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
- Receivables within one year +€53,035
up €53,035 (+10.6%), from €499,479 to €552,514
of which Other amounts receivable: +€121,281
- Cash +€50,606
up €50,606 (+524.3%), from €9,653 to €60,259
mainly Trade debts (+€110,557) and Depreciation (+€40,871)
- Tangible fixed assets -€24,812
down €24,812 (-3.4%), from €730,780 to €705,969
of which Land and buildings: -€22,514
- Deferred charges and accrued income +€14,141
up €14,141 (+4411.9%), from €321 to €14,462
- Trade debts +€110,557
up €110,557 (+258.3%), from €42,804 to €153,362
- Debts after one year -€20,000
down €20,000 (-7.1%), from €281,667 to €261,667
- Gross operating margin +€43,743
up €43,743 (+363.2%), from €12,044 to €55,787
- Financial charges -€7,051
down €7,051 (-38.6%), from €18,266 to €11,215
- Depreciation +€2,524
up €2,524 (+6.6%), from €38,347 to €40,871
- Other operating charges +€667
up €667 (+46.2%), from €1,443 to €2,111
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 | €1,240,232 | €1,333,203 | +€92,971 | +7.5% |
| Fixed assets | 21/28 | €730,780 | €705,969 | -€24,812 | -3.4% |
| Tangible fixed assets | 22/27 | €730,780 | €705,969 | -€24,812 | -3.4% |
| Land and buildings | 22 | €706,023 | €683,509 | -€22,514 | -3.2% |
| Plant, machinery and equipment | 23 | €171 | €80 | -€91 | -53.4% |
| Furniture and vehicles | 24 | €24,587 | €22,380 | -€2,207 | -9.0% |
| Current assets | 29/58 | €509,452 | €627,234 | +€117,782 | +23.1% |
| Amounts receivable within one year | 40/41 | €499,479 | €552,514 | +€53,035 | +10.6% |
| Trade receivables | 40 | €481,635 | €413,389 | -€68,246 | -14.2% |
| Other amounts receivable | 41 | €17,844 | €139,125 | +€121,281 | +679.7% |
| Cash at bank and in hand | 54/58 | €9,653 | €60,259 | +€50,606 | +524.3% |
| Deferred charges and accrued income | 490/1 | €321 | €14,462 | +€14,141 | +4411.9% |
| Total equity and liabilities | 10/49 | €1,240,232 | €1,333,203 | +€92,971 | +7.5% |
| Equity | 10/15 | €220,064 | €221,685 | +€1,622 | +0.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €238,191 | €238,191 | = | 0.0% |
| Tax-exempt reserves | 132 | €17,884 | €17,884 | = | 0.0% |
| Distributable reserves | 133 | €220,307 | €220,307 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€36,727 | -€35,106 | +€1,622 | +4.4% |
| Amounts payable | 17/49 | €1,020,169 | €1,111,518 | +€91,349 | +9.0% |
| Amounts payable after more than one year | 17 | €281,667 | €261,667 | -€20,000 | -7.1% |
| Financial debts | 170/4 | €281,667 | €261,667 | -€20,000 | -7.1% |
| Amounts payable within one year | 42/48 | €738,502 | €849,851 | +€111,349 | +15.1% |
| Current portion of amounts payable after more than one year | 42 | €20,000 | €20,000 | = | 0.0% |
| Financial debts | 43 | €7,060 | - | -€7,060 | |
| Other loans | 439 | €7,060 | - | -€7,060 | |
| Trade debts | 44 | €42,804 | €153,362 | +€110,557 | +258.3% |
| Suppliers | 440/4 | €42,804 | €153,362 | +€110,557 | +258.3% |
| Taxes, remuneration and social security | 45 | €17,407 | €15,228 | -€2,179 | -12.5% |
| Taxes | 450/3 | €17,407 | €15,228 | -€2,179 | -12.5% |
| Other amounts payable | 47/48 | €651,230 | €661,261 | +€10,031 | +1.5% |
| Non-recurring operating income | 76A | - | €19,665 | +€19,665 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,347 | €40,871 | +€2,524 | +6.6% |
| Other operating charges | 640/8 | €1,443 | €2,111 | +€667 | +46.2% |
| Gross operating margin | 9900 | €12,044 | €55,787 | +€43,743 | +363.2% |
| Operating profit (loss) | 9901 | -€27,747 | €12,805 | +€40,552 | |
| Financial income | 75/76B | €0 | €321 | +€321 | +76385.7% |
| Recurring financial income | 75 | €0 | €321 | +€321 | +76385.7% |
| Financial charges | 65/66B | €18,266 | €11,215 | -€7,051 | -38.6% |
| Recurring financial charges | 65 | €18,266 | €11,215 | -€7,051 | -38.6% |
| Profit (loss) for the period before taxes | 9903 | -€46,012 | €1,912 | +€47,924 | |
| Income taxes | 67/77 | €256 | €290 | +€34 | +13.2% |
| Profit (loss) for the period | 9904 | -€46,268 | €1,622 | +€47,890 | |
| Profit (loss) for the period to be appropriated | 9905 | -€46,268 | €1,622 | +€47,890 |
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 5 October 2026 via checked.be.