BELGIAN TRAVEL NETWORK: 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.
BELGIAN TRAVEL NETWORK
Largest movements
- Cash -€27,133
down €27,133 (-3.4%), from €786,869 to €759,736
mainly Receivables within one year (-€25,284) and Trade debts (-€16,156)
- Receivables within one year +€25,284
up €25,284 (+71.9%), from €35,171 to €60,455
of which Other amounts receivable: +€16,477
- Trade debts -€16,156
down €16,156 (-8.0%), from €202,353 to €186,197
- Reserves +€9,480
up €9,480 (+3.3%), from €290,899 to €300,379
of which Distributable reserves: +€9,480
- Gross operating margin -€7,555
down €7,555 (-3.6%), from €212,216 to €204,662
- Staff costs +€5,904
up €5,904 (+3.4%), from €175,550 to €181,454
- Taxes -€3,247
down €3,247 (-32.4%), from €10,011 to €6,764
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 | €848,469 | €844,495 | -€3,974 | -0.5% |
| Fixed assets | 21/28 | €16,620 | €12,049 | -€4,571 | -27.5% |
| Tangible fixed assets | 22/27 | €16,620 | €12,049 | -€4,571 | -27.5% |
| Furniture and vehicles | 24 | €16,620 | €12,049 | -€4,571 | -27.5% |
| Current assets | 29/58 | €831,849 | €832,446 | +€597 | +0.1% |
| Amounts receivable within one year | 40/41 | €35,171 | €60,455 | +€25,284 | +71.9% |
| Trade receivables | 40 | €23,412 | €32,219 | +€8,807 | +37.6% |
| Other amounts receivable | 41 | €11,759 | €28,236 | +€16,477 | +140% |
| Cash at bank and in hand | 54/58 | €786,869 | €759,736 | -€27,133 | -3.4% |
| Deferred charges and accrued income | 490/1 | €9,808 | €12,255 | +€2,447 | +24.9% |
| Total equity and liabilities | 10/49 | €848,469 | €844,495 | -€3,974 | -0.5% |
| Equity | 10/15 | €344,899 | €354,379 | +€9,480 | +2.7% |
| Contributions | 10/11 | €54,000 | €54,000 | = | 0.0% |
| Reserves | 13 | €290,899 | €300,379 | +€9,480 | +3.3% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,197 | €6,197 | = | 0.0% |
| Distributable reserves | 133 | €284,701 | €294,181 | +€9,480 | +3.3% |
| Amounts payable | 17/49 | €503,570 | €490,116 | -€13,454 | -2.7% |
| Amounts payable within one year | 42/48 | €503,570 | €490,116 | -€13,454 | -2.7% |
| Trade debts | 44 | €202,353 | €186,197 | -€16,156 | -8.0% |
| Suppliers | 440/4 | €202,353 | €186,197 | -€16,156 | -8.0% |
| Taxes, remuneration and social security | 45 | €31,983 | €37,385 | +€5,402 | +16.9% |
| Taxes | 450/3 | - | €2,918 | +€2,918 | |
| Remuneration and social security | 454/9 | €31,983 | €34,467 | +€2,484 | +7.8% |
| Other amounts payable | 47/48 | €269,234 | €266,534 | -€2,700 | -1.0% |
| Non-recurring operating income | 76A | - | €24,000 | +€24,000 | |
| Remuneration, social security and pensions | 62 | €175,550 | €181,454 | +€5,904 | +3.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,766 | €4,571 | -€195 | -4.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€1,100 | - | +€1,100 | |
| Other operating charges | 640/8 | €2,331 | €1,175 | -€1,155 | -49.6% |
| Gross operating margin | 9900 | €212,216 | €204,662 | -€7,555 | -3.6% |
| Operating profit (loss) | 9901 | €30,670 | €17,461 | -€13,209 | -43.1% |
| Financial charges | 65/66B | €1,010 | €1,217 | +€207 | +20.5% |
| Recurring financial charges | 65 | €1,010 | €1,217 | +€207 | +20.5% |
| Profit (loss) for the period before taxes | 9903 | €29,660 | €16,244 | -€13,416 | -45.2% |
| Income taxes | 67/77 | €10,011 | €6,764 | -€3,247 | -32.4% |
| Profit (loss) for the period | 9904 | €19,649 | €9,480 | -€10,169 | -51.8% |
| Profit (loss) for the period to be appropriated | 9905 | €19,649 | €9,480 | -€10,169 | -51.8% |
Source: filed annual accounts (NBB), financial years ended 31 October 2024 and 31 October 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.