Rail Triage: 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 Triage
Largest movements
- Receivables within one year -€227,578
down €227,578 (-37.9%), from €600,608 to €373,030
of which Trade receivables: -€229,532
- Cash +€79,793
up €79,793 (+56.6%), from €140,920 to €220,714
mainly Receivables within one year (+€227,578) and Net result for the year (+€17,331)
- Stocks and contracts -€12,500
down €12,500 (-20.0%), from €62,500 to €50,000
- Trade debts -€78,530
down €78,530 (-26.5%), from €296,413 to €217,883
- Advances received -€68,063
down €68,063 (-100%), from €68,063 to €0
- Tax, wage and social debts -€35,316
down €35,316 (-22.3%), from €158,625 to €123,309
of which Taxes: -€33,211
- Reserves +€17,331
up €17,331 (+14.5%), from €119,554 to €136,884
- Short-term financial debts +€15,643
up €15,643 (+10.6%), from €146,946 to €162,588
of which Other loans: +€8,905
- Gross operating margin +€108,048
up €108,048 (+23.7%), from €455,317 to €563,365
- Staff costs +€85,508
up €85,508 (+20.0%), from €426,922 to €512,430
- Taxes +€15,676
up €15,676 (+403%), from €3,892 to €19,569
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 | €816,320 | €659,264 | -€157,056 | -19.2% |
| Fixed assets | 21/28 | €10,172 | €8,062 | -€2,110 | -20.7% |
| Tangible fixed assets | 22/27 | €3,269 | €1,159 | -€2,110 | -64.5% |
| Plant, machinery and equipment | 23 | €2,860 | €853 | -€2,007 | -70.2% |
| Furniture and vehicles | 24 | €409 | €307 | -€102 | -25.0% |
| Financial fixed assets | 28 | €6,903 | €6,903 | = | 0.0% |
| Current assets | 29/58 | €806,149 | €651,202 | -€154,946 | -19.2% |
| Stocks and contracts in progress | 3 | €62,500 | €50,000 | -€12,500 | -20.0% |
| Stocks | 30/36 | €62,500 | €50,000 | -€12,500 | -20.0% |
| Amounts receivable within one year | 40/41 | €600,608 | €373,030 | -€227,578 | -37.9% |
| Trade receivables | 40 | €507,360 | €277,828 | -€229,532 | -45.2% |
| Other amounts receivable | 41 | €93,248 | €95,202 | +€1,954 | +2.1% |
| Cash at bank and in hand | 54/58 | €140,920 | €220,714 | +€79,793 | +56.6% |
| Deferred charges and accrued income | 490/1 | €2,120 | €7,459 | +€5,338 | +252% |
| Total equity and liabilities | 10/49 | €816,320 | €659,264 | -€157,056 | -19.2% |
| Equity | 10/15 | €138,154 | €155,484 | +€17,331 | +12.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €119,554 | €136,884 | +€17,331 | +14.5% |
| Distributable reserves | 133 | €119,554 | €136,884 | +€17,331 | +14.5% |
| Amounts payable | 17/49 | €678,166 | €503,780 | -€174,386 | -25.7% |
| Amounts payable within one year | 42/48 | €678,166 | €503,780 | -€174,386 | -25.7% |
| Current portion of amounts payable after more than one year | 42 | €8,121 | €0 | -€8,121 | -100% |
| Financial debts | 43 | €146,946 | €162,588 | +€15,643 | +10.6% |
| Credit institutions | 430/8 | €89,446 | €96,184 | +€6,738 | +7.5% |
| Other loans | 439 | €57,500 | €66,405 | +€8,905 | +15.5% |
| Trade debts | 44 | €296,413 | €217,883 | -€78,530 | -26.5% |
| Suppliers | 440/4 | €296,413 | €217,883 | -€78,530 | -26.5% |
| Advances received on contracts in progress | 46 | €68,063 | €0 | -€68,063 | -100% |
| Taxes, remuneration and social security | 45 | €158,625 | €123,309 | -€35,316 | -22.3% |
| Taxes | 450/3 | €72,490 | €39,278 | -€33,211 | -45.8% |
| Remuneration and social security | 454/9 | €86,135 | €84,030 | -€2,105 | -2.4% |
| Remuneration, social security and pensions | 62 | €426,922 | €512,430 | +€85,508 | +20.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,874 | €2,110 | -€2,764 | -56.7% |
| Other operating charges | 640/8 | €2,420 | €3,228 | +€808 | +33.4% |
| Gross operating margin | 9900 | €455,317 | €563,365 | +€108,048 | +23.7% |
| Operating profit (loss) | 9901 | €21,101 | €45,598 | +€24,497 | +116% |
| Financial income | 75/76B | €4,234 | €6,571 | +€2,337 | +55.2% |
| Recurring financial income | 75 | €4,234 | €6,571 | +€2,337 | +55.2% |
| Financial charges | 65/66B | €19,152 | €15,269 | -€3,883 | -20.3% |
| Recurring financial charges | 65 | €19,152 | €15,269 | -€3,883 | -20.3% |
| Profit (loss) for the period before taxes | 9903 | €6,183 | €36,899 | +€30,716 | +497% |
| Income taxes | 67/77 | €3,892 | €19,569 | +€15,676 | +403% |
| Profit (loss) for the period | 9904 | €2,291 | €17,331 | +€15,040 | +657% |
| Profit (loss) for the period to be appropriated | 9905 | €2,291 | €17,331 | +€15,040 | +657% |
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 21 October 2026 via checked.be.