TRUST: 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.
TRUST
Largest movements
- Cash -€53,461
down €53,461 (-78.3%), from €68,280 to €14,819
mainly Other debts (-€41,253) and Debts after one year (-€40,333)
- Tangible fixed assets -€45,023
down €45,023 (-7.7%), from €585,908 to €540,885
of which Land and buildings: -€44,982
- Other debts -€41,253
down €41,253 (-33.4%), from €123,667 to €82,414
- Debts after one year -€40,333
down €40,333 (-54.5%), from €73,945 to €33,611
- Tax, wage and social debts -€21,235
down €21,235 (-85.4%), from €24,867 to €3,631
- Provisions -€9,652
down €9,652 (-41.9%), from €23,041 to €13,389
of which Provisions for liabilities and charges: -€7,418
- Reserves +€7,365
up €7,365 (+5.3%), from €138,502 to €145,868
of which Distributable reserves: +€11,900
- Gross operating margin -€17,918
down €17,918 (-20.3%), from €88,164 to €70,246
- Write-downs -€7,418
new in 2025: -€7,418
- Financial charges -€5,831
down €5,831 (-81.3%), from €7,169 to €1,337
- Taxes -€1,746
down €1,746 (-23.5%), from €7,437 to €5,691
- Other operating charges +€1,010
up €1,010 (+5.2%), from €19,369 to €20,379
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 | €656,366 | €556,604 | -€99,762 | -15.2% |
| Fixed assets | 21/28 | €585,908 | €540,885 | -€45,023 | -7.7% |
| Tangible fixed assets | 22/27 | €585,908 | €540,885 | -€45,023 | -7.7% |
| Land and buildings | 22 | €585,825 | €540,843 | -€44,982 | -7.7% |
| Furniture and vehicles | 24 | €83 | €41 | -€41 | -50.0% |
| Current assets | 29/58 | €70,458 | €15,719 | -€54,739 | -77.7% |
| Amounts receivable within one year | 40/41 | €2,178 | €900 | -€1,278 | -58.7% |
| Trade receivables | 40 | €2,178 | €900 | -€1,278 | -58.7% |
| Cash at bank and in hand | 54/58 | €68,280 | €14,819 | -€53,461 | -78.3% |
| Total equity and liabilities | 10/49 | €656,366 | €556,604 | -€99,762 | -15.2% |
| Equity | 10/15 | €370,208 | €377,674 | +€7,466 | +2.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Revaluation surpluses | 12 | €76,847 | €76,847 | = | 0.0% |
| Reserves | 13 | €138,502 | €145,868 | +€7,365 | +5.3% |
| Tax-exempt reserves | 132 | €31,742 | €27,208 | -€4,535 | -14.3% |
| Distributable reserves | 133 | €106,760 | €118,660 | +€11,900 | +11.1% |
| Profit (loss) carried forward | 14 | €136,258 | €136,359 | +€101 | +0.1% |
| Provisions and deferred taxes | 16 | €23,041 | €13,389 | -€9,652 | -41.9% |
| Provisions for liabilities and charges | 160/5 | €7,418 | - | -€7,418 | |
| Major repairs and maintenance | 162 | €7,418 | - | -€7,418 | |
| Deferred taxes | 168 | €15,623 | €13,389 | -€2,233 | -14.3% |
| Amounts payable | 17/49 | €263,117 | €165,541 | -€97,577 | -37.1% |
| Amounts payable after more than one year | 17 | €73,945 | €33,611 | -€40,333 | -54.5% |
| Financial debts | 170/4 | €73,945 | €33,611 | -€40,333 | -54.5% |
| Amounts payable within one year | 42/48 | €189,173 | €131,929 | -€57,243 | -30.3% |
| Current portion of amounts payable after more than one year | 42 | €40,333 | €43,694 | +€3,361 | +8.3% |
| Trade debts | 44 | €306 | €2,190 | +€1,884 | +616.5% |
| Suppliers | 440/4 | €306 | €2,190 | +€1,884 | +616.5% |
| Taxes, remuneration and social security | 45 | €24,867 | €3,631 | -€21,235 | -85.4% |
| Taxes | 450/3 | €24,867 | €3,631 | -€21,235 | -85.4% |
| Other amounts payable | 47/48 | €123,667 | €82,414 | -€41,253 | -33.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,005 | €45,023 | +€18 | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€7,418 | -€7,418 | |
| Other operating charges | 640/8 | €19,369 | €20,379 | +€1,010 | +5.2% |
| Gross operating margin | 9900 | €88,164 | €70,246 | -€17,918 | -20.3% |
| Operating profit (loss) | 9901 | €23,789 | €12,262 | -€11,528 | -48.5% |
| Financial charges | 65/66B | €7,169 | €1,337 | -€5,831 | -81.3% |
| Recurring financial charges | 65 | €7,169 | €1,337 | -€5,831 | -81.3% |
| Profit (loss) for the period before taxes | 9903 | €16,621 | €10,924 | -€5,697 | -34.3% |
| Transfer from deferred taxes | 780 | €2,233 | €2,233 | = | 0.0% |
| Income taxes | 67/77 | €7,437 | €5,691 | -€1,746 | -23.5% |
| Profit (loss) for the period | 9904 | €11,417 | €7,466 | -€3,951 | -34.6% |
| Transfer from tax-exempt reserves | 789 | €4,535 | €4,535 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €15,951 | €12,001 | -€3,951 | -24.8% |
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.