TROIS FRERES: 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.
TROIS FRERES
Largest movements
- Stocks and contracts +€119,314
up €119,314 (+119.7%), from €99,688 to €219,002
- Cash +€29,336
up €29,336 (+253.6%), from €11,566 to €40,902
mainly Tax, wage and social debts (+€41,270) and Trade debts (+€38,543)
- Receivables within one year -€19,134
down €19,134 (-99.7%), from €19,187 to €52
of which Trade receivables: -€15,048
- Tangible fixed assets -€16,734
down €16,734 (-16.6%), from €100,611 to €83,877
of which Plant, machinery and equipment: -€11,603
- Tax, wage and social debts +€41,270
up €41,270 (+44.0%), from €93,720 to €134,990
of which Taxes: +€23,611
- Trade debts +€38,543
up €38,543 (+77.9%), from €49,451 to €87,994
- Reserves +€30,766
up €30,766 (+32.0%), from €96,083 to €126,849
- Turnover +€347,097
up €347,097 (+20.6%), from €1.7m to €2.0m
- Purchases and services +€285,788
up €285,788 (+19.3%), from €1.5m to €1.8m
- Staff costs +€64,663
up €64,663 (+71.7%), from €90,212 to €154,875
- Gross operating margin +€58,778
up €58,778 (+25.2%), from €233,643 to €292,421
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 | €239,254 | €349,833 | +€110,579 | +46.2% |
| Fixed assets | 21/28 | €106,611 | €89,877 | -€16,734 | -15.7% |
| Tangible fixed assets | 22/27 | €100,611 | €83,877 | -€16,734 | -16.6% |
| Plant, machinery and equipment | 23 | €58,434 | €46,831 | -€11,603 | -19.9% |
| Furniture and vehicles | 24 | €7,917 | €6,969 | -€948 | -12.0% |
| Other tangible fixed assets | 26 | €34,260 | €30,077 | -€4,183 | -12.2% |
| Financial fixed assets | 28 | €6,000 | €6,000 | = | 0.0% |
| Current assets | 29/58 | €132,643 | €259,956 | +€127,313 | +96.0% |
| Stocks and contracts in progress | 3 | €99,688 | €219,002 | +€119,314 | +119.7% |
| Stocks | 30/36 | €99,688 | €219,002 | +€119,314 | +119.7% |
| Amounts receivable within one year | 40/41 | €19,187 | €52 | -€19,134 | -99.7% |
| Trade receivables | 40 | €15,048 | - | -€15,048 | |
| Other amounts receivable | 41 | €4,138 | €52 | -€4,086 | -98.7% |
| Cash at bank and in hand | 54/58 | €11,566 | €40,902 | +€29,336 | +253.6% |
| Deferred charges and accrued income | 490/1 | €2,202 | - | -€2,202 | |
| Total equity and liabilities | 10/49 | €239,254 | €349,833 | +€110,579 | +46.2% |
| Equity | 10/15 | €96,083 | €126,849 | +€30,766 | +32.0% |
| Reserves | 13 | €96,083 | €126,849 | +€30,766 | +32.0% |
| Distributable reserves | 133 | €96,083 | €126,849 | +€30,766 | +32.0% |
| Amounts payable | 17/49 | €143,171 | €222,984 | +€79,813 | +55.7% |
| Amounts payable within one year | 42/48 | €143,171 | €222,984 | +€79,813 | +55.7% |
| Trade debts | 44 | €49,451 | €87,994 | +€38,543 | +77.9% |
| Suppliers | 440/4 | €49,451 | €87,994 | +€38,543 | +77.9% |
| Taxes, remuneration and social security | 45 | €93,720 | €134,990 | +€41,270 | +44.0% |
| Taxes | 450/3 | €36,559 | €60,171 | +€23,611 | +64.6% |
| Remuneration and social security | 454/9 | €57,160 | €74,819 | +€17,659 | +30.9% |
| Turnover | 70 | €1,687,090 | €2,034,187 | +€347,097 | +20.6% |
| Goods, raw materials, services and sundry goods | 60/61 | €1,484,193 | €1,769,981 | +€285,788 | +19.3% |
| Remuneration, social security and pensions | 62 | €90,212 | €154,875 | +€64,663 | +71.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,455 | €17,734 | +€2,279 | +14.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €67,831 | €79,429 | +€11,598 | +17.1% |
| Other operating charges | 640/8 | €3,466 | €1,053 | -€2,413 | -69.6% |
| Gross operating margin | 9900 | €233,643 | €292,421 | +€58,778 | +25.2% |
| Operating profit (loss) | 9901 | €56,679 | €39,330 | -€17,349 | -30.6% |
| Financial charges | 65/66B | €15 | €22 | +€7 | +46.3% |
| Recurring financial charges | 65 | €15 | €22 | +€7 | +46.3% |
| Profit (loss) for the period before taxes | 9903 | €56,664 | €39,308 | -€17,356 | -30.6% |
| Income taxes | 67/77 | €13,162 | €8,542 | -€4,620 | -35.1% |
| Profit (loss) for the period | 9904 | €43,502 | €30,766 | -€12,736 | -29.3% |
| Profit (loss) for the period to be appropriated | 9905 | €43,502 | €30,766 | -€12,736 | -29.3% |
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.