TREFOREST: what changed
TREFOREST
Largest movements
- Tangible fixed assets -€6,330
down €6,330 (-22.8%), from €27,706 to €21,376
of which Furniture and vehicles: -€10,070
- Current investments +€5,815
up €5,815 (+27.3%), from €21,287 to €27,102
- Receivables within one year -€3,409
down €3,409 (-63.2%), from €5,396 to €1,987
of which Other amounts receivable: -€2,597
- Deferred charges and accrued income +€2,062
up €2,062 (+403%), from €511 to €2,573
- Cash -€657
down €657 (-12.9%), from €5,076 to €4,419
mainly Current investments (-€5,815) and Investment in fixed assets (net) (-€4,210)
- Profit (loss) carried forward -€4,008
down €4,008 (-10.1%), from -€39,569 to -€43,577
- Trade debts +€1,232
up €1,232 (+166%), from €743 to €1,975
- Tax, wage and social debts +€1,050
new in 2025: €1,050
- Accrued charges and deferred income -€793
down €793 (-99.3%), from €799 to €6
- Depreciation +€8,001
up €8,001 (+315%), from €2,538 to €10,539
- Gross operating margin +€7,775
up €7,775 (+659%), from €1,179 to €8,954
- Financial charges -€1,037
down €1,037 (-55.6%), from €1,867 to €830
- Financial income +€103
up €103 (+50.4%), from €204 to €307
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €59,976 | €57,457 | -€2,519 | -4.2% |
| Fixed assets | 21/28 | €27,706 | €21,376 | -€6,330 | -22.8% |
| Tangible fixed assets | 22/27 | €27,706 | €21,376 | -€6,330 | -22.8% |
| Plant, machinery and equipment | 23 | - | €3,741 | +€3,741 | |
| Furniture and vehicles | 24 | €27,706 | €17,636 | -€10,070 | -36.3% |
| Current assets | 29/58 | €32,270 | €36,080 | +€3,810 | +11.8% |
| Amounts receivable within one year | 40/41 | €5,396 | €1,987 | -€3,409 | -63.2% |
| Trade receivables | 40 | €812 | - | -€812 | |
| Other amounts receivable | 41 | €4,584 | €1,987 | -€2,597 | -56.7% |
| Current investments | 50/53 | €21,287 | €27,102 | +€5,815 | +27.3% |
| Cash at bank and in hand | 54/58 | €5,076 | €4,419 | -€657 | -12.9% |
| Deferred charges and accrued income | 490/1 | €511 | €2,573 | +€2,062 | +403% |
| Total equity and liabilities | 10/49 | €59,976 | €57,457 | -€2,519 | -4.2% |
| Equity | 10/15 | €58,434 | €54,426 | -€4,008 | -6.9% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €36,003 | €36,003 | -€0 | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €29,803 | €29,803 | -€0 | 0.0% |
| Profit (loss) carried forward | 14 | -€39,569 | -€43,577 | -€4,008 | -10.1% |
| Amounts payable | 17/49 | €1,542 | €3,031 | +€1,489 | +96.6% |
| Amounts payable within one year | 42/48 | €743 | €3,025 | +€2,282 | +307% |
| Trade debts | 44 | €743 | €1,975 | +€1,232 | +166% |
| Suppliers | 440/4 | €743 | €1,975 | +€1,232 | +166% |
| Taxes, remuneration and social security | 45 | - | €1,050 | +€1,050 | |
| Taxes | 450/3 | - | €1,050 | +€1,050 | |
| Accrued charges and deferred income | 492/3 | €799 | €6 | -€793 | -99.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,538 | €10,539 | +€8,001 | +315% |
| Other operating charges | 640/8 | €899 | €850 | -€49 | -5.4% |
| Gross operating margin | 9900 | €1,179 | €8,954 | +€7,775 | +659% |
| Operating profit (loss) | 9901 | -€2,258 | -€2,435 | -€177 | -7.9% |
| Financial income | 75/76B | €204 | €307 | +€103 | +50.4% |
| Recurring financial income | 75 | €204 | €307 | +€103 | +50.4% |
| Financial charges | 65/66B | €1,867 | €830 | -€1,037 | -55.6% |
| Recurring financial charges | 65 | €1,867 | €830 | -€1,037 | -55.6% |
| Profit (loss) for the period before taxes | 9903 | -€3,921 | -€2,958 | +€963 | +24.6% |
| Income taxes | 67/77 | €1,051 | €1,050 | -€1 | -0.1% |
| Profit (loss) for the period | 9904 | -€4,972 | -€4,008 | +€964 | +19.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,972 | -€4,008 | +€964 | +19.4% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.