TRADEM: 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.
What changed
TRADEM
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€101,370
2024 · €127,193-€25,823
Equity
€3.0m
2024 · €3.0m+€1,227
Cash
€68,042
2024 · €306,536-€238,494
Balance sheet total
€3.8m
2024 · €3.8m+€35,142
Largest movements
Assets
- Tangible fixed assets +€254,823
up €254,823 (+7.6%), from €3.4m to €3.6m
of which Land and buildings: +€266,746
- Cash -€238,494
down €238,494 (-77.8%), from €306,536 to €68,042
mainly Investment in fixed assets (net) (-€301,600) and Contributions, distributions and other (-€100,143)
Equity and liabilities
- Other debts +€54,394
up €54,394 (+91.0%), from €59,803 to €114,197
- Debts after one year -€48,963
down €48,963 (-10.2%), from €479,543 to €430,580
of which Financial debts: -€54,963
Income statement
- Other operating charges +€33,291
up €33,291 (+820.6%), from €4,057 to €37,348
- Gross operating margin +€3,940
up €3,940 (+1.6%), from €253,328 to €257,268
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.
Result 2024
€127,193
Gross operating margin
+€3,940
Depreciation
-€1,781
Other operating charges
-€33,291
Financial income
+€2,075
Financial charges
+€2,265
Taxes
-€233
Deferred taxes and other
+€1,202
Result 2025
€101,370
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.
From operations
+€210,175
Investment
-€301,600
Financing
-€147,069
Cash 2024
€306,536
From operations (derived)
+€210,175
Net result for the year
+€101,370
Depreciation
+€46,777
Receivables within one year
-€18,831
Deferred charges and accrued income
+€18
Provisions
-€1,203
Trade debts
+€18,539
Tax, wage and social debts
+€9,922
Advances received
-€5,095
Other debts
+€54,394
Accrued charges and deferred income
+€4,284
Investment (derived)
-€301,600
Investment in fixed assets (net)
-€301,600
Financing
-€147,069
Debts after one year
-€48,963
Current portion of long-term debt
+€2,037
Contributions, distributions and other
-€100,143
Cash 2025
€68,042
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,755,533 | €3,790,675 | +€35,142 | +0.9% |
| Fixed assets | 21/28 | €3,353,008 | €3,607,831 | +€254,823 | +7.6% |
| Tangible fixed assets | 22/27 | €3,353,008 | €3,607,831 | +€254,823 | +7.6% |
| Land and buildings | 22 | €3,302,337 | €3,569,083 | +€266,746 | +8.1% |
| Plant, machinery and equipment | 23 | €36,065 | €26,321 | -€9,744 | -27.0% |
| Furniture and vehicles | 24 | €14,606 | €12,427 | -€2,179 | -14.9% |
| Current assets | 29/58 | €402,525 | €182,844 | -€219,681 | -54.6% |
| Amounts receivable within one year | 40/41 | €95,415 | €114,246 | +€18,831 | +19.7% |
| Trade receivables | 40 | €17,282 | €37,246 | +€19,964 | +115.5% |
| Other amounts receivable | 41 | €78,133 | €77,000 | -€1,133 | -1.5% |
| Cash at bank and in hand | 54/58 | €306,536 | €68,042 | -€238,494 | -77.8% |
| Deferred charges and accrued income | 490/1 | €574 | €556 | -€18 | -3.1% |
| Total equity and liabilities | 10/49 | €3,755,533 | €3,790,675 | +€35,142 | +0.9% |
| Equity | 10/15 | €3,043,086 | €3,044,313 | +€1,227 | 0.0% |
| Contributions | 10/11 | €2,145,932 | €2,145,932 | = | 0.0% |
| Reserves | 13 | €896,837 | €894,952 | -€1,885 | -0.2% |
| Non-distributable reserves | 130/1 | €200,323 | €200,323 | = | 0.0% |
| Reserves not available under the articles | 1311 | €200,323 | €200,323 | = | 0.0% |
| Tax-exempt reserves | 132 | €28,134 | €26,249 | -€1,885 | -6.7% |
| Distributable reserves | 133 | €668,380 | €668,380 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €3,255 | +€3,255 | |
| Investment grants | 15 | €317 | €174 | -€143 | -45.1% |
| Provisions and deferred taxes | 16 | €3,075 | €1,872 | -€1,203 | -39.1% |
| Deferred taxes | 168 | €3,075 | €1,872 | -€1,203 | -39.1% |
| Amounts payable | 17/49 | €709,372 | €744,490 | +€35,118 | +5.0% |
| Amounts payable after more than one year | 17 | €479,543 | €430,580 | -€48,963 | -10.2% |
| Financial debts | 170/4 | €479,543 | €424,580 | -€54,963 | -11.5% |
| Other amounts payable | 178/9 | - | €6,000 | +€6,000 | |
| Amounts payable within one year | 42/48 | €129,807 | €209,604 | +€79,797 | +61.5% |
| Current portion of amounts payable after more than one year | 42 | €52,926 | €54,963 | +€2,037 | +3.8% |
| Trade debts | 44 | €11,608 | €30,147 | +€18,539 | +159.7% |
| Suppliers | 440/4 | €11,608 | €30,147 | +€18,539 | +159.7% |
| Advances received on contracts in progress | 46 | €5,095 | - | -€5,095 | |
| Taxes, remuneration and social security | 45 | €375 | €10,297 | +€9,922 | +2645.9% |
| Taxes | 450/3 | €375 | €10,297 | +€9,922 | +2645.9% |
| Other amounts payable | 47/48 | €59,803 | €114,197 | +€54,394 | +91.0% |
| Accrued charges and deferred income | 492/3 | €100,022 | €104,306 | +€4,284 | +4.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,996 | €46,777 | +€1,781 | +4.0% |
| Other operating charges | 640/8 | €4,057 | €37,348 | +€33,291 | +820.6% |
| Gross operating margin | 9900 | €253,328 | €257,268 | +€3,940 | +1.6% |
| Operating profit (loss) | 9901 | €204,275 | €173,143 | -€31,132 | -15.2% |
| Financial income | 75/76B | €3,178 | €5,253 | +€2,075 | +65.3% |
| Recurring financial income | 75 | €3,178 | €5,253 | +€2,075 | +65.3% |
| Financial charges | 65/66B | €23,116 | €20,851 | -€2,265 | -9.8% |
| Recurring financial charges | 65 | €23,116 | €20,851 | -€2,265 | -9.8% |
| Profit (loss) for the period before taxes | 9903 | €184,337 | €157,545 | -€26,792 | -14.5% |
| Transfer from deferred taxes | 780 | - | €1,202 | +€1,202 | |
| Income taxes | 67/77 | €57,144 | €57,377 | +€233 | +0.4% |
| Profit (loss) for the period | 9904 | €127,193 | €101,370 | -€25,823 | -20.3% |
| Transfer from tax-exempt reserves | 789 | - | €1,885 | +€1,885 | |
| Profit (loss) for the period to be appropriated | 9905 | €127,193 | €103,255 | -€23,938 | -18.8% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.