RAILPOWER: 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.
RAILPOWER
Largest movements
- Stocks and contracts -€98,332
down €98,332 (-42.0%), from €234,238 to €135,906
- Tangible fixed assets -€70,936
down €70,936 (-27.7%), from €256,474 to €185,539
of which Plant, machinery and equipment: -€59,675
- Intangible fixed assets -€50,000
down €50,000 (-30.8%), from €162,500 to €112,500
- Receivables within one year +€37,391
up €37,391 (+9.6%), from €389,975 to €427,366
of which Trade receivables: +€20,585
- Cash +€32,753
up €32,753 (+32.4%), from €101,016 to €133,768
mainly Net result for the year (+€149,555) and Depreciation (+€134,501)
- Debts after one year -€311,756
down €311,756 (-89.1%), from €349,875 to €38,119
- Reserves +€90,555
up €90,555 (+34.5%), from €262,509 to €353,064
- Other debts +€59,000
up €59,000 (+260%), from €22,692 to €81,692
- Short-term financial debts +€41,764
up €41,764, from €0 to €41,764
- Trade debts -€15,722
down €15,722 (-30.2%), from €52,144 to €36,422
- Gross operating margin +€161,688
up €161,688 (+77.1%), from €209,624 to €371,311
- Taxes +€53,596
up €53,596 (+794%), from €6,752 to €60,348
- Write-downs -€31,006
down €31,006 (-100%), from €31,006 to €0
- Financial income -€12,729
down €12,729 (-97.9%), from €13,003 to €275
of which Non-recurring financial income: -€12,746
- Depreciation -€8,534
down €8,534 (-6.0%), from €143,034 to €134,501
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,149,557 | €1,020,361 | -€129,196 | -11.2% |
| Fixed assets | 21/28 | €424,070 | €303,135 | -€120,936 | -28.5% |
| Intangible fixed assets | 21 | €162,500 | €112,500 | -€50,000 | -30.8% |
| Tangible fixed assets | 22/27 | €256,474 | €185,539 | -€70,936 | -27.7% |
| Plant, machinery and equipment | 23 | €237,438 | €177,764 | -€59,675 | -25.1% |
| Furniture and vehicles | 24 | €19,036 | €7,775 | -€11,261 | -59.2% |
| Financial fixed assets | 28 | €5,096 | €5,096 | = | 0.0% |
| Current assets | 29/58 | €725,486 | €717,226 | -€8,260 | -1.1% |
| Stocks and contracts in progress | 3 | €234,238 | €135,906 | -€98,332 | -42.0% |
| Stocks | 30/36 | €234,238 | €135,906 | -€98,332 | -42.0% |
| Amounts receivable within one year | 40/41 | €389,975 | €427,366 | +€37,391 | +9.6% |
| Trade receivables | 40 | €220,629 | €241,214 | +€20,585 | +9.3% |
| Other amounts receivable | 41 | €169,346 | €186,152 | +€16,806 | +9.9% |
| Cash at bank and in hand | 54/58 | €101,016 | €133,768 | +€32,753 | +32.4% |
| Deferred charges and accrued income | 490/1 | €258 | €20,186 | +€19,928 | +7,738% |
| Total equity and liabilities | 10/49 | €1,149,557 | €1,020,361 | -€129,196 | -11.2% |
| Equity | 10/15 | €662,509 | €753,064 | +€90,555 | +13.7% |
| Contributions | 10/11 | €400,000 | €400,000 | = | 0.0% |
| Reserves | 13 | €262,509 | €353,064 | +€90,555 | +34.5% |
| Distributable reserves | 133 | €262,509 | €353,064 | +€90,555 | +34.5% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €487,048 | €267,297 | -€219,751 | -45.1% |
| Amounts payable after more than one year | 17 | €349,875 | €38,119 | -€311,756 | -89.1% |
| Financial debts | 170/4 | €349,875 | €38,119 | -€311,756 | -89.1% |
| Amounts payable within one year | 42/48 | €137,173 | €229,178 | +€92,006 | +67.1% |
| Current portion of amounts payable after more than one year | 42 | €59,187 | €61,756 | +€2,569 | +4.3% |
| Financial debts | 43 | €0 | €41,764 | +€41,764 | |
| Credit institutions | 430/8 | €0 | €41,764 | +€41,764 | |
| Trade debts | 44 | €52,144 | €36,422 | -€15,722 | -30.2% |
| Suppliers | 440/4 | €52,144 | €36,422 | -€15,722 | -30.2% |
| Taxes, remuneration and social security | 45 | €3,150 | €7,545 | +€4,395 | +140% |
| Taxes | 450/3 | - | €7,545 | +€7,545 | |
| Remuneration and social security | 454/9 | €3,150 | €0 | -€3,150 | -100% |
| Other amounts payable | 47/48 | €22,692 | €81,692 | +€59,000 | +260% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €143,034 | €134,501 | -€8,534 | -6.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €31,006 | €0 | -€31,006 | -100% |
| Other operating charges | 640/8 | €2,030 | €5,234 | +€3,204 | +158% |
| Non-recurring operating charges | 66A | - | €182 | +€182 | |
| Gross operating margin | 9900 | €209,624 | €371,311 | +€161,688 | +77.1% |
| Operating profit (loss) | 9901 | €33,554 | €231,395 | +€197,841 | +590% |
| Financial income | 75/76B | €13,003 | €275 | -€12,729 | -97.9% |
| Recurring financial income | 75 | €258 | €275 | +€17 | +6.6% |
| Non-recurring financial income | 76B | €12,746 | €0 | -€12,746 | -100% |
| Financial charges | 65/66B | €20,751 | €21,767 | +€1,016 | +4.9% |
| Recurring financial charges | 65 | €20,751 | €9,613 | -€11,137 | -53.7% |
| Non-recurring financial charges | 66B | - | €12,153 | +€12,153 | |
| Profit (loss) for the period before taxes | 9903 | €25,807 | €209,902 | +€184,096 | +713% |
| Income taxes | 67/77 | €6,752 | €60,348 | +€53,596 | +794% |
| Profit (loss) for the period | 9904 | €19,055 | €149,555 | +€130,500 | +685% |
| Profit (loss) for the period to be appropriated | 9905 | €19,055 | €149,555 | +€130,500 | +685% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.