Troef: 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.
What changed
Troef
NACE 47.551, Retail sale of household furniture
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€657,174
2024 · €649,793+€7,381
Equity
€8.8m
2024 · €8.1m+€657,174
Cash
€416,960
2024 · €1.7m-€1.3m
Balance sheet total
€17.2m
2024 · €19.5m-€2.3m
Largest movements
Assets
- Cash -€1.3m
down €1.3m (-75.5%), from €1.7m to €416,960
mainly Debts after one year (-€2.0m) and Trade debts (-€492,376)
- Current investments -€751,822
down €751,822 (-100.0%), from €751,822 to €0
- Tangible fixed assets -€337,832
down €337,832 (-2.5%), from €13.6m to €13.3m
of which Land and buildings: -€600,643
Equity and liabilities
- Debts after one year -€2.0m
down €2.0m (-37.0%), from €5.3m to €3.4m
- Reserves +€657,174
up €657,174 (+8.2%), from €8.1m to €8.7m
of which Distributable reserves: +€657,174
- Trade debts -€492,376
down €492,376 (-14.2%), from €3.5m to €3.0m
- Current portion of long-term debt -€433,333
down €433,333 (-68.4%), from €633,333 to €200,000
Income statement
- Turnover +€1.4m
up €1.4m (+4.9%), from €27.9m to €29.3m
- Goods and materials +€907,494
up €907,494 (+4.0%), from €22.7m to €23.6m
of which Purchases: +€960,474
- Services and other goods +€440,298
up €440,298 (+17.1%), from €2.6m to €3.0m
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
€649,793
Turnover
+€1.4m
Other operating income
+€40,525
Goods and materials
-€907,494
Services and other goods
-€440,298
Staff costs
-€71,505
Depreciation
-€12,107
Other operating charges
-€19,295
Other operating items
-€78,108
Financial income
+€17,357
Financial charges
+€34,593
Taxes
+€76,571
Result 2025
€657,174
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
+€658,681
Investment
+€462,958
Financing
-€2.4m
Cash 2024
€1.7m
From operations (derived)
+€658,681
Net result for the year
+€657,174
Depreciation
+€626,697
Stocks and contracts
+€36,160
Receivables within one year
-€112,131
Deferred charges and accrued income
+€8,219
Trade debts
-€492,376
Tax, wage and social debts
-€11,503
Advances received
-€15,289
Accrued charges and deferred income
-€38,270
Investment (derived)
+€462,958
Investment in fixed assets (net)
-€288,865
Current investments
+€751,822
Financing
-€2.4m
Debts after one year
-€2.0m
Current portion of long-term debt
-€433,333
Cash 2025
€416,960
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €19,492,261 | €17,182,061 | -€2.3m | -11.9% |
| Fixed assets | 21/28 | €13,618,181 | €13,280,349 | -€337,832 | -2.5% |
| Intangible fixed assets | 21 | €10,000 | €10,000 | = | 0.0% |
| Tangible fixed assets | 22/27 | €13,607,980 | €13,270,148 | -€337,832 | -2.5% |
| Land and buildings | 22 | €13,449,624 | €12,848,981 | -€600,643 | -4.5% |
| Plant, machinery and equipment | 23 | €79,488 | €46,629 | -€32,859 | -41.3% |
| Furniture and vehicles | 24 | €78,867 | €165,187 | +€86,321 | +109.5% |
| Assets under construction and advance payments | 27 | - | €209,350 | +€209,350 | |
| Financial fixed assets | 28 | €201 | €201 | = | 0.0% |
| Other financial fixed assets | 284/8 | €201 | €201 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €201 | €201 | = | 0.0% |
| Current assets | 29/58 | €5,874,080 | €3,901,713 | -€2.0m | -33.6% |
| Stocks and contracts in progress | 3 | €2,385,578 | €2,349,418 | -€36,160 | -1.5% |
| Stocks | 30/36 | €2,385,578 | €2,349,418 | -€36,160 | -1.5% |
| Goods purchased for resale | 34 | €2,385,578 | €2,190,786 | -€194,793 | -8.2% |
| Advance payments | 36 | - | €158,632 | +€158,632 | |
| Amounts receivable within one year | 40/41 | €993,520 | €1,105,651 | +€112,131 | +11.3% |
| Trade receivables | 40 | €738,098 | €793,527 | +€55,429 | +7.5% |
| Other amounts receivable | 41 | €255,422 | €312,123 | +€56,701 | +22.2% |
| Current investments | 50/53 | €751,822 | €0 | -€751,822 | -100.0% |
| Other investments | 51/53 | €751,822 | €0 | -€751,822 | -100.0% |
| Cash at bank and in hand | 54/58 | €1,705,257 | €416,960 | -€1.3m | -75.5% |
| Deferred charges and accrued income | 490/1 | €37,903 | €29,685 | -€8,219 | -21.7% |
| Total equity and liabilities | 10/49 | €19,492,261 | €17,182,061 | -€2.3m | -11.9% |
| Equity | 10/15 | €8,124,312 | €8,781,486 | +€657,174 | +8.1% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €8,062,812 | €8,719,986 | +€657,174 | +8.2% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Tax-exempt reserves | 132 | €9,000 | €9,000 | = | 0.0% |
| Distributable reserves | 133 | €8,047,662 | €8,704,836 | +€657,174 | +8.2% |
| Amounts payable | 17/49 | €11,367,949 | €8,400,575 | -€3.0m | -26.1% |
| Amounts payable after more than one year | 17 | €5,336,603 | €3,360,000 | -€2.0m | -37.0% |
| Financial debts | 170/4 | €5,336,603 | €3,360,000 | -€2.0m | -37.0% |
| Subordinated loans | 170 | €360,000 | €360,000 | = | 0.0% |
| Other loans | 174 | €4,976,603 | €3,000,000 | -€2.0m | -39.7% |
| Amounts payable within one year | 42/48 | €5,964,575 | €5,012,074 | -€952,501 | -16.0% |
| Current portion of amounts payable after more than one year | 42 | €633,333 | €200,000 | -€433,333 | -68.4% |
| Trade debts | 44 | €3,479,574 | €2,987,199 | -€492,376 | -14.2% |
| Suppliers | 440/4 | €3,479,574 | €2,987,199 | -€492,376 | -14.2% |
| Advances received on contracts in progress | 46 | €1,249,546 | €1,234,257 | -€15,289 | -1.2% |
| Taxes, remuneration and social security | 45 | €602,122 | €590,619 | -€11,503 | -1.9% |
| Taxes | 450/3 | €351,347 | €325,785 | -€25,562 | -7.3% |
| Remuneration and social security | 454/9 | €250,774 | €264,834 | +€14,059 | +5.6% |
| Accrued charges and deferred income | 492/3 | €66,771 | €28,501 | -€38,270 | -57.3% |
| Operating income | 70/76A | €28,252,246 | €29,666,209 | +€1.4m | +5.0% |
| Turnover | 70 | €27,917,962 | €29,285,104 | +€1.4m | +4.9% |
| Other operating income | 74 | €309,230 | €349,755 | +€40,525 | +13.1% |
| Non-recurring operating income | 76A | €25,054 | €31,350 | +€6,296 | +25.1% |
| Operating charges | 60/66A | €27,446,185 | €28,981,287 | +€1.5m | +5.6% |
| Goods for resale, raw materials and consumables | 60 | €22,699,113 | €23,606,607 | +€907,494 | +4.0% |
| Purchases | 600/8 | €22,609,973 | €23,570,447 | +€960,474 | +4.2% |
| Change in stocks: decrease (increase) | 609 | €89,140 | €36,160 | -€52,980 | -59.4% |
| Services and other goods | 61 | €2,580,368 | €3,020,666 | +€440,298 | +17.1% |
| Remuneration, social security and pensions | 62 | €1,445,277 | €1,516,782 | +€71,505 | +4.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €614,590 | €626,697 | +€12,107 | +2.0% |
| Other operating charges | 640/8 | €106,837 | €126,131 | +€19,295 | +18.1% |
| Non-recurring operating charges | 66A | €0 | €84,404 | +€84,404 | |
| Operating profit (loss) | 9901 | €806,061 | €684,922 | -€121,140 | -15.0% |
| Financial income | 75/76B | €282,009 | €299,366 | +€17,357 | +6.2% |
| Recurring financial income | 75 | €282,009 | €299,366 | +€17,357 | +6.2% |
| Income from current assets | 751 | €24,836 | €20,951 | -€3,885 | -15.6% |
| Other financial income | 752/9 | €257,173 | €278,415 | +€21,242 | +8.3% |
| Financial charges | 65/66B | €207,572 | €172,979 | -€34,593 | -16.7% |
| Recurring financial charges | 65 | €207,572 | €172,979 | -€34,593 | -16.7% |
| Debt charges | 650 | €192,939 | €156,236 | -€36,703 | -19.0% |
| Other financial charges | 652/9 | €14,633 | €16,744 | +€2,111 | +14.4% |
| Profit (loss) for the period before taxes | 9903 | €880,498 | €811,309 | -€69,190 | -7.9% |
| Income taxes | 67/77 | €230,706 | €154,135 | -€76,571 | -33.2% |
| Taxes | 670/3 | €230,706 | €154,135 | -€76,571 | -33.2% |
| Profit (loss) for the period | 9904 | €649,793 | €657,174 | +€7,381 | +1.1% |
| Profit (loss) for the period to be appropriated | 9905 | €649,793 | €657,174 | +€7,381 | +1.1% |
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 2 October 2026 via checked.be.