TROIKA CAPITAL: 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.
TROIKA CAPITAL
Largest movements
- Receivables after one year +€927,942
up €927,942 (+497.3%), from €186,585 to €1.1m
- Tangible fixed assets -€348,166
down €348,166 (-100.0%), from €348,166 to €0
of which Land and buildings: -€242,396
- Receivables within one year +€52,316
up €52,316 (+1984.1%), from €2,637 to €54,953
of which Other amounts receivable: +€49,045
- Reserves +€568,112
up €568,112 (+1099.1%), from €51,688 to €619,800
of which Distributable reserves: +€551,000
- Short-term financial debts +€245,000
new in 2025: €245,000
- Debts after one year -€160,716
down €160,716 (-24.9%), from €646,136 to €485,420
of which Financial debts: -€108,133
- Gross operating margin +€721,424
up €721,424 (+856.3%), from €84,245 to €805,668
- Taxes +€194,104
up €194,104 (+4736.2%), from €4,098 to €198,202
- Depreciation -€56,273
down €56,273 (-99.9%), from €56,354 to €81
- Other operating charges +€9,853
up €9,853 (+116.2%), from €8,478 to €18,331
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 | €1,141,960 | €1,784,184 | +€642,224 | +56.2% |
| Fixed assets | 21/28 | €920,817 | €572,651 | -€348,166 | -37.8% |
| Tangible fixed assets | 22/27 | €348,166 | €0 | -€348,166 | -100.0% |
| Land and buildings | 22 | €242,396 | €0 | -€242,396 | -100.0% |
| Furniture and vehicles | 24 | €81 | €0 | -€81 | -100.0% |
| Leasing and similar rights | 25 | €105,688 | €0 | -€105,688 | -100.0% |
| Financial fixed assets | 28 | €572,651 | €572,651 | = | 0.0% |
| Current assets | 29/58 | €221,143 | €1,211,532 | +€990,389 | +447.9% |
| Amounts receivable after more than one year | 29 | €186,585 | €1,114,527 | +€927,942 | +497.3% |
| Other amounts receivable | 291 | €186,585 | €1,114,527 | +€927,942 | +497.3% |
| Amounts receivable within one year | 40/41 | €2,637 | €54,953 | +€52,316 | +1984.1% |
| Trade receivables | 40 | €1,223 | €4,494 | +€3,271 | +267.5% |
| Other amounts receivable | 41 | €1,414 | €50,459 | +€49,045 | +3469.0% |
| Cash at bank and in hand | 54/58 | €24,229 | €34,524 | +€10,295 | +42.5% |
| Deferred charges and accrued income | 490/1 | €7,692 | €7,528 | -€164 | -2.1% |
| Total equity and liabilities | 10/49 | €1,141,960 | €1,784,184 | +€642,224 | +56.2% |
| Equity | 10/15 | €300,627 | €867,963 | +€567,337 | +188.7% |
| Contributions | 10/11 | €248,000 | €248,000 | = | 0.0% |
| Capital | 10 | €248,000 | €248,000 | = | 0.0% |
| Issued capital | 100 | €248,000 | €248,000 | = | 0.0% |
| Reserves | 13 | €51,688 | €619,800 | +€568,112 | +1099.1% |
| Non-distributable reserves | 130/1 | €7,688 | €24,800 | +€17,112 | +222.6% |
| Legal reserve | 130 | €7,688 | €24,800 | +€17,112 | +222.6% |
| Distributable reserves | 133 | €44,000 | €595,000 | +€551,000 | +1252.3% |
| Profit (loss) carried forward | 14 | €938 | €163 | -€775 | -82.6% |
| Amounts payable | 17/49 | €841,334 | €916,221 | +€74,887 | +8.9% |
| Amounts payable after more than one year | 17 | €646,136 | €485,420 | -€160,716 | -24.9% |
| Financial debts | 170/4 | €284,433 | €176,300 | -€108,133 | -38.0% |
| Other amounts payable | 178/9 | €361,703 | €309,120 | -€52,583 | -14.5% |
| Amounts payable within one year | 42/48 | €194,598 | €430,201 | +€235,603 | +121.1% |
| Current portion of amounts payable after more than one year | 42 | €114,645 | €104,419 | -€10,226 | -8.9% |
| Financial debts | 43 | - | €245,000 | +€245,000 | |
| Credit institutions | 430/8 | - | €245,000 | +€245,000 | |
| Trade debts | 44 | €2,781 | €1,424 | -€1,357 | -48.8% |
| Suppliers | 440/4 | €2,781 | €1,424 | -€1,357 | -48.8% |
| Taxes, remuneration and social security | 45 | €7,634 | €6,374 | -€1,260 | -16.5% |
| Taxes | 450/3 | €6,384 | €5,124 | -€1,260 | -19.7% |
| Remuneration and social security | 454/9 | €1,250 | €1,250 | = | 0.0% |
| Other amounts payable | 47/48 | €69,537 | €72,984 | +€3,446 | +5.0% |
| Accrued charges and deferred income | 492/3 | €600 | €600 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,354 | €81 | -€56,273 | -99.9% |
| Other operating charges | 640/8 | €8,478 | €18,331 | +€9,853 | +116.2% |
| Gross operating margin | 9900 | €84,245 | €805,668 | +€721,424 | +856.3% |
| Operating profit (loss) | 9901 | €19,412 | €787,257 | +€767,844 | +3955.4% |
| Financial income | 75/76B | €4,918 | €4,823 | -€95 | -1.9% |
| Recurring financial income | 75 | €4,918 | €4,823 | -€95 | -1.9% |
| Financial charges | 65/66B | €26,868 | €26,540 | -€328 | -1.2% |
| Recurring financial charges | 65 | €26,868 | €26,540 | -€328 | -1.2% |
| Profit (loss) for the period before taxes | 9903 | -€2,538 | €765,539 | +€768,077 | |
| Income taxes | 67/77 | €4,098 | €198,202 | +€194,104 | +4736.2% |
| Profit (loss) for the period | 9904 | -€6,637 | €567,337 | +€573,973 | |
| Profit (loss) for the period to be appropriated | 9905 | -€6,637 | €567,337 | +€573,973 |
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 12 October 2026 via checked.be.