TRI: 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.
What changed
TRI
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€747,437
2024 · €1.2m-€468,876
Equity
€4.0m
2024 · €4.0m-€2,563
Cash
€521,407
2024 · €788,905-€267,497
Balance sheet total
€7.5m
2024 · €5.4m+€2.1m
Largest movements
Assets
- Tangible fixed assets +€3.2m
up €3.2m (+92.6%), from €3.5m to €6.7m
of which Assets under construction and advance payments: +€3.6m
- Current investments -€865,707
down €865,707 (-77.0%), from €1.1m to €259,293
- Cash -€267,497
down €267,497 (-33.9%), from €788,905 to €521,407
mainly Investment in fixed assets (net) (-€3.6m) and Contributions, distributions and other (-€750,000)
Equity and liabilities
- Debts after one year +€2.2m
up €2.2m (+1338.7%), from €162,178 to €2.3m
- Tax, wage and social debts -€243,809
down €243,809 (-94.4%), from €258,193 to €14,384
- Current portion of long-term debt +€107,572
up €107,572 (+302.9%), from €35,517 to €143,089
- Trade debts +€100,511
up €100,511 (+82.8%), from €121,330 to €221,840
- Provisions -€79,680
down €79,680 (-16.2%), from €490,502 to €410,822
Income statement
- Other operating charges -€309,192
down €309,192 (-67.0%), from €461,251 to €152,058
- Taxes +€75,123
up €75,123 (+26.3%), from €285,243 to €360,367
of which Taxes: +€75,204
- Depreciation -€61,583
down €61,583 (-13.8%), from €446,134 to €384,551
- Financial charges +€49,180
up €49,180 (+932.2%), from €5,276 to €54,456
- Turnover +€26,712
up €26,712 (+2.2%), from €1.2m to €1.2m
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.
Result 2024
€1.2m
Turnover
+€26,712
Other operating income
-€8,954
Services and other goods
-€23,739
Depreciation
+€61,583
Other operating charges
+€309,192
Other operating items
-€635,320
Financial income
-€4,931
Financial charges
-€49,180
Taxes
-€75,123
Deferred taxes and other
-€69,115
Result 2025
€747,437
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.
From operations
+€941,890
Investment
-€2.7m
Financing
+€1.5m
Cash 2024
€788,905
From operations (derived)
+€941,890
Net result for the year
+€747,437
Depreciation
+€384,551
Receivables within one year
-€35,450
Deferred charges and accrued income
-€23,062
Provisions
-€79,680
Trade debts
+€100,511
Tax, wage and social debts
-€243,809
Other debts
+€74,200
Accrued charges and deferred income
+€17,194
Investment (derived)
-€2.7m
Investment in fixed assets (net)
-€3.6m
Current investments
+€865,707
Financing
+€1.5m
Debts after one year
+€2.2m
Current portion of long-term debt
+€107,572
Contributions, distributions and other
-€750,000
Cash 2025
€521,407
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,394,131 | €7,538,566 | +€2.1m | +39.8% |
| Fixed assets | 21/28 | €3,476,952 | €6,696,079 | +€3.2m | +92.6% |
| Tangible fixed assets | 22/27 | €3,476,952 | €6,696,079 | +€3.2m | +92.6% |
| Land and buildings | 22 | €1,910,701 | €1,692,791 | -€217,909 | -11.4% |
| Plant, machinery and equipment | 23 | €855,925 | €728,585 | -€127,340 | -14.9% |
| Assets under construction and advance payments | 27 | €710,327 | €4,274,702 | +€3.6m | +501.8% |
| Current assets | 29/58 | €1,917,179 | €842,487 | -€1.1m | -56.1% |
| Amounts receivable within one year | 40/41 | €2,523 | €37,973 | +€35,450 | +1405.2% |
| Other amounts receivable | 41 | €2,523 | €37,973 | +€35,450 | +1405.2% |
| Current investments | 50/53 | €1,125,000 | €259,293 | -€865,707 | -77.0% |
| Other investments | 51/53 | €1,125,000 | €259,293 | -€865,707 | -77.0% |
| Cash at bank and in hand | 54/58 | €788,905 | €521,407 | -€267,497 | -33.9% |
| Deferred charges and accrued income | 490/1 | €752 | €23,814 | +€23,062 | +3068.0% |
| Total equity and liabilities | 10/49 | €5,394,131 | €7,538,566 | +€2.1m | +39.8% |
| Equity | 10/15 | €4,036,004 | €4,033,441 | -€2,563 | -0.1% |
| Contributions | 10/11 | €886,921 | €886,921 | = | 0.0% |
| Capital | 10 | €886,921 | €886,921 | = | 0.0% |
| Issued capital | 100 | €886,921 | €886,921 | = | 0.0% |
| Reserves | 13 | €1,932,771 | €1,932,771 | = | 0.0% |
| Non-distributable reserves | 130/1 | €89,074 | €89,074 | = | 0.0% |
| Legal reserve | 130 | €88,692 | €88,692 | = | 0.0% |
| Reserves not available under the articles | 1311 | €382 | €382 | = | 0.0% |
| Distributable reserves | 133 | €1,843,697 | €1,843,697 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,216,313 | €1,213,749 | -€2,563 | -0.2% |
| Provisions and deferred taxes | 16 | €490,502 | €410,822 | -€79,680 | -16.2% |
| Deferred taxes | 168 | €490,502 | €410,822 | -€79,680 | -16.2% |
| Amounts payable | 17/49 | €867,625 | €3,094,302 | +€2.2m | +256.6% |
| Amounts payable after more than one year | 17 | €162,178 | €2,333,188 | +€2.2m | +1338.7% |
| Financial debts | 170/4 | €162,178 | €2,333,188 | +€2.2m | +1338.7% |
| Credit institutions | 173 | €162,178 | €2,333,188 | +€2.2m | +1338.7% |
| Amounts payable within one year | 42/48 | €698,453 | €736,926 | +€38,473 | +5.5% |
| Current portion of amounts payable after more than one year | 42 | €35,517 | €143,089 | +€107,572 | +302.9% |
| Trade debts | 44 | €121,330 | €221,840 | +€100,511 | +82.8% |
| Suppliers | 440/4 | €121,330 | €221,840 | +€100,511 | +82.8% |
| Taxes, remuneration and social security | 45 | €258,193 | €14,384 | -€243,809 | -94.4% |
| Taxes | 450/3 | €258,193 | €14,384 | -€243,809 | -94.4% |
| Other amounts payable | 47/48 | €283,413 | €357,613 | +€74,200 | +26.2% |
| Accrued charges and deferred income | 492/3 | €6,995 | €24,189 | +€17,194 | +245.8% |
| Operating income | 70/76A | €2,440,406 | €1,844,462 | -€595,944 | -24.4% |
| Turnover | 70 | €1,217,401 | €1,244,112 | +€26,712 | +2.2% |
| Other operating income | 74 | €17,914 | €8,960 | -€8,954 | -50.0% |
| Non-recurring operating income | 76A | €1,205,092 | €591,389 | -€613,702 | -50.9% |
| Operating charges | 60/66A | €1,114,761 | €789,342 | -€325,419 | -29.2% |
| Services and other goods | 61 | €207,377 | €231,116 | +€23,739 | +11.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €446,134 | €384,551 | -€61,583 | -13.8% |
| Other operating charges | 640/8 | €461,251 | €152,058 | -€309,192 | -67.0% |
| Non-recurring operating charges | 66A | - | €21,617 | +€21,617 | |
| Operating profit (loss) | 9901 | €1,325,645 | €1,055,120 | -€270,526 | -20.4% |
| Financial income | 75/76B | €32,391 | €27,460 | -€4,931 | -15.2% |
| Recurring financial income | 75 | €32,391 | €27,460 | -€4,931 | -15.2% |
| Income from financial fixed assets | 750 | €6 | - | -€6 | |
| Income from current assets | 751 | €754 | €25,016 | +€24,261 | +3216.3% |
| Other financial income | 752/9 | €31,631 | €2,445 | -€29,186 | -92.3% |
| Financial charges | 65/66B | €5,276 | €54,456 | +€49,180 | +932.2% |
| Recurring financial charges | 65 | €5,276 | €54,456 | +€49,180 | +932.2% |
| Debt charges | 650 | €3,742 | €38,504 | +€34,762 | +928.9% |
| Other financial charges | 652/9 | €1,533 | €15,952 | +€14,418 | +940.3% |
| Profit (loss) for the period before taxes | 9903 | €1,352,761 | €1,028,124 | -€324,637 | -24.0% |
| Transfer from deferred taxes | 780 | €148,795 | €79,680 | -€69,115 | -46.5% |
| Income taxes | 67/77 | €285,243 | €360,367 | +€75,123 | +26.3% |
| Taxes | 670/3 | €285,243 | €360,448 | +€75,204 | +26.4% |
| Tax adjustments and reversals of tax provisions | 77 | - | €81 | +€81 | |
| Profit (loss) for the period | 9904 | €1,216,313 | €747,437 | -€468,876 | -38.5% |
| Profit (loss) for the period to be appropriated | 9905 | €1,216,313 | €747,437 | -€468,876 | -38.5% |
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 11 October 2026 via checked.be.