TWO FOR TREES: 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.
TWO FOR TREES
Largest movements
- Tangible fixed assets -€132,517
down €132,517 (-18.1%), from €733,599 to €601,082
- Receivables within one year -€93,411
down €93,411 (-21.7%), from €429,871 to €336,461
of which Other amounts receivable: -€51,555
- Cash -€55,880
down €55,880 (-53.2%), from €105,070 to €49,191
mainly Trade debts (-€437,650) and Investment in fixed assets (net) (-€50,011)
- Trade debts -€437,650
down €437,650 (-94.3%), from €463,896 to €26,246
- Debts after one year +€160,117
up €160,117 (+56.1%), from €285,419 to €445,536
- Current portion of long-term debt +€31,319
up €31,319 (+28.8%), from €108,597 to €139,917
- Other debts -€27,304
down €27,304 (-29.1%), from €93,813 to €66,509
- Depreciation +€62,655
up €62,655 (+53.2%), from €117,821 to €180,476
- Gross operating margin +€28,086
up €28,086 (+10.0%), from €281,225 to €309,310
- Financial charges -€9,920
down €9,920 (-31.1%), from €31,905 to €21,985
- Taxes -€8,415
down €8,415 (-100%), from €8,415 to €0
- Staff costs -€5,439
down €5,439 (-5.1%), from €107,699 to €102,260
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 | €1,284,259 | €1,008,782 | -€275,477 | -21.5% |
| Fixed assets | 21/28 | €733,878 | €603,413 | -€130,465 | -17.8% |
| Intangible fixed assets | 21 | - | €2,053 | +€2,053 | |
| Tangible fixed assets | 22/27 | €733,599 | €601,082 | -€132,517 | -18.1% |
| Furniture and vehicles | 24 | €733,599 | €601,082 | -€132,517 | -18.1% |
| Financial fixed assets | 28 | €279 | €279 | = | 0.0% |
| Current assets | 29/58 | €550,381 | €405,369 | -€145,012 | -26.3% |
| Amounts receivable within one year | 40/41 | €429,871 | €336,461 | -€93,411 | -21.7% |
| Trade receivables | 40 | €354,488 | €312,633 | -€41,855 | -11.8% |
| Other amounts receivable | 41 | €75,383 | €23,828 | -€51,555 | -68.4% |
| Cash at bank and in hand | 54/58 | €105,070 | €49,191 | -€55,880 | -53.2% |
| Deferred charges and accrued income | 490/1 | €15,439 | €19,717 | +€4,278 | +27.7% |
| Total equity and liabilities | 10/49 | €1,284,259 | €1,008,782 | -€275,477 | -21.5% |
| Equity | 10/15 | €314,558 | €314,778 | +€220 | +0.1% |
| Contributions | 10/11 | €48,400 | €48,400 | = | 0.0% |
| Reserves | 13 | €266,158 | €266,378 | +€220 | +0.1% |
| Distributable reserves | 133 | €266,158 | €266,378 | +€220 | +0.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €969,701 | €694,005 | -€275,697 | -28.4% |
| Amounts payable after more than one year | 17 | €285,419 | €445,536 | +€160,117 | +56.1% |
| Financial debts | 170/4 | €285,419 | €445,536 | +€160,117 | +56.1% |
| Amounts payable within one year | 42/48 | €684,282 | €248,468 | -€435,814 | -63.7% |
| Current portion of amounts payable after more than one year | 42 | €108,597 | €139,917 | +€31,319 | +28.8% |
| Trade debts | 44 | €463,896 | €26,246 | -€437,650 | -94.3% |
| Suppliers | 440/4 | €463,896 | €26,246 | -€437,650 | -94.3% |
| Taxes, remuneration and social security | 45 | €17,977 | €15,797 | -€2,180 | -12.1% |
| Taxes | 450/3 | €5,173 | €5,173 | = | 0.0% |
| Remuneration and social security | 454/9 | €12,803 | €10,624 | -€2,180 | -17.0% |
| Other amounts payable | 47/48 | €93,813 | €66,509 | -€27,304 | -29.1% |
| Remuneration, social security and pensions | 62 | €107,699 | €102,260 | -€5,439 | -5.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €117,821 | €180,476 | +€62,655 | +53.2% |
| Other operating charges | 640/8 | €4,641 | €4,370 | -€271 | -5.8% |
| Gross operating margin | 9900 | €281,225 | €309,310 | +€28,086 | +10.0% |
| Operating profit (loss) | 9901 | €51,063 | €22,204 | -€28,859 | -56.5% |
| Financial charges | 65/66B | €31,905 | €21,985 | -€9,920 | -31.1% |
| Recurring financial charges | 65 | €31,905 | €21,985 | -€9,920 | -31.1% |
| Profit (loss) for the period before taxes | 9903 | €19,159 | €220 | -€18,939 | -98.9% |
| Income taxes | 67/77 | €8,415 | €0 | -€8,415 | -100% |
| Profit (loss) for the period | 9904 | €10,743 | €220 | -€10,524 | -98.0% |
| Profit (loss) for the period to be appropriated | 9905 | €10,743 | €220 | -€10,524 | -98.0% |
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 27 October 2026 via checked.be.