TCA RAIL: 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.
TCA RAIL
Largest movements
- Cash +€425,381
up €425,381 (+91.2%), from €466,666 to €892,047
mainly Receivables within one year (+€404,184) and Depreciation (+€101,273)
- Receivables within one year -€404,184
down €404,184 (-62.7%), from €644,548 to €240,364
of which Trade receivables: -€404,189
- Formation expenses -€79,742
down €79,742 (-31.6%), from €252,413 to €172,671
- Deferred charges and accrued income +€45,501
up €45,501 (+64.4%), from €70,680 to €116,181
- Intangible fixed assets -€18,791
down €18,791 (-26.4%), from €71,132 to €52,341
- Trade debts -€162,210
down €162,210 (-33.2%), from €489,243 to €327,033
- Profit (loss) carried forward +€69,978
up €69,978 (+6.6%), from -€1.1m to -€992,806
- Debts after one year +€55,160
up €55,160 (+14.2%), from €389,502 to €444,662
- Turnover +€2.1m
up €2.1m (+66.6%), from €3.2m to €5.4m
- Goods and materials +€1.3m
up €1.3m (+69.4%), from €1.9m to €3.2m
- Staff costs +€386,073
up €386,073 (+44.7%), from €863,401 to €1.2m
- Services and other goods -€100,231
down €100,231 (-10.5%), from €958,841 to €858,610
- Other operating income +€64,527
up €64,527 (+140.1%), from €46,052 to €110,579
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 | €1,517,129 | €1,487,359 | -€29,770 | -2.0% |
| Formation expenses | 20 | €252,413 | €172,671 | -€79,742 | -31.6% |
| Fixed assets | 21/28 | €82,822 | €66,096 | -€16,726 | -20.2% |
| Intangible fixed assets | 21 | €71,132 | €52,341 | -€18,791 | -26.4% |
| Tangible fixed assets | 22/27 | €11,090 | €10,350 | -€740 | -6.7% |
| Furniture and vehicles | 24 | €7,446 | €5,759 | -€1,687 | -22.7% |
| Other tangible fixed assets | 26 | €3,644 | €4,590 | +€946 | +26.0% |
| Financial fixed assets | 28 | €600 | €3,405 | +€2,805 | +467.5% |
| Other financial fixed assets | 284/8 | €600 | €3,405 | +€2,805 | +467.5% |
| Amounts receivable and cash guarantees | 285/8 | €600 | €3,405 | +€2,805 | +467.5% |
| Current assets | 29/58 | €1,181,894 | €1,248,592 | +€66,698 | +5.6% |
| Amounts receivable within one year | 40/41 | €644,548 | €240,364 | -€404,184 | -62.7% |
| Trade receivables | 40 | €644,376 | €240,187 | -€404,189 | -62.7% |
| Other amounts receivable | 41 | €172 | €176 | +€4 | +2.5% |
| Cash at bank and in hand | 54/58 | €466,666 | €892,047 | +€425,381 | +91.2% |
| Deferred charges and accrued income | 490/1 | €70,680 | €116,181 | +€45,501 | +64.4% |
| Total equity and liabilities | 10/49 | €1,517,129 | €1,487,359 | -€29,770 | -2.0% |
| Equity | 10/15 | €437,216 | €507,194 | +€69,978 | +16.0% |
| Contributions | 10/11 | €1,500,000 | €1,500,000 | = | 0.0% |
| Capital | 10 | €1,500,000 | €1,500,000 | = | 0.0% |
| Issued capital | 100 | €2,000,000 | €2,000,000 | = | 0.0% |
| Uncalled capital | 101 | €500,000 | €500,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,062,784 | -€992,806 | +€69,978 | +6.6% |
| Amounts payable | 17/49 | €1,079,913 | €980,165 | -€99,748 | -9.2% |
| Amounts payable after more than one year | 17 | €389,502 | €444,662 | +€55,160 | +14.2% |
| Financial debts | 170/4 | €389,502 | €444,662 | +€55,160 | +14.2% |
| Other loans | 174 | €389,502 | €444,662 | +€55,160 | +14.2% |
| Amounts payable within one year | 42/48 | €674,201 | €522,284 | -€151,917 | -22.5% |
| Trade debts | 44 | €489,243 | €327,033 | -€162,210 | -33.2% |
| Suppliers | 440/4 | €489,243 | €327,033 | -€162,210 | -33.2% |
| Taxes, remuneration and social security | 45 | €184,958 | €180,251 | -€4,707 | -2.5% |
| Taxes | 450/3 | €49,429 | €24,739 | -€24,690 | -50.0% |
| Remuneration and social security | 454/9 | €135,529 | €155,512 | +€19,983 | +14.7% |
| Other amounts payable | 47/48 | - | €15,000 | +€15,000 | |
| Accrued charges and deferred income | 492/3 | €16,210 | €13,219 | -€2,991 | -18.5% |
| Operating income | 70/76A | €3,267,959 | €5,477,255 | +€2.2m | +67.6% |
| Turnover | 70 | €3,221,907 | €5,366,677 | +€2.1m | +66.6% |
| Other operating income | 74 | €46,052 | €110,579 | +€64,527 | +140.1% |
| Operating charges | 60/66A | €3,799,921 | €5,383,123 | +€1.6m | +41.7% |
| Goods for resale, raw materials and consumables | 60 | €1,873,851 | €3,173,765 | +€1.3m | +69.4% |
| Purchases | 600/8 | €1,873,851 | €3,173,765 | +€1.3m | +69.4% |
| Services and other goods | 61 | €958,841 | €858,610 | -€100,231 | -10.5% |
| Remuneration, social security and pensions | 62 | €863,401 | €1,249,474 | +€386,073 | +44.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €100,338 | €101,273 | +€935 | +0.9% |
| Other operating charges | 640/8 | €934 | - | -€934 | |
| Non-recurring operating charges | 66A | €2,556 | €0 | -€2,556 | -100.0% |
| Operating profit (loss) | 9901 | -€531,962 | €94,133 | +€626,095 | |
| Financial charges | 65/66B | €17,099 | €22,655 | +€5,556 | +32.5% |
| Recurring financial charges | 65 | €17,099 | €22,655 | +€5,556 | +32.5% |
| Debt charges | 650 | €13,004 | €17,621 | +€4,617 | +35.5% |
| Other financial charges | 652/9 | €4,095 | €5,034 | +€939 | +22.9% |
| Profit (loss) for the period before taxes | 9903 | -€549,061 | €71,478 | +€620,539 | |
| Income taxes | 67/77 | €1,370 | €1,500 | +€130 | +9.5% |
| Taxes | 670/3 | €1,370 | €1,500 | +€130 | +9.5% |
| Profit (loss) for the period | 9904 | -€550,431 | €69,978 | +€620,409 | |
| Profit (loss) for the period to be appropriated | 9905 | -€550,431 | €69,978 | +€620,409 |
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 2 October 2026 via checked.be.