TROIKA: 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.
TROIKA
Largest movements
- Financial fixed assets -€149,438
down €149,438 (-100.0%), from €149,438 to €0
- Cash +€33,186
up €33,186 (+86.3%), from €38,437 to €71,623
mainly Investment in fixed assets (net) (+€144,438) and Depreciation (+€29,358)
- Tangible fixed assets -€24,358
down €24,358 (-6.7%), from €361,567 to €337,209
of which Land and buildings: -€22,183
- Receivables within one year +€10,714
up €10,714 (+34.1%), from €31,396 to €42,110
of which Trade receivables: +€11,301
- Reserves -€433,668
down €433,668 (-68.4%), from €633,735 to €200,067
of which Distributable reserves: -€433,668
- Profit (loss) carried forward +€329,166
up €329,166, from -€329,166 to €0
- Debts after one year -€24,202
down €24,202 (-14.7%), from €165,160 to €140,958
- Tax, wage and social debts +€9,512
up €9,512 (+165.8%), from €5,737 to €15,249
- Trade debts -€7,165
down €7,165 (-69.1%), from €10,366 to €3,201
- Financial charges -€241,269
down €241,269 (-64.4%), from €374,842 to €133,573
of which Non-recurring financial charges: -€240,866
- Gross operating margin -€20,367
down €20,367 (-20.0%), from €101,855 to €81,489
- Taxes -€4,587
down €4,587 (-32.9%), from €13,961 to €9,374
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 | €581,381 | €454,500 | -€126,881 | -21.8% |
| Fixed assets | 21/28 | €511,004 | €337,209 | -€173,795 | -34.0% |
| Tangible fixed assets | 22/27 | €361,567 | €337,209 | -€24,358 | -6.7% |
| Land and buildings | 22 | €316,247 | €294,064 | -€22,183 | -7.0% |
| Plant, machinery and equipment | 23 | €45,320 | €38,537 | -€6,784 | -15.0% |
| Furniture and vehicles | 24 | - | €4,608 | +€4,608 | |
| Financial fixed assets | 28 | €149,438 | €0 | -€149,438 | -100.0% |
| Current assets | 29/58 | €70,377 | €117,291 | +€46,914 | +66.7% |
| Amounts receivable within one year | 40/41 | €31,396 | €42,110 | +€10,714 | +34.1% |
| Trade receivables | 40 | €19,774 | €31,075 | +€11,301 | +57.2% |
| Other amounts receivable | 41 | €11,622 | €11,036 | -€586 | -5.0% |
| Cash at bank and in hand | 54/58 | €38,437 | €71,623 | +€33,186 | +86.3% |
| Deferred charges and accrued income | 490/1 | €543 | €3,557 | +€3,014 | +554.6% |
| Total equity and liabilities | 10/49 | €581,381 | €454,500 | -€126,881 | -21.8% |
| Equity | 10/15 | €367,569 | €263,067 | -€104,503 | -28.4% |
| Contributions | 10/11 | €63,000 | €63,000 | = | 0.0% |
| Capital | 10 | €63,000 | €63,000 | = | 0.0% |
| Issued capital | 100 | €63,000 | €63,000 | = | 0.0% |
| Reserves | 13 | €633,735 | €200,067 | -€433,668 | -68.4% |
| Non-distributable reserves | 130/1 | €6,300 | €6,300 | = | 0.0% |
| Legal reserve | 130 | €6,300 | €6,300 | = | 0.0% |
| Distributable reserves | 133 | €627,435 | €193,767 | -€433,668 | -69.1% |
| Profit (loss) carried forward | 14 | -€329,166 | €0 | +€329,166 | |
| Amounts payable | 17/49 | €213,812 | €191,433 | -€22,379 | -10.5% |
| Amounts payable after more than one year | 17 | €165,160 | €140,958 | -€24,202 | -14.7% |
| Financial debts | 170/4 | €165,160 | €140,958 | -€24,202 | -14.7% |
| Amounts payable within one year | 42/48 | €39,921 | €42,652 | +€2,731 | +6.8% |
| Current portion of amounts payable after more than one year | 42 | €23,818 | €24,202 | +€384 | +1.6% |
| Trade debts | 44 | €10,366 | €3,201 | -€7,165 | -69.1% |
| Suppliers | 440/4 | €10,366 | €3,201 | -€7,165 | -69.1% |
| Taxes, remuneration and social security | 45 | €5,737 | €15,249 | +€9,512 | +165.8% |
| Taxes | 450/3 | €5,737 | €15,249 | +€9,512 | +165.8% |
| Accrued charges and deferred income | 492/3 | €8,731 | €7,823 | -€908 | -10.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,961 | €29,358 | +€397 | +1.4% |
| Other operating charges | 640/8 | €13,257 | €13,704 | +€448 | +3.4% |
| Gross operating margin | 9900 | €101,855 | €81,489 | -€20,367 | -20.0% |
| Operating profit (loss) | 9901 | €59,638 | €38,426 | -€21,211 | -35.6% |
| Financial income | 75/76B | - | €19 | +€19 | |
| Recurring financial income | 75 | - | €19 | +€19 | |
| Financial charges | 65/66B | €374,842 | €133,573 | -€241,269 | -64.4% |
| Recurring financial charges | 65 | €3,892 | €3,489 | -€403 | -10.4% |
| Non-recurring financial charges | 66B | €370,950 | €130,085 | -€240,866 | -64.9% |
| Profit (loss) for the period before taxes | 9903 | -€315,204 | -€95,128 | +€220,076 | +69.8% |
| Income taxes | 67/77 | €13,961 | €9,374 | -€4,587 | -32.9% |
| Profit (loss) for the period | 9904 | -€329,166 | -€104,503 | +€224,663 | +68.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€329,166 | -€104,503 | +€224,663 | +68.3% |
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 8 October 2026 via checked.be.