H-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.
H-Rail
Largest movements
- Cash -€104,239
down €104,239 (-83.7%), from €124,521 to €20,282
mainly Trade debts (-€101,215) and Investment in fixed assets (net) (-€68,250)
- Receivables within one year -€96,989
down €96,989 (-27.8%), from €348,711 to €251,722
of which Trade receivables: -€119,513
- Financial fixed assets +€68,250
up €68,250 (+15.3%), from €445,000 to €513,250
- Tangible fixed assets -€30,796
down €30,796 (-43.7%), from €70,492 to €39,695
of which Plant, machinery and equipment: -€27,521
- Trade debts -€101,215
down €101,215 (-73.7%), from €137,291 to €36,076
- Tax, wage and social debts -€48,519
down €48,519 (-82.4%), from €58,870 to €10,351
- Debts after one year -€36,100
down €36,100 (-70.3%), from €51,353 to €15,253
- Reserves +€24,836
up €24,836 (+6.4%), from €388,009 to €412,845
- Gross operating margin -€44,791
down €44,791 (-36.6%), from €122,486 to €77,695
- Depreciation -€38,531
down €38,531 (-55.6%), from €69,327 to €30,796
- Financial charges +€9,240
up €9,240 (+260.6%), from €3,545 to €12,786
- Taxes -€3,429
down €3,429 (-29.3%), from €11,708 to €8,279
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.
Cash bridge derived
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 | €989,911 | €829,619 | -€160,292 | -16.2% |
| Fixed assets | 21/28 | €515,492 | €552,945 | +€37,454 | +7.3% |
| Tangible fixed assets | 22/27 | €70,492 | €39,695 | -€30,796 | -43.7% |
| Plant, machinery and equipment | 23 | €64,441 | €36,920 | -€27,521 | -42.7% |
| Other tangible fixed assets | 26 | €6,050 | €2,775 | -€3,275 | -54.1% |
| Financial fixed assets | 28 | €445,000 | €513,250 | +€68,250 | +15.3% |
| Current assets | 29/58 | €474,419 | €276,674 | -€197,745 | -41.7% |
| Amounts receivable within one year | 40/41 | €348,711 | €251,722 | -€96,989 | -27.8% |
| Trade receivables | 40 | €333,711 | €214,198 | -€119,513 | -35.8% |
| Other amounts receivable | 41 | €15,000 | €37,524 | +€22,524 | +150.2% |
| Cash at bank and in hand | 54/58 | €124,521 | €20,282 | -€104,239 | -83.7% |
| Deferred charges and accrued income | 490/1 | €1,187 | €4,670 | +€3,483 | +293.4% |
| Total equity and liabilities | 10/49 | €989,911 | €829,619 | -€160,292 | -16.2% |
| Equity | 10/15 | €555,609 | €580,445 | +€24,836 | +4.5% |
| Contributions | 10/11 | €167,600 | €167,600 | = | 0.0% |
| Reserves | 13 | €388,009 | €412,845 | +€24,836 | +6.4% |
| Distributable reserves | 133 | €388,009 | €412,845 | +€24,836 | +6.4% |
| Amounts payable | 17/49 | €434,302 | €249,175 | -€185,127 | -42.6% |
| Amounts payable after more than one year | 17 | €51,353 | €15,253 | -€36,100 | -70.3% |
| Financial debts | 170/4 | €51,353 | €15,253 | -€36,100 | -70.3% |
| Amounts payable within one year | 42/48 | €382,949 | €233,921 | -€149,028 | -38.9% |
| Current portion of amounts payable after more than one year | 42 | €35,392 | €36,100 | +€707 | +2.0% |
| Financial debts | 43 | €150,000 | €150,000 | = | 0.0% |
| Credit institutions | 430/8 | €150,000 | €150,000 | = | 0.0% |
| Trade debts | 44 | €137,291 | €36,076 | -€101,215 | -73.7% |
| Suppliers | 440/4 | €137,291 | €36,076 | -€101,215 | -73.7% |
| Taxes, remuneration and social security | 45 | €58,870 | €10,351 | -€48,519 | -82.4% |
| Taxes | 450/3 | €58,870 | €10,351 | -€48,519 | -82.4% |
| Other amounts payable | 47/48 | €1,395 | €1,395 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €69,327 | €30,796 | -€38,531 | -55.6% |
| Other operating charges | 640/8 | €1,126 | €998 | -€128 | -11.4% |
| Gross operating margin | 9900 | €122,486 | €77,695 | -€44,791 | -36.6% |
| Operating profit (loss) | 9901 | €52,032 | €45,900 | -€6,132 | -11.8% |
| Financial income | 75/76B | €1 | €0 | -€1 | -100.0% |
| Recurring financial income | 75 | €1 | €0 | -€1 | -100.0% |
| Financial charges | 65/66B | €3,545 | €12,786 | +€9,240 | +260.6% |
| Recurring financial charges | 65 | €3,545 | €12,786 | +€9,240 | +260.6% |
| Profit (loss) for the period before taxes | 9903 | €48,487 | €33,114 | -€15,373 | -31.7% |
| Income taxes | 67/77 | €11,708 | €8,279 | -€3,429 | -29.3% |
| Profit (loss) for the period | 9904 | €36,779 | €24,836 | -€11,944 | -32.5% |
| Profit (loss) for the period to be appropriated | 9905 | €36,779 | €24,836 | -€11,944 | -32.5% |
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 9 October 2026 via checked.be.