TROPHEO: 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.
TROPHEO
Largest movements
- Stocks and contracts -€107,610
down €107,610 (-12.7%), from €849,983 to €742,373
- Cash -€71,647
down €71,647 (-75.6%), from €94,805 to €23,158
mainly Current portion of long-term debt (-€124,929) and Trade debts (-€74,812)
- Tangible fixed assets -€51,133
down €51,133 (-25.2%), from €203,118 to €151,985
- Intangible fixed assets -€50,000
down €50,000 (-41.8%), from €119,589 to €69,589
- Current portion of long-term debt -€124,929
down €124,929 (-47.6%), from €262,530 to €137,601
- Trade debts -€74,812
down €74,812 (-26.9%), from €277,602 to €202,791
- Advances received -€38,341
down €38,341 (-79.3%), from €48,321 to €9,980
- Debts after one year -€37,601
down €37,601 (-16.0%), from €234,880 to €197,280
- Tax, wage and social debts -€26,656
down €26,656 (-29.0%), from €91,925 to €65,268
of which Taxes: -€28,105
- Staff costs +€66,770
up €66,770 (+44.0%), from €151,783 to €218,552
- Write-downs -€62,567
down €62,567, from €44,630 to -€17,937
- Financial charges +€6,079
up €6,079 (+27.8%), from €21,878 to €27,958
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,321,292 | €1,022,457 | -€298,835 | -22.6% |
| Formation expenses | 20 | €1,237 | €800 | -€437 | -35.3% |
| Fixed assets | 21/28 | €323,432 | €222,299 | -€101,133 | -31.3% |
| Intangible fixed assets | 21 | €119,589 | €69,589 | -€50,000 | -41.8% |
| Tangible fixed assets | 22/27 | €203,118 | €151,985 | -€51,133 | -25.2% |
| Plant, machinery and equipment | 23 | €64,220 | €41,246 | -€22,974 | -35.8% |
| Furniture and vehicles | 24 | €35,078 | €20,903 | -€14,175 | -40.4% |
| Other tangible fixed assets | 26 | €103,820 | €89,835 | -€13,984 | -13.5% |
| Financial fixed assets | 28 | €725 | €725 | = | 0.0% |
| Current assets | 29/58 | €996,623 | €799,358 | -€197,265 | -19.8% |
| Stocks and contracts in progress | 3 | €849,983 | €742,373 | -€107,610 | -12.7% |
| Stocks | 30/36 | €849,983 | €742,373 | -€107,610 | -12.7% |
| Amounts receivable within one year | 40/41 | €42,965 | €29,963 | -€13,003 | -30.3% |
| Trade receivables | 40 | €42,865 | €28,855 | -€14,009 | -32.7% |
| Other amounts receivable | 41 | €101 | €1,107 | +€1,007 | +1000.3% |
| Cash at bank and in hand | 54/58 | €94,805 | €23,158 | -€71,647 | -75.6% |
| Deferred charges and accrued income | 490/1 | €8,870 | €3,864 | -€5,006 | -56.4% |
| Total equity and liabilities | 10/49 | €1,321,292 | €1,022,457 | -€298,835 | -22.6% |
| Equity | 10/15 | €206,034 | €206,015 | -€19 | 0.0% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €131,034 | €131,015 | -€19 | 0.0% |
| Amounts payable | 17/49 | €1,115,258 | €816,441 | -€298,816 | -26.8% |
| Amounts payable after more than one year | 17 | €234,880 | €197,280 | -€37,601 | -16.0% |
| Financial debts | 170/4 | €234,880 | €197,280 | -€37,601 | -16.0% |
| Amounts payable within one year | 42/48 | €880,378 | €619,162 | -€261,216 | -29.7% |
| Current portion of amounts payable after more than one year | 42 | €262,530 | €137,601 | -€124,929 | -47.6% |
| Financial debts | 43 | €200,000 | €203,522 | +€3,522 | +1.8% |
| Credit institutions | 430/8 | €200,000 | €203,522 | +€3,522 | +1.8% |
| Trade debts | 44 | €277,602 | €202,791 | -€74,812 | -26.9% |
| Suppliers | 440/4 | €277,602 | €202,791 | -€74,812 | -26.9% |
| Advances received on contracts in progress | 46 | €48,321 | €9,980 | -€38,341 | -79.3% |
| Taxes, remuneration and social security | 45 | €91,925 | €65,268 | -€26,656 | -29.0% |
| Taxes | 450/3 | €80,497 | €52,392 | -€28,105 | -34.9% |
| Remuneration and social security | 454/9 | €11,428 | €12,876 | +€1,449 | +12.7% |
| Non-recurring operating income | 76A | €132 | - | -€132 | |
| Remuneration, social security and pensions | 62 | €151,783 | €218,552 | +€66,770 | +44.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €102,281 | €102,389 | +€108 | +0.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €44,630 | -€17,937 | -€62,567 | |
| Other operating charges | 640/8 | €1,770 | €3,487 | +€1,717 | +97.0% |
| Gross operating margin | 9900 | €337,121 | €336,153 | -€968 | -0.3% |
| Operating profit (loss) | 9901 | €36,657 | €29,661 | -€6,996 | -19.1% |
| Financial income | 75/76B | €136 | €213 | +€76 | +56.0% |
| Recurring financial income | 75 | €136 | €213 | +€76 | +56.0% |
| Financial charges | 65/66B | €21,878 | €27,958 | +€6,079 | +27.8% |
| Recurring financial charges | 65 | €21,878 | €27,958 | +€6,079 | +27.8% |
| Profit (loss) for the period before taxes | 9903 | €14,915 | €1,916 | -€12,999 | -87.2% |
| Income taxes | 67/77 | €5,231 | €1,935 | -€3,296 | -63.0% |
| Profit (loss) for the period | 9904 | €9,685 | -€19 | -€9,703 | |
| Profit (loss) for the period to be appropriated | 9905 | €9,685 | -€19 | -€9,703 |
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 3 October 2026 via checked.be.