TROONPAD: 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
TROONPAD
NACE 70.200, Business and other management consultancy
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€399,159
2024 · -€453,931+€54,772
Equity
€5.1m
2024 · €5.5m-€399,159
Cash
€54,724
2024 · €17,338+€37,386
Balance sheet total
€6.4m
2024 · €6.5m-€149,757
Largest movements
Assets
- Tangible fixed assets -€254,974
down €254,974 (-4.3%), from €5.9m to €5.7m
of which Land and buildings: -€341,845
Equity and liabilities
- Reserves -€399,159
down €399,159 (-12.6%), from €3.2m to €2.8m
of which Distributable reserves: -€399,159
- Other debts +€388,428
up €388,428 (+2105.1%), from €18,452 to €406,880
- Short-term financial debts -€125,000
down €125,000 (-32.6%), from €383,333 to €258,333
- Debts after one year +€88,921
up €88,921 (+21.2%), from €418,697 to €507,618
of which Financial debts: +€88,921
Income statement
- Depreciation -€108,012
down €108,012 (-21.5%), from €501,559 to €393,546
- Gross operating margin -€91,268
down €91,268 (-66.8%), from €136,698 to €45,430
- Financial income +€30,882
up €30,882 (+173.5%), from €17,794 to €48,676
- Financial charges -€14,451
down €14,451 (-40.1%), from €36,067 to €21,616
- Other operating charges +€4,423
up €4,423 (+14.1%), from €31,424 to €35,846
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
-€453,931
Gross operating margin
-€91,268
Staff costs
-€2,880
Depreciation
+€108,012
Other operating charges
-€4,423
Financial income
+€30,882
Financial charges
+€14,451
Taxes
-€2
Result 2025
-€399,159
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
+€295,682
Investment
-€172,188
Financing
-€86,108
Cash 2024
€17,338
From operations (derived)
+€295,682
Net result for the year
-€399,159
Depreciation
+€393,546
Receivables within one year
-€29,270
Deferred charges and accrued income
-€4,945
Trade debts
-€54,816
Tax, wage and social debts
+€4,078
Other debts
+€388,428
Accrued charges and deferred income
-€2,179
Investment (derived)
-€172,188
Investment in fixed assets (net)
-€138,573
Current investments
-€33,615
Financing
-€86,108
Debts after one year
+€88,921
Current portion of long-term debt
-€50,029
Short-term financial debts
-€125,000
Cash 2025
€54,724
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,518,639 | €6,368,882 | -€149,757 | -2.3% |
| Fixed assets | 21/28 | €5,949,962 | €5,694,988 | -€254,974 | -4.3% |
| Tangible fixed assets | 22/27 | €5,949,962 | €5,694,988 | -€254,974 | -4.3% |
| Land and buildings | 22 | €5,536,928 | €5,195,083 | -€341,845 | -6.2% |
| Plant, machinery and equipment | 23 | €357,755 | €345,280 | -€12,475 | -3.5% |
| Furniture and vehicles | 24 | €55,279 | €26,915 | -€28,364 | -51.3% |
| Leasing and similar rights | 25 | €0 | €127,710 | +€127,710 | |
| Current assets | 29/58 | €568,677 | €673,894 | +€105,217 | +18.5% |
| Amounts receivable within one year | 40/41 | €31,420 | €60,690 | +€29,270 | +93.2% |
| Trade receivables | 40 | €29,749 | €46,472 | +€16,722 | +56.2% |
| Other amounts receivable | 41 | €1,671 | €14,218 | +€12,548 | +751.1% |
| Current investments | 50/53 | €511,843 | €545,459 | +€33,615 | +6.6% |
| Cash at bank and in hand | 54/58 | €17,338 | €54,724 | +€37,386 | +215.6% |
| Deferred charges and accrued income | 490/1 | €8,075 | €13,021 | +€4,945 | +61.2% |
| Total equity and liabilities | 10/49 | €6,518,639 | €6,368,882 | -€149,757 | -2.3% |
| Equity | 10/15 | €5,490,502 | €5,091,343 | -€399,159 | -7.3% |
| Contributions | 10/11 | €2,322,500 | €2,322,500 | = | 0.0% |
| Capital | 10 | €2,322,500 | €2,322,500 | = | 0.0% |
| Issued capital | 100 | €2,322,500 | €2,322,500 | = | 0.0% |
| Reserves | 13 | €3,168,002 | €2,768,843 | -€399,159 | -12.6% |
| Non-distributable reserves | 130/1 | €41,250 | €41,250 | = | 0.0% |
| Legal reserve | 130 | €41,250 | €41,250 | = | 0.0% |
| Distributable reserves | 133 | €3,126,752 | €2,727,593 | -€399,159 | -12.8% |
| Amounts payable | 17/49 | €1,028,137 | €1,277,539 | +€249,402 | +24.3% |
| Amounts payable after more than one year | 17 | €418,697 | €507,618 | +€88,921 | +21.2% |
| Financial debts | 170/4 | €18,697 | €107,618 | +€88,921 | +475.6% |
| Other amounts payable | 178/9 | €400,000 | €400,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €604,437 | €767,097 | +€162,661 | +26.9% |
| Current portion of amounts payable after more than one year | 42 | €88,284 | €38,255 | -€50,029 | -56.7% |
| Financial debts | 43 | €383,333 | €258,333 | -€125,000 | -32.6% |
| Credit institutions | 430/8 | €383,333 | €258,333 | -€125,000 | -32.6% |
| Trade debts | 44 | €104,238 | €49,422 | -€54,816 | -52.6% |
| Suppliers | 440/4 | €104,238 | €49,422 | -€54,816 | -52.6% |
| Taxes, remuneration and social security | 45 | €10,129 | €14,207 | +€4,078 | +40.3% |
| Taxes | 450/3 | €2,631 | €3,125 | +€495 | +18.8% |
| Remuneration and social security | 454/9 | €7,499 | €11,081 | +€3,583 | +47.8% |
| Other amounts payable | 47/48 | €18,452 | €406,880 | +€388,428 | +2105.1% |
| Accrued charges and deferred income | 492/3 | €5,003 | €2,824 | -€2,179 | -43.6% |
| Remuneration, social security and pensions | 62 | €34,144 | €37,024 | +€2,880 | +8.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €501,559 | €393,546 | -€108,012 | -21.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €31,424 | €35,846 | +€4,423 | +14.1% |
| Gross operating margin | 9900 | €136,698 | €45,430 | -€91,268 | -66.8% |
| Operating profit (loss) | 9901 | -€430,429 | -€420,987 | +€9,442 | +2.2% |
| Financial income | 75/76B | €17,794 | €48,676 | +€30,882 | +173.5% |
| Recurring financial income | 75 | €17,794 | €48,676 | +€30,882 | +173.5% |
| Financial charges | 65/66B | €36,067 | €21,616 | -€14,451 | -40.1% |
| Recurring financial charges | 65 | €36,067 | €21,616 | -€14,451 | -40.1% |
| Profit (loss) for the period before taxes | 9903 | -€448,701 | -€393,927 | +€54,774 | +12.2% |
| Income taxes | 67/77 | €5,230 | €5,232 | +€2 | 0.0% |
| Profit (loss) for the period | 9904 | -€453,931 | -€399,159 | +€54,772 | +12.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€453,931 | -€399,159 | +€54,772 | +12.1% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.