D-TRANSCO: 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.
D-TRANSCO
Largest movements
- Tangible fixed assets +€45,316
up €45,316 (+141%), from €32,132 to €77,448
of which Furniture and vehicles: +€50,338
- Receivables within one year +€42,939
up €42,939 (+80.8%), from €53,112 to €96,051
of which Other amounts receivable: +€25,281
- Stocks and contracts -€20,000
down €20,000 (-33.3%), from €60,000 to €40,000
- Deferred charges and accrued income -€15,943
down €15,943 (-85.3%), from €18,682 to €2,739
- Cash -€9,179
down €9,179 (-100%), from €9,179 to €0
mainly Investment in fixed assets (net) (-€72,018) and Receivables within one year (-€42,939)
- Trade debts +€20,655
up €20,655 (+254%), from €8,131 to €28,786
- Reserves +€18,315
up €18,315 (+13.3%), from €137,658 to €155,973
of which Distributable reserves: +€20,315
- Tax, wage and social debts +€4,606
up €4,606 (+271%), from €1,700 to €6,306
of which Remuneration and social security: +€4,893
- Debts after one year -€3,478
down €3,478 (-65.2%), from €5,338 to €1,860
- Short-term financial debts +€2,735
new in 2025: €2,735
- Gross operating margin +€43,475
up €43,475 (+109%), from €39,711 to €83,187
- Other operating charges -€28,658
down €28,658 (-76.2%), from €37,604 to €8,945
- Staff costs +€20,107
up €20,107 (+263%), from €7,640 to €27,747
- Depreciation +€12,150
up €12,150 (+83.5%), from €14,551 to €26,701
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 | €176,005 | €219,138 | +€43,133 | +24.5% |
| Fixed assets | 21/28 | €35,032 | €80,348 | +€45,316 | +129% |
| Tangible fixed assets | 22/27 | €32,132 | €77,448 | +€45,316 | +141% |
| Plant, machinery and equipment | 23 | €22,541 | €17,520 | -€5,021 | -22.3% |
| Furniture and vehicles | 24 | €9,590 | €59,928 | +€50,338 | +525% |
| Financial fixed assets | 28 | €2,900 | €2,900 | = | 0.0% |
| Current assets | 29/58 | €140,973 | €138,790 | -€2,183 | -1.5% |
| Stocks and contracts in progress | 3 | €60,000 | €40,000 | -€20,000 | -33.3% |
| Contracts in progress | 37 | €60,000 | €40,000 | -€20,000 | -33.3% |
| Amounts receivable within one year | 40/41 | €53,112 | €96,051 | +€42,939 | +80.8% |
| Trade receivables | 40 | €7,887 | €25,545 | +€17,658 | +224% |
| Other amounts receivable | 41 | €45,225 | €70,506 | +€25,281 | +55.9% |
| Cash at bank and in hand | 54/58 | €9,179 | €0 | -€9,179 | -100% |
| Deferred charges and accrued income | 490/1 | €18,682 | €2,739 | -€15,943 | -85.3% |
| Total equity and liabilities | 10/49 | €176,005 | €219,138 | +€43,133 | +24.5% |
| Equity | 10/15 | €157,658 | €175,973 | +€18,315 | +11.6% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €137,658 | €155,973 | +€18,315 | +13.3% |
| Non-distributable reserves | 130/1 | €2,000 | €0 | -€2,000 | -100% |
| Reserves not available under the articles | 1311 | €2,000 | €0 | -€2,000 | -100% |
| Distributable reserves | 133 | €135,658 | €155,973 | +€20,315 | +15.0% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €18,346 | €43,165 | +€24,818 | +135% |
| Amounts payable after more than one year | 17 | €5,338 | €1,860 | -€3,478 | -65.2% |
| Financial debts | 170/4 | €5,338 | €1,860 | -€3,478 | -65.2% |
| Amounts payable within one year | 42/48 | €13,008 | €41,305 | +€28,296 | +218% |
| Current portion of amounts payable after more than one year | 42 | €3,178 | €3,478 | +€300 | +9.4% |
| Financial debts | 43 | - | €2,735 | +€2,735 | |
| Credit institutions | 430/8 | - | €2,735 | +€2,735 | |
| Trade debts | 44 | €8,131 | €28,786 | +€20,655 | +254% |
| Suppliers | 440/4 | €8,131 | €28,786 | +€20,655 | +254% |
| Taxes, remuneration and social security | 45 | €1,700 | €6,306 | +€4,606 | +271% |
| Taxes | 450/3 | €785 | €498 | -€287 | -36.5% |
| Remuneration and social security | 454/9 | €915 | €5,808 | +€4,893 | +535% |
| Remuneration, social security and pensions | 62 | €7,640 | €27,747 | +€20,107 | +263% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,551 | €26,701 | +€12,150 | +83.5% |
| Other operating charges | 640/8 | €37,604 | €8,945 | -€28,658 | -76.2% |
| Non-recurring operating charges | 66A | €20,159 | €0 | -€20,159 | -100% |
| Gross operating margin | 9900 | €39,711 | €83,187 | +€43,475 | +109% |
| Operating profit (loss) | 9901 | -€40,242 | €19,793 | +€60,035 | |
| Financial income | 75/76B | €2,261 | €2,907 | +€646 | +28.6% |
| Recurring financial income | 75 | €2,261 | €2,907 | +€646 | +28.6% |
| Financial charges | 65/66B | €4,946 | €4,141 | -€805 | -16.3% |
| Recurring financial charges | 65 | €4,946 | €4,141 | -€805 | -16.3% |
| Profit (loss) for the period before taxes | 9903 | -€42,928 | €18,559 | +€61,487 | |
| Income taxes | 67/77 | €637 | €244 | -€392 | -61.6% |
| Profit (loss) for the period | 9904 | -€43,565 | €18,315 | +€61,879 | |
| Profit (loss) for the period to be appropriated | 9905 | -€43,565 | €18,315 | +€61,879 |
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 14 October 2026 via checked.be.