true.agency: 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.
True Holding
Largest movements
- Receivables within one year -€8,163
down €8,163 (-25.4%), from €32,108 to €23,945
of which Trade receivables: -€5,940
- Profit (loss) carried forward -€9,920
down €9,920 (-10.2%), from -€96,794 to -€106,715
- Trade debts +€1,657
up €1,657 (+312.5%), from €530 to €2,187
- Write-downs +€5,940
new in 2025: €5,940
- Gross operating margin -€740
down €740 (-29.1%), from -€2,546 to -€3,286
- Financial income -€390
down €390 (-30.5%), from €1,278 to €888
- Depreciation -€386
down €386 (-100.0%), from €386 to €0
- Other operating charges +€282
up €282 (+33.9%), from €830 to €1,112
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 | €61,930 | €53,667 | -€8,263 | -13.3% |
| Fixed assets | 21/28 | €28,447 | €28,447 | = | 0.0% |
| Tangible fixed assets | 22/27 | €0 | - | = | |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Financial fixed assets | 28 | €28,447 | €28,447 | = | 0.0% |
| Current assets | 29/58 | €33,483 | €25,219 | -€8,263 | -24.7% |
| Amounts receivable within one year | 40/41 | €32,108 | €23,945 | -€8,163 | -25.4% |
| Trade receivables | 40 | €14,934 | €8,994 | -€5,940 | -39.8% |
| Other amounts receivable | 41 | €17,174 | €14,951 | -€2,223 | -12.9% |
| Cash at bank and in hand | 54/58 | €1,375 | €1,275 | -€100 | -7.3% |
| Total equity and liabilities | 10/49 | €61,930 | €53,667 | -€8,263 | -13.3% |
| Equity | 10/15 | -€11,794 | -€21,715 | -€9,920 | -84.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €66,400 | €66,400 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €64,540 | €64,540 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€96,794 | -€106,715 | -€9,920 | -10.2% |
| Amounts payable | 17/49 | €73,724 | €75,381 | +€1,657 | +2.2% |
| Amounts payable within one year | 42/48 | €73,724 | €75,381 | +€1,657 | +2.2% |
| Trade debts | 44 | €530 | €2,187 | +€1,657 | +312.5% |
| Suppliers | 440/4 | €530 | €2,187 | +€1,657 | +312.5% |
| Other amounts payable | 47/48 | €73,194 | €73,194 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €386 | €0 | -€386 | -100.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €5,940 | +€5,940 | |
| Other operating charges | 640/8 | €830 | €1,112 | +€282 | +33.9% |
| Gross operating margin | 9900 | -€2,546 | -€3,286 | -€740 | -29.1% |
| Operating profit (loss) | 9901 | -€3,762 | -€10,338 | -€6,576 | -174.8% |
| Financial income | 75/76B | €1,278 | €888 | -€390 | -30.5% |
| Recurring financial income | 75 | €1,278 | €888 | -€390 | -30.5% |
| Financial charges | 65/66B | €431 | €470 | +€38 | +8.9% |
| Recurring financial charges | 65 | €431 | €470 | +€38 | +8.9% |
| Profit (loss) for the period before taxes | 9903 | -€2,916 | -€9,920 | -€7,004 | -240.2% |
| Profit (loss) for the period | 9904 | -€2,916 | -€9,920 | -€7,004 | -240.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,916 | -€9,920 | -€7,004 | -240.2% |
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 12 October 2026 via checked.be.