TRENO: 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.
TRENO
Largest movements
- Receivables within one year +€36,564
up €36,564 (+413%), from €8,844 to €45,408
of which Trade receivables: +€37,668
- Tangible fixed assets -€18,920
down €18,920 (-26.2%), from €72,091 to €53,171
- Cash +€11,718
up €11,718 (+261%), from €4,486 to €16,204
mainly Net result for the year (+€25,182) and Depreciation (+€18,920)
- Stocks and contracts -€5,490
down €5,490 (-52.3%), from €10,490 to €5,000
of which Contracts in progress: -€5,490
- Deferred charges and accrued income -€1,728
down €1,728 (-48.7%), from €3,551 to €1,823
- Debts after one year -€30,073
down €30,073 (-45.2%), from €66,519 to €36,447
- Reserves +€25,182
up €25,182 (+580%), from €4,342 to €29,524
- Tax, wage and social debts +€15,672
up €15,672 (+663%), from €2,364 to €18,036
- Trade debts +€11,598
up €11,598 (+518%), from €2,238 to €13,837
- Gross operating margin +€30,309
up €30,309 (+95.8%), from €31,637 to €61,946
- Taxes +€9,005
up €9,005 (+206%), from €4,364 to €13,369
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 | €99,462 | €121,606 | +€22,144 | +22.3% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €72,091 | €53,171 | -€18,920 | -26.2% |
| Tangible fixed assets | 22/27 | €72,091 | €53,171 | -€18,920 | -26.2% |
| Furniture and vehicles | 24 | €72,091 | €53,171 | -€18,920 | -26.2% |
| Current assets | 29/58 | €27,371 | €68,435 | +€41,064 | +150% |
| Stocks and contracts in progress | 3 | €10,490 | €5,000 | -€5,490 | -52.3% |
| Stocks | 30/36 | €5,000 | €5,000 | = | 0.0% |
| Contracts in progress | 37 | €5,490 | - | -€5,490 | |
| Amounts receivable within one year | 40/41 | €8,844 | €45,408 | +€36,564 | +413% |
| Trade receivables | 40 | €7,740 | €45,408 | +€37,668 | +487% |
| Other amounts receivable | 41 | €1,104 | - | -€1,104 | |
| Cash at bank and in hand | 54/58 | €4,486 | €16,204 | +€11,718 | +261% |
| Deferred charges and accrued income | 490/1 | €3,551 | €1,823 | -€1,728 | -48.7% |
| Total equity and liabilities | 10/49 | €99,462 | €121,606 | +€22,144 | +22.3% |
| Equity | 10/15 | €6,342 | €31,525 | +€25,182 | +397% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €4,342 | €29,524 | +€25,182 | +580% |
| Distributable reserves | 133 | €4,342 | €29,524 | +€25,182 | +580% |
| Profit (loss) carried forward | 14 | €0 | €1 | +€1 | +145% |
| Amounts payable | 17/49 | €93,119 | €90,081 | -€3,038 | -3.3% |
| Amounts payable after more than one year | 17 | €66,519 | €36,447 | -€30,073 | -45.2% |
| Financial debts | 170/4 | €66,519 | €36,447 | -€30,073 | -45.2% |
| Amounts payable within one year | 42/48 | €26,600 | €53,634 | +€27,034 | +102% |
| Current portion of amounts payable after more than one year | 42 | €18,403 | €18,403 | = | 0.0% |
| Trade debts | 44 | €2,238 | €13,837 | +€11,598 | +518% |
| Suppliers | 440/4 | €2,238 | €13,837 | +€11,598 | +518% |
| Advances received on contracts in progress | 46 | - | €399 | +€399 | |
| Taxes, remuneration and social security | 45 | €2,364 | €18,036 | +€15,672 | +663% |
| Taxes | 450/3 | €2,364 | €18,036 | +€15,672 | +663% |
| Other amounts payable | 47/48 | €3,595 | €2,960 | -€635 | -17.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,662 | €18,920 | +€258 | +1.4% |
| Other operating charges | 640/8 | €2,069 | €2,452 | +€383 | +18.5% |
| Gross operating margin | 9900 | €31,637 | €61,946 | +€30,309 | +95.8% |
| Operating profit (loss) | 9901 | €10,906 | €40,573 | +€29,667 | +272% |
| Financial income | 75/76B | €4 | €50 | +€46 | +1,076% |
| Recurring financial income | 75 | €4 | €50 | +€46 | +1,076% |
| Financial charges | 65/66B | €2,204 | €2,071 | -€133 | -6.0% |
| Recurring financial charges | 65 | €2,204 | €2,071 | -€133 | -6.0% |
| Profit (loss) for the period before taxes | 9903 | €8,706 | €38,552 | +€29,845 | +343% |
| Income taxes | 67/77 | €4,364 | €13,369 | +€9,005 | +206% |
| Profit (loss) for the period | 9904 | €4,342 | €25,182 | +€20,840 | +480% |
| Profit (loss) for the period to be appropriated | 9905 | €4,342 | €25,182 | +€20,840 | +480% |
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 14 October 2026 via checked.be.