TROY: 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.
TROY
Largest movements
- Current investments -€70,414
down €70,414 (-46.8%), from €150,414 to €80,000
- Receivables within one year +€27,759
up €27,759 (+70.9%), from €39,162 to €66,921
of which Trade receivables: +€28,827
- Cash -€13,460
down €13,460 (-10.9%), from €123,654 to €110,194
mainly Contributions, distributions and other (-€305,882) and Receivables within one year (-€27,759)
- Tangible fixed assets -€12,126
down €12,126 (-19.7%), from €61,615 to €49,490
of which Leasing and similar rights: -€14,241
- Reserves -€188,977
down €188,977 (-58.9%), from €320,669 to €131,692
- Other debts +€100,909
up €100,909 (+11,485%), from €879 to €101,788
- Tax, wage and social debts +€35,978
up €35,978 (+205%), from €17,581 to €53,559
- Debts after one year -€13,231
down €13,231 (-85.4%), from €15,491 to €2,260
- Gross operating margin -€262,293
down €262,293 (-58.1%), from €451,646 to €189,353
- Taxes -€53,145
down €53,145 (-51.3%), from €103,535 to €50,390
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €374,846 | €306,763 | -€68,083 | -18.2% |
| Fixed assets | 21/28 | €61,615 | €49,490 | -€12,126 | -19.7% |
| Tangible fixed assets | 22/27 | €61,615 | €49,490 | -€12,126 | -19.7% |
| Plant, machinery and equipment | 23 | €5,259 | €7,375 | +€2,116 | +40.2% |
| Furniture and vehicles | 24 | €12,150 | €12,150 | = | 0.0% |
| Leasing and similar rights | 25 | €44,207 | €29,965 | -€14,241 | -32.2% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €313,230 | €257,273 | -€55,957 | -17.9% |
| Amounts receivable within one year | 40/41 | €39,162 | €66,921 | +€27,759 | +70.9% |
| Trade receivables | 40 | €37,288 | €66,115 | +€28,827 | +77.3% |
| Other amounts receivable | 41 | €1,874 | €807 | -€1,068 | -57.0% |
| Current investments | 50/53 | €150,414 | €80,000 | -€70,414 | -46.8% |
| Cash at bank and in hand | 54/58 | €123,654 | €110,194 | -€13,460 | -10.9% |
| Deferred charges and accrued income | 490/1 | €0 | €157 | +€157 | |
| Total equity and liabilities | 10/49 | €374,846 | €306,763 | -€68,083 | -18.2% |
| Equity | 10/15 | €322,669 | €133,692 | -€188,977 | -58.6% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €320,669 | €131,692 | -€188,977 | -58.9% |
| Distributable reserves | 133 | €320,669 | €131,692 | -€188,977 | -58.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €52,176 | €173,071 | +€120,894 | +232% |
| Amounts payable after more than one year | 17 | €15,491 | €2,260 | -€13,231 | -85.4% |
| Financial debts | 170/4 | €15,491 | €2,260 | -€13,231 | -85.4% |
| Amounts payable within one year | 42/48 | €36,619 | €170,811 | +€134,192 | +366% |
| Current portion of amounts payable after more than one year | 42 | €12,687 | €13,231 | +€544 | +4.3% |
| Trade debts | 44 | €5,472 | €2,233 | -€3,239 | -59.2% |
| Suppliers | 440/4 | €5,472 | €2,233 | -€3,239 | -59.2% |
| Taxes, remuneration and social security | 45 | €17,581 | €53,559 | +€35,978 | +205% |
| Taxes | 450/3 | €17,581 | €53,559 | +€35,978 | +205% |
| Other amounts payable | 47/48 | €879 | €101,788 | +€100,909 | +11,485% |
| Accrued charges and deferred income | 492/3 | €67 | €0 | -€67 | -100% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,935 | €17,415 | +€1,480 | +9.3% |
| Other operating charges | 640/8 | €6,984 | €5,865 | -€1,119 | -16.0% |
| Gross operating margin | 9900 | €451,646 | €189,353 | -€262,293 | -58.1% |
| Operating profit (loss) | 9901 | €428,727 | €166,072 | -€262,654 | -61.3% |
| Financial income | 75/76B | €1 | €3,449 | +€3,448 | +676,112% |
| Recurring financial income | 75 | €1 | €3,449 | +€3,448 | +676,112% |
| Financial charges | 65/66B | €2,170 | €2,226 | +€56 | +2.6% |
| Recurring financial charges | 65 | €2,170 | €2,226 | +€56 | +2.6% |
| Profit (loss) for the period before taxes | 9903 | €426,557 | €167,295 | -€259,262 | -60.8% |
| Income taxes | 67/77 | €103,535 | €50,390 | -€53,145 | -51.3% |
| Profit (loss) for the period | 9904 | €323,022 | €116,905 | -€206,117 | -63.8% |
| Profit (loss) for the period to be appropriated | 9905 | €323,022 | €116,905 | -€206,117 | -63.8% |
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 25 October 2026 via checked.be.