TR2: 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.
TR2
Largest movements
- Tangible fixed assets +€417,001
up €417,001, from €0 to €417,001
of which Land and buildings: +€417,001
- Cash -€101,456
down €101,456 (-92.8%), from €109,344 to €7,889
mainly Investment in fixed assets (net) (-€433,552) and Contributions, distributions and other (-€300,000)
- Receivables within one year -€50,214
down €50,214 (-50.3%), from €99,809 to €49,595
of which Other amounts receivable: -€56,529
- Debts after one year +€209,638
up €209,638 (+101%), from €207,390 to €417,028
- Other debts +€204,988
up €204,988 (+295%), from €69,439 to €274,427
- Reserves -€141,149
down €141,149 (-67.7%), from €208,424 to €67,275
- Tax, wage and social debts -€20,671
down €20,671 (-63.6%), from €32,493 to €11,821
of which Taxes: -€19,773
- Trade debts +€10,143
up €10,143 (+262%), from €3,868 to €14,011
- Financial income -€19,488
down €19,488 (-13.3%), from €147,000 to €127,512
- Depreciation +€16,551
up €16,551, from €0 to €16,551
- Gross operating margin -€9,857
down €9,857 (-12.0%), from €81,823 to €71,966
- Financial charges +€9,405
up €9,405 (+349%), from €2,694 to €12,099
- Taxes -€5,291
down €5,291 (-32.7%), from €16,191 to €10,900
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 | €542,813 | €814,887 | +€272,074 | +50.1% |
| Fixed assets | 21/28 | €333,660 | €750,661 | +€417,001 | +125% |
| Tangible fixed assets | 22/27 | €0 | €417,001 | +€417,001 | |
| Land and buildings | 22 | - | €417,001 | +€417,001 | |
| Furniture and vehicles | 24 | €0 | - | = | |
| Financial fixed assets | 28 | €333,660 | €333,660 | = | 0.0% |
| Current assets | 29/58 | €209,153 | €64,226 | -€144,928 | -69.3% |
| Amounts receivable within one year | 40/41 | €99,809 | €49,595 | -€50,214 | -50.3% |
| Trade receivables | 40 | €0 | €6,315 | +€6,315 | |
| Other amounts receivable | 41 | €99,809 | €43,280 | -€56,529 | -56.6% |
| Cash at bank and in hand | 54/58 | €109,344 | €7,889 | -€101,456 | -92.8% |
| Deferred charges and accrued income | 490/1 | €0 | €6,741 | +€6,741 | |
| Total equity and liabilities | 10/49 | €542,813 | €814,887 | +€272,074 | +50.1% |
| Equity | 10/15 | €227,024 | €85,875 | -€141,149 | -62.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €208,424 | €67,275 | -€141,149 | -67.7% |
| Distributable reserves | 133 | €208,424 | €67,275 | -€141,149 | -67.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €315,790 | €729,012 | +€413,222 | +131% |
| Amounts payable after more than one year | 17 | €207,390 | €417,028 | +€209,638 | +101% |
| Financial debts | 170/4 | €207,390 | €417,028 | +€209,638 | +101% |
| Amounts payable within one year | 42/48 | €108,400 | €311,909 | +€203,509 | +188% |
| Current portion of amounts payable after more than one year | 42 | €0 | €9,084 | +€9,084 | |
| Financial debts | 43 | €2,599 | €2,565 | -€35 | -1.3% |
| Credit institutions | 430/8 | €2,599 | €2,565 | -€35 | -1.3% |
| Trade debts | 44 | €3,868 | €14,011 | +€10,143 | +262% |
| Suppliers | 440/4 | €3,868 | €14,011 | +€10,143 | +262% |
| Taxes, remuneration and social security | 45 | €32,493 | €11,821 | -€20,671 | -63.6% |
| Taxes | 450/3 | €26,278 | €6,505 | -€19,773 | -75.2% |
| Remuneration and social security | 454/9 | €6,214 | €5,316 | -€898 | -14.5% |
| Other amounts payable | 47/48 | €69,439 | €274,427 | +€204,988 | +295% |
| Accrued charges and deferred income | 492/3 | - | €75 | +€75 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €0 | €16,551 | +€16,551 | |
| Other operating charges | 640/8 | €3,374 | €1,077 | -€2,297 | -68.1% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €81,823 | €71,966 | -€9,857 | -12.0% |
| Operating profit (loss) | 9901 | €78,449 | €54,339 | -€24,110 | -30.7% |
| Financial income | 75/76B | €147,000 | €127,512 | -€19,488 | -13.3% |
| Recurring financial income | 75 | €147,000 | €127,512 | -€19,488 | -13.3% |
| Financial charges | 65/66B | €2,694 | €12,099 | +€9,405 | +349% |
| Recurring financial charges | 65 | €2,694 | €12,099 | +€9,405 | +349% |
| Profit (loss) for the period before taxes | 9903 | €222,755 | €169,752 | -€53,003 | -23.8% |
| Income taxes | 67/77 | €16,191 | €10,900 | -€5,291 | -32.7% |
| Profit (loss) for the period | 9904 | €206,564 | €158,851 | -€47,712 | -23.1% |
| Profit (loss) for the period to be appropriated | 9905 | €206,564 | €158,851 | -€47,712 | -23.1% |
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 29 October 2026 via checked.be.