KORTETRAM: 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.
KORTETRAM
Largest movements
- Receivables within one year +€104,737
up €104,737 (+9,292%), from €1,127 to €105,865
- Tangible fixed assets -€34,449
down €34,449 (-3.5%), from €973,510 to €939,061
- Cash -€28,489
down €28,489 (-36.9%), from €77,217 to €48,728
mainly Receivables within one year (-€104,737) and Contributions, distributions and other (-€74,500)
- Deferred charges and accrued income +€12,032
up €12,032 (+1,570%), from €767 to €12,799
- Other debts +€106,093
up €106,093 (+14.0%), from €757,173 to €863,266
- Reserves -€36,645
down €36,645 (-91.0%), from €40,252 to €3,607
- Debts after one year -€30,366
down €30,366 (-14.8%), from €205,079 to €174,713
- Tax, wage and social debts +€11,175
new in 2025: €11,175
- Gross operating margin +€35,304
up €35,304 (+64.0%), from €55,126 to €90,431
- Taxes +€9,164
up €9,164 (+257%), from €3,564 to €12,729
- Financial charges -€4,380
down €4,380 (-67.5%), from €6,489 to €2,109
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 | €1,052,620 | €1,106,452 | +€53,832 | +5.1% |
| Fixed assets | 21/28 | €973,510 | €939,061 | -€34,449 | -3.5% |
| Tangible fixed assets | 22/27 | €973,510 | €939,061 | -€34,449 | -3.5% |
| Land and buildings | 22 | €973,510 | €939,061 | -€34,449 | -3.5% |
| Current assets | 29/58 | €79,111 | €167,391 | +€88,280 | +112% |
| Amounts receivable within one year | 40/41 | €1,127 | €105,865 | +€104,737 | +9,292% |
| Other amounts receivable | 41 | €1,127 | €105,865 | +€104,737 | +9,292% |
| Cash at bank and in hand | 54/58 | €77,217 | €48,728 | -€28,489 | -36.9% |
| Deferred charges and accrued income | 490/1 | €767 | €12,799 | +€12,032 | +1,570% |
| Total equity and liabilities | 10/49 | €1,052,620 | €1,106,452 | +€53,832 | +5.1% |
| Equity | 10/15 | €58,852 | €22,207 | -€36,645 | -62.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €40,252 | €3,607 | -€36,645 | -91.0% |
| Distributable reserves | 133 | €40,252 | €3,607 | -€36,645 | -91.0% |
| Amounts payable | 17/49 | €993,769 | €1,084,245 | +€90,477 | +9.1% |
| Amounts payable after more than one year | 17 | €205,079 | €174,713 | -€30,366 | -14.8% |
| Financial debts | 170/4 | €205,079 | €174,713 | -€30,366 | -14.8% |
| Amounts payable within one year | 42/48 | €788,690 | €909,532 | +€120,842 | +15.3% |
| Current portion of amounts payable after more than one year | 42 | €30,091 | €30,366 | +€275 | +0.9% |
| Trade debts | 44 | €1,426 | €4,726 | +€3,299 | +231% |
| Suppliers | 440/4 | €1,426 | €4,726 | +€3,299 | +231% |
| Taxes, remuneration and social security | 45 | - | €11,175 | +€11,175 | |
| Taxes | 450/3 | - | €11,175 | +€11,175 | |
| Other amounts payable | 47/48 | €757,173 | €863,266 | +€106,093 | +14.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,449 | €34,449 | = | 0.0% |
| Other operating charges | 640/8 | €2,987 | €3,289 | +€303 | +10.1% |
| Gross operating margin | 9900 | €55,126 | €90,431 | +€35,304 | +64.0% |
| Operating profit (loss) | 9901 | €17,691 | €52,693 | +€35,002 | +198% |
| Financial charges | 65/66B | €6,489 | €2,109 | -€4,380 | -67.5% |
| Recurring financial charges | 65 | €6,489 | €2,109 | -€4,380 | -67.5% |
| Profit (loss) for the period before taxes | 9903 | €11,202 | €50,584 | +€39,382 | +352% |
| Income taxes | 67/77 | €3,564 | €12,729 | +€9,164 | +257% |
| Profit (loss) for the period | 9904 | €7,638 | €37,855 | +€30,217 | +396% |
| Profit (loss) for the period to be appropriated | 9905 | €7,638 | €37,855 | +€30,217 | +396% |
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 17 October 2026 via checked.be.