414 | -€49,692 | -21.3% |
| Recurring financial charges | 65 | €233,106 | €183,414 | -€49,692 | -21.3% |
| Profit (loss) for the period before taxes | 9903 | €690,849 | €789,423 | +€98,574 | +14.3% |
| Income taxes | 67/77 | €179,340 | €194,517 | +€15,176 | +8.5% |
| Profit (loss) for the period | 9904 | €511,509 | €594,906 | +€83,398 | +16.3% |
| Transfer from tax-exempt reserves | 789 | - | €105,250 | +€105,250 | |
| Transfer to tax-exempt reserves | 689 | €315,750 | €315,750 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €195,759 | €384,406 | +€188,648 | +96.4% |
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.