TREX: what changed
Two fiscal 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.
TREX
Largest movements
- Tangible fixed assets -€19,863
down €19,863 (-6.5%), from €304,748 to €284,885
of which Furniture and vehicles: -€14,575
- Deferred charges and accrued income +€18,307
up €18,307 (+29.1%), from €62,931 to €81,238
- Profit (loss) carried forward -€18,189
down €18,189 (-9.1%), from -€200,571 to -€218,760
- Other debts +€15,250
up €15,250 (+4.6%), from €330,000 to €345,250
- Gross operating margin -€965
down €965 (-13.7%), from €7,047 to €6,082
- Other operating charges +€231
up €231 (+7.1%), from €3,273 to €3,504
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 | €377,718 | €374,636 | -€3,083 | -0.8% |
| Formation expenses | 20 | €2,392 | €1,535 | -€857 | -35.8% |
| Fixed assets | 21/28 | €304,748 | €284,885 | -€19,863 | -6.5% |
| Tangible fixed assets | 22/27 | €304,748 | €284,885 | -€19,863 | -6.5% |
| Land and buildings | 22 | €50,900 | €45,612 | -€5,288 | -10.4% |
| Furniture and vehicles | 24 | €253,848 | €239,273 | -€14,575 | -5.7% |
| Current assets | 29/58 | €70,578 | €88,216 | +€17,638 | +25.0% |
| Amounts receivable within one year | 40/41 | €5,529 | €5,529 | = | 0.0% |
| Other amounts receivable | 41 | €5,529 | €5,529 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €2,118 | €1,449 | -€669 | -31.6% |
| Deferred charges and accrued income | 490/1 | €62,931 | €81,238 | +€18,307 | +29.1% |
| Total equity and liabilities | 10/49 | €377,718 | €374,636 | -€3,083 | -0.8% |
| Equity | 10/15 | €47,322 | €29,133 | -€18,189 | -38.4% |
| Contributions | 10/11 | €247,894 | €247,894 | = | 0.0% |
| Capital | 10 | €247,894 | €247,894 | = | 0.0% |
| Issued capital | 100 | €247,894 | €247,894 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€200,571 | -€218,760 | -€18,189 | -9.1% |
| Amounts payable | 17/49 | €330,396 | €345,502 | +€15,107 | +4.6% |
| Amounts payable within one year | 42/48 | €330,396 | €345,502 | +€15,107 | +4.6% |
| Trade debts | 44 | €396 | €252 | -€143 | -36.2% |
| Suppliers | 440/4 | €396 | €252 | -€143 | -36.2% |
| Other amounts payable | 47/48 | €330,000 | €345,250 | +€15,250 | +4.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,721 | €20,721 | = | 0.0% |
| Other operating charges | 640/8 | €3,273 | €3,504 | +€231 | +7.1% |
| Gross operating margin | 9900 | €7,047 | €6,082 | -€965 | -13.7% |
| Operating profit (loss) | 9901 | -€16,946 | -€18,142 | -€1,195 | -7.1% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €74 | €48 | -€26 | -35.4% |
| Recurring financial charges | 65 | €74 | €48 | -€26 | -35.4% |
| Profit (loss) for the period before taxes | 9903 | -€17,020 | -€18,189 | -€1,169 | -6.9% |
| Profit (loss) for the period | 9904 | -€17,020 | -€18,189 | -€1,169 | -6.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€17,020 | -€18,189 | -€1,169 | -6.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.