Re-Train: 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.
Re-Train
Largest movements
No asset line moved by more than 1% of the balance sheet total.
- Debts after one year -€38,313
down €38,313 (-6.8%), from €562,878 to €524,565
- Reserves +€26,680
up €26,680 (+22.3%), from €119,659 to €146,338
- Gross operating margin +€34,182
up €34,182 (+29.2%), from €117,134 to €151,316
- Financial charges +€25,483
up €25,483 (+110.7%), from €23,019 to €48,501
- Depreciation +€3,410
up €3,410 (+5.6%), from €60,747 to €64,158
- Other operating charges +€1,864
up €1,864 (+36.9%), from €5,050 to €6,914
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,180,599 | €1,183,868 | +€3,270 | +0.3% |
| Fixed assets | 21/28 | €1,132,675 | €1,139,249 | +€6,574 | +0.6% |
| Tangible fixed assets | 22/27 | €1,130,475 | €1,139,249 | +€8,774 | +0.8% |
| Land and buildings | 22 | €1,106,308 | €1,090,265 | -€16,042 | -1.5% |
| Plant, machinery and equipment | 23 | €11,488 | €20,970 | +€9,482 | +82.5% |
| Furniture and vehicles | 24 | €12,679 | €28,014 | +€15,334 | +120.9% |
| Financial fixed assets | 28 | €2,200 | - | -€2,200 | |
| Current assets | 29/58 | €47,924 | €44,620 | -€3,304 | -6.9% |
| Amounts receivable within one year | 40/41 | €9,651 | €3,657 | -€5,995 | -62.1% |
| Trade receivables | 40 | €7,431 | - | -€7,431 | |
| Other amounts receivable | 41 | €2,220 | €3,657 | +€1,437 | +64.7% |
| Cash at bank and in hand | 54/58 | €38,273 | €40,963 | +€2,690 | +7.0% |
| Total equity and liabilities | 10/49 | €1,180,599 | €1,183,868 | +€3,270 | +0.3% |
| Equity | 10/15 | €138,259 | €164,938 | +€26,680 | +19.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €119,659 | €146,338 | +€26,680 | +22.3% |
| Distributable reserves | 133 | €119,659 | €146,338 | +€26,680 | +22.3% |
| Amounts payable | 17/49 | €1,042,340 | €1,018,930 | -€23,410 | -2.2% |
| Amounts payable after more than one year | 17 | €562,878 | €524,565 | -€38,313 | -6.8% |
| Financial debts | 170/4 | €562,878 | €524,565 | -€38,313 | -6.8% |
| Amounts payable within one year | 42/48 | €479,462 | €494,365 | +€14,903 | +3.1% |
| Current portion of amounts payable after more than one year | 42 | €36,980 | €38,313 | +€1,334 | +3.6% |
| Trade debts | 44 | €644 | €1,133 | +€489 | +75.9% |
| Suppliers | 440/4 | €644 | €1,133 | +€489 | +75.9% |
| Taxes, remuneration and social security | 45 | €13,215 | €17,633 | +€4,418 | +33.4% |
| Taxes | 450/3 | €13,215 | €15,133 | +€1,918 | +14.5% |
| Remuneration and social security | 454/9 | - | €2,500 | +€2,500 | |
| Other amounts payable | 47/48 | €428,624 | €437,286 | +€8,663 | +2.0% |
| Remuneration, social security and pensions | 62 | €708 | €65 | -€642 | -90.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €60,747 | €64,158 | +€3,410 | +5.6% |
| Other operating charges | 640/8 | €5,050 | €6,914 | +€1,864 | +36.9% |
| Gross operating margin | 9900 | €117,134 | €151,316 | +€34,182 | +29.2% |
| Operating profit (loss) | 9901 | €50,629 | €80,179 | +€29,551 | +58.4% |
| Financial income | 75/76B | €21 | €684 | +€663 | +3162.4% |
| Recurring financial income | 75 | €21 | €684 | +€663 | +3162.4% |
| Financial charges | 65/66B | €23,019 | €48,501 | +€25,483 | +110.7% |
| Recurring financial charges | 65 | €23,019 | €48,501 | +€25,483 | +110.7% |
| Profit (loss) for the period before taxes | 9903 | €27,631 | €32,362 | +€4,731 | +17.1% |
| Income taxes | 67/77 | €6,765 | €5,682 | -€1,083 | -16.0% |
| Profit (loss) for the period | 9904 | €20,866 | €26,680 | +€5,814 | +27.9% |
| Profit (loss) for the period to be appropriated | 9905 | €20,866 | €26,680 | +€5,814 | +27.9% |
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 29 September 2026 via checked.be.