TRUSTTEAM: 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.
What changed
TRUSTTEAM
NACE 46.500, Wholesale of information and communication equipment
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€7.1m
2024 · €4.9m+€2.2m
Equity
€12.6m
2024 · €10.5m+€2.1m
Cash
€4.7m
2024 · €1.0m+€3.6m
Balance sheet total
€69.9m
2024 · €49.5m+€20.5m
Largest movements
Assets
- Receivables after one year +€13.5m
up €13.5m (+411.5%), from €3.3m to €16.8m
- Cash +€3.6m
up €3.6m (+360.7%), from €1.0m to €4.7m
mainly Debts after one year (+€16.2m) and Net result for the year (+€7.1m)
- Deferred charges and accrued income +€1.8m
up €1.8m (+338.9%), from €545,505 to €2.4m
- Tangible fixed assets +€1.3m
up €1.3m (+35.9%), from €3.6m to €4.9m
of which Leasing and similar rights: +€664,865
Equity and liabilities
- Debts after one year +€16.2m
up €16.2m (+118.4%), from €13.7m to €29.9m
- Trade debts +€2.4m
up €2.4m (+40.5%), from €5.9m to €8.3m
- Reserves +€2.1m
up €2.1m (+25.5%), from €8.4m to €10.5m
of which Distributable reserves: +€2.1m
- Accrued charges and deferred income -€898,521
down €898,521 (-41.5%), from €2.2m to €1.3m
Income statement
- Turnover +€6.0m
up €6.0m (+18.9%), from €31.5m to €37.5m
- Goods and materials +€3.8m
up €3.8m (+37.6%), from €10.2m to €14.0m
of which Purchases: +€3.5m
- Financial income +€2.1m
up €2.1m (+594.8%), from €353,114 to €2.5m
- Financial charges +€784,916
up €784,916 (+56.6%), from €1.4m to €2.2m
- Depreciation +€692,634
up €692,634 (+24.4%), from €2.8m to €3.5m
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.
Result 2024
€4.9m
Turnover
+€6.0m
Other operating income
-€250,259
Goods and materials
-€3.8m
Services and other goods
-€403,537
Staff costs
+€112,404
Depreciation
-€692,634
Write-downs
-€114,734
Other operating charges
-€30,546
Other operating items
+€581,112
Financial income
+€2.1m
Financial charges
-€784,916
Taxes
-€396,090
Deferred taxes and other
-€20,099
Result 2025
€7.1m
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.
From operations
-€2.6m
Investment
-€5.2m
Financing
+€11.5m
Cash 2024
€1.0m
From operations (derived)
-€2.6m
Net result for the year
+€7.1m
Depreciation
+€3.5m
Receivables after one year
-€13.5m
Stocks and contracts
+€303,123
Receivables within one year
-€100,774
Deferred charges and accrued income
-€1.8m
Trade debts
+€2.4m
Tax, wage and social debts
-€75,460
Other debts
+€397,106
Accrued charges and deferred income
-€898,521
Investment (derived)
-€5.2m
Investment in fixed assets (net)
-€5.2m
Financing
+€11.5m
Debts after one year
+€16.2m
Current portion of long-term debt
+€460,893
Short-term financial debts
-€167,367
Contributions, distributions and other
-€5.0m
Cash 2025
€4.7m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €49,455,588 | €69,940,224 | +€20.5m | +41.4% |
| Fixed assets | 21/28 | €31,659,895 | €33,368,770 | +€1.7m | +5.4% |
| Intangible fixed assets | 21 | €4,515,313 | €4,938,966 | +€423,653 | +9.4% |
| Tangible fixed assets | 22/27 | €3,593,574 | €4,883,996 | +€1.3m | +35.9% |
| Land and buildings | 22 | €6,487 | €2,352 | -€4,135 | -63.8% |
| Plant, machinery and equipment | 23 | €162,692 | €180,966 | +€18,275 | +11.2% |
| Furniture and vehicles | 24 | €625,783 | €1,232,316 | +€606,533 | +96.9% |
| Leasing and similar rights | 25 | €2,544,218 | €3,209,083 | +€664,865 | +26.1% |
| Other tangible fixed assets | 26 | €254,394 | €227,182 | -€27,212 | -10.7% |
| Assets under construction and advance payments | 27 | - | €32,097 | +€32,097 | |
| Financial fixed assets | 28 | €23,551,008 | €23,545,808 | -€5,200 | 0.0% |
| Affiliated companies | 280/1 | €23,540,474 | €23,539,474 | -€1,000 | 0.0% |
| Participating interests | 280 | €23,540,474 | €23,539,474 | -€1,000 | 0.0% |
| Other financial fixed assets | 284/8 | €10,534 | €6,334 | -€4,200 | -39.9% |
| Amounts receivable and cash guarantees | 285/8 | €10,534 | €6,334 | -€4,200 | -39.9% |
| Current assets | 29/58 | €17,795,694 | €36,571,454 | +€18.8m | +105.5% |
| Amounts receivable after more than one year | 29 | €3,276,140 | €16,758,640 | +€13.5m | +411.5% |
| Other amounts receivable | 291 | €3,276,140 | €16,758,640 | +€13.5m | +411.5% |
| Stocks and contracts in progress | 3 | €539,581 | €236,458 | -€303,123 | -56.2% |
| Stocks | 30/36 | €528,854 | €231,655 | -€297,199 | -56.2% |
| Goods purchased for resale | 34 | €528,854 | €231,655 | -€297,199 | -56.2% |
| Contracts in progress | 37 | €10,727 | €4,803 | -€5,924 | -55.2% |
| Amounts receivable within one year | 40/41 | €12,423,418 | €12,524,192 | +€100,774 | +0.8% |
| Trade receivables | 40 | €7,353,718 | €8,741,400 | +€1.4m | +18.9% |
| Other amounts receivable | 41 | €5,069,701 | €3,782,793 | -€1.3m | -25.4% |
| Cash at bank and in hand | 54/58 | €1,011,050 | €4,658,139 | +€3.6m | +360.7% |
| Deferred charges and accrued income | 490/1 | €545,505 | €2,394,024 | +€1.8m | +338.9% |
| Total equity and liabilities | 10/49 | €49,455,588 | €69,940,224 | +€20.5m | +41.4% |
| Equity | 10/15 | €10,489,786 | €12,623,519 | +€2.1m | +20.3% |
| Contributions | 10/11 | €1,222,945 | €1,222,945 | = | 0.0% |
| Capital | 10 | €1,222,945 | €1,222,945 | = | 0.0% |
| Issued capital | 100 | €1,222,945 | €1,222,945 | = | 0.0% |
| Revaluation surpluses | 12 | €900,827 | €900,827 | = | 0.0% |
| Reserves | 13 | €8,366,014 | €10,499,747 | +€2.1m | +25.5% |
| Non-distributable reserves | 130/1 | €122,294 | €122,294 | = | 0.0% |
| Legal reserve | 130 | €122,294 | €122,294 | = | 0.0% |
| Tax-exempt reserves | 132 | €192,141 | €192,141 | = | 0.0% |
| Distributable reserves | 133 | €8,051,579 | €10,185,312 | +€2.1m | +26.5% |
| Provisions and deferred taxes | 16 | €19,731 | €19,731 | = | 0.0% |
| Deferred taxes | 168 | €19,731 | €19,731 | = | 0.0% |
| Amounts payable | 17/49 | €38,946,072 | €57,296,975 | +€18.4m | +47.1% |
| Amounts payable after more than one year | 17 | €13,713,556 | €29,947,486 | +€16.2m | +118.4% |
| Financial debts | 170/4 | €13,713,556 | €29,947,486 | +€16.2m | +118.4% |
| Leasing and similar obligations | 172 | €1,274,898 | €2,072,392 | +€797,494 | +62.6% |
| Credit institutions | 173 | €131,840 | €85,776 | -€46,064 | -34.9% |
| Other loans | 174 | €12,306,818 | €27,789,318 | +€15.5m | +125.8% |
| Amounts payable within one year | 42/48 | €23,068,281 | €26,083,774 | +€3.0m | +13.1% |
| Current portion of amounts payable after more than one year | 42 | €961,164 | €1,422,057 | +€460,893 | +48.0% |
| Financial debts | 43 | €537,363 | €369,996 | -€167,367 | -31.1% |
| Credit institutions | 430/8 | €537,363 | €369,996 | -€167,367 | -31.1% |
| Trade debts | 44 | €5,927,471 | €8,327,792 | +€2.4m | +40.5% |
| Suppliers | 440/4 | €5,927,471 | €8,327,792 | +€2.4m | +40.5% |
| Taxes, remuneration and social security | 45 | €1,007,116 | €931,656 | -€75,460 | -7.5% |
| Taxes | 450/3 | €290,337 | €219,331 | -€71,006 | -24.5% |
| Remuneration and social security | 454/9 | €716,779 | €712,325 | -€4,454 | -0.6% |
| Other amounts payable | 47/48 | €14,635,169 | €15,032,274 | +€397,106 | +2.7% |
| Accrued charges and deferred income | 492/3 | €2,164,235 | €1,265,714 | -€898,521 | -41.5% |
| Operating income | 70/76A | €34,234,631 | €40,393,917 | +€6.2m | +18.0% |
| Turnover | 70 | €31,505,892 | €37,456,717 | +€6.0m | +18.9% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €5,452 | -€5,924 | -€11,376 | |
| Own construction capitalised | 72 | €1,961,147 | €2,188,051 | +€226,905 | +11.6% |
| Other operating income | 74 | €760,098 | €509,839 | -€250,259 | -32.9% |
| Non-recurring operating income | 76A | €2,042 | €245,234 | +€243,191 | +11907.4% |
| Operating charges | 60/66A | €27,676,890 | €32,511,173 | +€4.8m | +17.5% |
| Goods for resale, raw materials and consumables | 60 | €10,189,022 | €14,016,652 | +€3.8m | +37.6% |
| Purchases | 600/8 | €10,235,436 | €13,755,031 | +€3.5m | +34.4% |
| Change in stocks: decrease (increase) | 609 | -€46,414 | €261,621 | +€308,035 | |
| Services and other goods | 61 | €6,614,520 | €7,018,056 | +€403,537 | +6.1% |
| Remuneration, social security and pensions | 62 | €7,388,694 | €7,276,290 | -€112,404 | -1.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,843,625 | €3,536,259 | +€692,634 | +24.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €11,442 | €126,175 | +€114,734 | +1002.8% |
| Other operating charges | 640/8 | €226,245 | €256,791 | +€30,546 | +13.5% |
| Non-recurring operating charges | 66A | €403,343 | €280,950 | -€122,393 | -30.3% |
| Operating profit (loss) | 9901 | €6,557,741 | €7,882,744 | +€1.3m | +20.2% |
| Financial income | 75/76B | €353,114 | €2,453,362 | +€2.1m | +594.8% |
| Recurring financial income | 75 | €353,114 | €2,453,362 | +€2.1m | +594.8% |
| Income from financial fixed assets | 750 | €0 | €1,950,000 | +€2.0m | |
| Income from current assets | 751 | €330,466 | €472,081 | +€141,614 | +42.9% |
| Other financial income | 752/9 | €22,647 | €31,282 | +€8,634 | +38.1% |
| Financial charges | 65/66B | €1,387,429 | €2,172,345 | +€784,916 | +56.6% |
| Recurring financial charges | 65 | €1,387,429 | €2,172,345 | +€784,916 | +56.6% |
| Debt charges | 650 | €1,358,904 | €2,141,167 | +€782,263 | +57.6% |
| Other financial charges | 652/9 | €28,525 | €31,178 | +€2,653 | +9.3% |
| Profit (loss) for the period before taxes | 9903 | €5,523,426 | €8,163,761 | +€2.6m | +47.8% |
| Transfer from deferred taxes | 780 | €20,099 | €0 | -€20,099 | -100.0% |
| Income taxes | 67/77 | €633,938 | €1,030,028 | +€396,090 | +62.5% |
| Taxes | 670/3 | €633,938 | €1,030,028 | +€396,090 | +62.5% |
| Tax adjustments and reversals of tax provisions | 77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | €4,909,587 | €7,133,733 | +€2.2m | +45.3% |
| Transfer from tax-exempt reserves | 789 | €60,296 | €0 | -€60,296 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €4,969,883 | €7,133,733 | +€2.2m | +43.5% |
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 7 October 2026 via checked.be.