Rail Advice: 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.
Rail Advice
Largest movements
- Receivables within one year +€74,633
up €74,633 (+133%), from €55,925 to €130,558
of which Other amounts receivable: +€80,701
- Cash -€37,205
down €37,205 (-80.3%), from €46,306 to €9,101
mainly Receivables within one year (-€74,633) and Investment in fixed assets (net) (-€15,628)
- Tangible fixed assets +€10,152
up €10,152 (+58.0%), from €17,502 to €27,654
of which Furniture and vehicles: +€8,899
- Reserves +€32,601
up €32,601 (+32.7%), from €99,637 to €132,238
- Tax, wage and social debts +€11,501
up €11,501 (+74.1%), from €15,520 to €27,021
- Trade debts +€3,722
up €3,722 (+4,021%), from €93 to €3,814
- Gross operating margin -€31,223
down €31,223 (-40.4%), from €77,328 to €46,105
- Taxes -€4,018
down €4,018 (-25.9%), from €15,520 to €11,501
- Financial income +€3,604
up €3,604 (+309%), from €1,165 to €4,769
- Depreciation +€1,831
up €1,831 (+50.2%), from €3,645 to €5,476
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 | €120,528 | €168,108 | +€47,580 | +39.5% |
| Fixed assets | 21/28 | €18,297 | €28,449 | +€10,152 | +55.5% |
| Tangible fixed assets | 22/27 | €17,502 | €27,654 | +€10,152 | +58.0% |
| Plant, machinery and equipment | 23 | €872 | €2,124 | +€1,253 | +144% |
| Furniture and vehicles | 24 | €16,630 | €25,530 | +€8,899 | +53.5% |
| Financial fixed assets | 28 | €795 | €795 | = | 0.0% |
| Current assets | 29/58 | €102,231 | €139,659 | +€37,428 | +36.6% |
| Amounts receivable within one year | 40/41 | €55,925 | €130,558 | +€74,633 | +133% |
| Trade receivables | 40 | €22,887 | €16,819 | -€6,068 | -26.5% |
| Other amounts receivable | 41 | €33,038 | €113,739 | +€80,701 | +244% |
| Cash at bank and in hand | 54/58 | €46,306 | €9,101 | -€37,205 | -80.3% |
| Total equity and liabilities | 10/49 | €120,528 | €168,108 | +€47,580 | +39.5% |
| Equity | 10/15 | €104,637 | €137,238 | +€32,601 | +31.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €99,637 | €132,238 | +€32,601 | +32.7% |
| Distributable reserves | 133 | €99,637 | €132,238 | +€32,601 | +32.7% |
| Amounts payable | 17/49 | €15,891 | €30,870 | +€14,979 | +94.3% |
| Amounts payable within one year | 42/48 | €15,626 | €30,870 | +€15,244 | +97.6% |
| Financial debts | 43 | €14 | €35 | +€21 | +147% |
| Credit institutions | 430/8 | €14 | €35 | +€21 | +147% |
| Trade debts | 44 | €93 | €3,814 | +€3,722 | +4,021% |
| Suppliers | 440/4 | €93 | €3,814 | +€3,722 | +4,021% |
| Taxes, remuneration and social security | 45 | €15,520 | €27,021 | +€11,501 | +74.1% |
| Taxes | 450/3 | €15,520 | €27,021 | +€11,501 | +74.1% |
| Accrued charges and deferred income | 492/3 | €265 | €0 | -€265 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,645 | €5,476 | +€1,831 | +50.2% |
| Other operating charges | 640/8 | €761 | €993 | +€233 | +30.6% |
| Gross operating margin | 9900 | €77,328 | €46,105 | -€31,223 | -40.4% |
| Operating profit (loss) | 9901 | €72,922 | €39,636 | -€33,286 | -45.6% |
| Financial income | 75/76B | €1,165 | €4,769 | +€3,604 | +309% |
| Recurring financial income | 75 | €1,165 | €4,769 | +€3,604 | +309% |
| Financial charges | 65/66B | €67 | €302 | +€235 | +350% |
| Recurring financial charges | 65 | €67 | €302 | +€235 | +350% |
| Profit (loss) for the period before taxes | 9903 | €74,020 | €44,102 | -€29,917 | -40.4% |
| Income taxes | 67/77 | €15,520 | €11,501 | -€4,018 | -25.9% |
| Profit (loss) for the period | 9904 | €58,500 | €32,601 | -€25,899 | -44.3% |
| Profit (loss) for the period to be appropriated | 9905 | €58,500 | €32,601 | -€25,899 | -44.3% |
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 19 October 2026 via checked.be.