SKY & RAIL: 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.
SKY & RAIL
Largest movements
- Receivables within one year +€29,438
up €29,438 (+27.3%), from €107,791 to €137,228
of which Other amounts receivable: +€31,123
- Cash -€19,256
down €19,256 (-99.8%), from €19,297 to €41
mainly Receivables within one year (-€29,438) and Debts after one year (-€10,315)
- Tangible fixed assets -€1,973
down €1,973 (-4.4%), from €44,974 to €43,000
of which Leasing and similar rights: -€8,300
- Reserves +€15,110
up €15,110 (+70.6%), from €21,398 to €36,508
- Debts after one year -€10,315
down €10,315 (-35.9%), from €28,767 to €18,452
- Trade debts +€10,289
up €10,289 (+10.8%), from €94,992 to €105,281
- Tax, wage and social debts -€6,953
down €6,953 (-33.3%), from €20,852 to €13,898
of which Remuneration and social security: -€8,179
- Staff costs -€65,213
down €65,213 (-55.3%), from €117,934 to €52,721
- Gross operating margin -€28,969
down €28,969 (-22.9%), from €126,494 to €97,525
- Depreciation +€10,141
up €10,141 (+514%), from €1,972 to €12,113
- Taxes +€7,181
up €7,181 (+1,478%), from €486 to €7,667
- Financial charges +€5,226
up €5,226 (+156%), from €3,342 to €8,569
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 | €178,835 | €187,072 | +€8,237 | +4.6% |
| Fixed assets | 21/28 | €44,974 | €43,000 | -€1,973 | -4.4% |
| Tangible fixed assets | 22/27 | €44,974 | €43,000 | -€1,973 | -4.4% |
| Plant, machinery and equipment | 23 | €854 | €5,254 | +€4,400 | +515% |
| Furniture and vehicles | 24 | €4,003 | €5,930 | +€1,927 | +48.1% |
| Leasing and similar rights | 25 | €40,117 | €31,817 | -€8,300 | -20.7% |
| Current assets | 29/58 | €133,862 | €144,072 | +€10,211 | +7.6% |
| Amounts receivable within one year | 40/41 | €107,791 | €137,228 | +€29,438 | +27.3% |
| Trade receivables | 40 | €75,498 | €73,813 | -€1,685 | -2.2% |
| Other amounts receivable | 41 | €32,293 | €63,416 | +€31,123 | +96.4% |
| Cash at bank and in hand | 54/58 | €19,297 | €41 | -€19,256 | -99.8% |
| Deferred charges and accrued income | 490/1 | €6,774 | €6,803 | +€29 | +0.4% |
| Total equity and liabilities | 10/49 | €178,835 | €187,072 | +€8,237 | +4.6% |
| Equity | 10/15 | €23,898 | €39,008 | +€15,110 | +63.2% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €21,398 | €36,508 | +€15,110 | +70.6% |
| Distributable reserves | 133 | €21,398 | €36,508 | +€15,110 | +70.6% |
| Amounts payable | 17/49 | €154,937 | €148,064 | -€6,873 | -4.4% |
| Amounts payable after more than one year | 17 | €28,767 | €18,452 | -€10,315 | -35.9% |
| Financial debts | 170/4 | €28,767 | €18,452 | -€10,315 | -35.9% |
| Amounts payable within one year | 42/48 | €126,170 | €129,613 | +€3,443 | +2.7% |
| Current portion of amounts payable after more than one year | 42 | €10,327 | €10,315 | -€12 | -0.1% |
| Financial debts | 43 | - | €118 | +€118 | |
| Credit institutions | 430/8 | - | €118 | +€118 | |
| Trade debts | 44 | €94,992 | €105,281 | +€10,289 | +10.8% |
| Suppliers | 440/4 | €94,992 | €105,281 | +€10,289 | +10.8% |
| Taxes, remuneration and social security | 45 | €20,852 | €13,898 | -€6,953 | -33.3% |
| Taxes | 450/3 | €7,427 | €8,652 | +€1,226 | +16.5% |
| Remuneration and social security | 454/9 | €13,425 | €5,246 | -€8,179 | -60.9% |
| Other amounts payable | 47/48 | €0 | €0 | = | |
| Turnover | 70 | €0 | €0 | = | |
| Goods, raw materials, services and sundry goods | 60/61 | €0 | €0 | = | |
| Remuneration, social security and pensions | 62 | €117,934 | €52,721 | -€65,213 | -55.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,972 | €12,113 | +€10,141 | +514% |
| Other operating charges | 640/8 | €3,524 | €3,546 | +€22 | +0.6% |
| Gross operating margin | 9900 | €126,494 | €97,525 | -€28,969 | -22.9% |
| Operating profit (loss) | 9901 | €3,064 | €29,145 | +€26,082 | +851% |
| Financial income | 75/76B | €1,613 | €2,200 | +€587 | +36.4% |
| Recurring financial income | 75 | €1,613 | €2,200 | +€587 | +36.4% |
| Financial charges | 65/66B | €3,342 | €8,569 | +€5,226 | +156% |
| Recurring financial charges | 65 | €3,342 | €8,569 | +€5,226 | +156% |
| Profit (loss) for the period before taxes | 9903 | €1,334 | €22,777 | +€21,443 | +1,607% |
| Income taxes | 67/77 | €486 | €7,667 | +€7,181 | +1,478% |
| Profit (loss) for the period | 9904 | €848 | €15,110 | +€14,262 | +1,681% |
| Profit (loss) for the period to be appropriated | 9905 | €848 | €15,110 | +€14,262 | +1,681% |
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 27 October 2026 via checked.be.