S²-TRAVEL: 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.
S²-TRAVEL
Largest movements
- Current investments +€1.1m
new in 2025: €1.1m
- Cash -€819,025
down €819,025 (-42.2%), from €1.9m to €1.1m
mainly Contributions, distributions and other (-€1.3m) and Current investments (-€1.1m)
- Receivables within one year -€45,068
down €45,068 (-27.1%), from €166,533 to €121,465
of which Trade receivables: -€43,855
- Other debts +€865,950
up €865,950 (+165%), from €523,533 to €1.4m
- Trade debts -€316,780
down €316,780 (-51.8%), from €611,461 to €294,681
- Advances received -€237,454
down €237,454 (-28.1%), from €845,080 to €607,626
- Debts after one year -€32,692
down €32,692 (-25.0%), from €130,769 to €98,077
- Gross operating margin +€691,495
up €691,495 (+80.7%), from €857,226 to €1.5m
- Financial charges +€99,373
up €99,373 (+137%), from €72,361 to €171,733
- Financial income +€73,393
up €73,393 (+157%), from €46,767 to €120,160
- Taxes -€48,148
down €48,148 (-90.8%), from €53,015 to €4,866
- Staff costs -€22,434
down €22,434 (-12.3%), from €182,835 to €160,401
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 | €2,460,255 | €2,741,696 | +€281,440 | +11.4% |
| Fixed assets | 21/28 | €320,615 | €318,223 | -€2,392 | -0.7% |
| Tangible fixed assets | 22/27 | €311,835 | €309,343 | -€2,492 | -0.8% |
| Land and buildings | 22 | €281,594 | €275,030 | -€6,563 | -2.3% |
| Plant, machinery and equipment | 23 | €23,790 | €26,065 | +€2,275 | +9.6% |
| Furniture and vehicles | 24 | €6,451 | €8,248 | +€1,797 | +27.9% |
| Financial fixed assets | 28 | €8,780 | €8,880 | +€100 | +1.1% |
| Current assets | 29/58 | €2,139,640 | €2,423,472 | +€283,832 | +13.3% |
| Amounts receivable within one year | 40/41 | €166,533 | €121,465 | -€45,068 | -27.1% |
| Trade receivables | 40 | €161,711 | €117,856 | -€43,855 | -27.1% |
| Other amounts receivable | 41 | €4,822 | €3,609 | -€1,213 | -25.2% |
| Current investments | 50/53 | - | €1,144,869 | +€1.1m | |
| Cash at bank and in hand | 54/58 | €1,940,012 | €1,120,987 | -€819,025 | -42.2% |
| Deferred charges and accrued income | 490/1 | €33,095 | €36,153 | +€3,058 | +9.2% |
| Total equity and liabilities | 10/49 | €2,460,255 | €2,741,696 | +€281,440 | +11.4% |
| Equity | 10/15 | €238,773 | €230,802 | -€7,971 | -3.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €226,373 | €218,402 | -€7,971 | -3.5% |
| Distributable reserves | 133 | €226,373 | €218,402 | -€7,971 | -3.5% |
| Amounts payable | 17/49 | €2,221,483 | €2,510,894 | +€289,412 | +13.0% |
| Amounts payable after more than one year | 17 | €130,769 | €98,077 | -€32,692 | -25.0% |
| Financial debts | 170/4 | €130,769 | €98,077 | -€32,692 | -25.0% |
| Amounts payable within one year | 42/48 | €2,090,713 | €2,412,817 | +€322,104 | +15.4% |
| Current portion of amounts payable after more than one year | 42 | €32,692 | €32,692 | = | 0.0% |
| Trade debts | 44 | €611,461 | €294,681 | -€316,780 | -51.8% |
| Suppliers | 440/4 | €611,461 | €294,681 | -€316,780 | -51.8% |
| Advances received on contracts in progress | 46 | €845,080 | €607,626 | -€237,454 | -28.1% |
| Taxes, remuneration and social security | 45 | €77,947 | €88,335 | +€10,388 | +13.3% |
| Taxes | 450/3 | €57,226 | €60,160 | +€2,934 | +5.1% |
| Remuneration and social security | 454/9 | €20,721 | €28,175 | +€7,454 | +36.0% |
| Other amounts payable | 47/48 | €523,533 | €1,389,483 | +€865,950 | +165% |
| Remuneration, social security and pensions | 62 | €182,835 | €160,401 | -€22,434 | -12.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,152 | €25,685 | +€1,533 | +6.3% |
| Other operating charges | 640/8 | €3,681 | €15,649 | +€11,967 | +325% |
| Gross operating margin | 9900 | €857,226 | €1,548,720 | +€691,495 | +80.7% |
| Operating profit (loss) | 9901 | €646,557 | €1,346,986 | +€700,429 | +108% |
| Financial income | 75/76B | €46,767 | €120,160 | +€73,393 | +157% |
| Recurring financial income | 75 | €46,767 | €120,160 | +€73,393 | +157% |
| Financial charges | 65/66B | €72,361 | €171,733 | +€99,373 | +137% |
| Recurring financial charges | 65 | €72,361 | €171,733 | +€99,373 | +137% |
| Profit (loss) for the period before taxes | 9903 | €620,964 | €1,295,412 | +€674,449 | +109% |
| Income taxes | 67/77 | €53,015 | €4,866 | -€48,148 | -90.8% |
| Profit (loss) for the period | 9904 | €567,949 | €1,290,546 | +€722,597 | +127% |
| Profit (loss) for the period to be appropriated | 9905 | €567,949 | €1,290,546 | +€722,597 | +127% |
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 20 October 2026 via checked.be.