TRQ: 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.
TRQ
Largest movements
- Stocks and contracts -€28,707
down €28,707 (-15.6%), from €183,732 to €155,025
- Trade debts +€59,496
up €59,496 (+37.0%), from €160,792 to €220,288
- Profit (loss) carried forward -€54,992
down €54,992 (-18.7%), from €294,220 to €239,228
- Other debts -€34,559
down €34,559 (-31.1%), from €111,079 to €76,520
- Debts after one year -€29,832
down €29,832 (-10.5%), from €283,447 to €253,614
- Tax, wage and social debts +€23,928
up €23,928 (+59.2%), from €40,451 to €64,378
of which Remuneration and social security: +€16,373
- Staff costs +€53,581
up €53,581 (+14.0%), from €382,422 to €436,003
- Depreciation +€8,494
up €8,494 (+34.7%), from €24,486 to €32,980
- Financial charges +€4,343
up €4,343 (+45.8%), from €9,477 to €13,820
of which Financial charges: +€4,469
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 | €1,069,862 | €1,040,503 | -€29,359 | -2.7% |
| Fixed assets | 21/28 | €671,650 | €682,069 | +€10,419 | +1.6% |
| Tangible fixed assets | 22/27 | €671,650 | €682,069 | +€10,419 | +1.6% |
| Land and buildings | 22 | €659,091 | €638,000 | -€21,091 | -3.2% |
| Plant, machinery and equipment | 23 | €1,954 | €1,409 | -€545 | -27.9% |
| Furniture and vehicles | 24 | €3,600 | €1,998 | -€1,601 | -44.5% |
| Leasing and similar rights | 25 | - | €34,933 | +€34,933 | |
| Other tangible fixed assets | 26 | €7,005 | €5,729 | -€1,276 | -18.2% |
| Current assets | 29/58 | €398,212 | €358,435 | -€39,778 | -10.0% |
| Stocks and contracts in progress | 3 | €183,732 | €155,025 | -€28,707 | -15.6% |
| Stocks | 30/36 | €183,732 | €155,025 | -€28,707 | -15.6% |
| Amounts receivable within one year | 40/41 | €150,493 | €150,447 | -€45 | 0.0% |
| Trade receivables | 40 | €1,021 | €1,103 | +€81 | +8.0% |
| Other amounts receivable | 41 | €149,471 | €149,344 | -€127 | -0.1% |
| Current investments | 50/53 | €1,532 | €1,532 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €57,182 | €51,343 | -€5,839 | -10.2% |
| Deferred charges and accrued income | 490/1 | €5,274 | €87 | -€5,187 | -98.4% |
| Total equity and liabilities | 10/49 | €1,069,862 | €1,040,503 | -€29,359 | -2.7% |
| Equity | 10/15 | €412,878 | €357,886 | -€54,992 | -13.3% |
| Contributions | 10/11 | €65,600 | €65,600 | = | 0.0% |
| Reserves | 13 | €53,058 | €53,058 | = | 0.0% |
| Distributable reserves | 133 | €53,058 | €53,058 | = | 0.0% |
| Profit (loss) carried forward | 14 | €294,220 | €239,228 | -€54,992 | -18.7% |
| Amounts payable | 17/49 | €656,984 | €682,617 | +€25,634 | +3.9% |
| Amounts payable after more than one year | 17 | €283,447 | €253,614 | -€29,832 | -10.5% |
| Financial debts | 170/4 | €283,447 | €253,614 | -€29,832 | -10.5% |
| Amounts payable within one year | 42/48 | €372,544 | €428,010 | +€55,466 | +14.9% |
| Current portion of amounts payable after more than one year | 42 | €60,223 | €66,824 | +€6,601 | +11.0% |
| Trade debts | 44 | €160,792 | €220,288 | +€59,496 | +37.0% |
| Suppliers | 440/4 | €160,792 | €220,288 | +€59,496 | +37.0% |
| Taxes, remuneration and social security | 45 | €40,451 | €64,378 | +€23,928 | +59.2% |
| Taxes | 450/3 | €4,192 | €11,746 | +€7,555 | +180.2% |
| Remuneration and social security | 454/9 | €36,259 | €52,632 | +€16,373 | +45.2% |
| Other amounts payable | 47/48 | €111,079 | €76,520 | -€34,559 | -31.1% |
| Accrued charges and deferred income | 492/3 | €993 | €993 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €382,422 | €436,003 | +€53,581 | +14.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,486 | €32,980 | +€8,494 | +34.7% |
| Other operating charges | 640/8 | €6,341 | €5,978 | -€363 | -5.7% |
| Gross operating margin | 9900 | €432,562 | €433,285 | +€723 | +0.2% |
| Operating profit (loss) | 9901 | €19,313 | -€41,675 | -€60,989 | |
| Financial income | 75/76B | €219 | €503 | +€284 | +130.1% |
| Recurring financial income | 75 | €219 | €503 | +€284 | +130.1% |
| Financial charges | 65/66B | €9,477 | €13,820 | +€4,343 | +45.8% |
| Recurring financial charges | 65 | €9,351 | €13,820 | +€4,469 | +47.8% |
| Non-recurring financial charges | 66B | €126 | - | -€126 | |
| Profit (loss) for the period before taxes | 9903 | €10,055 | -€54,992 | -€65,047 | |
| Income taxes | 67/77 | €3,995 | - | -€3,995 | |
| Profit (loss) for the period | 9904 | €6,060 | -€54,992 | -€61,052 | |
| Profit (loss) for the period to be appropriated | 9905 | €6,060 | -€54,992 | -€61,052 |
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 4 October 2026 via checked.be.