T-RES: 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.
T-RES
Largest movements
- Cash -€77,501
down €77,501 (-51.3%), from €151,123 to €73,621
mainly Investment in fixed assets (net) (-€75,200) and Other debts (-€66,126)
- Tangible fixed assets +€44,651
up €44,651 (+6.0%), from €750,317 to €794,968
of which Other tangible fixed assets: +€53,774
- Current investments -€11,002
down €11,002 (-100%), from €11,002 to €0
- Other debts -€66,126
down €66,126 (-65.8%), from €100,426 to €34,301
- Debts after one year +€55,641
up €55,641 (+8.4%), from €659,787 to €715,429
- Profit (loss) carried forward -€36,921
down €36,921 (-53.1%), from -€69,538 to -€106,459
- Gross operating margin +€31,613
up €31,613, from -€9,557 to €22,056
- Depreciation +€21,425
up €21,425 (+235%), from €9,123 to €30,548
- Financial charges +€6,362
up €6,362 (+30.0%), from €21,198 to €27,560
- Taxes +€591
new in 2025: €591
- Other operating charges -€364
down €364 (-60.5%), from €602 to €238
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 | €919,886 | €872,968 | -€46,918 | -5.1% |
| Fixed assets | 21/28 | €750,317 | €794,968 | +€44,651 | +6.0% |
| Tangible fixed assets | 22/27 | €750,317 | €794,968 | +€44,651 | +6.0% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €0 | - | = | |
| Leasing and similar rights | 25 | €289,520 | €280,397 | -€9,123 | -3.2% |
| Other tangible fixed assets | 26 | €460,797 | €514,571 | +€53,774 | +11.7% |
| Current assets | 29/58 | €169,569 | €78,000 | -€91,569 | -54.0% |
| Amounts receivable within one year | 40/41 | €6,315 | €3,723 | -€2,592 | -41.0% |
| Trade receivables | 40 | €4,214 | €0 | -€4,214 | -100% |
| Other amounts receivable | 41 | €2,100 | €3,723 | +€1,622 | +77.2% |
| Current investments | 50/53 | €11,002 | €0 | -€11,002 | -100% |
| Cash at bank and in hand | 54/58 | €151,123 | €73,621 | -€77,501 | -51.3% |
| Deferred charges and accrued income | 490/1 | €1,130 | €656 | -€475 | -42.0% |
| Total equity and liabilities | 10/49 | €919,886 | €872,968 | -€46,918 | -5.1% |
| Equity | 10/15 | €123,560 | €86,639 | -€36,921 | -29.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €174,498 | €174,498 | = | 0.0% |
| Distributable reserves | 133 | €174,498 | €174,498 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€69,538 | -€106,459 | -€36,921 | -53.1% |
| Amounts payable | 17/49 | €796,326 | €786,329 | -€9,997 | -1.3% |
| Amounts payable after more than one year | 17 | €659,787 | €715,429 | +€55,641 | +8.4% |
| Financial debts | 170/4 | €659,787 | €715,429 | +€55,641 | +8.4% |
| Amounts payable within one year | 42/48 | €136,539 | €70,900 | -€65,639 | -48.1% |
| Current portion of amounts payable after more than one year | 42 | €19,547 | €20,294 | +€747 | +3.8% |
| Trade debts | 44 | €16,566 | €16,305 | -€261 | -1.6% |
| Suppliers | 440/4 | €16,566 | €16,305 | -€261 | -1.6% |
| Other amounts payable | 47/48 | €100,426 | €34,301 | -€66,126 | -65.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,123 | €30,548 | +€21,425 | +235% |
| Other operating charges | 640/8 | €602 | €238 | -€364 | -60.5% |
| Non-recurring operating charges | 66A | - | €51 | +€51 | |
| Gross operating margin | 9900 | -€9,557 | €22,056 | +€31,613 | |
| Operating profit (loss) | 9901 | -€19,282 | -€8,781 | +€10,501 | +54.5% |
| Financial income | 75/76B | €19 | €10 | -€9 | -47.5% |
| Recurring financial income | 75 | €19 | €10 | -€9 | -47.5% |
| Financial charges | 65/66B | €21,198 | €27,560 | +€6,362 | +30.0% |
| Recurring financial charges | 65 | €21,198 | €27,560 | +€6,362 | +30.0% |
| Profit (loss) for the period before taxes | 9903 | -€40,460 | -€36,330 | +€4,130 | +10.2% |
| Income taxes | 67/77 | - | €591 | +€591 | |
| Profit (loss) for the period | 9904 | -€40,460 | -€36,921 | +€3,539 | +8.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€40,460 | -€36,921 | +€3,539 | +8.7% |
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 19 October 2026 via checked.be.