TRUST-EM: 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-EM
Largest movements
- Cash +€50,587
up €50,587 (+127.7%), from €39,611 to €90,198
mainly Net result for the year (+€65,923) and Depreciation (+€2,416)
- Tangible fixed assets +€5,988
up €5,988 (+75.7%), from €7,915 to €13,903
of which Plant, machinery and equipment: +€7,087
- Receivables within one year +€4,730
up €4,730 (+41.7%), from €11,330 to €16,060
- Reserves +€65,923
up €65,923 (+252.9%), from €26,067 to €91,990
- Tax, wage and social debts -€3,716
down €3,716 (-11.6%), from €31,957 to €28,242
of which Taxes: -€12,397
- Gross operating margin +€47,682
up €47,682 (+113.9%), from €41,860 to €89,542
- Taxes +€10,403
up €10,403 (+143.3%), from €7,257 to €17,660
- Depreciation -€2,512
down €2,512 (-51.0%), from €4,928 to €2,416
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 | €64,315 | €125,766 | +€61,451 | +95.5% |
| Fixed assets | 21/28 | €7,915 | €13,903 | +€5,988 | +75.7% |
| Tangible fixed assets | 22/27 | €7,915 | €13,903 | +€5,988 | +75.7% |
| Plant, machinery and equipment | 23 | €3,098 | €10,185 | +€7,087 | +228.8% |
| Furniture and vehicles | 24 | €4,817 | €3,718 | -€1,099 | -22.8% |
| Current assets | 29/58 | €56,400 | €111,863 | +€55,463 | +98.3% |
| Amounts receivable within one year | 40/41 | €11,330 | €16,060 | +€4,730 | +41.7% |
| Other amounts receivable | 41 | €11,330 | €16,060 | +€4,730 | +41.7% |
| Cash at bank and in hand | 54/58 | €39,611 | €90,198 | +€50,587 | +127.7% |
| Deferred charges and accrued income | 490/1 | €5,460 | €5,606 | +€146 | +2.7% |
| Total equity and liabilities | 10/49 | €64,315 | €125,766 | +€61,451 | +95.5% |
| Equity | 10/15 | €29,067 | €94,990 | +€65,923 | +226.8% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €26,067 | €91,990 | +€65,923 | +252.9% |
| Distributable reserves | 133 | €26,067 | €91,990 | +€65,923 | +252.9% |
| Amounts payable | 17/49 | €35,249 | €30,776 | -€4,472 | -12.7% |
| Amounts payable within one year | 42/48 | €35,249 | €30,776 | -€4,472 | -12.7% |
| Trade debts | 44 | €3,292 | €2,535 | -€757 | -23.0% |
| Suppliers | 440/4 | €3,292 | €2,535 | -€757 | -23.0% |
| Taxes, remuneration and social security | 45 | €31,957 | €28,242 | -€3,716 | -11.6% |
| Taxes | 450/3 | €30,657 | €18,260 | -€12,397 | -40.4% |
| Remuneration and social security | 454/9 | €1,300 | €9,982 | +€8,682 | +667.8% |
| Other amounts payable | 47/48 | - | €0 | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,928 | €2,416 | -€2,512 | -51.0% |
| Other operating charges | 640/8 | €365 | €66 | -€299 | -82.0% |
| Non-recurring operating charges | 66A | - | €790 | +€790 | |
| Gross operating margin | 9900 | €41,860 | €89,542 | +€47,682 | +113.9% |
| Operating profit (loss) | 9901 | €36,567 | €86,271 | +€49,704 | +135.9% |
| Financial income | 75/76B | €118 | €655 | +€537 | +455.0% |
| Recurring financial income | 75 | €118 | €655 | +€537 | +455.0% |
| Financial charges | 65/66B | €3,361 | €3,343 | -€19 | -0.6% |
| Recurring financial charges | 65 | €3,361 | €3,343 | -€19 | -0.6% |
| Profit (loss) for the period before taxes | 9903 | €33,324 | €83,583 | +€50,259 | +150.8% |
| Income taxes | 67/77 | €7,257 | €17,660 | +€10,403 | +143.3% |
| Profit (loss) for the period | 9904 | €26,067 | €65,923 | +€39,856 | +152.9% |
| Profit (loss) for the period to be appropriated | 9905 | €26,067 | €65,923 | +€39,856 | +152.9% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.