X - TREEM: 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.
X - TREEM
Largest movements
- Cash -€59,952
down €59,952 (-26.9%), from €222,953 to €163,002
mainly Net result for the year (-€38,598) and Debts after one year (-€29,793)
- Tangible fixed assets -€33,462
down €33,462 (-4.0%), from €836,244 to €802,782
of which Land and buildings: -€31,282
- Reserves -€63,598
down €63,598 (-13.7%), from €463,029 to €399,431
- Debts after one year -€29,793
down €29,793 (-5.7%), from €519,479 to €489,686
- Other debts +€20,531
up €20,531 (+127%), from €16,172 to €36,703
- Gross operating margin -€145,530
down €145,530 (-88.7%), from €164,130 to €18,600
- Taxes -€23,440
down €23,440 (-99.6%), from €23,539 to €99
- Provisions -€5,000
new in 2025: -€5,000
- Financial charges -€2,486
down €2,486 (-9.6%), from €25,880 to €23,394
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 | €1,074,186 | €985,912 | -€88,275 | -8.2% |
| Fixed assets | 21/28 | €836,244 | €802,782 | -€33,462 | -4.0% |
| Tangible fixed assets | 22/27 | €836,244 | €802,782 | -€33,462 | -4.0% |
| Land and buildings | 22 | €828,114 | €796,832 | -€31,282 | -3.8% |
| Furniture and vehicles | 24 | €8,130 | €5,950 | -€2,180 | -26.8% |
| Current assets | 29/58 | €237,942 | €183,130 | -€54,812 | -23.0% |
| Amounts receivable after more than one year | 29 | €7,600 | €7,100 | -€500 | -6.6% |
| Other amounts receivable | 291 | €7,600 | €7,100 | -€500 | -6.6% |
| Amounts receivable within one year | 40/41 | €2,523 | €10,677 | +€8,153 | +323% |
| Trade receivables | 40 | €1,583 | €452 | -€1,131 | -71.5% |
| Other amounts receivable | 41 | €940 | €10,225 | +€9,285 | +987% |
| Cash at bank and in hand | 54/58 | €222,953 | €163,002 | -€59,952 | -26.9% |
| Deferred charges and accrued income | 490/1 | €4,865 | €2,351 | -€2,514 | -51.7% |
| Total equity and liabilities | 10/49 | €1,074,186 | €985,912 | -€88,275 | -8.2% |
| Equity | 10/15 | €481,629 | €418,031 | -€63,598 | -13.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €463,029 | €399,431 | -€63,598 | -13.7% |
| Distributable reserves | 133 | €463,029 | €399,431 | -€63,598 | -13.7% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Provisions and deferred taxes | 16 | €7,500 | €2,500 | -€5,000 | -66.7% |
| Provisions for liabilities and charges | 160/5 | €7,500 | €2,500 | -€5,000 | -66.7% |
| Major repairs and maintenance | 162 | €7,500 | €2,500 | -€5,000 | -66.7% |
| Amounts payable | 17/49 | €585,057 | €565,380 | -€19,677 | -3.4% |
| Amounts payable after more than one year | 17 | €519,479 | €489,686 | -€29,793 | -5.7% |
| Financial debts | 170/4 | €519,479 | €489,686 | -€29,793 | -5.7% |
| Amounts payable within one year | 42/48 | €61,293 | €73,065 | +€11,772 | +19.2% |
| Current portion of amounts payable after more than one year | 42 | €29,538 | €29,793 | +€255 | +0.9% |
| Trade debts | 44 | €12,324 | €6,352 | -€5,972 | -48.5% |
| Suppliers | 440/4 | €12,324 | €6,352 | -€5,972 | -48.5% |
| Taxes, remuneration and social security | 45 | €3,258 | €216 | -€3,042 | -93.4% |
| Taxes | 450/3 | €3,258 | €216 | -€3,042 | -93.4% |
| Other amounts payable | 47/48 | €16,172 | €36,703 | +€20,531 | +127% |
| Accrued charges and deferred income | 492/3 | €4,285 | €2,630 | -€1,656 | -38.6% |
| Non-recurring operating income | 76A | - | €9,050 | +€9,050 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,462 | €33,462 | = | 0.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | -€5,000 | -€5,000 | |
| Other operating charges | 640/8 | €6,199 | €6,161 | -€38 | -0.6% |
| Gross operating margin | 9900 | €164,130 | €18,600 | -€145,530 | -88.7% |
| Operating profit (loss) | 9901 | €124,469 | -€16,023 | -€140,492 | |
| Financial income | 75/76B | €1,152 | €918 | -€234 | -20.3% |
| Recurring financial income | 75 | €1,152 | €918 | -€234 | -20.3% |
| Financial charges | 65/66B | €25,880 | €23,394 | -€2,486 | -9.6% |
| Recurring financial charges | 65 | €25,880 | €23,394 | -€2,486 | -9.6% |
| Profit (loss) for the period before taxes | 9903 | €99,741 | -€38,499 | -€138,240 | |
| Income taxes | 67/77 | €23,539 | €99 | -€23,440 | -99.6% |
| Profit (loss) for the period | 9904 | €76,202 | -€38,598 | -€114,800 | |
| Profit (loss) for the period to be appropriated | 9905 | €76,202 | -€38,598 | -€114,800 |
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.