TROIS-M: 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.
TROIS-M
Largest movements
- Tangible fixed assets -€26,207
down €26,207 (-8.3%), from €313,996 to €287,790
- Cash -€3,537
down €3,537 (-36.9%), from €9,576 to €6,038
mainly Current portion of long-term debt (-€20,348) and Debts after one year (-€12,549)
- Current portion of long-term debt -€20,348
down €20,348 (-61.9%), from €32,897 to €12,549
- Debts after one year -€12,549
down €12,549 (-12.6%), from €99,381 to €86,832
- Gross operating margin +€8,360
up €8,360 (+19.9%), from €41,934 to €50,294
- Financial charges +€3,799
up €3,799 (+205.1%), from €1,852 to €5,651
- Taxes -€1,355
down €1,355 (-19.4%), from €6,997 to €5,643
- Other operating charges -€1,163
down €1,163 (-18.9%), from €6,150 to €4,987
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 | €329,030 | €299,286 | -€29,744 | -9.0% |
| Fixed assets | 21/28 | €314,416 | €288,210 | -€26,207 | -8.3% |
| Tangible fixed assets | 22/27 | €313,996 | €287,790 | -€26,207 | -8.3% |
| Land and buildings | 22 | €313,996 | €287,790 | -€26,207 | -8.3% |
| Financial fixed assets | 28 | €420 | €420 | = | 0.0% |
| Current assets | 29/58 | €14,614 | €11,077 | -€3,537 | -24.2% |
| Amounts receivable within one year | 40/41 | €5,039 | €5,039 | = | 0.0% |
| Other amounts receivable | 41 | €5,039 | €5,039 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €9,576 | €6,038 | -€3,537 | -36.9% |
| Total equity and liabilities | 10/49 | €329,030 | €299,286 | -€29,744 | -9.0% |
| Equity | 10/15 | €120,085 | €121,892 | +€1,807 | +1.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €84,916 | €86,723 | +€1,807 | +2.1% |
| Investment grants | 15 | €14,710 | €14,710 | = | 0.0% |
| Amounts payable | 17/49 | €208,945 | €177,394 | -€31,551 | -15.1% |
| Amounts payable after more than one year | 17 | €99,381 | €86,832 | -€12,549 | -12.6% |
| Financial debts | 170/4 | €99,381 | €86,832 | -€12,549 | -12.6% |
| Amounts payable within one year | 42/48 | €109,564 | €90,562 | -€19,002 | -17.3% |
| Current portion of amounts payable after more than one year | 42 | €32,897 | €12,549 | -€20,348 | -61.9% |
| Trade debts | 44 | €10 | €10 | = | 0.0% |
| Suppliers | 440/4 | €10 | €10 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €2,062 | €658 | -€1,404 | -68.1% |
| Taxes | 450/3 | €2,062 | €658 | -€1,404 | -68.1% |
| Other amounts payable | 47/48 | €74,596 | €77,346 | +€2,750 | +3.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,207 | €26,207 | = | 0.0% |
| Other operating charges | 640/8 | €6,150 | €4,987 | -€1,163 | -18.9% |
| Gross operating margin | 9900 | €41,934 | €50,294 | +€8,360 | +19.9% |
| Operating profit (loss) | 9901 | €9,577 | €19,100 | +€9,523 | +99.4% |
| Financial charges | 65/66B | €1,852 | €5,651 | +€3,799 | +205.1% |
| Recurring financial charges | 65 | €1,852 | €5,651 | +€3,799 | +205.1% |
| Profit (loss) for the period before taxes | 9903 | €7,725 | €13,449 | +€5,724 | +74.1% |
| Income taxes | 67/77 | €6,997 | €5,643 | -€1,355 | -19.4% |
| Profit (loss) for the period | 9904 | €728 | €7,807 | +€7,079 | +972.2% |
| Profit (loss) for the period to be appropriated | 9905 | €728 | €7,807 | +€7,079 | +972.2% |
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 4 October 2026 via checked.be.