Lightrail.be: 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.
Lightrail.be
Largest movements
- Receivables within one year +€793,739
up €793,739 (+736%), from €107,824 to €901,562
of which Trade receivables: +€769,589
- Cash -€264,784
down €264,784 (-60.2%), from €439,604 to €174,820
mainly Receivables within one year (-€793,739) and Contributions, distributions and other (-€200,000)
- Accrued charges and deferred income +€556,468
new in 2025: €556,468
- Other debts +€92,500
up €92,500 (+16,350%), from €566 to €93,066
- Reserves -€66,273
down €66,273 (-29.5%), from €224,789 to €158,516
- Trade debts -€51,651
down €51,651 (-44.8%), from €115,244 to €63,593
- Gross operating margin +€25,455
up €25,455 (+16.2%), from €157,081 to €182,536
- Taxes +€5,370
up €5,370 (+13.3%), from €40,480 to €45,850
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 | €555,891 | €1,085,656 | +€529,766 | +95.3% |
| Formation expenses | 20 | €543 | €138 | -€405 | -74.5% |
| Fixed assets | 21/28 | €7,919 | €9,135 | +€1,216 | +15.4% |
| Tangible fixed assets | 22/27 | €1,304 | €2,055 | +€751 | +57.6% |
| Plant, machinery and equipment | 23 | €697 | €2,055 | +€1,358 | +195% |
| Furniture and vehicles | 24 | €607 | - | -€607 | |
| Financial fixed assets | 28 | €6,615 | €7,080 | +€465 | +7.0% |
| Current assets | 29/58 | €547,428 | €1,076,383 | +€528,955 | +96.6% |
| Amounts receivable within one year | 40/41 | €107,824 | €901,562 | +€793,739 | +736% |
| Trade receivables | 40 | €107,824 | €877,412 | +€769,589 | +714% |
| Other amounts receivable | 41 | - | €24,150 | +€24,150 | |
| Cash at bank and in hand | 54/58 | €439,604 | €174,820 | -€264,784 | -60.2% |
| Total equity and liabilities | 10/49 | €555,891 | €1,085,656 | +€529,766 | +95.3% |
| Equity | 10/15 | €234,789 | €168,516 | -€66,273 | -28.2% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €224,789 | €158,516 | -€66,273 | -29.5% |
| Distributable reserves | 133 | €224,789 | €158,516 | -€66,273 | -29.5% |
| Amounts payable | 17/49 | €321,102 | €917,141 | +€596,039 | +186% |
| Amounts payable within one year | 42/48 | €321,102 | €360,673 | +€39,571 | +12.3% |
| Trade debts | 44 | €115,244 | €63,593 | -€51,651 | -44.8% |
| Suppliers | 440/4 | €115,244 | €63,593 | -€51,651 | -44.8% |
| Taxes, remuneration and social security | 45 | €205,292 | €204,014 | -€1,278 | -0.6% |
| Taxes | 450/3 | €205,292 | €204,014 | -€1,278 | -0.6% |
| Other amounts payable | 47/48 | €566 | €93,066 | +€92,500 | +16,350% |
| Accrued charges and deferred income | 492/3 | - | €556,468 | +€556,468 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,289 | €1,507 | +€218 | +16.9% |
| Other operating charges | 640/8 | €126 | €128 | +€2 | +1.6% |
| Gross operating margin | 9900 | €157,081 | €182,536 | +€25,455 | +16.2% |
| Operating profit (loss) | 9901 | €155,666 | €180,901 | +€25,235 | +16.2% |
| Financial income | 75/76B | €69 | - | -€69 | |
| Recurring financial income | 75 | €69 | - | -€69 | |
| Financial charges | 65/66B | €2,210 | €1,324 | -€886 | -40.1% |
| Recurring financial charges | 65 | €2,210 | €1,324 | -€886 | -40.1% |
| Profit (loss) for the period before taxes | 9903 | €153,525 | €179,577 | +€26,052 | +17.0% |
| Income taxes | 67/77 | €40,480 | €45,850 | +€5,370 | +13.3% |
| Profit (loss) for the period | 9904 | €113,045 | €133,727 | +€20,682 | +18.3% |
| Profit (loss) for the period to be appropriated | 9905 | €113,045 | €133,727 | +€20,682 | +18.3% |
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 13 October 2026 via checked.be.