TRUE THRUST: 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.
TRUE THRUST
Largest movements
- Current investments -€170,501
down €170,501 (-57.8%), from €294,733 to €124,232
- Cash -€63,816
down €63,816 (-34.9%), from €182,596 to €118,780
mainly Contributions, distributions and other (-€415,440) and Receivables within one year (-€35,718)
- Receivables within one year +€35,718
up €35,718 (+138.9%), from €25,707 to €61,425
of which Trade receivables: +€22,218
- Reserves -€296,440
down €296,440 (-50.9%), from €582,440 to €286,000
- Other debts +€101,150
new in 2025: €101,150
- Accrued charges and deferred income -€27,227
down €27,227 (-55.3%), from €49,221 to €21,994
- Short-term financial debts +€16,872
up €16,872 (+74.4%), from €22,672 to €39,544
- Gross operating margin +€40,587
up €40,587 (+26.5%), from €153,256 to €193,843
- Financial charges +€34,137
up €34,137 (+99.9%), from €34,179 to €68,316
- Financial income +€28,274
up €28,274 (+129.2%), from €21,878 to €50,152
- Taxes +€2,157
up €2,157 (+5.4%), from €39,983 to €42,140
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 | €688,714 | €485,493 | -€203,221 | -29.5% |
| Fixed assets | 21/28 | €184,865 | €180,447 | -€4,418 | -2.4% |
| Tangible fixed assets | 22/27 | €184,865 | €180,447 | -€4,418 | -2.4% |
| Plant, machinery and equipment | 23 | €14,724 | €16,339 | +€1,615 | +11.0% |
| Furniture and vehicles | 24 | €42,698 | €39,956 | -€2,742 | -6.4% |
| Other tangible fixed assets | 26 | €127,443 | €124,152 | -€3,291 | -2.6% |
| Current assets | 29/58 | €503,849 | €305,046 | -€198,803 | -39.5% |
| Amounts receivable within one year | 40/41 | €25,707 | €61,425 | +€35,718 | +138.9% |
| Trade receivables | 40 | €15,681 | €37,899 | +€22,218 | +141.7% |
| Other amounts receivable | 41 | €10,026 | €23,526 | +€13,500 | +134.6% |
| Current investments | 50/53 | €294,733 | €124,232 | -€170,501 | -57.8% |
| Cash at bank and in hand | 54/58 | €182,596 | €118,780 | -€63,816 | -34.9% |
| Deferred charges and accrued income | 490/1 | €813 | €609 | -€204 | -25.1% |
| Total equity and liabilities | 10/49 | €688,714 | €485,493 | -€203,221 | -29.5% |
| Equity | 10/15 | €600,300 | €299,232 | -€301,068 | -50.2% |
| Contributions | 10/11 | €13,018 | €13,018 | = | 0.0% |
| Reserves | 13 | €582,440 | €286,000 | -€296,440 | -50.9% |
| Distributable reserves | 133 | €582,440 | €286,000 | -€296,440 | -50.9% |
| Profit (loss) carried forward | 14 | €4,842 | €214 | -€4,628 | -95.6% |
| Amounts payable | 17/49 | €88,414 | €186,261 | +€97,847 | +110.7% |
| Amounts payable within one year | 42/48 | €39,193 | €164,267 | +€125,074 | +319.1% |
| Financial debts | 43 | €22,672 | €39,544 | +€16,872 | +74.4% |
| Credit institutions | 430/8 | €22,672 | €39,544 | +€16,872 | +74.4% |
| Trade debts | 44 | €1,571 | €2,157 | +€586 | +37.3% |
| Suppliers | 440/4 | €1,571 | €2,157 | +€586 | +37.3% |
| Taxes, remuneration and social security | 45 | €14,950 | €21,416 | +€6,466 | +43.3% |
| Taxes | 450/3 | €14,950 | €21,416 | +€6,466 | +43.3% |
| Other amounts payable | 47/48 | - | €101,150 | +€101,150 | |
| Accrued charges and deferred income | 492/3 | €49,221 | €21,994 | -€27,227 | -55.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,645 | €17,940 | -€705 | -3.8% |
| Other operating charges | 640/8 | €1,228 | €1,227 | -€1 | -0.1% |
| Gross operating margin | 9900 | €153,256 | €193,843 | +€40,587 | +26.5% |
| Operating profit (loss) | 9901 | €133,383 | €174,676 | +€41,293 | +31.0% |
| Financial income | 75/76B | €21,878 | €50,152 | +€28,274 | +129.2% |
| Recurring financial income | 75 | €21,878 | €50,152 | +€28,274 | +129.2% |
| Financial charges | 65/66B | €34,179 | €68,316 | +€34,137 | +99.9% |
| Recurring financial charges | 65 | €34,179 | €68,316 | +€34,137 | +99.9% |
| Profit (loss) for the period before taxes | 9903 | €121,082 | €156,512 | +€35,430 | +29.3% |
| Income taxes | 67/77 | €39,983 | €42,140 | +€2,157 | +5.4% |
| Profit (loss) for the period | 9904 | €81,099 | €114,372 | +€33,273 | +41.0% |
| Profit (loss) for the period to be appropriated | 9905 | €81,099 | €114,372 | +€33,273 | +41.0% |
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 7 October 2026 via checked.be.