BSE TRANSPORT: what changed
BSE TRANSPORT
Largest movements
- Tangible fixed assets +€123,400
up €123,400 (+324%), from €38,115 to €161,514
of which Land and buildings: +€123,976
- Current investments -€40,000
down €40,000 (-40.0%), from €100,000 to €60,000
- Receivables within one year +€15,909
up €15,909 (+23.1%), from €68,778 to €84,687
of which Trade receivables: +€16,636
- Cash -€10,451
down €10,451 (-9.1%), from €114,322 to €103,871
mainly Investment in fixed assets (net) (-€136,788) and Other debts (-€54,429)
- Debts after one year +€116,850
new in 2025: €116,850
- Other debts -€54,429
down €54,429 (-97.1%), from €56,054 to €1,626
- Reserves +€21,251
up €21,251 (+9.8%), from €217,843 to €239,094
- Current portion of long-term debt +€10,811
up €10,811 (+1,752%), from €617 to €11,429
- Tax, wage and social debts -€8,358
down €8,358 (-43.3%), from €19,317 to €10,959
of which Remuneration and social security: -€10,010
- Gross operating margin -€13,213
down €13,213 (-15.2%), from €87,107 to €73,894
- Depreciation +€3,591
up €3,591 (+36.7%), from €9,797 to €13,389
- Taxes -€2,412
down €2,412 (-11.5%), from €20,924 to €18,512
- Financial charges -€1,086
down €1,086 (-36.6%), from €2,969 to €1,883
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 | €321,215 | €410,072 | +€88,857 | +27.7% |
| Fixed assets | 21/28 | €38,115 | €161,514 | +€123,400 | +324% |
| Tangible fixed assets | 22/27 | €38,115 | €161,514 | +€123,400 | +324% |
| Land and buildings | 22 | €29,376 | €153,352 | +€123,976 | +422% |
| Plant, machinery and equipment | 23 | €3,428 | €3,712 | +€284 | +8.3% |
| Furniture and vehicles | 24 | €5,310 | €4,450 | -€860 | -16.2% |
| Current assets | 29/58 | €283,100 | €248,558 | -€34,542 | -12.2% |
| Amounts receivable within one year | 40/41 | €68,778 | €84,687 | +€15,909 | +23.1% |
| Trade receivables | 40 | €68,050 | €84,686 | +€16,636 | +24.4% |
| Other amounts receivable | 41 | €728 | €1 | -€727 | -99.8% |
| Current investments | 50/53 | €100,000 | €60,000 | -€40,000 | -40.0% |
| Cash at bank and in hand | 54/58 | €114,322 | €103,871 | -€10,451 | -9.1% |
| Total equity and liabilities | 10/49 | €321,215 | €410,072 | +€88,857 | +27.7% |
| Equity | 10/15 | €236,443 | €257,694 | +€21,251 | +9.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €217,843 | €239,094 | +€21,251 | +9.8% |
| Distributable reserves | 133 | €217,843 | €239,094 | +€21,251 | +9.8% |
| Amounts payable | 17/49 | €84,772 | €152,379 | +€67,606 | +79.8% |
| Amounts payable after more than one year | 17 | - | €116,850 | +€116,850 | |
| Financial debts | 170/4 | - | €116,850 | +€116,850 | |
| Amounts payable within one year | 42/48 | €84,772 | €35,528 | -€49,244 | -58.1% |
| Current portion of amounts payable after more than one year | 42 | €617 | €11,429 | +€10,811 | +1,752% |
| Trade debts | 44 | €8,784 | €11,515 | +€2,731 | +31.1% |
| Suppliers | 440/4 | €8,784 | €11,515 | +€2,731 | +31.1% |
| Taxes, remuneration and social security | 45 | €19,317 | €10,959 | -€8,358 | -43.3% |
| Taxes | 450/3 | €9,307 | €10,959 | +€1,652 | +17.7% |
| Remuneration and social security | 454/9 | €10,010 | - | -€10,010 | |
| Other amounts payable | 47/48 | €56,054 | €1,626 | -€54,429 | -97.1% |
| Non-recurring operating income | 76A | - | €16,034 | +€16,034 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,797 | €13,389 | +€3,591 | +36.7% |
| Other operating charges | 640/8 | €1,182 | €904 | -€278 | -23.5% |
| Gross operating margin | 9900 | €87,107 | €73,894 | -€13,213 | -15.2% |
| Operating profit (loss) | 9901 | €76,128 | €59,602 | -€16,527 | -21.7% |
| Financial income | 75/76B | €1,333 | €834 | -€499 | -37.4% |
| Recurring financial income | 75 | €1,333 | €834 | -€499 | -37.4% |
| Financial charges | 65/66B | €2,969 | €1,883 | -€1,086 | -36.6% |
| Recurring financial charges | 65 | €2,969 | €1,883 | -€1,086 | -36.6% |
| Profit (loss) for the period before taxes | 9903 | €74,492 | €58,553 | -€15,939 | -21.4% |
| Income taxes | 67/77 | €20,924 | €18,512 | -€2,412 | -11.5% |
| Profit (loss) for the period | 9904 | €53,568 | €40,041 | -€13,527 | -25.3% |
| Profit (loss) for the period to be appropriated | 9905 | €53,568 | €40,041 | -€13,527 | -25.3% |
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 3 November 2026 via checked.be.