Trustworks: 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.
Trustworks
Largest movements
- Cash -€36,478
down €36,478 (-27.5%), from €132,720 to €96,242
mainly Contributions, distributions and other (-€83,963) and Investment in fixed assets (net) (-€4,832)
- Reserves -€37,206
down €37,206 (-100%), from €37,206 to €0
- Trade debts +€4,175
up €4,175, from €0 to €4,175
- Other debts -€2,419
down €2,419 (-2.7%), from €90,138 to €87,718
- Depreciation -€8,307
down €8,307 (-67.7%), from €12,266 to €3,959
- Gross operating margin -€7,694
down €7,694 (-9.9%), from €77,598 to €69,904
- Financial charges -€1,587
down €1,587 (-30.0%), from €5,292 to €3,705
- Financial income -€1,381
down €1,381 (-98.7%), from €1,399 to €18
- Taxes +€785
up €785 (+5.7%), from €13,660 to €14,445
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €169,140 | €134,863 | -€34,277 | -20.3% |
| Fixed assets | 21/28 | €18,439 | €19,312 | +€873 | +4.7% |
| Tangible fixed assets | 22/27 | €18,439 | €19,312 | +€873 | +4.7% |
| Plant, machinery and equipment | 23 | €2,730 | €1,390 | -€1,340 | -49.1% |
| Furniture and vehicles | 24 | €1,569 | €701 | -€868 | -55.3% |
| Other tangible fixed assets | 26 | €14,140 | €17,221 | +€3,081 | +21.8% |
| Current assets | 29/58 | €150,701 | €115,550 | -€35,151 | -23.3% |
| Amounts receivable within one year | 40/41 | €15,594 | €17,152 | +€1,557 | +10.0% |
| Trade receivables | 40 | €15,582 | €17,152 | +€1,569 | +10.1% |
| Other amounts receivable | 41 | €12 | €0 | -€12 | -100% |
| Cash at bank and in hand | 54/58 | €132,720 | €96,242 | -€36,478 | -27.5% |
| Deferred charges and accrued income | 490/1 | €2,387 | €2,157 | -€230 | -9.6% |
| Total equity and liabilities | 10/49 | €169,140 | €134,863 | -€34,277 | -20.3% |
| Equity | 10/15 | €55,806 | €18,600 | -€37,206 | -66.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €37,206 | €0 | -€37,206 | -100% |
| Distributable reserves | 133 | €37,206 | €0 | -€37,206 | -100% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €113,334 | €116,263 | +€2,929 | +2.6% |
| Amounts payable within one year | 42/48 | €113,334 | €116,263 | +€2,929 | +2.6% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | €148 | €0 | -€148 | -100% |
| Credit institutions | 430/8 | €148 | €0 | -€148 | -100% |
| Trade debts | 44 | €0 | €4,175 | +€4,175 | |
| Suppliers | 440/4 | €0 | €4,175 | +€4,175 | |
| Taxes, remuneration and social security | 45 | €23,048 | €24,369 | +€1,321 | +5.7% |
| Taxes | 450/3 | €23,048 | €24,369 | +€1,321 | +5.7% |
| Other amounts payable | 47/48 | €90,138 | €87,718 | -€2,419 | -2.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,266 | €3,959 | -€8,307 | -67.7% |
| Other operating charges | 640/8 | €978 | €1,057 | +€79 | +8.1% |
| Gross operating margin | 9900 | €77,598 | €69,904 | -€7,694 | -9.9% |
| Operating profit (loss) | 9901 | €64,354 | €64,889 | +€535 | +0.8% |
| Financial income | 75/76B | €1,399 | €18 | -€1,381 | -98.7% |
| Recurring financial income | 75 | €1,399 | €18 | -€1,381 | -98.7% |
| Financial charges | 65/66B | €5,292 | €3,705 | -€1,587 | -30.0% |
| Recurring financial charges | 65 | €5,292 | €3,705 | -€1,587 | -30.0% |
| Profit (loss) for the period before taxes | 9903 | €60,461 | €61,202 | +€741 | +1.2% |
| Income taxes | 67/77 | €13,660 | €14,445 | +€785 | +5.7% |
| Profit (loss) for the period | 9904 | €46,801 | €46,757 | -€45 | -0.1% |
| Profit (loss) for the period to be appropriated | 9905 | €46,801 | €46,757 | -€45 | -0.1% |
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 21 October 2026 via checked.be.