TREX: 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.
TREX
Largest movements
- Cash +€163,005
up €163,005 (+1356.6%), from €12,016 to €175,021
mainly Receivables within one year (+€156,051) and Other debts (+€44,543)
- Receivables within one year -€156,051
down €156,051 (-52.5%), from €297,435 to €141,384
of which Trade receivables: -€233,815
- Tangible fixed assets -€38,951
down €38,951 (-7.4%), from €523,179 to €484,228
of which Land and buildings: -€26,976
- Reserves -€64,723
down €64,723 (-25.6%), from €252,496 to €187,773
- Other debts +€44,543
up €44,543 (+78.2%), from €56,989 to €101,532
- Profit (loss) carried forward +€31,982
up €31,982 (+63.7%), from -€50,190 to -€18,208
- Debts after one year -€29,877
down €29,877 (-8.9%), from €335,619 to €305,742
- Trade debts -€11,626
down €11,626 (-61.4%), from €18,920 to €7,294
- Gross operating margin +€89,055
up €89,055 (+254.4%), from €35,001 to €124,056
- Write-downs +€33,000
up €33,000, from -€33,000 to €0
- Financial charges -€7,335
down €7,335 (-40.4%), from €18,163 to €10,828
- Staff costs -€3,428
down €3,428 (-9.4%), from €36,419 to €32,991
- Other operating charges +€1,466
up €1,466 (+37.4%), from €3,917 to €5,383
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 | €881,605 | €854,792 | -€26,814 | -3.0% |
| Fixed assets | 21/28 | €524,242 | €485,291 | -€38,951 | -7.4% |
| Tangible fixed assets | 22/27 | €523,179 | €484,228 | -€38,951 | -7.4% |
| Land and buildings | 22 | €489,522 | €462,547 | -€26,976 | -5.5% |
| Plant, machinery and equipment | 23 | €513 | €0 | -€513 | -100.0% |
| Furniture and vehicles | 24 | €33,144 | €21,681 | -€11,463 | -34.6% |
| Financial fixed assets | 28 | €1,063 | €1,063 | = | 0.0% |
| Current assets | 29/58 | €357,363 | €369,501 | +€12,138 | +3.4% |
| Stocks and contracts in progress | 3 | €47,000 | €50,500 | +€3,500 | +7.4% |
| Stocks | 30/36 | €47,000 | €50,500 | +€3,500 | +7.4% |
| Amounts receivable within one year | 40/41 | €297,435 | €141,384 | -€156,051 | -52.5% |
| Trade receivables | 40 | €285,321 | €51,506 | -€233,815 | -81.9% |
| Other amounts receivable | 41 | €12,115 | €89,879 | +€77,764 | +641.9% |
| Cash at bank and in hand | 54/58 | €12,016 | €175,021 | +€163,005 | +1356.6% |
| Deferred charges and accrued income | 490/1 | €911 | €2,595 | +€1,684 | +184.8% |
| Total equity and liabilities | 10/49 | €881,605 | €854,792 | -€26,814 | -3.0% |
| Equity | 10/15 | €222,305 | €189,564 | -€32,741 | -14.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €252,496 | €187,773 | -€64,723 | -25.6% |
| Distributable reserves | 133 | €252,496 | €187,773 | -€64,723 | -25.6% |
| Profit (loss) carried forward | 14 | -€50,190 | -€18,208 | +€31,982 | +63.7% |
| Amounts payable | 17/49 | €659,300 | €665,227 | +€5,927 | +0.9% |
| Amounts payable after more than one year | 17 | €335,619 | €305,742 | -€29,877 | -8.9% |
| Financial debts | 170/4 | €335,619 | €305,742 | -€29,877 | -8.9% |
| Amounts payable within one year | 42/48 | €315,093 | €359,485 | +€44,393 | +14.1% |
| Current portion of amounts payable after more than one year | 42 | €29,461 | €29,877 | +€416 | +1.4% |
| Financial debts | 43 | €150,000 | €150,000 | = | 0.0% |
| Credit institutions | 430/8 | €150,000 | €150,000 | = | 0.0% |
| Trade debts | 44 | €18,920 | €7,294 | -€11,626 | -61.4% |
| Suppliers | 440/4 | €18,920 | €7,294 | -€11,626 | -61.4% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €59,723 | €70,782 | +€11,059 | +18.5% |
| Taxes | 450/3 | €56,935 | €67,184 | +€10,249 | +18.0% |
| Remuneration and social security | 454/9 | €2,788 | €3,598 | +€810 | +29.1% |
| Other amounts payable | 47/48 | €56,989 | €101,532 | +€44,543 | +78.2% |
| Accrued charges and deferred income | 492/3 | €8,589 | €0 | -€8,589 | -100.0% |
| Remuneration, social security and pensions | 62 | €36,419 | €32,991 | -€3,428 | -9.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,442 | €42,999 | -€1,443 | -3.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€33,000 | €0 | +€33,000 | |
| Other operating charges | 640/8 | €3,917 | €5,383 | +€1,466 | +37.4% |
| Non-recurring operating charges | 66A | €15,351 | €577 | -€14,774 | -96.2% |
| Gross operating margin | 9900 | €35,001 | €124,056 | +€89,055 | +254.4% |
| Operating profit (loss) | 9901 | -€32,129 | €42,106 | +€74,235 | |
| Financial income | 75/76B | €243 | €837 | +€594 | +244.7% |
| Recurring financial income | 75 | €243 | €837 | +€594 | +244.7% |
| Financial charges | 65/66B | €18,163 | €10,828 | -€7,335 | -40.4% |
| Recurring financial charges | 65 | €18,163 | €10,828 | -€7,335 | -40.4% |
| Profit (loss) for the period before taxes | 9903 | -€50,048 | €32,115 | +€82,164 | |
| Income taxes | 67/77 | €142 | €134 | -€8 | -5.9% |
| Profit (loss) for the period | 9904 | -€50,190 | €31,982 | +€82,172 | |
| Profit (loss) for the period to be appropriated | 9905 | -€50,190 | €31,982 | +€82,172 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.