TRUCO: 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.
What changed
TRUCO
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€1.0m
2024 · €411,636+€624,849
Equity
€14.7m
2024 · €13.7m+€1.0m
Cash
€229,640
2024 · €70,792+€158,848
Balance sheet total
€17.3m
2024 · €18.2m-€833,046
Largest movements
Assets
- Tangible fixed assets -€762,423
down €762,423 (-7.0%), from €10.8m to €10.1m
of which Land and buildings: -€420,278
- Financial fixed assets -€591,369
down €591,369 (-15.0%), from €3.9m to €3.4m
- Current investments +€550,000
up €550,000 (+52.4%), from €1.1m to €1.6m
Equity and liabilities
- Debts after one year -€1.4m
down €1.4m (-44.2%), from €3.2m to €1.8m
of which Other amounts payable: -€1.0m
- Reserves +€1.0m
up €1.0m (+11.7%), from €8.9m to €9.9m
of which Distributable reserves: +€567,594
- Other debts -€326,000
down €326,000 (-72.4%), from €450,000 to €124,000
Income statement
- Gross operating margin +€682,642
up €682,642 (+49.4%), from €1.4m to €2.1m
- Other operating charges -€236,472
down €236,472 (-99.5%), from €237,602 to €1,130
- Taxes +€199,461
up €199,461 (+136.0%), from €146,619 to €346,081
- Depreciation +€64,217
up €64,217 (+8.4%), from €766,979 to €831,196
- Financial income -€34,701
down €34,701 (-15.5%), from €223,305 to €188,605
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.
Result 2024
€411,636
Gross operating margin
+€682,642
Depreciation
-€64,217
Other operating charges
+€236,472
Financial income
-€34,701
Financial charges
+€4,115
Taxes
-€199,461
Result 2025
€1.0m
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.
From operations
+€1.6m
Investment
-€27,404
Financing
-€1.4m
Cash 2024
€70,792
From operations (derived)
+€1.6m
Net result for the year
+€1.0m
Depreciation
+€831,196
Receivables within one year
+€164,295
Deferred charges and accrued income
+€23,807
Provisions
-€17,716
Trade debts
-€42,865
Tax, wage and social debts
-€22,311
Advances received
-€8,100
Other debts
-€326,000
Accrued charges and deferred income
-€18,172
Investment (derived)
-€27,404
Investment in fixed assets (net)
+€522,596
Current investments
-€550,000
Financing
-€1.4m
Debts after one year
-€1.4m
Current portion of long-term debt
-€37,742
Cash 2025
€229,640
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €18,161,103 | €17,328,058 | -€833,046 | -4.6% |
| Fixed assets | 21/28 | €14,775,792 | €13,421,999 | -€1.4m | -9.2% |
| Tangible fixed assets | 22/27 | €10,825,953 | €10,063,530 | -€762,423 | -7.0% |
| Land and buildings | 22 | €8,513,088 | €8,092,810 | -€420,278 | -4.9% |
| Plant, machinery and equipment | 23 | €874,346 | €737,704 | -€136,642 | -15.6% |
| Leasing and similar rights | 25 | €1,438,519 | €1,233,016 | -€205,503 | -14.3% |
| Financial fixed assets | 28 | €3,949,838 | €3,358,469 | -€591,369 | -15.0% |
| Current assets | 29/58 | €3,385,312 | €3,906,058 | +€520,747 | +15.4% |
| Amounts receivable after more than one year | 29 | €2,000,000 | €2,000,000 | = | 0.0% |
| Other amounts receivable | 291 | €2,000,000 | €2,000,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €239,861 | €75,567 | -€164,295 | -68.5% |
| Trade receivables | 40 | €228,611 | €29,325 | -€199,286 | -87.2% |
| Other amounts receivable | 41 | €11,250 | €46,241 | +€34,991 | +311.0% |
| Current investments | 50/53 | €1,050,000 | €1,600,000 | +€550,000 | +52.4% |
| Cash at bank and in hand | 54/58 | €70,792 | €229,640 | +€158,848 | +224.4% |
| Deferred charges and accrued income | 490/1 | €24,659 | €852 | -€23,807 | -96.5% |
| Total equity and liabilities | 10/49 | €18,161,103 | €17,328,058 | -€833,046 | -4.6% |
| Equity | 10/15 | €13,692,415 | €14,728,900 | +€1.0m | +7.6% |
| Contributions | 10/11 | €4,803,868 | €4,803,868 | = | 0.0% |
| Capital | 10 | €4,803,868 | €4,803,868 | = | 0.0% |
| Issued capital | 100 | €4,803,868 | €4,803,868 | = | 0.0% |
| Reserves | 13 | €8,888,547 | €9,925,031 | +€1.0m | +11.7% |
| Non-distributable reserves | 130/1 | €480,387 | €480,387 | = | 0.0% |
| Legal reserve | 130 | €480,387 | €480,387 | = | 0.0% |
| Tax-exempt reserves | 132 | €442,558 | €911,449 | +€468,891 | +106.0% |
| Distributable reserves | 133 | €7,965,602 | €8,533,196 | +€567,594 | +7.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €137,157 | €119,440 | -€17,716 | -12.9% |
| Deferred taxes | 168 | €137,157 | €119,440 | -€17,716 | -12.9% |
| Amounts payable | 17/49 | €4,331,532 | €2,479,718 | -€1.9m | -42.8% |
| Amounts payable after more than one year | 17 | €3,163,283 | €1,766,659 | -€1.4m | -44.2% |
| Financial debts | 170/4 | €2,061,688 | €1,696,886 | -€364,802 | -17.7% |
| Other amounts payable | 178/9 | €1,101,595 | €69,773 | -€1.0m | -93.7% |
| Amounts payable within one year | 42/48 | €1,149,923 | €712,905 | -€437,018 | -38.0% |
| Current portion of amounts payable after more than one year | 42 | €402,544 | €364,802 | -€37,742 | -9.4% |
| Trade debts | 44 | €211,085 | €168,221 | -€42,865 | -20.3% |
| Suppliers | 440/4 | €211,085 | €168,221 | -€42,865 | -20.3% |
| Advances received on contracts in progress | 46 | €8,100 | €0 | -€8,100 | -100.0% |
| Taxes, remuneration and social security | 45 | €78,194 | €55,883 | -€22,311 | -28.5% |
| Taxes | 450/3 | €78,194 | €55,883 | -€22,311 | -28.5% |
| Other amounts payable | 47/48 | €450,000 | €124,000 | -€326,000 | -72.4% |
| Accrued charges and deferred income | 492/3 | €18,325 | €153 | -€18,172 | -99.2% |
| Non-recurring operating income | 76A | €1,639 | €0 | -€1,639 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €766,979 | €831,196 | +€64,217 | +8.4% |
| Other operating charges | 640/8 | €237,602 | €1,130 | -€236,472 | -99.5% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €1,382,407 | €2,065,049 | +€682,642 | +49.4% |
| Operating profit (loss) | 9901 | €377,827 | €1,232,723 | +€854,896 | +226.3% |
| Financial income | 75/76B | €223,305 | €188,605 | -€34,701 | -15.5% |
| Recurring financial income | 75 | €223,305 | €188,605 | -€34,701 | -15.5% |
| Financial charges | 65/66B | €60,593 | €56,479 | -€4,115 | -6.8% |
| Recurring financial charges | 65 | €60,593 | €56,479 | -€4,115 | -6.8% |
| Profit (loss) for the period before taxes | 9903 | €540,539 | €1,364,849 | +€824,310 | +152.5% |
| Transfer from deferred taxes | 780 | €17,716 | €17,716 | = | 0.0% |
| Income taxes | 67/77 | €146,619 | €346,081 | +€199,461 | +136.0% |
| Profit (loss) for the period | 9904 | €411,636 | €1,036,485 | +€624,849 | +151.8% |
| Transfer from tax-exempt reserves | 789 | €53,149 | €53,149 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | - | €522,040 | +€522,040 | |
| Profit (loss) for the period to be appropriated | 9905 | €464,785 | €567,594 | +€102,809 | +22.1% |
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 11 October 2026 via checked.be.