TRICORDE: 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.
TRICORDE
Largest movements
- Receivables within one year -€120,000
no longer reported in 2025 (was €120,000)
- Cash +€56,334
up €56,334 (+91.1%), from €61,822 to €118,156
mainly Net result for the year (+€410,357) and Receivables within one year (+€120,000)
- Debts after one year -€438,921
down €438,921 (-43.3%), from €1.0m to €574,101
- Reserves +€250,000
up €250,000 (+11.9%), from €2.1m to €2.4m
- Other debts +€66,051
new in 2025: €66,051
- Gross operating margin +€63,112
up €63,112 (+31.4%), from €201,189 to €264,301
- Financial income -€52,000
down €52,000 (-16.3%), from €320,000 to €268,000
- Taxes +€22,417
up €22,417 (+52.8%), from €42,429 to €64,846
- Depreciation +€9,965
up €9,965 (+61.6%), from €16,165 to €26,130
- Financial charges -€7,012
down €7,012 (-19.0%), from €36,961 to €29,949
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 | €3,698,646 | €3,607,770 | -€90,876 | -2.5% |
| Fixed assets | 21/28 | €3,515,421 | €3,489,291 | -€26,130 | -0.7% |
| Tangible fixed assets | 22/27 | €115,421 | €89,291 | -€26,130 | -22.6% |
| Furniture and vehicles | 24 | €115,421 | €89,291 | -€26,130 | -22.6% |
| Financial fixed assets | 28 | €3,400,000 | €3,400,000 | = | 0.0% |
| Current assets | 29/58 | €183,225 | €118,479 | -€64,746 | -35.3% |
| Amounts receivable within one year | 40/41 | €120,000 | - | -€120,000 | |
| Other amounts receivable | 41 | €120,000 | - | -€120,000 | |
| Cash at bank and in hand | 54/58 | €61,822 | €118,156 | +€56,334 | +91.1% |
| Deferred charges and accrued income | 490/1 | €1,403 | €323 | -€1,080 | -77.0% |
| Total equity and liabilities | 10/49 | €3,698,646 | €3,607,770 | -€90,876 | -2.5% |
| Equity | 10/15 | €2,117,176 | €2,377,533 | +€260,357 | +12.3% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €2,100,000 | €2,350,000 | +€250,000 | +11.9% |
| Distributable reserves | 133 | €2,100,000 | €2,350,000 | +€250,000 | +11.9% |
| Profit (loss) carried forward | 14 | €14,176 | €24,533 | +€10,357 | +73.1% |
| Amounts payable | 17/49 | €1,581,470 | €1,230,237 | -€351,233 | -22.2% |
| Amounts payable after more than one year | 17 | €1,013,022 | €574,101 | -€438,921 | -43.3% |
| Financial debts | 170/4 | €1,013,022 | €574,101 | -€438,921 | -43.3% |
| Amounts payable within one year | 42/48 | €568,248 | €655,936 | +€87,688 | +15.4% |
| Current portion of amounts payable after more than one year | 42 | €539,446 | €548,922 | +€9,476 | +1.8% |
| Trade debts | 44 | €4,634 | €2,672 | -€1,962 | -42.3% |
| Suppliers | 440/4 | €4,634 | €2,672 | -€1,962 | -42.3% |
| Taxes, remuneration and social security | 45 | €24,168 | €38,291 | +€14,123 | +58.4% |
| Taxes | 450/3 | €24,168 | €38,291 | +€14,123 | +58.4% |
| Other amounts payable | 47/48 | - | €66,051 | +€66,051 | |
| Accrued charges and deferred income | 492/3 | €200 | €200 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,165 | €26,130 | +€9,965 | +61.6% |
| Other operating charges | 640/8 | €7,137 | €1,019 | -€6,118 | -85.7% |
| Gross operating margin | 9900 | €201,189 | €264,301 | +€63,112 | +31.4% |
| Operating profit (loss) | 9901 | €177,887 | €237,152 | +€59,265 | +33.3% |
| Financial income | 75/76B | €320,000 | €268,000 | -€52,000 | -16.3% |
| Recurring financial income | 75 | €320,000 | €268,000 | -€52,000 | -16.3% |
| Financial charges | 65/66B | €36,961 | €29,949 | -€7,012 | -19.0% |
| Recurring financial charges | 65 | €36,961 | €29,949 | -€7,012 | -19.0% |
| Profit (loss) for the period before taxes | 9903 | €460,926 | €475,203 | +€14,277 | +3.1% |
| Income taxes | 67/77 | €42,429 | €64,846 | +€22,417 | +52.8% |
| Profit (loss) for the period | 9904 | €418,497 | €410,357 | -€8,140 | -1.9% |
| Profit (loss) for the period to be appropriated | 9905 | €418,497 | €410,357 | -€8,140 | -1.9% |
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 16 October 2026 via checked.be.