TRU: 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.
TRU
Largest movements
- Receivables within one year -€170,882
down €170,882 (-33.5%), from €510,281 to €339,399
of which Other amounts receivable: -€166,293
- Cash +€122,918
up €122,918 (+94.5%), from €130,089 to €253,007
mainly Receivables within one year (+€170,882) and Receivables after one year (+€78,932)
- Receivables after one year -€78,932
down €78,932 (-100.0%), from €78,932 to €0
- Tangible fixed assets -€43,904
down €43,904 (-40.2%), from €109,203 to €65,299
of which Plant, machinery and equipment: -€29,999
- Debts after one year -€100,204
down €100,204 (-34.2%), from €293,149 to €192,944
- Other debts -€54,152
down €54,152 (-53.4%), from €101,480 to €47,328
- Accrued charges and deferred income -€33,487
down €33,487 (-93.4%), from €35,846 to €2,359
- Profit (loss) carried forward +€24,240
up €24,240 (+30.2%), from €80,143 to €104,383
- Trade debts -€22,211
down €22,211 (-25.4%), from €87,439 to €65,228
- Staff costs +€48,783
up €48,783 (+4.3%), from €1.1m to €1.2m
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 | €880,428 | €707,649 | -€172,779 | -19.6% |
| Fixed assets | 21/28 | €110,098 | €66,194 | -€43,904 | -39.9% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €109,203 | €65,299 | -€43,904 | -40.2% |
| Plant, machinery and equipment | 23 | €54,030 | €24,030 | -€29,999 | -55.5% |
| Furniture and vehicles | 24 | €25,123 | €8,756 | -€16,366 | -65.1% |
| Leasing and similar rights | 25 | €5,065 | €500 | -€4,565 | -90.1% |
| Other tangible fixed assets | 26 | €24,986 | €32,012 | +€7,026 | +28.1% |
| Financial fixed assets | 28 | €895 | €895 | = | 0.0% |
| Current assets | 29/58 | €770,330 | €641,455 | -€128,875 | -16.7% |
| Amounts receivable after more than one year | 29 | €78,932 | €0 | -€78,932 | -100.0% |
| Other amounts receivable | 291 | €78,932 | €0 | -€78,932 | -100.0% |
| Stocks and contracts in progress | 3 | €41,899 | €46,580 | +€4,680 | +11.2% |
| Stocks | 30/36 | €41,899 | €46,580 | +€4,680 | +11.2% |
| Amounts receivable within one year | 40/41 | €510,281 | €339,399 | -€170,882 | -33.5% |
| Trade receivables | 40 | €321,421 | €316,832 | -€4,589 | -1.4% |
| Other amounts receivable | 41 | €188,860 | €22,567 | -€166,293 | -88.1% |
| Cash at bank and in hand | 54/58 | €130,089 | €253,007 | +€122,918 | +94.5% |
| Deferred charges and accrued income | 490/1 | €9,130 | €2,469 | -€6,661 | -73.0% |
| Total equity and liabilities | 10/49 | €880,428 | €707,649 | -€172,779 | -19.6% |
| Equity | 10/15 | €152,194 | €176,434 | +€24,240 | +15.9% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €10,551 | €10,551 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Distributable reserves | 133 | €4,401 | €4,401 | = | 0.0% |
| Profit (loss) carried forward | 14 | €80,143 | €104,383 | +€24,240 | +30.2% |
| Amounts payable | 17/49 | €728,234 | €531,215 | -€197,019 | -27.1% |
| Amounts payable after more than one year | 17 | €293,149 | €192,944 | -€100,204 | -34.2% |
| Financial debts | 170/4 | €293,149 | €192,944 | -€100,204 | -34.2% |
| Amounts payable within one year | 42/48 | €399,239 | €335,911 | -€63,328 | -15.9% |
| Current portion of amounts payable after more than one year | 42 | €85,200 | €100,825 | +€15,625 | +18.3% |
| Trade debts | 44 | €87,439 | €65,228 | -€22,211 | -25.4% |
| Suppliers | 440/4 | €87,439 | €65,228 | -€22,211 | -25.4% |
| Taxes, remuneration and social security | 45 | €125,120 | €122,530 | -€2,590 | -2.1% |
| Taxes | 450/3 | €11,274 | €13,646 | +€2,372 | +21.0% |
| Remuneration and social security | 454/9 | €113,845 | €108,884 | -€4,962 | -4.4% |
| Other amounts payable | 47/48 | €101,480 | €47,328 | -€54,152 | -53.4% |
| Accrued charges and deferred income | 492/3 | €35,846 | €2,359 | -€33,487 | -93.4% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €1,147,325 | €1,196,108 | +€48,783 | +4.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,792 | €63,271 | -€4,521 | -6.7% |
| Other operating charges | 640/8 | €2,489 | €7,534 | +€5,045 | +202.7% |
| Non-recurring operating charges | 66A | - | €250 | +€250 | |
| Gross operating margin | 9900 | €1,373,071 | €1,363,793 | -€9,279 | -0.7% |
| Operating profit (loss) | 9901 | €155,466 | €96,630 | -€58,836 | -37.8% |
| Financial income | 75/76B | €2,905 | €4,957 | +€2,053 | +70.7% |
| Recurring financial income | 75 | €2,905 | €4,957 | +€2,053 | +70.7% |
| Financial charges | 65/66B | €18,128 | €17,657 | -€471 | -2.6% |
| Recurring financial charges | 65 | €18,128 | €17,657 | -€471 | -2.6% |
| Profit (loss) for the period before taxes | 9903 | €140,243 | €83,930 | -€56,312 | -40.2% |
| Income taxes | 67/77 | €15,098 | €14,691 | -€407 | -2.7% |
| Profit (loss) for the period | 9904 | €125,145 | €69,240 | -€55,905 | -44.7% |
| Profit (loss) for the period to be appropriated | 9905 | €125,145 | €69,240 | -€55,905 | -44.7% |
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 8 October 2026 via checked.be.