TrustCore: 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.
TrustCore
Largest movements
- Cash +€37,455
up €37,455 (+33.7%), from €111,008 to €148,463
mainly Net result for the year (+€94,082) and Other debts (+€34,607)
- Receivables within one year -€19,113
down €19,113 (-57.8%), from €33,058 to €13,945
of which Trade receivables: -€19,713
- Tangible fixed assets -€7,485
down €7,485 (-7.4%), from €101,677 to €94,192
of which Land and buildings: -€13,306
- Current investments -€4,737
down €4,737 (-10.6%), from €44,737 to €40,000
- Other debts +€34,607
up €34,607 (+56.4%), from €61,335 to €95,942
- Reserves -€13,860
down €13,860 (-42.5%), from €32,610 to €18,750
of which Distributable reserves: -€13,860
- Debts after one year -€12,745
down €12,745 (-8.8%), from €144,333 to €131,588
- Gross operating margin +€11,920
up €11,920 (+9.6%), from €124,276 to €136,196
- Financial income +€6,632
up €6,632 (+2279.6%), from €291 to €6,923
- Depreciation -€6,149
down €6,149 (-25.0%), from €24,622 to €18,474
- Taxes +€4,016
up €4,016 (+20.3%), from €19,824 to €23,840
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 | €294,380 | €300,907 | +€6,527 | +2.2% |
| Fixed assets | 21/28 | €102,177 | €94,692 | -€7,485 | -7.3% |
| Tangible fixed assets | 22/27 | €101,677 | €94,192 | -€7,485 | -7.4% |
| Land and buildings | 22 | €83,280 | €69,974 | -€13,306 | -16.0% |
| Plant, machinery and equipment | 23 | €16,045 | €13,508 | -€2,537 | -15.8% |
| Furniture and vehicles | 24 | €2,353 | €10,710 | +€8,358 | +355.2% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €192,203 | €206,215 | +€14,012 | +7.3% |
| Amounts receivable within one year | 40/41 | €33,058 | €13,945 | -€19,113 | -57.8% |
| Trade receivables | 40 | €33,058 | €13,345 | -€19,713 | -59.6% |
| Other amounts receivable | 41 | - | €600 | +€600 | |
| Current investments | 50/53 | €44,737 | €40,000 | -€4,737 | -10.6% |
| Cash at bank and in hand | 54/58 | €111,008 | €148,463 | +€37,455 | +33.7% |
| Deferred charges and accrued income | 490/1 | €3,400 | €3,807 | +€407 | +12.0% |
| Total equity and liabilities | 10/49 | €294,380 | €300,907 | +€6,527 | +2.2% |
| Equity | 10/15 | €51,210 | €37,350 | -€13,860 | -27.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €32,610 | €18,750 | -€13,860 | -42.5% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €13,860 | €0 | -€13,860 | -100.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €243,170 | €263,557 | +€20,387 | +8.4% |
| Amounts payable after more than one year | 17 | €144,333 | €131,588 | -€12,745 | -8.8% |
| Financial debts | 170/4 | €144,333 | €131,588 | -€12,745 | -8.8% |
| Amounts payable within one year | 42/48 | €96,478 | €128,974 | +€32,497 | +33.7% |
| Current portion of amounts payable after more than one year | 42 | €12,559 | €12,745 | +€185 | +1.5% |
| Trade debts | 44 | €6,666 | €6,304 | -€362 | -5.4% |
| Suppliers | 440/4 | €6,666 | €6,304 | -€362 | -5.4% |
| Taxes, remuneration and social security | 45 | €15,917 | €13,983 | -€1,934 | -12.1% |
| Taxes | 450/3 | €15,917 | €13,983 | -€1,934 | -12.1% |
| Other amounts payable | 47/48 | €61,335 | €95,942 | +€34,607 | +56.4% |
| Accrued charges and deferred income | 492/3 | €2,360 | €2,995 | +€635 | +26.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,622 | €18,474 | -€6,149 | -25.0% |
| Other operating charges | 640/8 | €2,836 | €2,884 | +€47 | +1.7% |
| Gross operating margin | 9900 | €124,276 | €136,196 | +€11,920 | +9.6% |
| Operating profit (loss) | 9901 | €96,817 | €114,839 | +€18,021 | +18.6% |
| Financial income | 75/76B | €291 | €6,923 | +€6,632 | +2279.6% |
| Recurring financial income | 75 | €291 | €6,923 | +€6,632 | +2279.6% |
| Financial charges | 65/66B | €3,950 | €3,840 | -€110 | -2.8% |
| Recurring financial charges | 65 | €3,950 | €3,840 | -€110 | -2.8% |
| Profit (loss) for the period before taxes | 9903 | €93,159 | €117,922 | +€24,764 | +26.6% |
| Income taxes | 67/77 | €19,824 | €23,840 | +€4,016 | +20.3% |
| Profit (loss) for the period | 9904 | €73,335 | €94,082 | +€20,747 | +28.3% |
| Profit (loss) for the period to be appropriated | 9905 | €73,335 | €94,082 | +€20,747 | +28.3% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.