TTRB: 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.
TTRB
Largest movements
- Tangible fixed assets +€424,987
up €424,987 (+164.0%), from €259,198 to €684,185
of which Land and buildings: +€252,568
- Receivables within one year +€57,622
up €57,622 (+64.5%), from €89,391 to €147,012
of which Trade receivables: +€39,753
- Cash -€12,467
down €12,467 (-12.4%), from €100,932 to €88,465
mainly Investment in fixed assets (net) (-€562,846) and Receivables within one year (-€57,622)
- Debts after one year +€292,933
up €292,933 (+203.6%), from €143,845 to €436,778
- Profit (loss) carried forward +€94,254
up €94,254 (+73.2%), from €128,795 to €223,049
- Current portion of long-term debt +€55,885
up €55,885 (+92.9%), from €60,129 to €116,014
- Trade debts +€31,106
up €31,106 (+71.1%), from €43,776 to €74,882
- Gross operating margin +€125,973
up €125,973 (+76.3%), from €165,096 to €291,069
- Depreciation +€49,905
up €49,905 (+56.7%), from €87,954 to €137,859
- Staff costs +€35,705
new in 2025: €35,705
- Write-downs -€18,683
down €18,683, from €9,342 to -€9,342
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 | €461,202 | €941,603 | +€480,401 | +104.2% |
| Fixed assets | 21/28 | €259,198 | €684,185 | +€424,986 | +164.0% |
| Intangible fixed assets | 21 | €0 | €0 | -€0 | -100.0% |
| Tangible fixed assets | 22/27 | €259,198 | €684,185 | +€424,987 | +164.0% |
| Land and buildings | 22 | - | €252,568 | +€252,568 | |
| Plant, machinery and equipment | 23 | €87,221 | €303,812 | +€216,591 | +248.3% |
| Furniture and vehicles | 24 | €171,977 | €127,805 | -€44,173 | -25.7% |
| Current assets | 29/58 | €202,003 | €257,418 | +€55,415 | +27.4% |
| Stocks and contracts in progress | 3 | - | €9,040 | +€9,040 | |
| Stocks | 30/36 | - | €9,040 | +€9,040 | |
| Amounts receivable within one year | 40/41 | €89,391 | €147,012 | +€57,622 | +64.5% |
| Trade receivables | 40 | €89,391 | €129,143 | +€39,753 | +44.5% |
| Other amounts receivable | 41 | €0 | €17,869 | +€17,869 | |
| Cash at bank and in hand | 54/58 | €100,932 | €88,465 | -€12,467 | -12.4% |
| Deferred charges and accrued income | 490/1 | €11,681 | €12,900 | +€1,220 | +10.4% |
| Total equity and liabilities | 10/49 | €461,202 | €941,603 | +€480,401 | +104.2% |
| Equity | 10/15 | €131,795 | €226,049 | +€94,254 | +71.5% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €128,795 | €223,049 | +€94,254 | +73.2% |
| Amounts payable | 17/49 | €329,407 | €715,554 | +€386,147 | +117.2% |
| Amounts payable after more than one year | 17 | €143,845 | €436,778 | +€292,933 | +203.6% |
| Financial debts | 170/4 | €143,845 | €436,778 | +€292,933 | +203.6% |
| Amounts payable within one year | 42/48 | €185,561 | €278,775 | +€93,214 | +50.2% |
| Current portion of amounts payable after more than one year | 42 | €60,129 | €116,014 | +€55,885 | +92.9% |
| Trade debts | 44 | €43,776 | €74,882 | +€31,106 | +71.1% |
| Suppliers | 440/4 | €43,776 | €74,882 | +€31,106 | +71.1% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €22,294 | €27,296 | +€5,002 | +22.4% |
| Taxes | 450/3 | €22,294 | €18,583 | -€3,711 | -16.6% |
| Remuneration and social security | 454/9 | €0 | €8,713 | +€8,713 | |
| Other amounts payable | 47/48 | €59,363 | €60,584 | +€1,221 | +2.1% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | - | €35,705 | +€35,705 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €87,954 | €137,859 | +€49,905 | +56.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €9,342 | -€9,342 | -€18,683 | |
| Other operating charges | 640/8 | €10,889 | €10,711 | -€178 | -1.6% |
| Gross operating margin | 9900 | €165,096 | €291,069 | +€125,973 | +76.3% |
| Operating profit (loss) | 9901 | €56,911 | €116,135 | +€59,224 | +104.1% |
| Financial income | 75/76B | €356 | €19 | -€337 | -94.6% |
| Recurring financial income | 75 | €356 | €19 | -€337 | -94.6% |
| Financial charges | 65/66B | €12,044 | €14,221 | +€2,177 | +18.1% |
| Recurring financial charges | 65 | €12,044 | €14,221 | +€2,177 | +18.1% |
| Profit (loss) for the period before taxes | 9903 | €45,224 | €101,934 | +€56,710 | +125.4% |
| Income taxes | 67/77 | €9,666 | €6,847 | -€2,819 | -29.2% |
| Profit (loss) for the period | 9904 | €35,558 | €95,087 | +€59,529 | +167.4% |
| Profit (loss) for the period to be appropriated | 9905 | €35,558 | €95,087 | +€59,529 | +167.4% |
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 29 September 2026 via checked.be.