Finance Rail: 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.
Finance Rail
Largest movements
- Receivables within one year +€11,538
up €11,538 (+172%), from €6,703 to €18,241
- Cash -€11,224
down €11,224 (-98.0%), from €11,452 to €228
mainly Debts after one year (-€22,178) and Other debts (-€19,839)
- Reserves +€45,316
up €45,316 (+54.7%), from €82,832 to €128,148
- Debts after one year -€22,178
down €22,178 (-19.9%), from €111,606 to €89,429
- Other debts -€19,839
down €19,839 (-94.2%), from €21,054 to €1,214
- Tax, wage and social debts -€3,280
down €3,280 (-46.3%), from €7,081 to €3,801
- Gross operating margin +€53,734
up €53,734, from -€576 to €53,158
- Financial income -€10,500
down €10,500 (-46.7%), from €22,500 to €12,000
- Taxes +€9,850
up €9,850 (+5,648%), from €174 to €10,024
- Financial charges +€1,482
up €1,482 (+22.0%), from €6,747 to €8,229
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 | €249,282 | €248,407 | -€875 | -0.4% |
| Fixed assets | 21/28 | €231,127 | €229,938 | -€1,189 | -0.5% |
| Tangible fixed assets | 22/27 | €2,819 | €1,630 | -€1,189 | -42.2% |
| Plant, machinery and equipment | 23 | €2,819 | €1,630 | -€1,189 | -42.2% |
| Financial fixed assets | 28 | €228,308 | €228,308 | = | 0.0% |
| Current assets | 29/58 | €18,155 | €18,469 | +€314 | +1.7% |
| Amounts receivable within one year | 40/41 | €6,703 | €18,241 | +€11,538 | +172% |
| Trade receivables | 40 | €6,703 | €18,241 | +€11,538 | +172% |
| Cash at bank and in hand | 54/58 | €11,452 | €228 | -€11,224 | -98.0% |
| Total equity and liabilities | 10/49 | €249,282 | €248,407 | -€875 | -0.4% |
| Equity | 10/15 | €85,332 | €130,648 | +€45,316 | +53.1% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €82,832 | €128,148 | +€45,316 | +54.7% |
| Distributable reserves | 133 | €82,832 | €128,148 | +€45,316 | +54.7% |
| Amounts payable | 17/49 | €163,950 | €117,759 | -€46,191 | -28.2% |
| Amounts payable after more than one year | 17 | €111,606 | €89,429 | -€22,178 | -19.9% |
| Financial debts | 170/4 | €111,606 | €89,429 | -€22,178 | -19.9% |
| Amounts payable within one year | 42/48 | €52,344 | €27,698 | -€24,646 | -47.1% |
| Current portion of amounts payable after more than one year | 42 | €21,300 | €22,178 | +€878 | +4.1% |
| Trade debts | 44 | €2,910 | €505 | -€2,404 | -82.6% |
| Suppliers | 440/4 | €2,910 | €505 | -€2,404 | -82.6% |
| Taxes, remuneration and social security | 45 | €7,081 | €3,801 | -€3,280 | -46.3% |
| Taxes | 450/3 | €7,081 | €3,801 | -€3,280 | -46.3% |
| Other amounts payable | 47/48 | €21,054 | €1,214 | -€19,839 | -94.2% |
| Accrued charges and deferred income | 492/3 | - | €633 | +€633 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,190 | €1,189 | -€1 | -0.1% |
| Other operating charges | 640/8 | €444 | €400 | -€44 | -9.9% |
| Gross operating margin | 9900 | -€576 | €53,158 | +€53,734 | |
| Operating profit (loss) | 9901 | -€2,210 | €51,569 | +€53,779 | |
| Financial income | 75/76B | €22,500 | €12,000 | -€10,500 | -46.7% |
| Recurring financial income | 75 | €22,500 | €12,000 | -€10,500 | -46.7% |
| Financial charges | 65/66B | €6,747 | €8,229 | +€1,482 | +22.0% |
| Recurring financial charges | 65 | €6,747 | €8,229 | +€1,482 | +22.0% |
| Profit (loss) for the period before taxes | 9903 | €13,543 | €55,340 | +€41,797 | +309% |
| Income taxes | 67/77 | €174 | €10,024 | +€9,850 | +5,648% |
| Profit (loss) for the period | 9904 | €13,369 | €45,316 | +€31,947 | +239% |
| Profit (loss) for the period to be appropriated | 9905 | €13,369 | €45,316 | +€31,947 | +239% |
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 16 October 2026 via checked.be.