NEWTREE: 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.
NEWTREE
Largest movements
- Current investments +€7.0m
up €7.0m (+200%), from €3.5m to €10.5m
- Contributions +€10.0m
up €10.0m (+50.4%), from €19.8m to €29.8m
of which Contributions outside capital: +€7.2m
- Profit (loss) carried forward -€2.9m
down €2.9m (-111%), from -€2.6m to -€5.5m
- Other debts +€274,930
up €274,930 (+206,404%), from €133 to €275,063
- Financial charges +€830,805
up €830,805 (+56.3%), from €1.5m to €2.3m
of which Non-recurring financial charges: +€778,876
- Gross operating margin -€60,697
down €60,697 (-18.2%), from -€332,616 to -€393,312
- Financial income -€60,625
down €60,625 (-64.0%), from €94,669 to €34,044
- Staff costs +€15,752
up €15,752 (+12.2%), from €129,626 to €145,377
- Depreciation +€12,971
up €12,971 (+29.6%), from €43,870 to €56,840
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 | €17,375,039 | €24,763,288 | +€7.4m | +42.5% |
| Formation expenses | 20 | €107,584 | €157,891 | +€50,307 | +46.8% |
| Fixed assets | 21/28 | €13,582,024 | €13,737,910 | +€155,885 | +1.1% |
| Intangible fixed assets | 21 | €3,055 | €1,768 | -€1,287 | -42.1% |
| Tangible fixed assets | 22/27 | €4,746 | €2,319 | -€2,427 | -51.1% |
| Furniture and vehicles | 24 | €4,746 | €2,319 | -€2,427 | -51.1% |
| Financial fixed assets | 28 | €13,574,224 | €13,733,823 | +€159,599 | +1.2% |
| Current assets | 29/58 | €3,685,431 | €10,867,488 | +€7.2m | +195% |
| Amounts receivable within one year | 40/41 | €59,263 | €83,066 | +€23,803 | +40.2% |
| Trade receivables | 40 | €4,084 | €20,514 | +€16,430 | +402% |
| Other amounts receivable | 41 | €55,179 | €62,552 | +€7,373 | +13.4% |
| Current investments | 50/53 | €3,500,688 | €10,500,676 | +€7.0m | +200% |
| Cash at bank and in hand | 54/58 | €114,768 | €278,010 | +€163,241 | +142% |
| Deferred charges and accrued income | 490/1 | €10,711 | €5,736 | -€4,976 | -46.5% |
| Total equity and liabilities | 10/49 | €17,375,039 | €24,763,288 | +€7.4m | +42.5% |
| Equity | 10/15 | €17,275,559 | €24,406,401 | +€7.1m | +41.3% |
| Contributions | 10/11 | €19,841,268 | €29,841,269 | +€10.0m | +50.4% |
| Capital | 10 | €6,460,839 | €9,230,070 | +€2.8m | +42.9% |
| Issued capital | 100 | €6,460,839 | €9,230,070 | +€2.8m | +42.9% |
| Contributions outside capital | 11 | €13,380,430 | €20,611,199 | +€7.2m | +54.0% |
| Share premium | 1100/10 | €13,380,430 | €20,611,199 | +€7.2m | +54.0% |
| Reserves | 13 | €16,800 | €16,800 | = | 0.0% |
| Non-distributable reserves | 130/1 | €16,800 | €16,800 | = | 0.0% |
| Legal reserve | 130 | €16,800 | €16,800 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,582,509 | -€5,451,668 | -€2.9m | -111% |
| Amounts payable | 17/49 | €99,481 | €356,888 | +€257,407 | +259% |
| Amounts payable within one year | 42/48 | €99,481 | €356,826 | +€257,345 | +259% |
| Trade debts | 44 | €87,428 | €77,047 | -€10,381 | -11.9% |
| Suppliers | 440/4 | €87,428 | €77,047 | -€10,381 | -11.9% |
| Taxes, remuneration and social security | 45 | €11,920 | €4,715 | -€7,205 | -60.4% |
| Remuneration and social security | 454/9 | €11,920 | €4,715 | -€7,205 | -60.4% |
| Other amounts payable | 47/48 | €133 | €275,063 | +€274,930 | +206,404% |
| Accrued charges and deferred income | 492/3 | - | €62 | +€62 | |
| Remuneration, social security and pensions | 62 | €129,626 | €145,377 | +€15,752 | +12.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,870 | €56,840 | +€12,971 | +29.6% |
| Other operating charges | 640/8 | €4,145 | €2,171 | -€1,974 | -47.6% |
| Gross operating margin | 9900 | -€332,616 | -€393,312 | -€60,697 | -18.2% |
| Operating profit (loss) | 9901 | -€510,256 | -€597,701 | -€87,445 | -17.1% |
| Financial income | 75/76B | €94,669 | €34,044 | -€60,625 | -64.0% |
| Recurring financial income | 75 | €94,669 | €34,044 | -€60,625 | -64.0% |
| Financial charges | 65/66B | €1,474,696 | €2,305,501 | +€830,805 | +56.3% |
| Recurring financial charges | 65 | €4,664 | €56,593 | +€51,929 | +1,113% |
| Non-recurring financial charges | 66B | €1,470,032 | €2,248,908 | +€778,876 | +53.0% |
| Profit (loss) for the period before taxes | 9903 | -€1,890,283 | -€2,869,158 | -€978,875 | -51.8% |
| Profit (loss) for the period | 9904 | -€1,890,283 | -€2,869,158 | -€978,875 | -51.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,890,283 | -€2,869,158 | -€978,875 | -51.8% |
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 22 October 2026 via checked.be.