TREVI: 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.
TREVI
Largest movements
- Receivables within one year -€90,050
down €90,050 (-35.8%), from €251,237 to €161,186
of which Trade receivables: -€94,818
- Cash +€69,554
up €69,554 (+90.0%), from €77,250 to €146,803
mainly Receivables within one year (+€90,050) and Current investments (+€52,561)
- Current investments -€52,561
down €52,561 (-69.2%), from €75,917 to €23,356
- Trade debts -€59,459
down €59,459 (-28.0%), from €212,610 to €153,151
- Accrued charges and deferred income -€10,540
down €10,540 (-73.8%), from €14,290 to €3,750
- Profit (loss) carried forward -€6,386
down €6,386 (-6.9%), from -€92,409 to -€98,795
- Gross operating margin +€9,269
up €9,269 (+8.8%), from €105,669 to €114,938
- Financial income +€7,745
up €7,745 (+193%), from €4,004 to €11,748
- Staff costs +€4,284
up €4,284 (+3.5%), from €122,662 to €126,946
- Other operating charges +€3,791
up €3,791 (+68.2%), from €5,562 to €9,353
- Financial charges +€1,584
up €1,584 (+1,361%), from €116 to €1,701
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 | €412,304 | €338,445 | -€73,860 | -17.9% |
| Fixed assets | 21/28 | €1,922 | €1,542 | -€380 | -19.7% |
| Intangible fixed assets | 21 | €955 | €675 | -€280 | -29.3% |
| Tangible fixed assets | 22/27 | €868 | €868 | = | 0.0% |
| Furniture and vehicles | 24 | €868 | €868 | = | 0.0% |
| Financial fixed assets | 28 | €100 | - | -€100 | |
| Current assets | 29/58 | €410,382 | €336,902 | -€73,480 | -17.9% |
| Amounts receivable within one year | 40/41 | €251,237 | €161,186 | -€90,050 | -35.8% |
| Trade receivables | 40 | €200,221 | €105,403 | -€94,818 | -47.4% |
| Other amounts receivable | 41 | €51,015 | €55,783 | +€4,768 | +9.3% |
| Current investments | 50/53 | €75,917 | €23,356 | -€52,561 | -69.2% |
| Cash at bank and in hand | 54/58 | €77,250 | €146,803 | +€69,554 | +90.0% |
| Deferred charges and accrued income | 490/1 | €5,979 | €5,557 | -€422 | -7.1% |
| Total equity and liabilities | 10/49 | €412,304 | €338,445 | -€73,860 | -17.9% |
| Equity | 10/15 | €162,029 | €155,190 | -€6,839 | -4.2% |
| Contributions | 10/11 | €186,345 | €186,345 | = | 0.0% |
| Capital | 10 | €186,345 | €186,345 | = | 0.0% |
| Issued capital | 100 | €186,345 | €186,345 | = | 0.0% |
| Reserves | 13 | €68,093 | €67,640 | -€453 | -0.7% |
| Non-distributable reserves | 130/1 | €67,640 | €67,640 | = | 0.0% |
| Legal reserve | 130 | €9,518 | €9,518 | = | 0.0% |
| Other | 1319 | €58,122 | €58,122 | = | 0.0% |
| Tax-exempt reserves | 132 | €453 | - | -€453 | |
| Profit (loss) carried forward | 14 | -€92,409 | -€98,795 | -€6,386 | -6.9% |
| Amounts payable | 17/49 | €250,275 | €183,255 | -€67,020 | -26.8% |
| Amounts payable within one year | 42/48 | €235,985 | €179,505 | -€56,480 | -23.9% |
| Trade debts | 44 | €212,610 | €153,151 | -€59,459 | -28.0% |
| Suppliers | 440/4 | €212,610 | €153,151 | -€59,459 | -28.0% |
| Taxes, remuneration and social security | 45 | €19,326 | €22,305 | +€2,979 | +15.4% |
| Taxes | 450/3 | €4,888 | €5,063 | +€174 | +3.6% |
| Remuneration and social security | 454/9 | €14,438 | €17,242 | +€2,805 | +19.4% |
| Other amounts payable | 47/48 | €4,049 | €4,049 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €14,290 | €3,750 | -€10,540 | -73.8% |
| Remuneration, social security and pensions | 62 | €122,662 | €126,946 | +€4,284 | +3.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €280 | €280 | = | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€4,530 | -€5,261 | -€731 | -16.1% |
| Other operating charges | 640/8 | €5,562 | €9,353 | +€3,791 | +68.2% |
| Gross operating margin | 9900 | €105,669 | €114,938 | +€9,269 | +8.8% |
| Operating profit (loss) | 9901 | -€18,305 | -€16,381 | +€1,924 | +10.5% |
| Financial income | 75/76B | €4,004 | €11,748 | +€7,745 | +193% |
| Recurring financial income | 75 | €4,004 | €11,748 | +€7,745 | +193% |
| Financial charges | 65/66B | €116 | €1,701 | +€1,584 | +1,361% |
| Recurring financial charges | 65 | €116 | €1,701 | +€1,584 | +1,361% |
| Profit (loss) for the period before taxes | 9903 | -€14,418 | -€6,333 | +€8,085 | +56.1% |
| Income taxes | 67/77 | €395 | €506 | +€112 | +28.3% |
| Profit (loss) for the period | 9904 | -€14,812 | -€6,839 | +€7,973 | +53.8% |
| Transfer from tax-exempt reserves | 789 | - | €453 | +€453 | |
| Profit (loss) for the period to be appropriated | 9905 | -€14,812 | -€6,386 | +€8,426 | +56.9% |
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 18 October 2026 via checked.be.