TREPA: 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.
TREPA
Largest movements
- Cash -€101,084
down €101,084 (-91.5%), from €110,497 to €9,413
mainly Trade debts (-€141,734) and Investment in fixed assets (net) (-€96,641)
- Tangible fixed assets -€58,665
down €58,665 (-4.1%), from €1.4m to €1.4m
of which Furniture and vehicles: -€52,982
- Stocks and contracts -€44,817
down €44,817 (-100%), from €44,817 to €0
- Trade debts -€141,734
down €141,734 (-93.5%), from €151,642 to €9,907
- Profit (loss) carried forward -€53,207
down €53,207 (-30.5%), from €174,517 to €121,310
- Other debts -€43,633
down €43,633 (-49.4%), from €88,354 to €44,720
- Debts after one year +€26,610
up €26,610 (+3.0%), from €879,259 to €905,869
- Accrued charges and deferred income -€25,664
down €25,664 (-100%), from €25,664 to €0
- Gross operating margin -€202,540
down €202,540 (-60.3%), from €336,133 to €133,593
- Financial charges -€45,780
down €45,780 (-84.7%), from €54,035 to €8,255
- Taxes -€32,026
down €32,026 (-99.0%), from €32,358 to €332
- Write-downs -€18,145
down €18,145 (-100%), from €18,145 to €0
- Depreciation +€17,532
up €17,532 (+11.3%), from €154,866 to €172,398
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 | €1,967,637 | €1,735,518 | -€232,119 | -11.8% |
| Fixed assets | 21/28 | €1,625,423 | €1,549,666 | -€75,757 | -4.7% |
| Intangible fixed assets | 21 | €186,526 | €169,569 | -€16,957 | -9.1% |
| Tangible fixed assets | 22/27 | €1,435,762 | €1,377,097 | -€58,665 | -4.1% |
| Land and buildings | 22 | €1,175,114 | €1,140,500 | -€34,614 | -2.9% |
| Plant, machinery and equipment | 23 | €55,942 | €84,873 | +€28,931 | +51.7% |
| Furniture and vehicles | 24 | €204,706 | €151,724 | -€52,982 | -25.9% |
| Financial fixed assets | 28 | €3,135 | €3,000 | -€135 | -4.3% |
| Current assets | 29/58 | €342,214 | €185,852 | -€156,362 | -45.7% |
| Stocks and contracts in progress | 3 | €44,817 | €0 | -€44,817 | -100% |
| Stocks | 30/36 | €44,817 | €0 | -€44,817 | -100% |
| Amounts receivable within one year | 40/41 | €179,710 | €168,336 | -€11,374 | -6.3% |
| Trade receivables | 40 | €148,972 | €112,250 | -€36,722 | -24.7% |
| Other amounts receivable | 41 | €30,738 | €56,086 | +€25,348 | +82.5% |
| Current investments | 50/53 | €2,006 | €3,021 | +€1,015 | +50.6% |
| Cash at bank and in hand | 54/58 | €110,497 | €9,413 | -€101,084 | -91.5% |
| Deferred charges and accrued income | 490/1 | €5,184 | €5,083 | -€101 | -2.0% |
| Total equity and liabilities | 10/49 | €1,967,637 | €1,735,518 | -€232,119 | -11.8% |
| Equity | 10/15 | €664,271 | €590,048 | -€74,224 | -11.2% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €427,754 | €406,737 | -€21,017 | -4.9% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €244,221 | €223,204 | -€21,017 | -8.6% |
| Distributable reserves | 133 | €177,333 | €177,333 | = | 0.0% |
| Profit (loss) carried forward | 14 | €174,517 | €121,310 | -€53,207 | -30.5% |
| Provisions and deferred taxes | 16 | €69,188 | €62,182 | -€7,006 | -10.1% |
| Deferred taxes | 168 | €69,188 | €62,182 | -€7,006 | -10.1% |
| Amounts payable | 17/49 | €1,234,177 | €1,083,288 | -€150,889 | -12.2% |
| Amounts payable after more than one year | 17 | €879,259 | €905,869 | +€26,610 | +3.0% |
| Financial debts | 170/4 | €879,259 | €905,869 | +€26,610 | +3.0% |
| Amounts payable within one year | 42/48 | €329,254 | €177,419 | -€151,835 | -46.1% |
| Current portion of amounts payable after more than one year | 42 | €77,848 | €100,386 | +€22,538 | +29.0% |
| Trade debts | 44 | €151,642 | €9,907 | -€141,734 | -93.5% |
| Suppliers | 440/4 | €151,642 | €9,907 | -€141,734 | -93.5% |
| Taxes, remuneration and social security | 45 | €11,410 | €22,406 | +€10,995 | +96.4% |
| Taxes | 450/3 | €10,410 | €22,406 | +€11,995 | +115% |
| Remuneration and social security | 454/9 | €1,000 | €0 | -€1,000 | -100% |
| Other amounts payable | 47/48 | €88,354 | €44,720 | -€43,633 | -49.4% |
| Accrued charges and deferred income | 492/3 | €25,664 | €0 | -€25,664 | -100% |
| Non-recurring operating income | 76A | €123,547 | €0 | -€123,547 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €154,866 | €172,398 | +€17,532 | +11.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €18,145 | €0 | -€18,145 | -100% |
| Other operating charges | 640/8 | €37,148 | €34,165 | -€2,983 | -8.0% |
| Gross operating margin | 9900 | €336,133 | €133,593 | -€202,540 | -60.3% |
| Operating profit (loss) | 9901 | €125,974 | -€72,970 | -€198,945 | |
| Financial income | 75/76B | €23 | €328 | +€305 | +1,316% |
| Recurring financial income | 75 | €23 | €328 | +€305 | +1,316% |
| Financial charges | 65/66B | €54,035 | €8,255 | -€45,780 | -84.7% |
| Recurring financial charges | 65 | €54,035 | €8,255 | -€45,780 | -84.7% |
| Profit (loss) for the period before taxes | 9903 | €71,962 | -€80,898 | -€152,860 | |
| Transfer from deferred taxes | 780 | €6,932 | €7,006 | +€73 | +1.1% |
| Income taxes | 67/77 | €32,358 | €332 | -€32,026 | -99.0% |
| Profit (loss) for the period | 9904 | €46,536 | -€74,224 | -€120,760 | |
| Transfer from tax-exempt reserves | 789 | €20,797 | €21,017 | +€220 | +1.1% |
| Profit (loss) for the period to be appropriated | 9905 | €67,333 | -€53,207 | -€120,540 |
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.