TREXIM: 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.
TREXIM
Largest movements
- Current investments +€400,000
new in 2025: €400,000
- Receivables within one year -€251,064
down €251,064 (-32.4%), from €775,401 to €524,337
of which Trade receivables: -€262,736
- Cash -€236,908
down €236,908 (-42.9%), from €552,038 to €315,130
mainly Current investments (-€400,000) and Stocks and contracts (-€71,079)
- Stocks and contracts +€71,079
up €71,079 (+17.8%), from €398,318 to €469,397
- Tangible fixed assets -€40,665
down €40,665 (-48.3%), from €84,251 to €43,586
of which Land and buildings: -€35,001
- Trade debts +€46,456
up €46,456 (+90.7%), from €51,247 to €97,703
- Profit (loss) carried forward -€28,608
down €28,608 (-5.9%), from €481,810 to €453,202
- Other debts -€23,761
down €23,761 (-87.9%), from €27,021 to €3,260
- Gross operating margin -€47,592
down €47,592 (-15.4%), from €309,123 to €261,531
- Staff costs +€23,780
up €23,780 (+11.3%), from €210,197 to €233,977
- Financial charges +€22,126
up €22,126 (+104.6%), from €21,157 to €43,283
- Financial income +€18,562
up €18,562 (+109.5%), from €16,959 to €35,520
of which Financial income: +€16,076
- Provisions -€11,000
down €11,000, from €1,000 to -€10,000
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 | €1,820,462 | €1,776,685 | -€43,777 | -2.4% |
| Fixed assets | 21/28 | €84,251 | €43,586 | -€40,665 | -48.3% |
| Tangible fixed assets | 22/27 | €84,251 | €43,586 | -€40,665 | -48.3% |
| Land and buildings | 22 | €69,568 | €34,567 | -€35,001 | -50.3% |
| Plant, machinery and equipment | 23 | €6,655 | €6,035 | -€620 | -9.3% |
| Furniture and vehicles | 24 | €6,467 | €2,204 | -€4,263 | -65.9% |
| Other tangible fixed assets | 26 | €1,561 | €781 | -€781 | -50.0% |
| Current assets | 29/58 | €1,736,211 | €1,733,099 | -€3,112 | -0.2% |
| Stocks and contracts in progress | 3 | €398,318 | €469,397 | +€71,079 | +17.8% |
| Stocks | 30/36 | €398,318 | €469,397 | +€71,079 | +17.8% |
| Amounts receivable within one year | 40/41 | €775,401 | €524,337 | -€251,064 | -32.4% |
| Trade receivables | 40 | €643,227 | €380,490 | -€262,736 | -40.8% |
| Other amounts receivable | 41 | €132,174 | €143,847 | +€11,672 | +8.8% |
| Current investments | 50/53 | - | €400,000 | +€400,000 | |
| Cash at bank and in hand | 54/58 | €552,038 | €315,130 | -€236,908 | -42.9% |
| Deferred charges and accrued income | 490/1 | €10,455 | €24,235 | +€13,780 | +131.8% |
| Total equity and liabilities | 10/49 | €1,820,462 | €1,776,685 | -€43,777 | -2.4% |
| Equity | 10/15 | €1,648,837 | €1,620,230 | -€28,608 | -1.7% |
| Contributions | 10/11 | €320,000 | €320,000 | = | 0.0% |
| Capital | 10 | €320,000 | €320,000 | = | 0.0% |
| Issued capital | 100 | €320,000 | €320,000 | = | 0.0% |
| Reserves | 13 | €847,028 | €847,028 | = | 0.0% |
| Non-distributable reserves | 130/1 | €32,000 | €32,000 | = | 0.0% |
| Legal reserve | 130 | €32,000 | €32,000 | = | 0.0% |
| Distributable reserves | 133 | €815,028 | €815,028 | = | 0.0% |
| Profit (loss) carried forward | 14 | €481,810 | €453,202 | -€28,608 | -5.9% |
| Provisions and deferred taxes | 16 | €14,000 | €0 | -€14,000 | -100.0% |
| Provisions for liabilities and charges | 160/5 | €14,000 | €0 | -€14,000 | -100.0% |
| Major repairs and maintenance | 162 | €4,000 | €0 | -€4,000 | -100.0% |
| Other liabilities and charges | 164/5 | €10,000 | €0 | -€10,000 | -100.0% |
| Amounts payable | 17/49 | €157,625 | €156,455 | -€1,169 | -0.7% |
| Amounts payable after more than one year | 17 | €3,333 | €0 | -€3,333 | -100.0% |
| Financial debts | 170/4 | €3,333 | €0 | -€3,333 | -100.0% |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €154,292 | €156,455 | +€2,163 | +1.4% |
| Current portion of amounts payable after more than one year | 42 | €20,000 | €3,333 | -€16,667 | -83.3% |
| Financial debts | 43 | €5,059 | €5,039 | -€20 | -0.4% |
| Credit institutions | 430/8 | €5,059 | €5,039 | -€20 | -0.4% |
| Trade debts | 44 | €51,247 | €97,703 | +€46,456 | +90.7% |
| Suppliers | 440/4 | €51,247 | €97,703 | +€46,456 | +90.7% |
| Taxes, remuneration and social security | 45 | €50,965 | €47,120 | -€3,845 | -7.5% |
| Taxes | 450/3 | €35,611 | €21,427 | -€14,184 | -39.8% |
| Remuneration and social security | 454/9 | €15,354 | €25,694 | +€10,339 | +67.3% |
| Other amounts payable | 47/48 | €27,021 | €3,260 | -€23,761 | -87.9% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €210,197 | €233,977 | +€23,780 | +11.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,807 | €44,115 | -€4,692 | -9.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €4,377 | +€4,377 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €1,000 | -€10,000 | -€11,000 | |
| Other operating charges | 640/8 | €7,182 | €7,037 | -€145 | -2.0% |
| Gross operating margin | 9900 | €309,123 | €261,531 | -€47,592 | -15.4% |
| Operating profit (loss) | 9901 | €41,937 | -€17,974 | -€59,911 | |
| Financial income | 75/76B | €16,959 | €35,520 | +€18,562 | +109.5% |
| Recurring financial income | 75 | €16,959 | €33,034 | +€16,076 | +94.8% |
| Non-recurring financial income | 76B | - | €2,486 | +€2,486 | |
| Financial charges | 65/66B | €21,157 | €43,283 | +€22,126 | +104.6% |
| Recurring financial charges | 65 | €21,157 | €43,283 | +€22,126 | +104.6% |
| Profit (loss) for the period before taxes | 9903 | €37,739 | -€25,737 | -€63,476 | |
| Income taxes | 67/77 | €12,521 | €2,871 | -€9,650 | -77.1% |
| Profit (loss) for the period | 9904 | €25,218 | -€28,608 | -€53,826 | |
| Profit (loss) for the period to be appropriated | 9905 | €25,218 | -€28,608 | -€53,826 |
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 10 October 2026 via checked.be.