TRTS: 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.
TRTS
Largest movements
- Receivables within one year +€676,582
up €676,582 (+415%), from €162,980 to €839,562
of which Trade receivables: +€587,352
- Cash +€392,932
up €392,932 (+3,177%), from €12,367 to €405,299
mainly Trade debts (+€479,224) and Depreciation (+€392,397)
- Tangible fixed assets -€100,499
down €100,499 (-5.1%), from €2.0m to €1.9m
of which Land and buildings: -€140,179
- Trade debts +€479,224
up €479,224 (+378%), from €126,651 to €605,875
- Other debts +€258,860
up €258,860 (+164%), from €157,819 to €416,679
- Tax, wage and social debts +€177,941
up €177,941 (+206%), from €86,381 to €264,322
of which Remuneration and social security: +€126,830
- Short-term financial debts +€100,000
up €100,000 (+22.2%), from €450,000 to €550,000
- Reserves +€95,912
up €95,912 (+13.1%), from €730,349 to €826,260
- Gross operating margin +€1.8m
up €1.8m (+215%), from €846,377 to €2.7m
- Staff costs +€1.5m
up €1.5m (+265%), from €563,221 to €2.1m
- Depreciation +€171,662
up €171,662 (+77.8%), from €220,736 to €392,397
- Taxes +€46,458
up €46,458 (+4,676%), from €993 to €47,452
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 | €2,140,279 | €3,108,527 | +€968,248 | +45.2% |
| Fixed assets | 21/28 | €1,964,165 | €1,863,665 | -€100,499 | -5.1% |
| Tangible fixed assets | 22/27 | €1,964,165 | €1,863,665 | -€100,499 | -5.1% |
| Land and buildings | 22 | €1,373,042 | €1,232,863 | -€140,179 | -10.2% |
| Plant, machinery and equipment | 23 | €12,511 | €47,898 | +€35,388 | +283% |
| Furniture and vehicles | 24 | €398,612 | €462,898 | +€64,286 | +16.1% |
| Leasing and similar rights | 25 | €180,000 | €120,006 | -€59,994 | -33.3% |
| Current assets | 29/58 | €176,114 | €1,244,861 | +€1.1m | +607% |
| Amounts receivable within one year | 40/41 | €162,980 | €839,562 | +€676,582 | +415% |
| Trade receivables | 40 | €146,560 | €733,912 | +€587,352 | +401% |
| Other amounts receivable | 41 | €16,420 | €105,650 | +€89,230 | +543% |
| Cash at bank and in hand | 54/58 | €12,367 | €405,299 | +€392,932 | +3,177% |
| Deferred charges and accrued income | 490/1 | €767 | - | -€767 | |
| Total equity and liabilities | 10/49 | €2,140,279 | €3,108,527 | +€968,248 | +45.2% |
| Equity | 10/15 | €748,949 | €844,860 | +€95,912 | +12.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €730,349 | €826,260 | +€95,912 | +13.1% |
| Distributable reserves | 133 | €730,349 | €826,260 | +€95,912 | +13.1% |
| Amounts payable | 17/49 | €1,391,330 | €2,263,666 | +€872,336 | +62.7% |
| Amounts payable after more than one year | 17 | €411,771 | €322,222 | -€89,549 | -21.7% |
| Financial debts | 170/4 | €411,771 | €322,222 | -€89,549 | -21.7% |
| Amounts payable within one year | 42/48 | €979,559 | €1,929,203 | +€949,644 | +96.9% |
| Current portion of amounts payable after more than one year | 42 | €158,708 | €92,327 | -€66,381 | -41.8% |
| Financial debts | 43 | €450,000 | €550,000 | +€100,000 | +22.2% |
| Other loans | 439 | €450,000 | €550,000 | +€100,000 | +22.2% |
| Trade debts | 44 | €126,651 | €605,875 | +€479,224 | +378% |
| Suppliers | 440/4 | €126,651 | €605,875 | +€479,224 | +378% |
| Taxes, remuneration and social security | 45 | €86,381 | €264,322 | +€177,941 | +206% |
| Taxes | 450/3 | €1,652 | €52,763 | +€51,111 | +3,093% |
| Remuneration and social security | 454/9 | €84,729 | €211,559 | +€126,830 | +150% |
| Other amounts payable | 47/48 | €157,819 | €416,679 | +€258,860 | +164% |
| Accrued charges and deferred income | 492/3 | - | €12,241 | +€12,241 | |
| Remuneration, social security and pensions | 62 | €563,221 | €2,056,844 | +€1.5m | +265% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €220,736 | €392,397 | +€171,662 | +77.8% |
| Other operating charges | 640/8 | €41,147 | €32,643 | -€8,504 | -20.7% |
| Gross operating margin | 9900 | €846,377 | €2,669,705 | +€1.8m | +215% |
| Operating profit (loss) | 9901 | €21,272 | €187,821 | +€166,549 | +783% |
| Financial income | 75/76B | €1 | €2 | +€2 | +347% |
| Recurring financial income | 75 | €1 | €2 | +€2 | +347% |
| Financial charges | 65/66B | €20,121 | €44,461 | +€24,340 | +121% |
| Recurring financial charges | 65 | €20,121 | €44,461 | +€24,340 | +121% |
| Profit (loss) for the period before taxes | 9903 | €1,152 | €143,363 | +€142,211 | +12,344% |
| Income taxes | 67/77 | €993 | €47,452 | +€46,458 | +4,676% |
| Profit (loss) for the period | 9904 | €159 | €95,912 | +€95,753 | +60,366% |
| Profit (loss) for the period to be appropriated | 9905 | €159 | €95,912 | +€95,753 | +60,366% |
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 16 October 2026 via checked.be.