TRV.X: 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.
TRV.X
Largest movements
- Receivables within one year +€44,944
up €44,944 (+48.2%), from €93,293 to €138,238
of which Trade receivables: +€32,717
- Current investments -€24,692
down €24,692 (-8.2%), from €302,000 to €277,308
- Receivables after one year -€15,575
down €15,575 (-8.9%), from €175,797 to €160,222
- Reserves +€23,898
up €23,898 (+3.8%), from €625,553 to €649,451
of which Distributable reserves: +€23,898
- Tax, wage and social debts -€20,018
down €20,018 (-85.1%), from €23,531 to €3,514
- Other debts -€8,507
down €8,507 (-90.1%), from €9,447 to €940
- Gross operating margin -€44,268
down €44,268 (-35.6%), from €124,308 to €80,040
- Taxes -€13,542
down €13,542 (-34.0%), from €39,865 to €26,323
- Depreciation -€4,416
down €4,416 (-39.4%), from €11,200 to €6,784
- Financial charges +€4,292
up €4,292 (+852%), from €504 to €4,795
- Financial income +€1,813
up €1,813 (+15.3%), from €11,862 to €13,675
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 | €661,218 | €659,935 | -€1,283 | -0.2% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €8,281 | €9,505 | +€1,224 | +14.8% |
| Tangible fixed assets | 22/27 | €8,281 | €9,505 | +€1,224 | +14.8% |
| Plant, machinery and equipment | 23 | €0 | €7,649 | +€7,649 | |
| Furniture and vehicles | 24 | €8,281 | €1,856 | -€6,425 | -77.6% |
| Current assets | 29/58 | €652,937 | €650,431 | -€2,507 | -0.4% |
| Amounts receivable after more than one year | 29 | €175,797 | €160,222 | -€15,575 | -8.9% |
| Other amounts receivable | 291 | €175,797 | €160,222 | -€15,575 | -8.9% |
| Amounts receivable within one year | 40/41 | €93,293 | €138,238 | +€44,944 | +48.2% |
| Trade receivables | 40 | €78,122 | €110,839 | +€32,717 | +41.9% |
| Other amounts receivable | 41 | €15,171 | €27,398 | +€12,227 | +80.6% |
| Current investments | 50/53 | €302,000 | €277,308 | -€24,692 | -8.2% |
| Cash at bank and in hand | 54/58 | €78,391 | €73,371 | -€5,020 | -6.4% |
| Deferred charges and accrued income | 490/1 | €3,456 | €1,292 | -€2,164 | -62.6% |
| Total equity and liabilities | 10/49 | €661,218 | €659,935 | -€1,283 | -0.2% |
| Equity | 10/15 | €626,553 | €650,451 | +€23,898 | +3.8% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €625,553 | €649,451 | +€23,898 | +3.8% |
| Tax-exempt reserves | 132 | €413 | €413 | = | 0.0% |
| Distributable reserves | 133 | €625,140 | €649,038 | +€23,898 | +3.8% |
| Amounts payable | 17/49 | €34,665 | €9,484 | -€25,181 | -72.6% |
| Amounts payable within one year | 42/48 | €34,665 | €9,484 | -€25,181 | -72.6% |
| Trade debts | 44 | €1,686 | €5,031 | +€3,344 | +198% |
| Suppliers | 440/4 | €1,686 | €5,031 | +€3,344 | +198% |
| Taxes, remuneration and social security | 45 | €23,531 | €3,514 | -€20,018 | -85.1% |
| Taxes | 450/3 | €23,531 | €3,514 | -€20,018 | -85.1% |
| Other amounts payable | 47/48 | €9,447 | €940 | -€8,507 | -90.1% |
| Non-recurring operating income | 76A | - | €7,690 | +€7,690 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,200 | €6,784 | -€4,416 | -39.4% |
| Other operating charges | 640/8 | €285 | €335 | +€49 | +17.3% |
| Gross operating margin | 9900 | €124,308 | €80,040 | -€44,268 | -35.6% |
| Operating profit (loss) | 9901 | €112,823 | €72,922 | -€39,901 | -35.4% |
| Financial income | 75/76B | €11,862 | €13,675 | +€1,813 | +15.3% |
| Recurring financial income | 75 | €11,862 | €13,675 | +€1,813 | +15.3% |
| Financial charges | 65/66B | €504 | €4,795 | +€4,292 | +852% |
| Recurring financial charges | 65 | €504 | €4,795 | +€4,292 | +852% |
| Profit (loss) for the period before taxes | 9903 | €124,181 | €81,801 | -€42,380 | -34.1% |
| Income taxes | 67/77 | €39,865 | €26,323 | -€13,542 | -34.0% |
| Profit (loss) for the period | 9904 | €84,316 | €55,478 | -€28,838 | -34.2% |
| Profit (loss) for the period to be appropriated | 9905 | €84,316 | €55,478 | -€28,838 | -34.2% |
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 15 October 2026 via checked.be.