Het Spoor: 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.
Het Spoor
Largest movements
- Cash -€78,613
down €78,613 (-86.1%), from €91,323 to €12,710
mainly Debts after one year (-€134,143) and Net result for the year (-€56,490)
- Tangible fixed assets -€61,164
down €61,164 (-2.2%), from €2.8m to €2.8m
- Debts after one year -€134,143
down €134,143 (-4.9%), from €2.8m to €2.6m
- Profit (loss) carried forward -€56,490
down €56,490 (-14.5%), from -€390,800 to -€447,290
- Other debts +€45,000
up €45,000 (+13.2%), from €340,000 to €385,000
- Gross operating margin +€179,380
up €179,380, from -€70,067 to €109,312
- Depreciation -€85,910
down €85,910 (-47.9%), from €179,521 to €93,612
- Financial charges +€14,373
up €14,373 (+26.6%), from €54,111 to €68,484
- Other operating charges +€1,462
up €1,462 (+65.2%), from €2,244 to €3,707
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 | €2,920,738 | €2,780,293 | -€140,445 | -4.8% |
| Fixed assets | 21/28 | €2,828,747 | €2,767,583 | -€61,164 | -2.2% |
| Tangible fixed assets | 22/27 | €2,828,747 | €2,767,583 | -€61,164 | -2.2% |
| Land and buildings | 22 | €2,828,747 | €2,767,583 | -€61,164 | -2.2% |
| Current assets | 29/58 | €91,991 | €12,710 | -€79,281 | -86.2% |
| Amounts receivable within one year | 40/41 | €668 | €0 | -€668 | -100% |
| Trade receivables | 40 | €668 | €0 | -€668 | -100% |
| Cash at bank and in hand | 54/58 | €91,323 | €12,710 | -€78,613 | -86.1% |
| Total equity and liabilities | 10/49 | €2,920,738 | €2,780,293 | -€140,445 | -4.8% |
| Equity | 10/15 | -€300,800 | -€357,290 | -€56,490 | -18.8% |
| Contributions | 10/11 | €90,000 | €90,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€390,800 | -€447,290 | -€56,490 | -14.5% |
| Amounts payable | 17/49 | €3,221,538 | €3,137,583 | -€83,955 | -2.6% |
| Amounts payable after more than one year | 17 | €2,751,771 | €2,617,628 | -€134,143 | -4.9% |
| Financial debts | 170/4 | €2,751,771 | €2,617,628 | -€134,143 | -4.9% |
| Amounts payable within one year | 42/48 | €469,767 | €519,956 | +€50,189 | +10.7% |
| Current portion of amounts payable after more than one year | 42 | €129,305 | €134,143 | +€4,839 | +3.7% |
| Trade debts | 44 | €462 | €812 | +€350 | +75.8% |
| Suppliers | 440/4 | €462 | €812 | +€350 | +75.8% |
| Other amounts payable | 47/48 | €340,000 | €385,000 | +€45,000 | +13.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €179,521 | €93,612 | -€85,910 | -47.9% |
| Other operating charges | 640/8 | €2,244 | €3,707 | +€1,462 | +65.2% |
| Gross operating margin | 9900 | -€70,067 | €109,312 | +€179,380 | |
| Operating profit (loss) | 9901 | -€251,833 | €11,994 | +€263,827 | |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €54,111 | €68,484 | +€14,373 | +26.6% |
| Recurring financial charges | 65 | €54,111 | €68,484 | +€14,373 | +26.6% |
| Profit (loss) for the period before taxes | 9903 | -€305,944 | -€56,490 | +€249,454 | +81.5% |
| Profit (loss) for the period | 9904 | -€305,944 | -€56,490 | +€249,454 | +81.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€305,944 | -€56,490 | +€249,454 | +81.5% |
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 28 October 2026 via checked.be.