Trekpaard: what changed
Trekpaard
Largest movements
- Tangible fixed assets -€44,667
down €44,667 (-8.0%), from €557,682 to €513,016
of which Plant, machinery and equipment: -€40,522
- Cash +€12,916
up €12,916 (+85.7%), from €15,073 to €27,989
mainly Depreciation (+€49,394) and Other debts (+€20,080)
- Receivables within one year +€11,599
up €11,599 (+111%), from €10,469 to €22,068
of which Trade receivables: +€12,212
- Debts after one year -€24,981
down €24,981 (-8.1%), from €307,954 to €282,973
- Tax, wage and social debts -€24,666
down €24,666 (-80.1%), from €30,776 to €6,109
of which Taxes: -€22,088
- Other debts +€20,080
up €20,080 (+30.5%), from €65,849 to €85,928
- Trade debts +€11,568
up €11,568 (+192%), from €6,029 to €17,597
- Gross operating margin -€60,818
down €60,818 (-36.5%), from €166,509 to €105,691
- Taxes -€22,352
down €22,352 (-95.8%), from €23,335 to €983
- Staff costs +€13,761
up €13,761 (+41.4%), from €33,224 to €46,985
- Other operating charges -€4,816
down €4,816 (-64.3%), from €7,491 to €2,675
- Depreciation +€3,470
up €3,470 (+7.6%), from €45,923 to €49,394
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €583,225 | €567,259 | -€15,966 | -2.7% |
| Fixed assets | 21/28 | €557,682 | €513,016 | -€44,667 | -8.0% |
| Tangible fixed assets | 22/27 | €557,682 | €513,016 | -€44,667 | -8.0% |
| Land and buildings | 22 | €54,816 | €50,672 | -€4,144 | -7.6% |
| Plant, machinery and equipment | 23 | €502,867 | €462,344 | -€40,522 | -8.1% |
| Current assets | 29/58 | €25,542 | €54,243 | +€28,701 | +112% |
| Amounts receivable within one year | 40/41 | €10,469 | €22,068 | +€11,599 | +111% |
| Trade receivables | 40 | €9,254 | €21,467 | +€12,212 | +132% |
| Other amounts receivable | 41 | €1,215 | €602 | -€613 | -50.5% |
| Cash at bank and in hand | 54/58 | €15,073 | €27,989 | +€12,916 | +85.7% |
| Deferred charges and accrued income | 490/1 | - | €4,186 | +€4,186 | |
| Total equity and liabilities | 10/49 | €583,225 | €567,259 | -€15,966 | -2.7% |
| Equity | 10/15 | €147,925 | €149,671 | +€1,745 | +1.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €55,634 | €57,374 | +€1,740 | +3.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,474 | €1,474 | = | 0.0% |
| Distributable reserves | 133 | €52,300 | €54,040 | +€1,740 | +3.3% |
| Profit (loss) carried forward | 14 | €73,691 | €73,697 | +€5 | 0.0% |
| Amounts payable | 17/49 | €435,300 | €417,589 | -€17,711 | -4.1% |
| Amounts payable after more than one year | 17 | €307,954 | €282,973 | -€24,981 | -8.1% |
| Financial debts | 170/4 | €307,954 | €282,973 | -€24,981 | -8.1% |
| Amounts payable within one year | 42/48 | €127,345 | €134,615 | +€7,270 | +5.7% |
| Current portion of amounts payable after more than one year | 42 | €24,692 | €24,981 | +€289 | +1.2% |
| Trade debts | 44 | €6,029 | €17,597 | +€11,568 | +192% |
| Suppliers | 440/4 | €6,029 | €17,597 | +€11,568 | +192% |
| Taxes, remuneration and social security | 45 | €30,776 | €6,109 | -€24,666 | -80.1% |
| Taxes | 450/3 | €25,687 | €3,599 | -€22,088 | -86.0% |
| Remuneration and social security | 454/9 | €5,089 | €2,510 | -€2,579 | -50.7% |
| Other amounts payable | 47/48 | €65,849 | €85,928 | +€20,080 | +30.5% |
| Non-recurring operating income | 76A | €703 | - | -€703 | |
| Remuneration, social security and pensions | 62 | €33,224 | €46,985 | +€13,761 | +41.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,923 | €49,394 | +€3,470 | +7.6% |
| Other operating charges | 640/8 | €7,491 | €2,675 | -€4,816 | -64.3% |
| Gross operating margin | 9900 | €166,509 | €105,691 | -€60,818 | -36.5% |
| Operating profit (loss) | 9901 | €79,871 | €6,637 | -€73,234 | -91.7% |
| Financial charges | 65/66B | €4,197 | €3,909 | -€288 | -6.9% |
| Recurring financial charges | 65 | €4,197 | €3,909 | -€288 | -6.9% |
| Profit (loss) for the period before taxes | 9903 | €75,673 | €2,728 | -€72,945 | -96.4% |
| Income taxes | 67/77 | €23,335 | €983 | -€22,352 | -95.8% |
| Profit (loss) for the period | 9904 | €52,339 | €1,745 | -€50,594 | -96.7% |
| Profit (loss) for the period to be appropriated | 9905 | €52,339 | €1,745 | -€50,594 | -96.7% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.