RAIL SERVICES & PRODUCTS: what changed
RAIL SERVICES & PRODUCTS
Largest movements
- Receivables within one year +€47,458
up €47,458 (+127%), from €37,424 to €84,882
of which Trade receivables: +€44,035
- Cash +€18,798
up €18,798 (+18.2%), from €103,333 to €122,132
mainly Trade debts (+€53,746) and Depreciation (+€13,873)
- Tangible fixed assets -€13,873
down €13,873 (-12.7%), from €108,933 to €95,060
of which Land and buildings: -€11,488
- Trade debts +€53,746
up €53,746 (+1,338%), from €4,017 to €57,763
- Reserves +€3,598
up €3,598 (+6.3%), from €56,822 to €60,420
of which Distributable reserves: +€3,598
- Tax, wage and social debts +€3,475
up €3,475 (+33.8%), from €10,290 to €13,765
of which Remuneration and social security: +€4,977
- Debts after one year -€3,212
down €3,212 (-19.7%), from €16,336 to €13,124
- Gross operating margin -€28,079
down €28,079 (-47.7%), from €58,895 to €30,817
- Taxes -€6,291
down €6,291 (-66.0%), from €9,539 to €3,248
- Staff costs -€3,219
down €3,219 (-39.3%), from €8,184 to €4,965
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €249,846 | €303,312 | +€53,466 | +21.4% |
| Fixed assets | 21/28 | €108,933 | €95,060 | -€13,873 | -12.7% |
| Tangible fixed assets | 22/27 | €108,933 | €95,060 | -€13,873 | -12.7% |
| Land and buildings | 22 | €100,028 | €88,540 | -€11,488 | -11.5% |
| Plant, machinery and equipment | 23 | €5,750 | €4,415 | -€1,335 | -23.2% |
| Furniture and vehicles | 24 | €3,155 | €2,104 | -€1,050 | -33.3% |
| Current assets | 29/58 | €140,912 | €208,252 | +€67,340 | +47.8% |
| Amounts receivable within one year | 40/41 | €37,424 | €84,882 | +€47,458 | +127% |
| Trade receivables | 40 | €33,520 | €77,555 | +€44,035 | +131% |
| Other amounts receivable | 41 | €3,904 | €7,327 | +€3,423 | +87.7% |
| Current investments | 50/53 | - | €59 | +€59 | |
| Cash at bank and in hand | 54/58 | €103,333 | €122,132 | +€18,798 | +18.2% |
| Deferred charges and accrued income | 490/1 | €155 | €1,180 | +€1,025 | +660% |
| Total equity and liabilities | 10/49 | €249,846 | €303,312 | +€53,466 | +21.4% |
| Equity | 10/15 | €210,924 | €214,522 | +€3,598 | +1.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €56,822 | €60,420 | +€3,598 | +6.3% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €38,072 | €41,670 | +€3,598 | +9.5% |
| Profit (loss) carried forward | 14 | €147,902 | €147,902 | = | 0.0% |
| Amounts payable | 17/49 | €38,922 | €88,790 | +€49,868 | +128% |
| Amounts payable after more than one year | 17 | €16,336 | €13,124 | -€3,212 | -19.7% |
| Financial debts | 170/4 | €16,336 | €13,124 | -€3,212 | -19.7% |
| Amounts payable within one year | 42/48 | €22,586 | €75,666 | +€53,080 | +235% |
| Current portion of amounts payable after more than one year | 42 | €3,400 | €3,326 | -€74 | -2.2% |
| Financial debts | 43 | €1,250 | €178 | -€1,072 | -85.7% |
| Credit institutions | 430/8 | €1,250 | €178 | -€1,072 | -85.7% |
| Trade debts | 44 | €4,017 | €57,763 | +€53,746 | +1,338% |
| Suppliers | 440/4 | €4,017 | €57,763 | +€53,746 | +1,338% |
| Taxes, remuneration and social security | 45 | €10,290 | €13,765 | +€3,475 | +33.8% |
| Taxes | 450/3 | €10,290 | €8,788 | -€1,502 | -14.6% |
| Remuneration and social security | 454/9 | - | €4,977 | +€4,977 | |
| Other amounts payable | 47/48 | €3,629 | €633 | -€2,995 | -82.5% |
| Non-recurring operating income | 76A | €21,620 | - | -€21,620 | |
| Remuneration, social security and pensions | 62 | €8,184 | €4,965 | -€3,219 | -39.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,716 | €13,873 | +€157 | +1.1% |
| Other operating charges | 640/8 | €3,596 | €4,093 | +€498 | +13.8% |
| Gross operating margin | 9900 | €58,895 | €30,817 | -€28,079 | -47.7% |
| Operating profit (loss) | 9901 | €33,399 | €7,885 | -€25,515 | -76.4% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €1,512 | €1,040 | -€472 | -31.2% |
| Recurring financial charges | 65 | €1,512 | €1,040 | -€472 | -31.2% |
| Profit (loss) for the period before taxes | 9903 | €31,888 | €6,846 | -€25,042 | -78.5% |
| Income taxes | 67/77 | €9,539 | €3,248 | -€6,291 | -66.0% |
| Profit (loss) for the period | 9904 | €22,348 | €3,598 | -€18,750 | -83.9% |
| Profit (loss) for the period to be appropriated | 9905 | €22,348 | €3,598 | -€18,750 | -83.9% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.