TRIOR Waterloo: 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.
TRIOR Waterloo
Largest movements
- Receivables within one year +€218,150
up €218,150 (+122%), from €178,844 to €396,994
of which Trade receivables: +€170,752
- Cash +€57,436
up €57,436 (+135%), from €42,464 to €99,900
mainly Trade debts (+€338,869) and Depreciation (+€57,631)
- Tangible fixed assets +€37,189
up €37,189 (+5.5%), from €677,160 to €714,349
of which Plant, machinery and equipment: +€48,681
- Intangible fixed assets -€19,792
no longer reported in 2025 (was €19,792)
- Trade debts +€338,869
up €338,869 (+195%), from €173,631 to €512,500
- Other debts -€25,000
down €25,000 (-51.0%), from €49,000 to €24,000
- Debts after one year -€23,452
down €23,452 (-5.0%), from €471,646 to €448,194
- Profit (loss) carried forward +€18,538
up €18,538 (+31.2%), from €59,452 to €77,990
- Current portion of long-term debt -€14,594
down €14,594 (-19.2%), from €75,918 to €61,324
- Gross operating margin +€88,315
up €88,315 (+52.2%), from €169,217 to €257,532
- Staff costs +€76,154
up €76,154 (+108%), from €70,704 to €146,858
- Depreciation -€18,502
down €18,502 (-24.3%), from €76,133 to €57,631
- Other operating charges +€9,851
up €9,851 (+361%), from €2,732 to €12,583
- Taxes +€6,557
up €6,557 (+1,457%), from €450 to €7,007
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 | €919,347 | €1,218,735 | +€299,388 | +32.6% |
| Fixed assets | 21/28 | €697,052 | €721,499 | +€24,447 | +3.5% |
| Intangible fixed assets | 21 | €19,792 | - | -€19,792 | |
| Tangible fixed assets | 22/27 | €677,160 | €714,349 | +€37,189 | +5.5% |
| Land and buildings | 22 | €592,124 | €576,822 | -€15,302 | -2.6% |
| Plant, machinery and equipment | 23 | €25,547 | €74,228 | +€48,681 | +191% |
| Furniture and vehicles | 24 | €59,387 | €63,300 | +€3,913 | +6.6% |
| Other tangible fixed assets | 26 | €102 | - | -€102 | |
| Financial fixed assets | 28 | €100 | €7,150 | +€7,050 | +7,050% |
| Current assets | 29/58 | €222,295 | €497,236 | +€274,941 | +124% |
| Amounts receivable within one year | 40/41 | €178,844 | €396,994 | +€218,150 | +122% |
| Trade receivables | 40 | €178,842 | €349,594 | +€170,752 | +95.5% |
| Other amounts receivable | 41 | €2 | €47,400 | +€47,398 | +2,369,875% |
| Cash at bank and in hand | 54/58 | €42,464 | €99,900 | +€57,436 | +135% |
| Deferred charges and accrued income | 490/1 | €987 | €341 | -€646 | -65.4% |
| Total equity and liabilities | 10/49 | €919,347 | €1,218,735 | +€299,388 | +32.6% |
| Equity | 10/15 | €125,257 | €143,795 | +€18,538 | +14.8% |
| Contributions | 10/11 | €63,615 | €63,615 | = | 0.0% |
| Contributions outside capital | 11 | €63,615 | - | -€63,615 | |
| Share premium | 1100/10 | €41,715 | - | -€41,715 | |
| Other | 1109/19 | €21,900 | - | -€21,900 | |
| Reserves | 13 | €2,190 | €2,190 | = | 0.0% |
| Distributable reserves | 133 | €2,190 | €2,190 | = | 0.0% |
| Profit (loss) carried forward | 14 | €59,452 | €77,990 | +€18,538 | +31.2% |
| Amounts payable | 17/49 | €794,090 | €1,074,941 | +€280,851 | +35.4% |
| Amounts payable after more than one year | 17 | €471,646 | €448,194 | -€23,452 | -5.0% |
| Financial debts | 170/4 | €471,646 | €448,194 | -€23,452 | -5.0% |
| Amounts payable within one year | 42/48 | €322,444 | €626,747 | +€304,303 | +94.4% |
| Current portion of amounts payable after more than one year | 42 | €75,918 | €61,324 | -€14,594 | -19.2% |
| Trade debts | 44 | €173,631 | €512,500 | +€338,869 | +195% |
| Suppliers | 440/4 | €173,631 | €512,500 | +€338,869 | +195% |
| Taxes, remuneration and social security | 45 | €23,895 | €28,923 | +€5,028 | +21.0% |
| Taxes | 450/3 | €10,651 | €9,277 | -€1,374 | -12.9% |
| Remuneration and social security | 454/9 | €13,244 | €19,646 | +€6,402 | +48.3% |
| Other amounts payable | 47/48 | €49,000 | €24,000 | -€25,000 | -51.0% |
| Remuneration, social security and pensions | 62 | €70,704 | €146,858 | +€76,154 | +108% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €76,133 | €57,631 | -€18,502 | -24.3% |
| Other operating charges | 640/8 | €2,732 | €12,583 | +€9,851 | +361% |
| Gross operating margin | 9900 | €169,217 | €257,532 | +€88,315 | +52.2% |
| Operating profit (loss) | 9901 | €19,648 | €40,460 | +€20,812 | +106% |
| Financial income | 75/76B | €95 | €10 | -€85 | -89.5% |
| Recurring financial income | 75 | €95 | €10 | -€85 | -89.5% |
| Financial charges | 65/66B | €15,950 | €14,925 | -€1,025 | -6.4% |
| Recurring financial charges | 65 | €15,950 | €14,925 | -€1,025 | -6.4% |
| Profit (loss) for the period before taxes | 9903 | €3,793 | €25,545 | +€21,752 | +573% |
| Income taxes | 67/77 | €450 | €7,007 | +€6,557 | +1,457% |
| Profit (loss) for the period | 9904 | €3,343 | €18,538 | +€15,195 | +455% |
| Profit (loss) for the period to be appropriated | 9905 | €3,343 | €18,538 | +€15,195 | +455% |
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 18 October 2026 via checked.be.