TRUST MD: 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 MD
Largest movements
- Receivables within one year -€13,605
down €13,605 (-22.9%), from €59,328 to €45,723
of which Trade receivables: -€15,878
- Tangible fixed assets +€6,039
up €6,039 (+105.1%), from €5,749 to €11,788
of which Furniture and vehicles: +€5,595
- Cash +€5,381
up €5,381 (+101.3%), from €5,309 to €10,690
mainly Receivables within one year (+€13,605) and Depreciation (+€9,220)
- Trade debts -€7,752
down €7,752 (-21.5%), from €36,003 to €28,250
of which Bills of exchange payable: -€20,186
- Profit (loss) carried forward +€4,820
up €4,820 (+17.4%), from €27,689 to €32,509
- Tax, wage and social debts +€747
up €747 (+13.1%), from €5,694 to €6,441
of which Remuneration and social security: +€1,800
- Gross operating margin -€6,786
down €6,786 (-29.9%), from €22,701 to €15,915
- Other operating charges -€2,718
down €2,718 (-92.3%), from €2,943 to €225
- Taxes -€1,174
down €1,174 (-41.7%), from €2,812 to €1,638
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 | €70,386 | €68,201 | -€2,185 | -3.1% |
| Fixed assets | 21/28 | €5,749 | €11,788 | +€6,039 | +105.1% |
| Tangible fixed assets | 22/27 | €5,749 | €11,788 | +€6,039 | +105.1% |
| Plant, machinery and equipment | 23 | €2,105 | €2,550 | +€445 | +21.1% |
| Furniture and vehicles | 24 | €3,644 | €9,238 | +€5,595 | +153.5% |
| Current assets | 29/58 | €64,637 | €56,413 | -€8,224 | -12.7% |
| Amounts receivable within one year | 40/41 | €59,328 | €45,723 | -€13,605 | -22.9% |
| Trade receivables | 40 | €56,302 | €40,423 | -€15,878 | -28.2% |
| Other amounts receivable | 41 | €3,026 | €5,300 | +€2,273 | +75.1% |
| Cash at bank and in hand | 54/58 | €5,309 | €10,690 | +€5,381 | +101.3% |
| Total equity and liabilities | 10/49 | €70,386 | €68,201 | -€2,185 | -3.1% |
| Equity | 10/15 | €28,689 | €33,509 | +€4,820 | +16.8% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €27,689 | €32,509 | +€4,820 | +17.4% |
| Amounts payable | 17/49 | €41,697 | €34,692 | -€7,005 | -16.8% |
| Amounts payable within one year | 42/48 | €41,697 | €34,692 | -€7,005 | -16.8% |
| Trade debts | 44 | €36,003 | €28,250 | -€7,752 | -21.5% |
| Suppliers | 440/4 | €15,817 | €28,250 | +€12,433 | +78.6% |
| Bills of exchange payable | 441 | €20,186 | - | -€20,186 | |
| Taxes, remuneration and social security | 45 | €5,694 | €6,441 | +€747 | +13.1% |
| Taxes | 450/3 | €2,194 | €1,141 | -€1,053 | -48.0% |
| Remuneration and social security | 454/9 | €3,500 | €5,300 | +€1,800 | +51.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,215 | €9,220 | +€5 | +0.1% |
| Other operating charges | 640/8 | €2,943 | €225 | -€2,718 | -92.3% |
| Gross operating margin | 9900 | €22,701 | €15,915 | -€6,786 | -29.9% |
| Operating profit (loss) | 9901 | €10,543 | €6,470 | -€4,073 | -38.6% |
| Financial income | 75/76B | - | €84 | +€84 | |
| Recurring financial income | 75 | - | €84 | +€84 | |
| Financial charges | 65/66B | €75 | €96 | +€21 | +28.5% |
| Recurring financial charges | 65 | €75 | €96 | +€21 | +28.5% |
| Profit (loss) for the period before taxes | 9903 | €10,469 | €6,458 | -€4,011 | -38.3% |
| Income taxes | 67/77 | €2,812 | €1,638 | -€1,174 | -41.7% |
| Profit (loss) for the period | 9904 | €7,657 | €4,820 | -€2,837 | -37.1% |
| Profit (loss) for the period to be appropriated | 9905 | €7,657 | €4,820 | -€2,837 | -37.1% |
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 10 October 2026 via checked.be.