TROTSTAR: 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.
TROTSTAR
Largest movements
- Receivables within one year -€92,541
down €92,541 (-99.2%), from €93,291 to €750
of which Other amounts receivable: -€63,779
- Cash -€90,540
down €90,540 (-79.2%), from €114,287 to €23,747
mainly Trade debts (-€272,707) and Contributions, distributions and other (-€211,950)
- Trade debts -€272,707
down €272,707 (-98.8%), from €276,068 to €3,361
- Debts after one year +€121,999
up €121,999 (+20.9%), from €584,464 to €706,463
of which Financial debts: +€120,143
- Reserves -€60,028
down €60,028 (-11.7%), from €510,930 to €450,902
- Other debts +€20,538
new in 2025: €20,538
- Gross operating margin +€68,263
up €68,263 (+28.9%), from €236,604 to €304,867
- Other operating charges -€39,209
down €39,209 (-77.6%), from €50,520 to €11,311
- Taxes +€29,178
up €29,178 (+67.0%), from €43,521 to €72,699
- Financial income -€7,085
down €7,085 (-96.1%), from €7,375 to €290
- Depreciation +€4,434
up €4,434 (+9.8%), from €45,324 to €49,757
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 | €1,446,005 | €1,265,937 | -€180,068 | -12.5% |
| Fixed assets | 21/28 | €1,238,161 | €1,239,939 | +€1,778 | +0.1% |
| Tangible fixed assets | 22/27 | €1,238,161 | €1,239,939 | +€1,778 | +0.1% |
| Land and buildings | 22 | €1,232,281 | €1,236,376 | +€4,095 | +0.3% |
| Furniture and vehicles | 24 | €5,881 | €3,563 | -€2,318 | -39.4% |
| Current assets | 29/58 | €207,844 | €25,998 | -€181,846 | -87.5% |
| Amounts receivable within one year | 40/41 | €93,291 | €750 | -€92,541 | -99.2% |
| Trade receivables | 40 | €28,762 | - | -€28,762 | |
| Other amounts receivable | 41 | €64,529 | €750 | -€63,779 | -98.8% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €114,287 | €23,747 | -€90,540 | -79.2% |
| Deferred charges and accrued income | 490/1 | €265 | €1,501 | +€1,236 | +465.7% |
| Total equity and liabilities | 10/49 | €1,446,005 | €1,265,937 | -€180,068 | -12.5% |
| Equity | 10/15 | €519,895 | €457,102 | -€62,793 | -12.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €510,930 | €450,902 | -€60,028 | -11.7% |
| Distributable reserves | 133 | €510,930 | €450,902 | -€60,028 | -11.7% |
| Profit (loss) carried forward | 14 | €2,765 | - | -€2,765 | |
| Amounts payable | 17/49 | €926,110 | €808,835 | -€117,275 | -12.7% |
| Amounts payable after more than one year | 17 | €584,464 | €706,463 | +€121,999 | +20.9% |
| Financial debts | 170/4 | €581,914 | €702,057 | +€120,143 | +20.6% |
| Other amounts payable | 178/9 | €2,550 | €4,406 | +€1,856 | +72.8% |
| Amounts payable within one year | 42/48 | €339,456 | €98,686 | -€240,769 | -70.9% |
| Current portion of amounts payable after more than one year | 42 | €45,491 | €51,546 | +€6,055 | +13.3% |
| Trade debts | 44 | €276,068 | €3,361 | -€272,707 | -98.8% |
| Suppliers | 440/4 | €276,068 | €3,361 | -€272,707 | -98.8% |
| Taxes, remuneration and social security | 45 | €17,896 | €23,241 | +€5,345 | +29.9% |
| Taxes | 450/3 | €17,896 | €23,241 | +€5,345 | +29.9% |
| Other amounts payable | 47/48 | - | €20,538 | +€20,538 | |
| Accrued charges and deferred income | 492/3 | €2,190 | €3,686 | +€1,496 | +68.3% |
| Non-recurring operating income | 76A | €2,500 | - | -€2,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,324 | €49,757 | +€4,434 | +9.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €50,520 | €11,311 | -€39,209 | -77.6% |
| Gross operating margin | 9900 | €236,604 | €304,867 | +€68,263 | +28.9% |
| Operating profit (loss) | 9901 | €140,761 | €243,799 | +€103,038 | +73.2% |
| Financial income | 75/76B | €7,375 | €290 | -€7,085 | -96.1% |
| Recurring financial income | 75 | €7,375 | €290 | -€7,085 | -96.1% |
| Financial charges | 65/66B | €18,014 | €22,233 | +€4,219 | +23.4% |
| Recurring financial charges | 65 | €18,014 | €22,233 | +€4,219 | +23.4% |
| Profit (loss) for the period before taxes | 9903 | €130,122 | €221,856 | +€91,734 | +70.5% |
| Income taxes | 67/77 | €43,521 | €72,699 | +€29,178 | +67.0% |
| Profit (loss) for the period | 9904 | €86,601 | €149,157 | +€62,556 | +72.2% |
| Profit (loss) for the period to be appropriated | 9905 | €86,601 | €149,157 | +€62,556 | +72.2% |
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 10 October 2026 via checked.be.