RAILWAY: 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.
RAILWAY
Largest movements
- Cash -€9,556
down €9,556 (-43.1%), from €22,146 to €12,590
mainly Other debts (-€19,791) and Investment in fixed assets (net) (-€4,487)
- Receivables within one year -€2,237
down €2,237 (-11.8%), from €18,895 to €16,658
of which Other amounts receivable: -€1,621
- Deferred charges and accrued income -€1,257
down €1,257 (-100%), from €1,257 to €0
- Stocks and contracts +€966
up €966 (+36.3%), from €2,658 to €3,624
- Other debts -€19,791
down €19,791 (-63.0%), from €31,437 to €11,646
- Profit (loss) carried forward +€8,056
up €8,056, from €0 to €8,056
- Trade debts -€2,250
down €2,250 (-37.3%), from €6,040 to €3,790
- Accrued charges and deferred income +€1,216
up €1,216 (+642%), from €190 to €1,405
- Staff costs +€18,485
up €18,485 (+47.5%), from €38,943 to €57,428
- Gross operating margin +€4,921
up €4,921 (+6.9%), from €70,992 to €75,912
- Taxes -€2,967
down €2,967 (-52.6%), from €5,645 to €2,678
- Depreciation +€968
up €968 (+27.3%), from €3,548 to €4,515
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 | €69,296 | €57,185 | -€12,111 | -17.5% |
| Fixed assets | 21/28 | €24,340 | €24,312 | -€28 | -0.1% |
| Tangible fixed assets | 22/27 | €20,290 | €20,262 | -€28 | -0.1% |
| Land and buildings | 22 | €912 | €796 | -€116 | -12.7% |
| Plant, machinery and equipment | 23 | €16,693 | €17,897 | +€1,203 | +7.2% |
| Furniture and vehicles | 24 | €2,685 | €1,570 | -€1,116 | -41.6% |
| Financial fixed assets | 28 | €4,050 | €4,050 | = | 0.0% |
| Current assets | 29/58 | €44,956 | €32,873 | -€12,083 | -26.9% |
| Stocks and contracts in progress | 3 | €2,658 | €3,624 | +€966 | +36.3% |
| Stocks | 30/36 | €2,658 | €3,624 | +€966 | +36.3% |
| Amounts receivable within one year | 40/41 | €18,895 | €16,658 | -€2,237 | -11.8% |
| Trade receivables | 40 | €16,900 | €16,285 | -€615 | -3.6% |
| Other amounts receivable | 41 | €1,995 | €374 | -€1,621 | -81.3% |
| Cash at bank and in hand | 54/58 | €22,146 | €12,590 | -€9,556 | -43.1% |
| Deferred charges and accrued income | 490/1 | €1,257 | €0 | -€1,257 | -100% |
| Total equity and liabilities | 10/49 | €69,296 | €57,185 | -€12,111 | -17.5% |
| Equity | 10/15 | €6,165 | €14,221 | +€8,056 | +131% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €5,165 | €5,165 | = | 0.0% |
| Distributable reserves | 133 | €5,165 | €5,165 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €8,056 | +€8,056 | |
| Amounts payable | 17/49 | €63,131 | €42,963 | -€20,167 | -31.9% |
| Amounts payable after more than one year | 17 | €9,000 | €9,000 | = | 0.0% |
| Financial debts | 170/4 | €9,000 | €9,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €53,941 | €32,558 | -€21,383 | -39.6% |
| Current portion of amounts payable after more than one year | 42 | €4,500 | €4,500 | = | 0.0% |
| Trade debts | 44 | €6,040 | €3,790 | -€2,250 | -37.3% |
| Suppliers | 440/4 | €6,040 | €3,790 | -€2,250 | -37.3% |
| Taxes, remuneration and social security | 45 | €11,964 | €12,622 | +€658 | +5.5% |
| Taxes | 450/3 | €6,987 | €6,429 | -€557 | -8.0% |
| Remuneration and social security | 454/9 | €4,977 | €6,193 | +€1,215 | +24.4% |
| Other amounts payable | 47/48 | €31,437 | €11,646 | -€19,791 | -63.0% |
| Accrued charges and deferred income | 492/3 | €190 | €1,405 | +€1,216 | +642% |
| Remuneration, social security and pensions | 62 | €38,943 | €57,428 | +€18,485 | +47.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,548 | €4,515 | +€968 | +27.3% |
| Other operating charges | 640/8 | €881 | €867 | -€14 | -1.5% |
| Gross operating margin | 9900 | €70,992 | €75,912 | +€4,921 | +6.9% |
| Operating profit (loss) | 9901 | €27,621 | €13,102 | -€14,518 | -52.6% |
| Financial income | 75/76B | €0 | €16 | +€16 | +162,400% |
| Recurring financial income | 75 | €0 | €16 | +€16 | +162,400% |
| Financial charges | 65/66B | €1,663 | €2,385 | +€722 | +43.4% |
| Recurring financial charges | 65 | €1,663 | €2,385 | +€722 | +43.4% |
| Profit (loss) for the period before taxes | 9903 | €25,958 | €10,734 | -€15,224 | -58.6% |
| Income taxes | 67/77 | €5,645 | €2,678 | -€2,967 | -52.6% |
| Profit (loss) for the period | 9904 | €20,312 | €8,056 | -€12,256 | -60.3% |
| Profit (loss) for the period to be appropriated | 9905 | €20,312 | €8,056 | -€12,256 | -60.3% |
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 18 October 2026 via checked.be.