RAILNOVA: what changed
Two fiscal 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.
What changed
RAILNOVA
NACE 52.210, Service activities incidental to land transportation
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€1.5m
2024 · €1.3m+€241,655
Equity
€6.9m
2024 · €6.8m+€90,046
Cash
€4.0m
2024 · €1.8m+€2.2m
Balance sheet total
€9.6m
2024 · €8.1m+€1.5m
Largest movements
Assets
- Cash +€2.2m
up €2.2m (+123.6%), from €1.8m to €4.0m
mainly Depreciation (+€1.8m) and Net result for the year (+€1.5m)
- Current investments -€1.0m
no longer reported in 2025 (was €1.0m)
- Stocks and contracts +€188,134
up €188,134 (+45.4%), from €414,738 to €602,872
- Receivables within one year +€186,989
up €186,989 (+20.3%), from €919,710 to €1.1m
of which Trade receivables: +€360,237
Equity and liabilities
- Other debts +€1.4m
new in 2025: €1.4m
- Accrued charges and deferred income -€224,968
down €224,968 (-81.8%), from €274,903 to €49,936
- Advances received +€188,546
up €188,546 (+109.7%), from €171,808 to €360,354
- Trade debts +€149,255
up €149,255 (+64.4%), from €231,800 to €381,055
Income statement
- Gross operating margin +€163,157
up €163,157 (+2.7%), from €6.1m to €6.3m
- Depreciation +€131,731
up €131,731 (+7.9%), from €1.7m to €1.8m
- Staff costs -€108,595
down €108,595 (-3.4%), from €3.2m to €3.1m
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.
Result 2024
€1.3m
Gross operating margin
+€163,157
Staff costs
+€108,595
Depreciation
-€131,731
Provisions
+€21,536
Other operating charges
+€19
Financial income
+€18,381
Financial charges
+€5,311
Taxes
+€56,388
Result 2025
€1.5m
Cash bridge derived
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.
From operations
+€4.4m
Investment
-€726,932
Financing
-€1.5m
Cash 2024
€1.8m
From operations (derived)
+€4.4m
Net result for the year
+€1.5m
Depreciation
+€1.8m
Stocks and contracts
-€188,134
Receivables within one year
-€186,989
Deferred charges and accrued income
+€7,540
Provisions
-€61,122
Trade debts
+€149,255
Tax, wage and social debts
+€2,040
Advances received
+€188,546
Other debts
+€1.4m
Accrued charges and deferred income
-€224,968
Investment (derived)
-€726,932
Investment in fixed assets (net)
-€1.7m
Current investments
+€1.0m
Financing
-€1.5m
Debts after one year
-€48,361
Current portion of long-term debt
+€2,288
Contributions, distributions and other
-€1.4m
Cash 2025
€4.0m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €8,084,050 | €9,597,774 | +€1.5m | +18.7% |
| Fixed assets | 21/28 | €3,852,160 | €3,778,657 | -€73,503 | -1.9% |
| Intangible fixed assets | 21 | €3,527,099 | €3,500,929 | -€26,171 | -0.7% |
| Tangible fixed assets | 22/27 | €325,061 | €277,729 | -€47,332 | -14.6% |
| Plant, machinery and equipment | 23 | €112,086 | €96,374 | -€15,712 | -14.0% |
| Furniture and vehicles | 24 | €19,742 | €20,023 | +€281 | +1.4% |
| Leasing and similar rights | 25 | €177,799 | €154,849 | -€22,950 | -12.9% |
| Other tangible fixed assets | 26 | €15,434 | €6,483 | -€8,951 | -58.0% |
| Current assets | 29/58 | €4,231,890 | €5,819,117 | +€1.6m | +37.5% |
| Amounts receivable after more than one year | 29 | €36,440 | €36,440 | = | 0.0% |
| Other amounts receivable | 291 | €36,440 | €36,440 | = | 0.0% |
| Stocks and contracts in progress | 3 | €414,738 | €602,872 | +€188,134 | +45.4% |
| Stocks | 30/36 | €414,738 | €602,872 | +€188,134 | +45.4% |
| Amounts receivable within one year | 40/41 | €919,710 | €1,106,699 | +€186,989 | +20.3% |
| Trade receivables | 40 | €567,810 | €928,047 | +€360,237 | +63.4% |
| Other amounts receivable | 41 | €351,900 | €178,652 | -€173,248 | -49.2% |
| Current investments | 50/53 | €1,000,001 | - | -€1.0m | |
| Cash at bank and in hand | 54/58 | €1,795,609 | €4,015,255 | +€2.2m | +123.6% |
| Deferred charges and accrued income | 490/1 | €65,391 | €57,851 | -€7,540 | -11.5% |
| Total equity and liabilities | 10/49 | €8,084,050 | €9,597,774 | +€1.5m | +18.7% |
| Equity | 10/15 | €6,769,336 | €6,859,382 | +€90,046 | +1.3% |
| Contributions | 10/11 | €3,141,140 | €3,141,140 | = | 0.0% |
| Capital | 10 | €3,141,140 | €3,141,140 | = | 0.0% |
| Issued capital | 100 | €3,141,140 | €3,141,140 | = | 0.0% |
| Reserves | 13 | €1,114,502 | €1,189,804 | +€75,302 | +6.8% |
| Non-distributable reserves | 130/1 | €150,840 | €217,036 | +€66,196 | +43.9% |
| Legal reserve | 130 | €150,840 | €217,036 | +€66,196 | +43.9% |
| Distributable reserves | 133 | €963,662 | €972,768 | +€9,106 | +0.9% |
| Profit (loss) carried forward | 14 | €2,513,694 | €2,528,437 | +€14,744 | +0.6% |
| Provisions and deferred taxes | 16 | €213,835 | €152,712 | -€61,122 | -28.6% |
| Provisions for liabilities and charges | 160/5 | €213,835 | €152,712 | -€61,122 | -28.6% |
| Other liabilities and charges | 164/5 | €213,835 | €152,712 | -€61,122 | -28.6% |
| Amounts payable | 17/49 | €1,100,879 | €2,585,680 | +€1.5m | +134.9% |
| Amounts payable after more than one year | 17 | €84,224 | €35,863 | -€48,361 | -57.4% |
| Financial debts | 170/4 | €84,224 | €35,863 | -€48,361 | -57.4% |
| Amounts payable within one year | 42/48 | €741,752 | €2,499,882 | +€1.8m | +237.0% |
| Current portion of amounts payable after more than one year | 42 | €46,073 | €48,361 | +€2,288 | +5.0% |
| Trade debts | 44 | €231,800 | €381,055 | +€149,255 | +64.4% |
| Suppliers | 440/4 | €231,800 | €381,055 | +€149,255 | +64.4% |
| Advances received on contracts in progress | 46 | €171,808 | €360,354 | +€188,546 | +109.7% |
| Taxes, remuneration and social security | 45 | €292,071 | €294,112 | +€2,040 | +0.7% |
| Taxes | 450/3 | €972 | €1,269 | +€297 | +30.6% |
| Remuneration and social security | 454/9 | €291,100 | €292,843 | +€1,743 | +0.6% |
| Other amounts payable | 47/48 | - | €1,416,000 | +€1.4m | |
| Accrued charges and deferred income | 492/3 | €274,903 | €49,936 | -€224,968 | -81.8% |
| Remuneration, social security and pensions | 62 | €3,198,895 | €3,090,300 | -€108,595 | -3.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,668,705 | €1,800,436 | +€131,731 | +7.9% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€39,586 | -€61,122 | -€21,536 | -54.4% |
| Other operating charges | 640/8 | €1,018 | €998 | -€19 | -1.9% |
| Gross operating margin | 9900 | €6,138,290 | €6,301,446 | +€163,157 | +2.7% |
| Operating profit (loss) | 9901 | €1,309,258 | €1,470,834 | +€161,575 | +12.3% |
| Financial income | 75/76B | €5,664 | €24,045 | +€18,381 | +324.5% |
| Recurring financial income | 75 | €5,664 | €24,045 | +€18,381 | +324.5% |
| Financial charges | 65/66B | €50,532 | €45,221 | -€5,311 | -10.5% |
| Recurring financial charges | 65 | €50,532 | €45,221 | -€5,311 | -10.5% |
| Profit (loss) for the period before taxes | 9903 | €1,264,391 | €1,449,658 | +€185,267 | +14.7% |
| Income taxes | 67/77 | - | -€56,388 | -€56,388 | |
| Profit (loss) for the period | 9904 | €1,264,391 | €1,506,046 | +€241,655 | +19.1% |
| Profit (loss) for the period to be appropriated | 9905 | €1,264,391 | €1,506,046 | +€241,655 | +19.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.