TROPICORE: 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.
What changed
TROPICORE
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€3.5m
2024 · €1.7m+€1.8m
Equity
€9.0m
2024 · €5.5m+€3.5m
Cash
€7.8m
2024 · €4.3m+€3.5m
Balance sheet total
€20.0m
2024 · €20.0m-€29,321
Largest movements
Assets
- Receivables within one year -€4.0m
down €4.0m (-25.7%), from €15.6m to €11.6m
of which Other amounts receivable: -€5.6m
- Cash +€3.5m
up €3.5m (+81.5%), from €4.3m to €7.8m
mainly Receivables within one year (+€4.0m) and Net result for the year (+€3.5m)
- Deferred charges and accrued income +€507,688
up €507,688 (+2,489%), from €20,399 to €528,087
Equity and liabilities
- Profit (loss) carried forward +€3.5m
up €3.5m (+99.7%), from €3.5m to €7.1m
- Trade debts -€3.0m
down €3.0m (-24.4%), from €12.3m to €9.3m
- Short-term financial debts -€833,894
down €833,894 (-64.1%), from €1.3m to €466,899
- Accrued charges and deferred income +€512,381
up €512,381 (+808%), from €63,445 to €575,826
- Other debts -€491,499
down €491,499 (-62.9%), from €781,012 to €289,513
Income statement
- Turnover +€2.4m
up €2.4m (+13.9%), from €17.6m to €20.0m
- Services and other goods -€651,090
down €651,090 (-45.0%), from €1.4m to €796,459
- Taxes +€603,998
up €603,998 (+102%), from €594,108 to €1.2m
- Other operating income +€531,540
up €531,540 (+140%), from €379,727 to €911,267
- Financial charges +€395,390
up €395,390 (+240%), from €164,676 to €560,066
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
€1.7m
Turnover
+€2.4m
Other operating income
+€531,540
Goods and materials
-€278,687
Services and other goods
+€651,090
Staff costs
-€243,587
Depreciation
-€9,421
Other operating charges
-€2,262
Financial income
-€273,148
Financial charges
-€395,390
Taxes
-€603,998
Result 2025
€3.5m
raises the resultlowers the result
Derived cash bridge
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
+€4.3m
Investment
-€32,865
Financing
-€833,894
Cash 2024
€4.3m
From operations (derived)
+€4.3m
Net result for the year
+€3.5m
Depreciation
+€42,951
Receivables within one year
+€4.0m
Deferred charges and accrued income
-€507,688
Provisions
+€85,581
Trade debts
-€3.0m
Tax, wage and social debts
+€143,389
Advances received
+€12,546
Other debts
-€491,499
Accrued charges and deferred income
+€512,381
Investment (derived)
-€32,865
Investment in fixed assets (net)
-€9,415
Current investments
-€23,450
Financing
-€833,894
Short-term financial debts
-€833,894
Cash 2025
€7.8m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €20,031,249 | €20,001,928 | -€29,321 | -0.1% |
| Fixed assets | 21/28 | €162,370 | €128,834 | -€33,536 | -20.7% |
| Intangible fixed assets | 21 | €853 | €474 | -€379 | -44.5% |
| Tangible fixed assets | 22/27 | €161,291 | €128,109 | -€33,182 | -20.6% |
| Furniture and vehicles | 24 | €159,266 | €128,109 | -€31,157 | -19.6% |
| Other tangible fixed assets | 26 | €2,025 | - | -€2,025 | |
| Financial fixed assets | 28 | €226 | €251 | +€25 | +11.1% |
| Other financial fixed assets | 284/8 | €226 | €251 | +€25 | +11.1% |
| Amounts receivable and cash guarantees | 285/8 | €226 | €251 | +€25 | +11.1% |
| Current assets | 29/58 | €19,868,878 | €19,873,094 | +€4,215 | 0.0% |
| Amounts receivable within one year | 40/41 | €15,574,662 | €11,566,351 | -€4.0m | -25.7% |
| Trade receivables | 40 | €9,530,964 | €11,153,924 | +€1.6m | +17.0% |
| Other amounts receivable | 41 | €6,043,698 | €412,427 | -€5.6m | -93.2% |
| Current investments | 50/53 | - | €23,450 | +€23,450 | |
| Other investments | 51/53 | - | €23,450 | +€23,450 | |
| Cash at bank and in hand | 54/58 | €4,273,817 | €7,755,205 | +€3.5m | +81.5% |
| Deferred charges and accrued income | 490/1 | €20,399 | €528,087 | +€507,688 | +2,489% |
| Total equity and liabilities | 10/49 | €20,031,249 | €20,001,928 | -€29,321 | -0.1% |
| Equity | 10/15 | €5,492,262 | €9,026,644 | +€3.5m | +64.4% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €1,845,500 | €1,845,500 | = | 0.0% |
| Non-distributable reserves | 130/1 | €20,000 | €20,000 | = | 0.0% |
| Legal reserve | 130 | €20,000 | €20,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €631,500 | - | -€631,500 | |
| Distributable reserves | 133 | €1,194,000 | €1,825,500 | +€631,500 | +52.9% |
| Profit (loss) carried forward | 14 | €3,546,762 | €7,081,144 | +€3.5m | +99.7% |
| Provisions and deferred taxes | 16 | - | €85,581 | +€85,581 | |
| Provisions for liabilities and charges | 160/5 | - | €85,581 | +€85,581 | |
| Other liabilities and charges | 164/5 | - | €85,581 | +€85,581 | |
| Amounts payable | 17/49 | €14,538,987 | €10,889,702 | -€3.6m | -25.1% |
| Amounts payable within one year | 42/48 | €14,475,542 | €10,313,876 | -€4.2m | -28.7% |
| Financial debts | 43 | €1,300,793 | €466,899 | -€833,894 | -64.1% |
| Credit institutions | 430/8 | €1,300,793 | €466,899 | -€833,894 | -64.1% |
| Trade debts | 44 | €12,272,305 | €9,280,097 | -€3.0m | -24.4% |
| Suppliers | 440/4 | €12,272,305 | €9,280,097 | -€3.0m | -24.4% |
| Advances received on contracts in progress | 46 | - | €12,546 | +€12,546 | |
| Taxes, remuneration and social security | 45 | €121,432 | €264,821 | +€143,389 | +118% |
| Taxes | 450/3 | €67,913 | €208,537 | +€140,625 | +207% |
| Remuneration and social security | 454/9 | €53,519 | €56,283 | +€2,764 | +5.2% |
| Other amounts payable | 47/48 | €781,012 | €289,513 | -€491,499 | -62.9% |
| Accrued charges and deferred income | 492/3 | €63,445 | €575,826 | +€512,381 | +808% |
| Operating income | 70/76A | €17,984,869 | €20,959,072 | +€3.0m | +16.5% |
| Turnover | 70 | €17,605,142 | €20,047,805 | +€2.4m | +13.9% |
| Other operating income | 74 | €379,727 | €911,267 | +€531,540 | +140% |
| Operating charges | 60/66A | €15,824,518 | €15,707,384 | -€117,133 | -0.7% |
| Goods for resale, raw materials and consumables | 60 | €14,063,952 | €14,342,639 | +€278,687 | +2.0% |
| Purchases | 600/8 | €14,063,952 | €14,342,639 | +€278,687 | +2.0% |
| Services and other goods | 61 | €1,447,549 | €796,459 | -€651,090 | -45.0% |
| Remuneration, social security and pensions | 62 | €278,486 | €522,073 | +€243,587 | +87.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,530 | €42,951 | +€9,421 | +28.1% |
| Other operating charges | 640/8 | €1,000 | €3,262 | +€2,262 | +226% |
| Operating profit (loss) | 9901 | €2,160,351 | €5,251,687 | +€3.1m | +143% |
| Financial income | 75/76B | €314,014 | €40,866 | -€273,148 | -87.0% |
| Recurring financial income | 75 | €314,014 | €40,866 | -€273,148 | -87.0% |
| Income from financial fixed assets | 750 | €2 | €104 | +€102 | +6,442% |
| Income from current assets | 751 | €4,244 | - | -€4,244 | |
| Other financial income | 752/9 | €309,768 | €40,762 | -€269,006 | -86.8% |
| Financial charges | 65/66B | €164,676 | €560,066 | +€395,390 | +240% |
| Recurring financial charges | 65 | €164,676 | €560,066 | +€395,390 | +240% |
| Debt charges | 650 | €5,463 | €38,876 | +€33,413 | +612% |
| Other financial charges | 652/9 | €159,212 | €521,190 | +€361,978 | +227% |
| Profit (loss) for the period before taxes | 9903 | €2,309,689 | €4,732,488 | +€2.4m | +105% |
| Income taxes | 67/77 | €594,108 | €1,198,106 | +€603,998 | +102% |
| Taxes | 670/3 | €594,108 | €1,198,106 | +€603,998 | +102% |
| Profit (loss) for the period | 9904 | €1,715,581 | €3,534,382 | +€1.8m | +106% |
| Transfer from tax-exempt reserves | 789 | €421,000 | €631,500 | +€210,500 | +50.0% |
| Profit (loss) for the period to be appropriated | 9905 | €2,136,581 | €4,165,882 | +€2.0m | +95.0% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.