RAIL & SEA: 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 & SEA
Largest movements
- Cash +€209,197
up €209,197 (+67.5%), from €309,987 to €519,184
mainly Trade debts (+€171,740) and Net result for the year (+€133,911)
- Receivables within one year +€133,406
up €133,406 (+54.6%), from €244,488 to €377,894
of which Trade receivables: +€133,406
- Trade debts +€171,740
up €171,740 (+32.4%), from €530,715 to €702,455
- Profit (loss) carried forward +€133,911
up €133,911 (+40.6%), from -€329,920 to -€196,009
- Tax, wage and social debts +€80,848
up €80,848 (+176%), from €45,965 to €126,812
of which Taxes: +€77,879
- Debts after one year -€50,000
down €50,000 (-20.0%), from €250,000 to €200,000
- Staff costs -€69,852
down €69,852 (-20.5%), from €340,712 to €270,861
- Gross operating margin +€55,101
up €55,101 (+13.2%), from €417,415 to €472,516
- Taxes +€49,689
up €49,689 (+11,749%), from €423 to €50,112
- Financial charges -€5,037
down €5,037 (-22.8%), from €22,063 to €17,026
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 | €564,409 | €900,908 | +€336,499 | +59.6% |
| Fixed assets | 21/28 | €539 | €94 | -€444 | -82.5% |
| Tangible fixed assets | 22/27 | €539 | €94 | -€444 | -82.5% |
| Plant, machinery and equipment | 23 | €539 | €94 | -€444 | -82.5% |
| Current assets | 29/58 | €563,871 | €900,814 | +€336,943 | +59.8% |
| Amounts receivable within one year | 40/41 | €244,488 | €377,894 | +€133,406 | +54.6% |
| Trade receivables | 40 | €244,488 | €377,894 | +€133,406 | +54.6% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €309,987 | €519,184 | +€209,197 | +67.5% |
| Deferred charges and accrued income | 490/1 | €9,396 | €3,736 | -€5,660 | -60.2% |
| Total equity and liabilities | 10/49 | €564,409 | €900,908 | +€336,499 | +59.6% |
| Equity | 10/15 | -€262,270 | -€128,359 | +€133,911 | +51.1% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €6,150 | €6,150 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€329,920 | -€196,009 | +€133,911 | +40.6% |
| Amounts payable | 17/49 | €826,680 | €1,029,267 | +€202,588 | +24.5% |
| Amounts payable after more than one year | 17 | €250,000 | €200,000 | -€50,000 | -20.0% |
| Financial debts | 170/4 | €250,000 | €200,000 | -€50,000 | -20.0% |
| Amounts payable within one year | 42/48 | €576,680 | €829,267 | +€252,588 | +43.8% |
| Trade debts | 44 | €530,715 | €702,455 | +€171,740 | +32.4% |
| Suppliers | 440/4 | €530,715 | €702,455 | +€171,740 | +32.4% |
| Taxes, remuneration and social security | 45 | €45,965 | €126,812 | +€80,848 | +176% |
| Taxes | 450/3 | €22,713 | €100,592 | +€77,879 | +343% |
| Remuneration and social security | 454/9 | €23,252 | €26,220 | +€2,969 | +12.8% |
| Remuneration, social security and pensions | 62 | €340,712 | €270,861 | -€69,852 | -20.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €743 | €444 | -€299 | -40.2% |
| Other operating charges | 640/8 | €777 | €792 | +€14 | +1.9% |
| Gross operating margin | 9900 | €417,415 | €472,516 | +€55,101 | +13.2% |
| Operating profit (loss) | 9901 | €75,183 | €200,419 | +€125,237 | +167% |
| Financial income | 75/76B | €286 | €629 | +€344 | +120% |
| Recurring financial income | 75 | €286 | €629 | +€344 | +120% |
| Financial charges | 65/66B | €22,063 | €17,026 | -€5,037 | -22.8% |
| Recurring financial charges | 65 | €22,063 | €17,026 | -€5,037 | -22.8% |
| Profit (loss) for the period before taxes | 9903 | €53,406 | €184,023 | +€130,617 | +245% |
| Income taxes | 67/77 | €423 | €50,112 | +€49,689 | +11,749% |
| Profit (loss) for the period | 9904 | €52,983 | €133,911 | +€80,928 | +153% |
| Profit (loss) for the period to be appropriated | 9905 | €52,983 | €133,911 | +€80,928 | +153% |
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 22 October 2026 via checked.be.