TRENDA: 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.
TRENDA
Largest movements
- Receivables within one year +€202,004
up €202,004 (+164.5%), from €122,786 to €324,790
of which Trade receivables: +€222,884
- Tangible fixed assets +€196,675
up €196,675 (+40.2%), from €489,344 to €686,020
of which Land and buildings: +€238,914
- Cash -€81,443
down €81,443 (-31.9%), from €255,417 to €173,974
mainly Investment in fixed assets (net) (-€250,581) and Receivables within one year (-€202,004)
- Stocks and contracts -€61,270
down €61,270 (-46.1%), from €132,915 to €71,645
of which Contracts in progress: -€61,270
- Debts after one year +€130,383
new in 2025: €130,383
- Reserves +€71,786
up €71,786 (+8.6%), from €830,560 to €902,346
- Trade debts +€34,694
up €34,694 (+162.7%), from €21,319 to €56,014
- Current portion of long-term debt +€13,184
up €13,184, from €0 to €13,184
- Purchases and services -€112,574
down €112,574 (-14.3%), from €789,454 to €676,879
- Gross operating margin -€65,158
down €65,158 (-11.2%), from €583,002 to €517,844
- Staff costs -€51,716
down €51,716 (-12.8%), from €403,433 to €351,717
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 | €1,017,719 | €1,274,800 | +€257,081 | +25.3% |
| Fixed assets | 21/28 | €504,375 | €700,714 | +€196,339 | +38.9% |
| Intangible fixed assets | 21 | €1,243 | €907 | -€336 | -27.0% |
| Tangible fixed assets | 22/27 | €489,344 | €686,020 | +€196,675 | +40.2% |
| Land and buildings | 22 | €337,982 | €576,896 | +€238,914 | +70.7% |
| Plant, machinery and equipment | 23 | €92,265 | €71,590 | -€20,675 | -22.4% |
| Furniture and vehicles | 24 | €59,097 | €37,534 | -€21,564 | -36.5% |
| Financial fixed assets | 28 | €13,788 | €13,788 | = | 0.0% |
| Current assets | 29/58 | €513,344 | €574,086 | +€60,742 | +11.8% |
| Stocks and contracts in progress | 3 | €132,915 | €71,645 | -€61,270 | -46.1% |
| Stocks | 30/36 | €18,127 | €18,127 | = | 0.0% |
| Contracts in progress | 37 | €114,788 | €53,518 | -€61,270 | -53.4% |
| Amounts receivable within one year | 40/41 | €122,786 | €324,790 | +€202,004 | +164.5% |
| Trade receivables | 40 | €87,440 | €310,325 | +€222,884 | +254.9% |
| Other amounts receivable | 41 | €35,346 | €14,466 | -€20,880 | -59.1% |
| Cash at bank and in hand | 54/58 | €255,417 | €173,974 | -€81,443 | -31.9% |
| Deferred charges and accrued income | 490/1 | €2,226 | €3,676 | +€1,450 | +65.2% |
| Total equity and liabilities | 10/49 | €1,017,719 | €1,274,800 | +€257,081 | +25.3% |
| Equity | 10/15 | €862,560 | €934,346 | +€71,786 | +8.3% |
| Contributions | 10/11 | €32,000 | €32,000 | = | 0.0% |
| Reserves | 13 | €830,560 | €902,346 | +€71,786 | +8.6% |
| Distributable reserves | 133 | €830,560 | €902,346 | +€71,786 | +8.6% |
| Amounts payable | 17/49 | €155,159 | €340,454 | +€185,295 | +119.4% |
| Amounts payable after more than one year | 17 | - | €130,383 | +€130,383 | |
| Financial debts | 170/4 | - | €130,383 | +€130,383 | |
| Amounts payable within one year | 42/48 | €147,431 | €210,071 | +€62,640 | +42.5% |
| Current portion of amounts payable after more than one year | 42 | €0 | €13,184 | +€13,184 | |
| Trade debts | 44 | €21,319 | €56,014 | +€34,694 | +162.7% |
| Suppliers | 440/4 | €21,319 | €56,014 | +€34,694 | +162.7% |
| Taxes, remuneration and social security | 45 | €10,782 | €12,844 | +€2,062 | +19.1% |
| Taxes | 450/3 | €1,517 | €5,354 | +€3,837 | +252.9% |
| Remuneration and social security | 454/9 | €9,265 | €7,490 | -€1,775 | -19.2% |
| Other amounts payable | 47/48 | €115,330 | €128,029 | +€12,699 | +11.0% |
| Accrued charges and deferred income | 492/3 | €7,728 | €0 | -€7,728 | -100.0% |
| Turnover | 70 | €1,235,973 | €1,235,426 | -€548 | 0.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Goods, raw materials, services and sundry goods | 60/61 | €789,454 | €676,879 | -€112,574 | -14.3% |
| Remuneration, social security and pensions | 62 | €403,433 | €351,717 | -€51,716 | -12.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,226 | €54,241 | +€10,015 | +22.6% |
| Other operating charges | 640/8 | €5,916 | €5,475 | -€441 | -7.4% |
| Non-recurring operating charges | 66A | - | €175 | +€175 | |
| Gross operating margin | 9900 | €583,002 | €517,844 | -€65,158 | -11.2% |
| Operating profit (loss) | 9901 | €129,427 | €106,235 | -€23,192 | -17.9% |
| Financial income | 75/76B | €516 | €1,056 | +€540 | +104.6% |
| Recurring financial income | 75 | €516 | €1,056 | +€540 | +104.6% |
| Financial charges | 65/66B | €8,029 | €11,961 | +€3,933 | +49.0% |
| Recurring financial charges | 65 | €8,029 | €11,961 | +€3,933 | +49.0% |
| Profit (loss) for the period before taxes | 9903 | €121,915 | €95,330 | -€26,585 | -21.8% |
| Income taxes | 67/77 | €35,678 | €23,544 | -€12,134 | -34.0% |
| Profit (loss) for the period | 9904 | €86,237 | €71,786 | -€14,451 | -16.8% |
| Profit (loss) for the period to be appropriated | 9905 | €86,237 | €71,786 | -€14,451 | -16.8% |
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 6 October 2026 via checked.be.