TREXS: 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.
TREXS
Largest movements
- Tangible fixed assets +€174,239
up €174,239 (+65.7%), from €265,027 to €439,265
of which Furniture and vehicles: +€178,254
- Cash +€35,505
up €35,505 (+117%), from €30,374 to €65,879
mainly Debts after one year (+€158,138) and Depreciation (+€86,272)
- Current investments -€20,000
down €20,000 (-23.9%), from €83,513 to €63,513
- Receivables within one year +€13,547
up €13,547 (+2.5%), from €546,324 to €559,871
of which Other amounts receivable: +€9,584
- Deferred charges and accrued income -€12,905
down €12,905 (-50.5%), from €25,579 to €12,675
- Debts after one year +€158,138
up €158,138 (+139%), from €113,729 to €271,868
- Reserves +€64,621
up €64,621 (+16.3%), from €396,736 to €461,357
of which Distributable reserves: +€64,621
- Tax, wage and social debts -€41,788
down €41,788 (-29.2%), from €143,288 to €101,499
of which Taxes: -€39,235
- Current portion of long-term debt +€34,724
up €34,724 (+49.6%), from €70,058 to €104,782
- Trade debts -€24,889
down €24,889 (-12.2%), from €203,307 to €178,418
- Gross operating margin +€31,480
up €31,480 (+7.9%), from €400,054 to €431,534
- Other operating charges +€31,371
up €31,371 (+182%), from €17,194 to €48,565
- Staff costs -€17,552
down €17,552 (-8.7%), from €201,603 to €184,051
- Depreciation -€8,672
down €8,672 (-9.1%), from €94,943 to €86,272
- Taxes -€4,552
down €4,552 (-18.6%), from €24,537 to €19,985
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 | €950,817 | €1,141,203 | +€190,386 | +20.0% |
| Fixed assets | 21/28 | €265,027 | €439,265 | +€174,239 | +65.7% |
| Tangible fixed assets | 22/27 | €265,027 | €439,265 | +€174,239 | +65.7% |
| Land and buildings | 22 | €56,663 | €48,574 | -€8,089 | -14.3% |
| Plant, machinery and equipment | 23 | €14,503 | €18,576 | +€4,074 | +28.1% |
| Furniture and vehicles | 24 | €193,861 | €372,116 | +€178,254 | +91.9% |
| Current assets | 29/58 | €685,790 | €701,938 | +€16,148 | +2.4% |
| Amounts receivable within one year | 40/41 | €546,324 | €559,871 | +€13,547 | +2.5% |
| Trade receivables | 40 | €527,853 | €531,816 | +€3,963 | +0.8% |
| Other amounts receivable | 41 | €18,471 | €28,055 | +€9,584 | +51.9% |
| Current investments | 50/53 | €83,513 | €63,513 | -€20,000 | -23.9% |
| Cash at bank and in hand | 54/58 | €30,374 | €65,879 | +€35,505 | +117% |
| Deferred charges and accrued income | 490/1 | €25,579 | €12,675 | -€12,905 | -50.5% |
| Total equity and liabilities | 10/49 | €950,817 | €1,141,203 | +€190,386 | +20.0% |
| Equity | 10/15 | €409,136 | €473,757 | +€64,621 | +15.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €396,736 | €461,357 | +€64,621 | +16.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €82,348 | €82,348 | = | 0.0% |
| Distributable reserves | 133 | €312,528 | €377,149 | +€64,621 | +20.7% |
| Amounts payable | 17/49 | €541,681 | €667,446 | +€125,765 | +23.2% |
| Amounts payable after more than one year | 17 | €113,729 | €271,868 | +€158,138 | +139% |
| Financial debts | 170/4 | €113,729 | €271,868 | +€158,138 | +139% |
| Amounts payable within one year | 42/48 | €426,509 | €393,775 | -€32,734 | -7.7% |
| Current portion of amounts payable after more than one year | 42 | €70,058 | €104,782 | +€34,724 | +49.6% |
| Trade debts | 44 | €203,307 | €178,418 | -€24,889 | -12.2% |
| Suppliers | 440/4 | €203,307 | €178,418 | -€24,889 | -12.2% |
| Taxes, remuneration and social security | 45 | €143,288 | €101,499 | -€41,788 | -29.2% |
| Taxes | 450/3 | €117,105 | €77,871 | -€39,235 | -33.5% |
| Remuneration and social security | 454/9 | €26,182 | €23,629 | -€2,554 | -9.8% |
| Other amounts payable | 47/48 | €9,856 | €9,076 | -€781 | -7.9% |
| Accrued charges and deferred income | 492/3 | €1,443 | €1,803 | +€360 | +25.0% |
| Remuneration, social security and pensions | 62 | €201,603 | €184,051 | -€17,552 | -8.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €94,943 | €86,272 | -€8,672 | -9.1% |
| Other operating charges | 640/8 | €17,194 | €48,565 | +€31,371 | +182% |
| Non-recurring operating charges | 66A | - | €17,378 | +€17,378 | |
| Gross operating margin | 9900 | €400,054 | €431,534 | +€31,480 | +7.9% |
| Operating profit (loss) | 9901 | €86,313 | €95,268 | +€8,955 | +10.4% |
| Financial income | 75/76B | €2,406 | €2,143 | -€263 | -10.9% |
| Recurring financial income | 75 | €2,406 | €2,143 | -€263 | -10.9% |
| Financial charges | 65/66B | €9,628 | €12,806 | +€3,177 | +33.0% |
| Recurring financial charges | 65 | €9,628 | €12,806 | +€3,177 | +33.0% |
| Profit (loss) for the period before taxes | 9903 | €79,091 | €84,606 | +€5,514 | +7.0% |
| Income taxes | 67/77 | €24,537 | €19,985 | -€4,552 | -18.6% |
| Profit (loss) for the period | 9904 | €54,554 | €64,621 | +€10,067 | +18.5% |
| Profit (loss) for the period to be appropriated | 9905 | €54,554 | €64,621 | +€10,067 | +18.5% |
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 13 October 2026 via checked.be.