TRENCADIS: 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.
TRENCADIS
Largest movements
- Financial fixed assets +€475,612
new in 2025: €475,612
- Debts after one year +€457,336
up €457,336 (+216%), from €212,018 to €669,354
- Accrued charges and deferred income +€14,097
new in 2025: €14,097
- Other debts -€10,500
down €10,500 (-99.4%), from €10,564 to €64
- Gross operating margin +€23,686
up €23,686 (+104%), from €22,764 to €46,450
- Financial charges +€13,610
up €13,610 (+122%), from €11,147 to €24,757
- Depreciation -€8,428
down €8,428 (-58.3%), from €14,448 to €6,020
- Other operating charges +€5,409
up €5,409 (+1,070%), from €505 to €5,914
- Financial income +€1,698
new in 2025: €1,698
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 | €373,682 | €841,285 | +€467,602 | +125% |
| Fixed assets | 21/28 | €312,455 | €782,047 | +€469,592 | +150% |
| Tangible fixed assets | 22/27 | €312,455 | €306,435 | -€6,020 | -1.9% |
| Land and buildings | 22 | €312,455 | €306,435 | -€6,020 | -1.9% |
| Financial fixed assets | 28 | - | €475,612 | +€475,612 | |
| Current assets | 29/58 | €61,227 | €59,238 | -€1,989 | -3.2% |
| Amounts receivable within one year | 40/41 | €56,600 | €56,600 | = | 0.0% |
| Other amounts receivable | 41 | €56,600 | €56,600 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €4,627 | €940 | -€3,687 | -79.7% |
| Deferred charges and accrued income | 490/1 | - | €1,698 | +€1,698 | |
| Total equity and liabilities | 10/49 | €373,682 | €841,285 | +€467,602 | +125% |
| Equity | 10/15 | €131,438 | €136,761 | +€5,323 | +4.0% |
| Contributions | 10/11 | €64,304 | €64,304 | = | 0.0% |
| Reserves | 13 | €8,123 | €8,123 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,692 | €1,692 | = | 0.0% |
| Distributable reserves | 133 | €6,430 | €6,430 | = | 0.0% |
| Profit (loss) carried forward | 14 | €59,012 | €64,335 | +€5,323 | +9.0% |
| Amounts payable | 17/49 | €242,244 | €704,523 | +€462,279 | +191% |
| Amounts payable after more than one year | 17 | €212,018 | €669,354 | +€457,336 | +216% |
| Financial debts | 170/4 | €212,018 | €669,354 | +€457,336 | +216% |
| Amounts payable within one year | 42/48 | €30,227 | €21,073 | -€9,154 | -30.3% |
| Current portion of amounts payable after more than one year | 42 | €11,974 | €14,248 | +€2,274 | +19.0% |
| Taxes, remuneration and social security | 45 | €7,688 | €6,761 | -€928 | -12.1% |
| Taxes | 450/3 | €7,688 | €6,761 | -€928 | -12.1% |
| Other amounts payable | 47/48 | €10,564 | €64 | -€10,500 | -99.4% |
| Accrued charges and deferred income | 492/3 | - | €14,097 | +€14,097 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,448 | €6,020 | -€8,428 | -58.3% |
| Other operating charges | 640/8 | €505 | €5,914 | +€5,409 | +1,070% |
| Gross operating margin | 9900 | €22,764 | €46,450 | +€23,686 | +104% |
| Operating profit (loss) | 9901 | €7,810 | €34,516 | +€26,705 | +342% |
| Financial income | 75/76B | - | €1,698 | +€1,698 | |
| Recurring financial income | 75 | - | €1,698 | +€1,698 | |
| Financial charges | 65/66B | €11,147 | €24,757 | +€13,610 | +122% |
| Recurring financial charges | 65 | €11,147 | €24,757 | +€13,610 | +122% |
| Profit (loss) for the period before taxes | 9903 | -€3,337 | €11,457 | +€14,794 | |
| Income taxes | 67/77 | €5,627 | €6,134 | +€507 | +9.0% |
| Profit (loss) for the period | 9904 | -€8,964 | €5,323 | +€14,287 | |
| Profit (loss) for the period to be appropriated | 9905 | -€8,964 | €5,323 | +€14,287 |
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 22 October 2026 via checked.be.