TRX: 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.
TRX
Largest movements
- Tangible fixed assets +€89,323
up €89,323 (+17.2%), from €520,137 to €609,460
of which Other tangible fixed assets: +€72,610
- Intangible fixed assets +€42,742
new in 2025: €42,742
- Stocks and contracts +€40,264
up €40,264 (+74.7%), from €53,912 to €94,175
- Cash -€30,275
down €30,275 (-2.1%), from €1.4m to €1.4m
mainly Investment in fixed assets (net) (-€262,485) and Net result for the year (-€106,411)
- Deferred charges and accrued income +€27,830
up €27,830 (+33.7%), from €82,653 to €110,483
- Advances received +€144,443
up €144,443 (+17.5%), from €827,330 to €971,773
- Trade debts +€123,022
up €123,022 (+78.5%), from €156,631 to €279,654
- Reserves -€106,411
down €106,411 (-11.7%), from €907,034 to €800,623
- Tax, wage and social debts +€30,652
up €30,652 (+19.4%), from €157,852 to €188,505
of which Taxes: +€26,357
- Gross operating margin -€333,597
down €333,597 (-16.9%), from €2.0m to €1.6m
- Staff costs +€139,016
up €139,016 (+9.9%), from €1.4m to €1.5m
- Other operating charges +€48,085
up €48,085 (+2579.0%), from €1,864 to €49,949
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 | €2,278,229 | €2,469,007 | +€190,777 | +8.4% |
| Fixed assets | 21/28 | €521,487 | €655,984 | +€134,497 | +25.8% |
| Intangible fixed assets | 21 | - | €42,742 | +€42,742 | |
| Tangible fixed assets | 22/27 | €520,137 | €609,460 | +€89,323 | +17.2% |
| Plant, machinery and equipment | 23 | €455,782 | €477,975 | +€22,193 | +4.9% |
| Furniture and vehicles | 24 | €47,546 | €42,067 | -€5,480 | -11.5% |
| Other tangible fixed assets | 26 | €16,809 | €89,419 | +€72,610 | +432.0% |
| Financial fixed assets | 28 | €1,350 | €3,782 | +€2,432 | +180.1% |
| Current assets | 29/58 | €1,756,742 | €1,813,023 | +€56,280 | +3.2% |
| Stocks and contracts in progress | 3 | €53,912 | €94,175 | +€40,264 | +74.7% |
| Stocks | 30/36 | €53,912 | €94,175 | +€40,264 | +74.7% |
| Amounts receivable within one year | 40/41 | €195,095 | €213,556 | +€18,462 | +9.5% |
| Trade receivables | 40 | €174,768 | €178,214 | +€3,446 | +2.0% |
| Other amounts receivable | 41 | €20,327 | €35,343 | +€15,016 | +73.9% |
| Cash at bank and in hand | 54/58 | €1,425,083 | €1,394,808 | -€30,275 | -2.1% |
| Deferred charges and accrued income | 490/1 | €82,653 | €110,483 | +€27,830 | +33.7% |
| Total equity and liabilities | 10/49 | €2,278,229 | €2,469,007 | +€190,777 | +8.4% |
| Equity | 10/15 | €1,103,736 | €977,993 | -€125,743 | -11.4% |
| Reserves | 13 | €907,034 | €800,623 | -€106,411 | -11.7% |
| Investment grants | 15 | €196,702 | €177,370 | -€19,332 | -9.8% |
| Amounts payable | 17/49 | €1,174,494 | €1,491,014 | +€316,520 | +26.9% |
| Amounts payable within one year | 42/48 | €1,141,845 | €1,444,278 | +€302,433 | +26.5% |
| Current portion of amounts payable after more than one year | 42 | - | €4,347 | +€4,347 | |
| Trade debts | 44 | €156,631 | €279,654 | +€123,022 | +78.5% |
| Suppliers | 440/4 | €156,631 | €279,654 | +€123,022 | +78.5% |
| Advances received on contracts in progress | 46 | €827,330 | €971,773 | +€144,443 | +17.5% |
| Taxes, remuneration and social security | 45 | €157,852 | €188,505 | +€30,652 | +19.4% |
| Taxes | 450/3 | €12,702 | €39,059 | +€26,357 | +207.5% |
| Remuneration and social security | 454/9 | €145,150 | €149,445 | +€4,295 | +3.0% |
| Accrued charges and deferred income | 492/3 | €32,648 | €46,735 | +€14,087 | +43.1% |
| Non-recurring operating income | 76A | €27,607 | €5,037 | -€22,570 | -81.8% |
| Remuneration, social security and pensions | 62 | €1,398,648 | €1,537,664 | +€139,016 | +9.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €109,115 | €127,988 | +€18,873 | +17.3% |
| Other operating charges | 640/8 | €1,864 | €49,949 | +€48,085 | +2579.0% |
| Non-recurring operating charges | 66A | €524 | €4,224 | +€3,700 | +706.4% |
| Gross operating margin | 9900 | €1,971,704 | €1,638,107 | -€333,597 | -16.9% |
| Operating profit (loss) | 9901 | €461,552 | -€81,718 | -€543,270 | |
| Financial income | 75/76B | €1,327 | €616 | -€711 | -53.6% |
| Recurring financial income | 75 | €1,327 | €616 | -€711 | -53.6% |
| Financial charges | 65/66B | €30,024 | €25,309 | -€4,715 | -15.7% |
| Recurring financial charges | 65 | €30,024 | €25,309 | -€4,715 | -15.7% |
| Profit (loss) for the period before taxes | 9903 | €432,856 | -€106,411 | -€539,267 | |
| Profit (loss) for the period | 9904 | €432,856 | -€106,411 | -€539,267 | |
| Profit (loss) for the period to be appropriated | 9905 | €432,856 | -€106,411 | -€539,267 |
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 4 October 2026 via checked.be.