Trustteam Group: 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.
What changed
Trustteam Group
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€2.5m
2024 · -€3.8m+€1.3m
Equity
€125.5m
2024 · €128.0m-€2.5m
Cash
€101,044
2024 · €326,337-€225,293
Balance sheet total
€264.7m
2024 · €244.2m+€20.5m
Largest movements
Assets
- Receivables after one year +€15.5m
up €15.5m (+48.7%), from €31.8m to €47.3m
- Receivables within one year +€5.6m
up €5.6m (+21.8%), from €25.5m to €31.0m
of which Other amounts receivable: +€4.1m
Equity and liabilities
- Debts after one year +€19.4m
up €19.4m (+17.1%), from €113.6m to €133.0m
- Other debts +€3.1m
new in 2025: €3.1m
Income statement
- Turnover +€1.1m
up €1.1m (+25.2%), from €4.6m to €5.7m
- Financial income +€278,929
up €278,929 (+6.0%), from €4.6m to €4.9m
- Services and other goods +€134,367
up €134,367 (+5.2%), from €2.6m to €2.7m
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
-€3.8m
Turnover
+€1.1m
Goods and materials
+€47,029
Services and other goods
-€134,367
Depreciation
-€8,255
Other operating charges
-€31
Other operating items
-€55,258
Financial income
+€278,929
Financial charges
+€56,699
Result 2025
-€2.5m
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
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
-€19.9m
Investment
+€279,099
Financing
+€19.4m
Cash 2024
€326,337
From operations (derived)
-€19.9m
Net result for the year
-€2.5m
Depreciation
+€8,429
Receivables after one year
-€15.5m
Receivables within one year
-€5.6m
Trade debts
+€652,790
Tax, wage and social debts
-€18,288
Other debts
+€3.1m
Accrued charges and deferred income
-€83,480
Investment (derived)
+€279,099
Investment in fixed assets (net)
+€279,099
Financing
+€19.4m
Debts after one year
+€19.4m
Cash 2025
€101,044
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €244,157,303 | €264,681,797 | +€20.5m | +8.4% |
| Fixed assets | 21/28 | €186,548,884 | €186,261,356 | -€287,528 | -0.2% |
| Intangible fixed assets | 21 | €26,346 | €48,486 | +€22,141 | +84.0% |
| Tangible fixed assets | 22/27 | - | €250,330 | +€250,330 | |
| Assets under construction and advance payments | 27 | - | €250,330 | +€250,330 | |
| Financial fixed assets | 28 | €186,522,538 | €185,962,539 | -€559,999 | -0.3% |
| Affiliated companies | 280/1 | €186,522,338 | €185,962,339 | -€559,999 | -0.3% |
| Participating interests | 280 | €186,522,338 | €185,962,339 | -€559,999 | -0.3% |
| Other financial fixed assets | 284/8 | €200 | €200 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €57,608,419 | €78,420,441 | +€20.8m | +36.1% |
| Amounts receivable after more than one year | 29 | €31,789,981 | €47,272,481 | +€15.5m | +48.7% |
| Other amounts receivable | 291 | €31,789,981 | €47,272,481 | +€15.5m | +48.7% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €25,492,102 | €31,046,916 | +€5.6m | +21.8% |
| Trade receivables | 40 | €630,938 | €2,112,862 | +€1.5m | +235% |
| Other amounts receivable | 41 | €24,861,164 | €28,934,055 | +€4.1m | +16.4% |
| Cash at bank and in hand | 54/58 | €326,337 | €101,044 | -€225,293 | -69.0% |
| Total equity and liabilities | 10/49 | €244,157,303 | €264,681,797 | +€20.5m | +8.4% |
| Equity | 10/15 | €128,041,425 | €125,539,168 | -€2.5m | -2.0% |
| Contributions | 10/11 | €141,235,468 | €141,235,468 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€13,194,043 | -€15,696,300 | -€2.5m | -19.0% |
| Amounts payable | 17/49 | €116,115,878 | €139,142,629 | +€23.0m | +19.8% |
| Amounts payable after more than one year | 17 | €113,600,000 | €133,000,000 | +€19.4m | +17.1% |
| Financial debts | 170/4 | €113,600,000 | €133,000,000 | +€19.4m | +17.1% |
| Credit institutions | 173 | €113,600,000 | €133,000,000 | +€19.4m | +17.1% |
| Amounts payable within one year | 42/48 | €507,889 | €4,218,120 | +€3.7m | +731% |
| Trade debts | 44 | €489,601 | €1,142,391 | +€652,790 | +133% |
| Suppliers | 440/4 | €489,601 | €1,142,391 | +€652,790 | +133% |
| Taxes, remuneration and social security | 45 | €18,288 | €0 | -€18,288 | -100% |
| Taxes | 450/3 | €18,288 | €0 | -€18,288 | -100% |
| Other amounts payable | 47/48 | - | €3,075,729 | +€3.1m | |
| Accrued charges and deferred income | 492/3 | €2,007,989 | €1,924,509 | -€83,480 | -4.2% |
| Operating income | 70/76A | €4,613,633 | €5,707,592 | +€1.1m | +23.7% |
| Turnover | 70 | €4,558,633 | €5,707,592 | +€1.1m | +25.2% |
| Non-recurring operating income | 76A | €55,000 | €0 | -€55,000 | -100% |
| Operating charges | 60/66A | €2,970,407 | €3,066,290 | +€95,882 | +3.2% |
| Goods for resale, raw materials and consumables | 60 | €389,798 | €342,770 | -€47,029 | -12.1% |
| Purchases | 600/8 | €389,798 | €342,770 | -€47,029 | -12.1% |
| Services and other goods | 61 | €2,579,021 | €2,713,388 | +€134,367 | +5.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €174 | €8,429 | +€8,255 | +4,734% |
| Other operating charges | 640/8 | €968 | €998 | +€31 | +3.2% |
| Non-recurring operating charges | 66A | €446 | €705 | +€258 | +57.9% |
| Operating profit (loss) | 9901 | €1,643,226 | €2,641,302 | +€998,076 | +60.7% |
| Financial income | 75/76B | €4,629,701 | €4,908,630 | +€278,929 | +6.0% |
| Recurring financial income | 75 | €4,629,701 | €4,908,630 | +€278,929 | +6.0% |
| Income from financial fixed assets | 750 | €600,000 | €0 | -€600,000 | -100% |
| Income from current assets | 751 | €4,029,690 | €4,906,721 | +€877,031 | +21.8% |
| Other financial income | 752/9 | €11 | €1,910 | +€1,899 | +17,197% |
| Financial charges | 65/66B | €10,108,889 | €10,052,190 | -€56,699 | -0.6% |
| Recurring financial charges | 65 | €10,108,889 | €10,052,190 | -€56,699 | -0.6% |
| Debt charges | 650 | €10,106,692 | €10,044,169 | -€62,523 | -0.6% |
| Other financial charges | 652/9 | €2,197 | €8,021 | +€5,824 | +265% |
| Profit (loss) for the period before taxes | 9903 | -€3,835,962 | -€2,502,257 | +€1.3m | +34.8% |
| Profit (loss) for the period | 9904 | -€3,835,962 | -€2,502,257 | +€1.3m | +34.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,835,962 | -€2,502,257 | +€1.3m | +34.8% |
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 14 October 2026 via checked.be.