TRUST: 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.
TRUST
Largest movements
- Receivables after one year +€73,066
new in 2025: €73,066
- Cash -€60,813
down €60,813 (-37.6%), from €161,602 to €100,789
mainly Receivables after one year (-€73,066) and Current investments (-€29,592)
- Current investments +€29,592
up €29,592 (+13.4%), from €220,658 to €250,250
- Tangible fixed assets -€11,633
down €11,633 (-15.7%), from €74,162 to €62,529
of which Furniture and vehicles: -€13,086
- Reserves +€79,370
up €79,370 (+18.8%), from €423,194 to €502,564
of which Distributable reserves: +€79,370
- Other debts -€21,757
no longer reported in 2025 (was €21,757)
- Trade debts -€14,961
down €14,961 (-31.7%), from €47,203 to €32,242
- Tax, wage and social debts -€10,568
down €10,568 (-32.0%), from €33,032 to €22,464
- Other operating charges +€12,525
up €12,525 (+1,057%), from €1,185 to €13,710
- Gross operating margin +€7,773
up €7,773 (+5.0%), from €156,563 to €164,337
- Financial income +€7,562
up €7,562 (+1,119%), from €676 to €8,238
- Taxes -€4,934
down €4,934 (-10.5%), from €46,952 to €42,018
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.
Derived cash bridge
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 | €490,053 | €522,827 | +€32,775 | +6.7% |
| Fixed assets | 21/28 | €74,162 | €62,529 | -€11,633 | -15.7% |
| Tangible fixed assets | 22/27 | €74,162 | €62,529 | -€11,633 | -15.7% |
| Land and buildings | 22 | €12,500 | €13,954 | +€1,454 | +11.6% |
| Plant, machinery and equipment | 23 | €10,000 | €10,000 | = | 0.0% |
| Furniture and vehicles | 24 | €51,662 | €38,575 | -€13,086 | -25.3% |
| Current assets | 29/58 | €415,891 | €460,298 | +€44,407 | +10.7% |
| Amounts receivable after more than one year | 29 | - | €73,066 | +€73,066 | |
| Other amounts receivable | 291 | - | €73,066 | +€73,066 | |
| Amounts receivable within one year | 40/41 | €33,631 | €36,194 | +€2,563 | +7.6% |
| Trade receivables | 40 | €26,821 | €29,043 | +€2,222 | +8.3% |
| Other amounts receivable | 41 | €6,810 | €7,150 | +€341 | +5.0% |
| Current investments | 50/53 | €220,658 | €250,250 | +€29,592 | +13.4% |
| Cash at bank and in hand | 54/58 | €161,602 | €100,789 | -€60,813 | -37.6% |
| Total equity and liabilities | 10/49 | €490,053 | €522,827 | +€32,775 | +6.7% |
| Equity | 10/15 | €388,061 | €467,431 | +€79,370 | +20.5% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Reserves | 13 | €423,194 | €502,564 | +€79,370 | +18.8% |
| Non-distributable reserves | 130/1 | €4,001 | €4,001 | = | 0.0% |
| Reserves not available under the articles | 1311 | €4,001 | €4,001 | = | 0.0% |
| Tax-exempt reserves | 132 | €6,539 | €6,539 | = | 0.0% |
| Distributable reserves | 133 | €412,654 | €492,024 | +€79,370 | +19.2% |
| Profit (loss) carried forward | 14 | -€41,331 | -€41,331 | = | 0.0% |
| Amounts payable | 17/49 | €101,992 | €55,397 | -€46,595 | -45.7% |
| Amounts payable within one year | 42/48 | €101,992 | €55,397 | -€46,595 | -45.7% |
| Financial debts | 43 | - | €691 | +€691 | |
| Credit institutions | 430/8 | - | €691 | +€691 | |
| Trade debts | 44 | €47,203 | €32,242 | -€14,961 | -31.7% |
| Suppliers | 440/4 | €47,203 | €32,242 | -€14,961 | -31.7% |
| Taxes, remuneration and social security | 45 | €33,032 | €22,464 | -€10,568 | -32.0% |
| Taxes | 450/3 | €33,032 | €22,464 | -€10,568 | -32.0% |
| Other amounts payable | 47/48 | €21,757 | - | -€21,757 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,885 | €13,211 | +€326 | +2.5% |
| Other operating charges | 640/8 | €1,185 | €13,710 | +€12,525 | +1,057% |
| Gross operating margin | 9900 | €156,563 | €164,337 | +€7,773 | +5.0% |
| Operating profit (loss) | 9901 | €142,493 | €137,416 | -€5,078 | -3.6% |
| Financial income | 75/76B | €676 | €8,238 | +€7,562 | +1,119% |
| Recurring financial income | 75 | €676 | €8,238 | +€7,562 | +1,119% |
| Financial charges | 65/66B | €35 | €360 | +€325 | +918% |
| Recurring financial charges | 65 | €35 | €360 | +€325 | +918% |
| Profit (loss) for the period before taxes | 9903 | €143,134 | €145,294 | +€2,160 | +1.5% |
| Income taxes | 67/77 | €46,952 | €42,018 | -€4,934 | -10.5% |
| Profit (loss) for the period | 9904 | €96,182 | €103,275 | +€7,094 | +7.4% |
| Profit (loss) for the period to be appropriated | 9905 | €96,182 | €103,275 | +€7,094 | +7.4% |
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 23 October 2026 via checked.be.