TRÉNOR: 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.
TRÉNOR
Largest movements
- Receivables within one year -€434,677
down €434,677 (-87.3%), from €497,803 to €63,126
of which Other amounts receivable: -€348,583
- Receivables after one year +€397,344
new in 2025: €397,344
- Tangible fixed assets -€27,467
down €27,467 (-1.8%), from €1.5m to €1.5m
of which Land and buildings: -€27,775
- Intangible fixed assets -€21,900
down €21,900 (-33.3%), from €65,700 to €43,800
- Other debts -€269,361
down €269,361 (-85.4%), from €315,269 to €45,908
- Debts after one year +€169,777
up €169,777 (+34.2%), from €495,808 to €665,585
of which Other amounts payable: +€234,448
- Trade debts +€60,626
up €60,626 (+21.0%), from €288,444 to €349,069
- Profit (loss) carried forward -€47,119
down €47,119 (-2492.7%), from -€1,890 to -€49,009
- Gross operating margin -€46,290
down €46,290 (-68.2%), from €67,848 to €21,558
- Other operating charges +€4,649
up €4,649 (+384.7%), from €1,209 to €5,858
- Financial income +€2,442
up €2,442 (+26.5%), from €9,219 to €11,660
- Financial charges -€2,310
down €2,310 (-9.7%), from €23,773 to €21,463
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 | €2,107,624 | €2,031,336 | -€76,288 | -3.6% |
| Fixed assets | 21/28 | €1,592,491 | €1,543,124 | -€49,367 | -3.1% |
| Intangible fixed assets | 21 | €65,700 | €43,800 | -€21,900 | -33.3% |
| Tangible fixed assets | 22/27 | €1,526,566 | €1,499,099 | -€27,467 | -1.8% |
| Land and buildings | 22 | €1,522,729 | €1,494,954 | -€27,775 | -1.8% |
| Plant, machinery and equipment | 23 | €1,598 | €3,073 | +€1,475 | +92.3% |
| Furniture and vehicles | 24 | €2,240 | €1,072 | -€1,168 | -52.1% |
| Financial fixed assets | 28 | €225 | €225 | = | 0.0% |
| Current assets | 29/58 | €515,133 | €488,212 | -€26,921 | -5.2% |
| Amounts receivable after more than one year | 29 | - | €397,344 | +€397,344 | |
| Other amounts receivable | 291 | - | €397,344 | +€397,344 | |
| Amounts receivable within one year | 40/41 | €497,803 | €63,126 | -€434,677 | -87.3% |
| Trade receivables | 40 | €95,774 | €9,680 | -€86,094 | -89.9% |
| Other amounts receivable | 41 | €402,030 | €53,446 | -€348,583 | -86.7% |
| Cash at bank and in hand | 54/58 | €14,804 | €26,349 | +€11,546 | +78.0% |
| Deferred charges and accrued income | 490/1 | €2,526 | €1,392 | -€1,133 | -44.9% |
| Total equity and liabilities | 10/49 | €2,107,624 | €2,031,336 | -€76,288 | -3.6% |
| Equity | 10/15 | €923,924 | €876,806 | -€47,119 | -5.1% |
| Contributions | 10/11 | €768,600 | €768,600 | = | 0.0% |
| Reserves | 13 | €157,215 | €157,215 | = | 0.0% |
| Distributable reserves | 133 | €157,215 | €157,215 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,890 | -€49,009 | -€47,119 | -2492.7% |
| Amounts payable | 17/49 | €1,183,700 | €1,154,530 | -€29,170 | -2.5% |
| Amounts payable after more than one year | 17 | €495,808 | €665,585 | +€169,777 | +34.2% |
| Financial debts | 170/4 | €495,808 | €431,137 | -€64,671 | -13.0% |
| Other amounts payable | 178/9 | - | €234,448 | +€234,448 | |
| Amounts payable within one year | 42/48 | €687,892 | €488,945 | -€198,947 | -28.9% |
| Current portion of amounts payable after more than one year | 42 | €64,671 | €64,671 | = | 0.0% |
| Trade debts | 44 | €288,444 | €349,069 | +€60,626 | +21.0% |
| Suppliers | 440/4 | €288,444 | €349,069 | +€60,626 | +21.0% |
| Taxes, remuneration and social security | 45 | €19,509 | €29,298 | +€9,789 | +50.2% |
| Taxes | 450/3 | €19,509 | €29,298 | +€9,789 | +50.2% |
| Other amounts payable | 47/48 | €315,269 | €45,908 | -€269,361 | -85.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,286 | €52,982 | -€304 | -0.6% |
| Other operating charges | 640/8 | €1,209 | €5,858 | +€4,649 | +384.7% |
| Gross operating margin | 9900 | €67,848 | €21,558 | -€46,290 | -68.2% |
| Operating profit (loss) | 9901 | €13,354 | -€37,281 | -€50,635 | |
| Financial income | 75/76B | €9,219 | €11,660 | +€2,442 | +26.5% |
| Recurring financial income | 75 | €9,219 | €11,660 | +€2,442 | +26.5% |
| Financial charges | 65/66B | €23,773 | €21,463 | -€2,310 | -9.7% |
| Recurring financial charges | 65 | €23,773 | €21,463 | -€2,310 | -9.7% |
| Profit (loss) for the period before taxes | 9903 | -€1,200 | -€47,084 | -€45,884 | -3823.0% |
| Income taxes | 67/77 | €690 | €34 | -€656 | -95.0% |
| Profit (loss) for the period | 9904 | -€1,890 | -€47,119 | -€45,228 | -2392.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,890 | -€47,119 | -€45,228 | -2392.7% |
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 9 October 2026 via checked.be.