TRESIM: 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.
TRESIM
Largest movements
- Tangible fixed assets +€1.9m
up €1.9m (+111.8%), from €1.7m to €3.7m
- Receivables within one year +€56,610
up €56,610 (+100.6%), from €56,251 to €112,861
of which Other amounts receivable: +€38,932
- Cash +€42,761
up €42,761 (+304.0%), from €14,067 to €56,828
mainly Debts after one year (+€1.9m) and Depreciation (+€394,564)
- Debts after one year +€1.9m
new in 2025: €1.9m
- Reserves +€152,663
up €152,663 (+12.0%), from €1.3m to €1.4m
of which Distributable reserves: +€152,663
- Depreciation +€263,231
up €263,231 (+200.4%), from €131,333 to €394,564
- Taxes -€60,047
down €60,047 (-54.1%), from €110,935 to €50,888
- Gross operating margin +€17,846
up €17,846 (+2.8%), from €641,905 to €659,750
- Financial charges -€7,822
down €7,822 (-67.8%), from €11,544 to €3,722
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 | €1,809,614 | €3,852,828 | +€2.0m | +112.9% |
| Fixed assets | 21/28 | €1,738,330 | €3,682,639 | +€1.9m | +111.8% |
| Tangible fixed assets | 22/27 | €1,738,330 | €3,682,639 | +€1.9m | +111.8% |
| Land and buildings | 22 | €1,738,330 | €3,682,639 | +€1.9m | +111.8% |
| Current assets | 29/58 | €71,284 | €170,189 | +€98,905 | +138.7% |
| Amounts receivable within one year | 40/41 | €56,251 | €112,861 | +€56,610 | +100.6% |
| Trade receivables | 40 | €56,070 | €73,748 | +€17,678 | +31.5% |
| Other amounts receivable | 41 | €181 | €39,112 | +€38,932 | +21555.7% |
| Cash at bank and in hand | 54/58 | €14,067 | €56,828 | +€42,761 | +304.0% |
| Deferred charges and accrued income | 490/1 | €967 | €501 | -€466 | -48.2% |
| Total equity and liabilities | 10/49 | €1,809,614 | €3,852,828 | +€2.0m | +112.9% |
| Equity | 10/15 | €1,719,595 | €1,872,257 | +€152,663 | +8.9% |
| Contributions | 10/11 | €450,000 | €450,000 | = | 0.0% |
| Capital | 10 | €450,000 | €450,000 | = | 0.0% |
| Issued capital | 100 | €450,000 | €450,000 | = | 0.0% |
| Reserves | 13 | €1,269,595 | €1,422,257 | +€152,663 | +12.0% |
| Non-distributable reserves | 130/1 | €45,000 | €45,000 | = | 0.0% |
| Legal reserve | 130 | €45,000 | €45,000 | = | 0.0% |
| Distributable reserves | 133 | €1,224,595 | €1,377,257 | +€152,663 | +12.5% |
| Amounts payable | 17/49 | €90,020 | €1,980,571 | +€1.9m | +2100.2% |
| Amounts payable after more than one year | 17 | - | €1,900,000 | +€1.9m | |
| Financial debts | 170/4 | - | €1,900,000 | +€1.9m | |
| Amounts payable within one year | 42/48 | €39,224 | €12,290 | -€26,934 | -68.7% |
| Financial debts | 43 | €0 | - | = | |
| Other loans | 439 | €0 | - | = | |
| Trade debts | 44 | €13,290 | €10,489 | -€2,800 | -21.1% |
| Suppliers | 440/4 | €13,290 | €10,489 | -€2,800 | -21.1% |
| Taxes, remuneration and social security | 45 | €25,935 | €1,801 | -€24,134 | -93.1% |
| Taxes | 450/3 | €25,935 | €1,801 | -€24,134 | -93.1% |
| Accrued charges and deferred income | 492/3 | €50,795 | €68,281 | +€17,485 | +34.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €131,333 | €394,564 | +€263,231 | +200.4% |
| Other operating charges | 640/8 | €55,289 | €57,913 | +€2,624 | +4.7% |
| Gross operating margin | 9900 | €641,905 | €659,750 | +€17,846 | +2.8% |
| Operating profit (loss) | 9901 | €455,282 | €207,273 | -€248,010 | -54.5% |
| Financial charges | 65/66B | €11,544 | €3,722 | -€7,822 | -67.8% |
| Recurring financial charges | 65 | €11,544 | €3,722 | -€7,822 | -67.8% |
| Profit (loss) for the period before taxes | 9903 | €443,738 | €203,550 | -€240,188 | -54.1% |
| Income taxes | 67/77 | €110,935 | €50,888 | -€60,047 | -54.1% |
| Profit (loss) for the period | 9904 | €332,804 | €152,663 | -€180,141 | -54.1% |
| Profit (loss) for the period to be appropriated | 9905 | €332,804 | €152,663 | -€180,141 | -54.1% |
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 12 October 2026 via checked.be.