TRGB: 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.
TRGB
Largest movements
- Receivables within one year +€83,961
up €83,961 (+174.5%), from €48,108 to €132,070
of which Other amounts receivable: +€94,510
- Cash -€52,703
down €52,703 (-42.2%), from €124,814 to €72,111
mainly Receivables within one year (-€83,961) and Receivables after one year (-€40,000)
- Receivables after one year +€40,000
up €40,000 (+27.6%), from €145,000 to €185,000
- Tangible fixed assets -€14,239
down €14,239 (-15.8%), from €90,140 to €75,901
of which Furniture and vehicles: -€34,346
- Reserves +€74,187
up €74,187 (+7.5%), from €994,622 to €1.1m
of which Distributable reserves: +€89,043
- Debts after one year -€30,420
down €30,420 (-79.9%), from €38,063 to €7,643
- Gross operating margin -€116,953
down €116,953 (-44.1%), from €265,066 to €148,113
- Taxes -€30,423
down €30,423 (-44.1%), from €68,950 to €38,527
- Other operating charges -€17,004
down €17,004 (-82.2%), from €20,675 to €3,671
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 | €1,108,062 | €1,165,082 | +€57,019 | +5.1% |
| Fixed assets | 21/28 | €790,140 | €775,901 | -€14,239 | -1.8% |
| Tangible fixed assets | 22/27 | €90,140 | €75,901 | -€14,239 | -15.8% |
| Plant, machinery and equipment | 23 | €2,169 | €1,276 | -€893 | -41.2% |
| Furniture and vehicles | 24 | €75,281 | €40,935 | -€34,346 | -45.6% |
| Other tangible fixed assets | 26 | €12,690 | €33,690 | +€21,000 | +165.5% |
| Financial fixed assets | 28 | €700,000 | €700,000 | = | 0.0% |
| Current assets | 29/58 | €317,922 | €389,180 | +€71,258 | +22.4% |
| Amounts receivable after more than one year | 29 | €145,000 | €185,000 | +€40,000 | +27.6% |
| Other amounts receivable | 291 | €145,000 | €185,000 | +€40,000 | +27.6% |
| Amounts receivable within one year | 40/41 | €48,108 | €132,070 | +€83,961 | +174.5% |
| Trade receivables | 40 | €46,029 | €35,480 | -€10,549 | -22.9% |
| Other amounts receivable | 41 | €2,080 | €96,590 | +€94,510 | +4544.3% |
| Cash at bank and in hand | 54/58 | €124,814 | €72,111 | -€52,703 | -42.2% |
| Total equity and liabilities | 10/49 | €1,108,062 | €1,165,082 | +€57,019 | +5.1% |
| Equity | 10/15 | €1,013,222 | €1,087,410 | +€74,187 | +7.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €994,622 | €1,068,810 | +€74,187 | +7.5% |
| Tax-exempt reserves | 132 | €14,855 | - | -€14,855 | |
| Distributable reserves | 133 | €979,767 | €1,068,810 | +€89,043 | +9.1% |
| Amounts payable | 17/49 | €94,840 | €77,672 | -€17,168 | -18.1% |
| Amounts payable after more than one year | 17 | €38,063 | €7,643 | -€30,420 | -79.9% |
| Financial debts | 170/4 | €38,063 | €7,643 | -€30,420 | -79.9% |
| Amounts payable within one year | 42/48 | €56,777 | €70,029 | +€13,252 | +23.3% |
| Current portion of amounts payable after more than one year | 42 | €30,179 | €30,420 | +€241 | +0.8% |
| Trade debts | 44 | €3,565 | €5,052 | +€1,487 | +41.7% |
| Suppliers | 440/4 | €3,565 | €5,052 | +€1,487 | +41.7% |
| Taxes, remuneration and social security | 45 | €20,682 | €29,635 | +€8,953 | +43.3% |
| Taxes | 450/3 | €14,030 | €22,934 | +€8,904 | +63.5% |
| Remuneration and social security | 454/9 | €6,651 | €6,700 | +€49 | +0.7% |
| Other amounts payable | 47/48 | €2,352 | €4,923 | +€2,570 | +109.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,835 | €35,239 | -€1,596 | -4.3% |
| Other operating charges | 640/8 | €20,675 | €3,671 | -€17,004 | -82.2% |
| Gross operating margin | 9900 | €265,066 | €148,113 | -€116,953 | -44.1% |
| Operating profit (loss) | 9901 | €207,555 | €109,202 | -€98,353 | -47.4% |
| Financial income | 75/76B | €3,313 | €4,125 | +€813 | +24.5% |
| Recurring financial income | 75 | €3,313 | €4,125 | +€813 | +24.5% |
| Financial charges | 65/66B | €1,616 | €613 | -€1,004 | -62.1% |
| Recurring financial charges | 65 | €1,616 | €613 | -€1,004 | -62.1% |
| Profit (loss) for the period before taxes | 9903 | €209,251 | €112,715 | -€96,537 | -46.1% |
| Income taxes | 67/77 | €68,950 | €38,527 | -€30,423 | -44.1% |
| Profit (loss) for the period | 9904 | €140,301 | €74,187 | -€66,114 | -47.1% |
| Transfer from tax-exempt reserves | 789 | - | €14,855 | +€14,855 | |
| Profit (loss) for the period to be appropriated | 9905 | €140,301 | €89,043 | -€51,259 | -36.5% |
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 7 October 2026 via checked.be.