TRUST DESIGN: 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 DESIGN
Largest movements
- Receivables within one year -€130,789
down €130,789 (-76.2%), from €171,556 to €40,767
of which Trade receivables: -€141,359
- Stocks and contracts +€13,323
up €13,323 (+2.5%), from €528,569 to €541,892
- Trade debts -€144,722
down €144,722 (-96.5%), from €150,048 to €5,326
- Reserves +€34,530
up €34,530 (+8.7%), from €396,094 to €430,624
of which Distributable reserves: +€34,530
- Gross operating margin -€12,092
down €12,092 (-6.7%), from €180,670 to €168,578
- Taxes -€4,135
down €4,135 (-22.3%), from €18,582 to €14,446
- Staff costs +€3,445
up €3,445 (+3.0%), from €114,063 to €117,509
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 | €880,031 | €761,327 | -€118,705 | -13.5% |
| Fixed assets | 21/28 | €544 | €3,820 | +€3,276 | +601.7% |
| Tangible fixed assets | 22/27 | €544 | €3,820 | +€3,276 | +601.7% |
| Land and buildings | 22 | - | €0 | = | |
| Plant, machinery and equipment | 23 | - | €0 | = | |
| Furniture and vehicles | 24 | €544 | €3,820 | +€3,276 | +601.7% |
| Current assets | 29/58 | €879,487 | €757,506 | -€121,981 | -13.9% |
| Stocks and contracts in progress | 3 | €528,569 | €541,892 | +€13,323 | +2.5% |
| Stocks | 30/36 | €528,569 | €541,892 | +€13,323 | +2.5% |
| Amounts receivable within one year | 40/41 | €171,556 | €40,767 | -€130,789 | -76.2% |
| Trade receivables | 40 | €155,108 | €13,749 | -€141,359 | -91.1% |
| Other amounts receivable | 41 | €16,447 | €27,017 | +€10,570 | +64.3% |
| Cash at bank and in hand | 54/58 | €176,398 | €173,634 | -€2,763 | -1.6% |
| Deferred charges and accrued income | 490/1 | €2,964 | €1,213 | -€1,751 | -59.1% |
| Total equity and liabilities | 10/49 | €880,031 | €761,327 | -€118,705 | -13.5% |
| Equity | 10/15 | €570,863 | €605,393 | +€34,530 | +6.0% |
| Contributions | 10/11 | €18,716 | €18,716 | = | 0.0% |
| Reserves | 13 | €396,094 | €430,624 | +€34,530 | +8.7% |
| Non-distributable reserves | 130/1 | €1,872 | €1,872 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,872 | €1,872 | = | 0.0% |
| Distributable reserves | 133 | €394,223 | €428,753 | +€34,530 | +8.8% |
| Profit (loss) carried forward | 14 | €156,053 | €156,053 | +€0 | 0.0% |
| Amounts payable | 17/49 | €309,169 | €155,934 | -€153,235 | -49.6% |
| Amounts payable within one year | 42/48 | €309,169 | €155,934 | -€153,235 | -49.6% |
| Current portion of amounts payable after more than one year | 42 | €14,384 | €6,322 | -€8,062 | -56.0% |
| Trade debts | 44 | €150,048 | €5,326 | -€144,722 | -96.5% |
| Suppliers | 440/4 | €150,048 | €5,326 | -€144,722 | -96.5% |
| Taxes, remuneration and social security | 45 | €33,114 | €32,663 | -€451 | -1.4% |
| Taxes | 450/3 | €17,340 | €14,953 | -€2,387 | -13.8% |
| Remuneration and social security | 454/9 | €15,774 | €17,710 | +€1,936 | +12.3% |
| Other amounts payable | 47/48 | €111,623 | €111,623 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €114,063 | €117,509 | +€3,445 | +3.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €697 | €442 | -€254 | -36.5% |
| Other operating charges | 640/8 | €144 | €856 | +€713 | +496.9% |
| Gross operating margin | 9900 | €180,670 | €168,578 | -€12,092 | -6.7% |
| Operating profit (loss) | 9901 | €65,766 | €49,770 | -€15,996 | -24.3% |
| Financial income | 75/76B | €285 | €220 | -€66 | -23.0% |
| Recurring financial income | 75 | €285 | €220 | -€66 | -23.0% |
| Financial charges | 65/66B | €1,684 | €1,013 | -€671 | -39.8% |
| Recurring financial charges | 65 | €1,684 | €1,013 | -€671 | -39.8% |
| Profit (loss) for the period before taxes | 9903 | €64,368 | €48,977 | -€15,391 | -23.9% |
| Income taxes | 67/77 | €18,582 | €14,446 | -€4,135 | -22.3% |
| Profit (loss) for the period | 9904 | €45,786 | €34,530 | -€11,256 | -24.6% |
| Profit (loss) for the period to be appropriated | 9905 | €45,786 | €34,530 | -€11,256 | -24.6% |
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 1 October 2026 via checked.be.