HC - TRANS: what changed
Two fiscal 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.
HC - TRANS
Largest movements
- Tangible fixed assets +€324,230
up €324,230 (+34.0%), from €954,343 to €1.3m
of which Leasing and similar rights: +€468,957
- Cash +€234,065
up €234,065 (+106.2%), from €220,384 to €454,449
mainly Debts after one year (+€287,048) and Other debts (+€180,000)
- Receivables within one year -€114,625
down €114,625 (-16.2%), from €706,829 to €592,204
of which Trade receivables: -€124,282
- Stocks and contracts -€30,593
down €30,593 (-27.4%), from €111,726 to €81,133
- Debts after one year +€287,048
up €287,048 (+116.1%), from €247,160 to €534,208
- Other debts +€180,000
up €180,000 (+358.4%), from €50,227 to €230,227
- Profit (loss) carried forward -€115,706
down €115,706 (-8.8%), from €1.3m to €1.2m
- Trade debts +€51,158
up €51,158 (+42.0%), from €121,865 to €173,023
- Current portion of long-term debt +€45,185
up €45,185 (+36.1%), from €125,334 to €170,520
- Gross operating margin +€139,411
up €139,411 (+34.8%), from €401,011 to €540,422
- Staff costs +€116,788
up €116,788 (+88.7%), from €131,696 to €248,484
- Other operating charges -€9,616
down €9,616 (-65.8%), from €14,609 to €4,993
- Depreciation -€6,918
down €6,918 (-3.8%), from €179,783 to €172,865
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 | €2,164,624 | €2,589,509 | +€424,885 | +19.6% |
| Fixed assets | 21/28 | €972,051 | €1,292,630 | +€320,579 | +33.0% |
| Intangible fixed assets | 21 | €17,208 | €13,557 | -€3,651 | -21.2% |
| Tangible fixed assets | 22/27 | €954,343 | €1,278,573 | +€324,230 | +34.0% |
| Land and buildings | 22 | €635,909 | €622,322 | -€13,587 | -2.1% |
| Plant, machinery and equipment | 23 | €17,099 | €13,224 | -€3,876 | -22.7% |
| Furniture and vehicles | 24 | €301,334 | €174,070 | -€127,264 | -42.2% |
| Leasing and similar rights | 25 | - | €468,957 | +€468,957 | |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €1,192,574 | €1,296,879 | +€104,306 | +8.7% |
| Amounts receivable after more than one year | 29 | €145,000 | €145,000 | = | 0.0% |
| Other amounts receivable | 291 | €145,000 | €145,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €111,726 | €81,133 | -€30,593 | -27.4% |
| Stocks | 30/36 | €111,726 | €81,133 | -€30,593 | -27.4% |
| Amounts receivable within one year | 40/41 | €706,829 | €592,204 | -€114,625 | -16.2% |
| Trade receivables | 40 | €320,235 | €195,953 | -€124,282 | -38.8% |
| Other amounts receivable | 41 | €386,594 | €396,251 | +€9,657 | +2.5% |
| Cash at bank and in hand | 54/58 | €220,384 | €454,449 | +€234,065 | +106.2% |
| Deferred charges and accrued income | 490/1 | €8,634 | €24,093 | +€15,459 | +179.0% |
| Total equity and liabilities | 10/49 | €2,164,624 | €2,589,509 | +€424,885 | +19.6% |
| Equity | 10/15 | €1,469,531 | €1,316,005 | -€153,526 | -10.4% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Reserves | 13 | €149,353 | €111,533 | -€37,820 | -25.3% |
| Tax-exempt reserves | 132 | €147,494 | €109,674 | -€37,820 | -25.6% |
| Distributable reserves | 133 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,313,980 | €1,198,274 | -€115,706 | -8.8% |
| Provisions and deferred taxes | 16 | €49,165 | €36,558 | -€12,607 | -25.6% |
| Deferred taxes | 168 | €49,165 | €36,558 | -€12,607 | -25.6% |
| Amounts payable | 17/49 | €645,929 | €1,236,947 | +€591,018 | +91.5% |
| Amounts payable after more than one year | 17 | €247,160 | €534,208 | +€287,048 | +116.1% |
| Financial debts | 170/4 | €247,160 | €534,208 | +€287,048 | +116.1% |
| Amounts payable within one year | 42/48 | €398,705 | €695,547 | +€296,842 | +74.5% |
| Current portion of amounts payable after more than one year | 42 | €125,334 | €170,520 | +€45,185 | +36.1% |
| Trade debts | 44 | €121,865 | €173,023 | +€51,158 | +42.0% |
| Suppliers | 440/4 | €121,865 | €173,023 | +€51,158 | +42.0% |
| Taxes, remuneration and social security | 45 | €101,279 | €121,777 | +€20,498 | +20.2% |
| Taxes | 450/3 | €75,136 | €72,522 | -€2,614 | -3.5% |
| Remuneration and social security | 454/9 | €26,143 | €49,255 | +€23,112 | +88.4% |
| Other amounts payable | 47/48 | €50,227 | €230,227 | +€180,000 | +358.4% |
| Accrued charges and deferred income | 492/3 | €64 | €7,192 | +€7,128 | +11224.1% |
| Non-recurring operating income | 76A | €18,780 | €0 | -€18,780 | -100.0% |
| Remuneration, social security and pensions | 62 | €131,696 | €248,484 | +€116,788 | +88.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €179,783 | €172,865 | -€6,918 | -3.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €14,609 | €4,993 | -€9,616 | -65.8% |
| Gross operating margin | 9900 | €401,011 | €540,422 | +€139,411 | +34.8% |
| Operating profit (loss) | 9901 | €74,923 | €114,080 | +€39,157 | +52.3% |
| Financial income | 75/76B | €5,114 | €1 | -€5,112 | -100.0% |
| Recurring financial income | 75 | €5,114 | €1 | -€5,112 | -100.0% |
| Financial charges | 65/66B | €7,862 | €12,604 | +€4,742 | +60.3% |
| Recurring financial charges | 65 | €7,862 | €12,604 | +€4,742 | +60.3% |
| Profit (loss) for the period before taxes | 9903 | €72,175 | €101,477 | +€29,302 | +40.6% |
| Transfer from deferred taxes | 780 | €7,790 | €12,607 | +€4,817 | +61.8% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €26,189 | €27,610 | +€1,421 | +5.4% |
| Profit (loss) for the period | 9904 | €53,776 | €86,474 | +€32,698 | +60.8% |
| Transfer from tax-exempt reserves | 789 | €23,369 | €37,820 | +€14,452 | +61.8% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €77,145 | €124,294 | +€47,149 | +61.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.