TREMAD: what changed
Two fiscal 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.
TREMAD
Largest movements
- Cash -€36,731
down €36,731 (-65.1%), from €56,408 to €19,677
mainly Investment in fixed assets (net) (-€35,025) and Debts after one year (-€25,905)
- Debts after one year -€25,905
down €25,905 (-34.8%), from €74,545 to €48,639
- Profit (loss) carried forward -€6,508
new in 2025: -€6,508
- Reserves -€4,000
down €4,000 (-1.8%), from €220,540 to €216,540
- Gross operating margin -€54,157
down €54,157 (-64.4%), from €84,094 to €29,938
- Taxes -€14,848
down €14,848 (-96.1%), from €15,450 to €601
- Depreciation +€7,296
up €7,296 (+26.3%), from €27,718 to €35,014
- Other operating charges +€2,764
up €2,764 (+199.2%), from €1,388 to €4,151
- Financial charges -€1,943
down €1,943 (-43.3%), from €4,482 to €2,539
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 | €382,090 | €345,062 | -€37,028 | -9.7% |
| Fixed assets | 21/28 | €265,432 | €265,443 | +€11 | 0.0% |
| Tangible fixed assets | 22/27 | €265,432 | €265,443 | +€11 | 0.0% |
| Land and buildings | 22 | €230,491 | €243,021 | +€12,530 | +5.4% |
| Plant, machinery and equipment | 23 | €5,734 | €2,464 | -€3,269 | -57.0% |
| Furniture and vehicles | 24 | €29,207 | €19,957 | -€9,249 | -31.7% |
| Current assets | 29/58 | €116,659 | €79,619 | -€37,040 | -31.8% |
| Amounts receivable after more than one year | 29 | €6,700 | €6,700 | = | 0.0% |
| Other amounts receivable | 291 | €6,700 | €6,700 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €53,551 | €53,242 | -€309 | -0.6% |
| Trade receivables | 40 | €19,360 | €16,916 | -€2,444 | -12.6% |
| Other amounts receivable | 41 | €34,191 | €36,326 | +€2,135 | +6.2% |
| Cash at bank and in hand | 54/58 | €56,408 | €19,677 | -€36,731 | -65.1% |
| Total equity and liabilities | 10/49 | €382,090 | €345,062 | -€37,028 | -9.7% |
| Equity | 10/15 | €260,530 | €250,022 | -€10,508 | -4.0% |
| Contributions | 10/11 | €39,990 | €39,990 | = | 0.0% |
| Reserves | 13 | €220,540 | €216,540 | -€4,000 | -1.8% |
| Distributable reserves | 133 | €220,540 | €216,540 | -€4,000 | -1.8% |
| Profit (loss) carried forward | 14 | - | -€6,508 | -€6,508 | |
| Amounts payable | 17/49 | €121,560 | €95,040 | -€26,521 | -21.8% |
| Amounts payable after more than one year | 17 | €74,545 | €48,639 | -€25,905 | -34.8% |
| Financial debts | 170/4 | €74,545 | €48,639 | -€25,905 | -34.8% |
| Amounts payable within one year | 42/48 | €42,816 | €40,401 | -€2,415 | -5.6% |
| Current portion of amounts payable after more than one year | 42 | €25,473 | €25,905 | +€432 | +1.7% |
| Trade debts | 44 | €5,098 | €3,966 | -€1,132 | -22.2% |
| Suppliers | 440/4 | €5,098 | €3,966 | -€1,132 | -22.2% |
| Taxes, remuneration and social security | 45 | €12,245 | €10,530 | -€1,715 | -14.0% |
| Taxes | 450/3 | €12,245 | €10,530 | -€1,715 | -14.0% |
| Accrued charges and deferred income | 492/3 | €4,200 | €6,000 | +€1,800 | +42.9% |
| Non-recurring operating income | 76A | €9,000 | - | -€9,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,718 | €35,014 | +€7,296 | +26.3% |
| Other operating charges | 640/8 | €1,388 | €4,151 | +€2,764 | +199.2% |
| Gross operating margin | 9900 | €84,094 | €29,938 | -€54,157 | -64.4% |
| Operating profit (loss) | 9901 | €54,988 | -€9,227 | -€64,216 | |
| Financial income | 75/76B | €1,666 | €1,860 | +€194 | +11.6% |
| Recurring financial income | 75 | €1,666 | €1,860 | +€194 | +11.6% |
| Financial charges | 65/66B | €4,482 | €2,539 | -€1,943 | -43.3% |
| Recurring financial charges | 65 | €4,482 | €2,539 | -€1,943 | -43.3% |
| Profit (loss) for the period before taxes | 9903 | €52,173 | -€9,907 | -€62,079 | |
| Income taxes | 67/77 | €15,450 | €601 | -€14,848 | -96.1% |
| Profit (loss) for the period | 9904 | €36,723 | -€10,508 | -€47,231 | |
| Profit (loss) for the period to be appropriated | 9905 | €36,723 | -€10,508 | -€47,231 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.