TRAFIROAD: 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.
What changed
TRAFIROAD
NACE 42.220, Construction of utility projects for electricity and telecommunications
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€10.8m
2024 · €9.2m+€1.6m
Equity
€30.0m
2024 · €29.5m+€539,858
Cash
€11.6m
2024 · €7.9m+€3.7m
Balance sheet total
€73.4m
2024 · €73.4m-€85,880
Largest movements
Assets
- Stocks and contracts -€11.6m
down €11.6m (-30.1%), from €38.7m to €27.1m
of which Contracts in progress: -€12.2m
- Financial fixed assets +€7.7m
up €7.7m (+595%), from €1.3m to €9.0m
of which Affiliated companies: +€7.5m
- Cash +€3.7m
up €3.7m (+46.9%), from €7.9m to €11.6m
mainly Stocks and contracts (+€11.6m) and Net result for the year (+€10.8m)
- Receivables within one year -€820,237
down €820,237 (-5.0%), from €16.3m to €15.5m
of which Other amounts receivable: -€1.6m
Equity and liabilities
- Short-term financial debts -€3.7m
down €3.7m (-22.7%), from €16.1m to €12.5m
- Other debts +€2.4m
up €2.4m (+91.0%), from €2.6m to €5.0m
- Trade debts -€2.2m
down €2.2m (-15.0%), from €14.9m to €12.6m
- Tax, wage and social debts +€1.0m
up €1.0m (+41.6%), from €2.5m to €3.5m
of which Taxes: +€872,107
- Debts after one year +€892,996
up €892,996 (+15.6%), from €5.7m to €6.6m
Income statement
- Turnover +€18.7m
up €18.7m (+19.4%), from €96.5m to €115.1m
- Staff costs +€2.7m
up €2.7m (+12.3%), from €21.9m to €24.6m
- Write-downs -€2.3m
down €2.3m (-642%), from -€363,039 to -€2.7m
- Services and other goods +€1.4m
up €1.4m (+8.2%), from €17.1m to €18.5m
- Goods and materials -€1.2m
down €1.2m (-2.5%), from €46.9m to €45.7m
of which Change in stocks: decrease (increase): -€869,878
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.
Result 2024
€9.2m
Turnover
+€18.7m
Other operating income
+€176,072
Goods and materials
+€1.2m
Services and other goods
-€1.4m
Staff costs
-€2.7m
Depreciation
-€542,512
Write-downs
+€2.3m
Provisions
+€150,000
Other operating charges
-€91,432
Other operating items
-€16.0m
Financial income
+€429,009
Financial charges
+€11,130
Taxes
-€503,442
Deferred taxes and other
-€158,754
Result 2025
€10.8m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€26.7m
Investment
-€10.4m
Financing
-€12.6m
Cash 2024
€7.9m
From operations (derived)
+€26.7m
Net result for the year
+€10.8m
Depreciation
+€2.0m
Stocks and contracts
+€11.6m
Receivables within one year
+€820,237
Deferred charges and accrued income
-€250,617
Smaller working-capital items
+€2,344
Trade debts
-€2.2m
Tax, wage and social debts
+€1.0m
Other debts
+€2.4m
Accrued charges and deferred income
+€475,946
Investment (derived)
-€10.4m
Investment in fixed assets (net)
-€10.4m
Financing
-€12.6m
Debts after one year
+€892,996
Current portion of long-term debt
+€470,880
Short-term financial debts
-€3.7m
Contributions, distributions and other
-€10.3m
Cash 2025
€11.6m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €73,440,992 | €73,355,111 | -€85,880 | -0.1% |
| Fixed assets | 21/28 | €10,221,897 | €18,645,495 | +€8.4m | +82.4% |
| Intangible fixed assets | 21 | €387,438 | €499,287 | +€111,849 | +28.9% |
| Tangible fixed assets | 22/27 | €8,544,175 | €9,179,979 | +€635,804 | +7.4% |
| Land and buildings | 22 | €4,965,657 | €4,956,973 | -€8,684 | -0.2% |
| Plant, machinery and equipment | 23 | €577,524 | €768,194 | +€190,670 | +33.0% |
| Furniture and vehicles | 24 | €1,002,335 | €1,741,245 | +€738,910 | +73.7% |
| Leasing and similar rights | 25 | €743,435 | €589,023 | -€154,411 | -20.8% |
| Other tangible fixed assets | 26 | €1,050,218 | €1,045,797 | -€4,421 | -0.4% |
| Assets under construction and advance payments | 27 | €205,007 | €78,747 | -€126,260 | -61.6% |
| Financial fixed assets | 28 | €1,290,284 | €8,966,229 | +€7.7m | +595% |
| Affiliated companies | 280/1 | - | €7,546,051 | +€7.5m | |
| Participating interests | 280 | - | €7,546,051 | +€7.5m | |
| Other financial fixed assets | 284/8 | €1,290,284 | €1,420,178 | +€129,895 | +10.1% |
| Shares | 284 | €105,000 | €105,000 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €1,185,284 | €1,315,178 | +€129,895 | +11.0% |
| Current assets | 29/58 | €63,219,094 | €54,709,616 | -€8.5m | -13.5% |
| Stocks and contracts in progress | 3 | €38,715,794 | €27,075,726 | -€11.6m | -30.1% |
| Stocks | 30/36 | €7,918,207 | €8,435,196 | +€516,990 | +6.5% |
| Raw materials and consumables | 30/31 | €5,920,301 | €5,669,778 | -€250,523 | -4.2% |
| Finished goods | 33 | €1,428,143 | €1,164,076 | -€264,067 | -18.5% |
| Goods purchased for resale | 34 | €569,762 | €1,601,342 | +€1.0m | +181% |
| Contracts in progress | 37 | €30,797,587 | €18,640,529 | -€12.2m | -39.5% |
| Amounts receivable within one year | 40/41 | €16,341,804 | €15,521,568 | -€820,237 | -5.0% |
| Trade receivables | 40 | €10,399,806 | €11,204,665 | +€804,859 | +7.7% |
| Other amounts receivable | 41 | €5,941,998 | €4,316,902 | -€1.6m | -27.3% |
| Cash at bank and in hand | 54/58 | €7,896,512 | €11,596,722 | +€3.7m | +46.9% |
| Deferred charges and accrued income | 490/1 | €264,984 | €515,601 | +€250,617 | +94.6% |
| Total equity and liabilities | 10/49 | €73,440,992 | €73,355,111 | -€85,880 | -0.1% |
| Equity | 10/15 | €29,507,850 | €30,047,709 | +€539,858 | +1.8% |
| Contributions | 10/11 | €2,431,122 | €2,786,343 | +€355,221 | +14.6% |
| Capital | 10 | €2,431,122 | €2,786,343 | +€355,221 | +14.6% |
| Issued capital | 100 | €2,431,122 | €2,786,343 | +€355,221 | +14.6% |
| Reserves | 13 | €27,076,728 | €27,261,000 | +€184,272 | +0.7% |
| Non-distributable reserves | 130/1 | €329,875 | €365,397 | +€35,522 | +10.8% |
| Legal reserve | 130 | €243,112 | €278,634 | +€35,522 | +14.6% |
| Other | 1319 | €86,763 | €86,763 | = | 0.0% |
| Tax-exempt reserves | 132 | €151,865 | €604,235 | +€452,370 | +298% |
| Distributable reserves | 133 | €26,594,988 | €26,291,368 | -€303,620 | -1.1% |
| Profit (loss) carried forward | 14 | - | €366 | +€366 | |
| Provisions and deferred taxes | 16 | €204,381 | €220,833 | +€16,451 | +8.0% |
| Provisions for liabilities and charges | 160/5 | €150,000 | €20,000 | -€130,000 | -86.7% |
| Other liabilities and charges | 164/5 | €150,000 | €20,000 | -€130,000 | -86.7% |
| Deferred taxes | 168 | €54,381 | €200,833 | +€146,451 | +269% |
| Amounts payable | 17/49 | €43,728,760 | €43,086,570 | -€642,190 | -1.5% |
| Amounts payable after more than one year | 17 | €5,730,832 | €6,623,827 | +€892,996 | +15.6% |
| Financial debts | 170/4 | €5,730,832 | €6,623,827 | +€892,996 | +15.6% |
| Subordinated loans | 170 | €300,000 | €300,000 | = | 0.0% |
| Leasing and similar obligations | 172 | €368,891 | €186,287 | -€182,604 | -49.5% |
| Credit institutions | 173 | €5,061,941 | €6,137,541 | +€1.1m | +21.2% |
| Amounts payable within one year | 42/48 | €37,609,366 | €35,598,234 | -€2.0m | -5.3% |
| Current portion of amounts payable after more than one year | 42 | €1,511,038 | €1,981,918 | +€470,880 | +31.2% |
| Financial debts | 43 | €16,111,821 | €12,461,725 | -€3.7m | -22.7% |
| Credit institutions | 430/8 | €16,111,821 | €12,461,725 | -€3.7m | -22.7% |
| Trade debts | 44 | €14,867,010 | €12,635,934 | -€2.2m | -15.0% |
| Suppliers | 440/4 | €14,867,010 | €12,635,934 | -€2.2m | -15.0% |
| Advances received on contracts in progress | 46 | €14,108 | - | -€14,108 | |
| Taxes, remuneration and social security | 45 | €2,499,536 | €3,540,198 | +€1.0m | +41.6% |
| Taxes | 450/3 | €788,397 | €1,660,504 | +€872,107 | +111% |
| Remuneration and social security | 454/9 | €1,711,139 | €1,879,695 | +€168,556 | +9.9% |
| Other amounts payable | 47/48 | €2,605,854 | €4,978,459 | +€2.4m | +91.0% |
| Accrued charges and deferred income | 492/3 | €388,563 | €864,509 | +€475,946 | +122% |
| Operating income | 70/76A | €100,288,984 | €103,323,376 | +€3.0m | +3.0% |
| Turnover | 70 | €96,463,584 | €115,140,809 | +€18.7m | +19.4% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €1,743,264 | -€14,914,336 | -€16.7m | |
| Own construction capitalised | 72 | - | €57,913 | +€57,913 | |
| Other operating income | 74 | €1,616,799 | €1,792,871 | +€176,072 | +10.9% |
| Non-recurring operating income | 76A | €465,337 | €1,246,119 | +€780,782 | +168% |
| Operating charges | 60/66A | €87,534,590 | €88,758,434 | +€1.2m | +1.4% |
| Goods for resale, raw materials and consumables | 60 | €46,869,511 | €45,699,338 | -€1.2m | -2.5% |
| Purchases | 600/8 | €46,574,066 | €46,273,770 | -€300,295 | -0.6% |
| Change in stocks: decrease (increase) | 609 | €295,445 | -€574,433 | -€869,878 | |
| Services and other goods | 61 | €17,092,242 | €18,490,984 | +€1.4m | +8.2% |
| Remuneration, social security and pensions | 62 | €21,913,611 | €24,598,728 | +€2.7m | +12.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,481,144 | €2,023,656 | +€542,512 | +36.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€363,039 | -€2,692,546 | -€2.3m | -642% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | -€150,000 | -€150,000 | |
| Other operating charges | 640/8 | €489,529 | €580,961 | +€91,432 | +18.7% |
| Non-recurring operating charges | 66A | €51,592 | €207,314 | +€155,722 | +302% |
| Operating profit (loss) | 9901 | €12,754,395 | €14,564,942 | +€1.8m | +14.2% |
| Financial income | 75/76B | €226,753 | €655,762 | +€429,009 | +189% |
| Recurring financial income | 75 | €226,753 | €655,762 | +€429,009 | +189% |
| Income from financial fixed assets | 750 | €110,454 | €87,202 | -€23,252 | -21.1% |
| Income from current assets | 751 | €103,882 | €567,093 | +€463,210 | +446% |
| Other financial income | 752/9 | €12,417 | €1,467 | -€10,950 | -88.2% |
| Financial charges | 65/66B | €1,465,621 | €1,454,491 | -€11,130 | -0.8% |
| Recurring financial charges | 65 | €1,465,621 | €1,454,491 | -€11,130 | -0.8% |
| Debt charges | 650 | €1,396,571 | €1,355,869 | -€40,702 | -2.9% |
| Other financial charges | 652/9 | €69,050 | €98,622 | +€29,572 | +42.8% |
| Profit (loss) for the period before taxes | 9903 | €11,515,527 | €13,766,213 | +€2.3m | +19.5% |
| Transfer from deferred taxes | 780 | €12,303 | €20,658 | +€8,355 | +67.9% |
| Transfer to deferred taxes | 680 | - | €167,110 | +€167,110 | |
| Income taxes | 67/77 | €2,290,986 | €2,794,427 | +€503,442 | +22.0% |
| Taxes | 670/3 | €2,290,986 | €2,794,427 | +€503,442 | +22.0% |
| Profit (loss) for the period | 9904 | €9,236,844 | €10,825,334 | +€1.6m | +17.2% |
| Transfer from tax-exempt reserves | 789 | €23,892 | €48,959 | +€25,066 | +105% |
| Transfer to tax-exempt reserves | 689 | - | €501,329 | +€501,329 | |
| Profit (loss) for the period to be appropriated | 9905 | €9,260,736 | €10,372,964 | +€1.1m | +12.0% |
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 14 October 2026 via checked.be.