T-TRAIN: 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.
T-TRAIN
Largest movements
- Receivables within one year -€73,831
down €73,831 (-77.6%), from €95,127 to €21,296
of which Other amounts receivable: -€75,333
- Cash -€55,799
down €55,799 (-54.9%), from €101,566 to €45,767
mainly Contributions, distributions and other (-€174,692) and Tax, wage and social debts (-€18,043)
- Tangible fixed assets -€3,432
down €3,432 (-30.6%), from €11,212 to €7,780
of which Furniture and vehicles: -€2,560
- Profit (loss) carried forward -€114,438
down €114,438 (-65.5%), from €174,692 to €60,254
- Tax, wage and social debts -€18,043
down €18,043 (-64.8%), from €27,843 to €9,800
- Gross operating margin +€6,968
up €6,968 (+9.4%), from €74,143 to €81,111
- Financial income -€4,558
down €4,558 (-100.0%), from €4,558 to €0
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 | €207,905 | €76,592 | -€131,313 | -63.2% |
| Fixed assets | 21/28 | €11,212 | €7,780 | -€3,432 | -30.6% |
| Tangible fixed assets | 22/27 | €11,212 | €7,780 | -€3,432 | -30.6% |
| Plant, machinery and equipment | 23 | €7,698 | €6,826 | -€872 | -11.3% |
| Furniture and vehicles | 24 | €3,514 | €954 | -€2,560 | -72.8% |
| Current assets | 29/58 | €196,693 | €68,812 | -€127,881 | -65.0% |
| Amounts receivable within one year | 40/41 | €95,127 | €21,296 | -€73,831 | -77.6% |
| Trade receivables | 40 | €19,794 | €21,296 | +€1,502 | +7.6% |
| Other amounts receivable | 41 | €75,333 | €0 | -€75,333 | -100.0% |
| Cash at bank and in hand | 54/58 | €101,566 | €45,767 | -€55,799 | -54.9% |
| Deferred charges and accrued income | 490/1 | €0 | €1,749 | +€1,749 | |
| Total equity and liabilities | 10/49 | €207,905 | €76,592 | -€131,313 | -63.2% |
| Equity | 10/15 | €179,692 | €65,254 | -€114,438 | -63.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €174,692 | €60,254 | -€114,438 | -65.5% |
| Amounts payable | 17/49 | €28,213 | €11,338 | -€16,875 | -59.8% |
| Amounts payable within one year | 42/48 | €28,213 | €11,338 | -€16,875 | -59.8% |
| Trade debts | 44 | €370 | €521 | +€150 | +40.6% |
| Suppliers | 440/4 | €370 | €521 | +€150 | +40.6% |
| Taxes, remuneration and social security | 45 | €27,843 | €9,800 | -€18,043 | -64.8% |
| Taxes | 450/3 | €27,843 | €9,800 | -€18,043 | -64.8% |
| Other amounts payable | 47/48 | - | €1,017 | +€1,017 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,841 | €3,432 | -€409 | -10.6% |
| Other operating charges | 640/8 | €558 | €583 | +€25 | +4.4% |
| Gross operating margin | 9900 | €74,143 | €81,111 | +€6,968 | +9.4% |
| Operating profit (loss) | 9901 | €69,744 | €77,096 | +€7,352 | +10.5% |
| Financial income | 75/76B | €4,558 | €0 | -€4,558 | -100.0% |
| Recurring financial income | 75 | €4,558 | €0 | -€4,558 | -100.0% |
| Financial charges | 65/66B | €1,094 | €714 | -€380 | -34.8% |
| Recurring financial charges | 65 | €1,094 | €714 | -€380 | -34.8% |
| Profit (loss) for the period before taxes | 9903 | €73,208 | €76,382 | +€3,174 | +4.3% |
| Income taxes | 67/77 | €16,448 | €16,128 | -€319 | -1.9% |
| Profit (loss) for the period | 9904 | €56,760 | €60,254 | +€3,493 | +6.2% |
| Profit (loss) for the period to be appropriated | 9905 | €56,760 | €60,254 | +€3,493 | +6.2% |
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 11 October 2026 via checked.be.