TRAIN FACTORY: 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.
TRAIN FACTORY
Largest movements
- Receivables within one year +€87,450
up €87,450 (+19171.4%), from €456 to €87,906
of which Other amounts receivable: +€74,828
- Cash -€23,481
down €23,481 (-11.8%), from €198,239 to €174,758
mainly Receivables within one year (-€87,450) and Investment in fixed assets (net) (-€18,749)
- Intangible fixed assets +€15,317
new in 2025: €15,317
- Tangible fixed assets -€5,789
down €5,789 (-24.9%), from €23,208 to €17,418
- Reserves +€71,919
up €71,919 (+47.6%), from €151,050 to €222,969
- Tax, wage and social debts +€4,774
up €4,774 (+8.2%), from €58,364 to €63,138
- Trade debts -€3,285
down €3,285 (-80.0%), from €4,107 to €822
- Gross operating margin -€14,445
down €14,445 (-12.6%), from €114,752 to €100,307
- Taxes -€4,675
down €4,675 (-20.9%), from €22,334 to €17,660
- Depreciation +€4,099
up €4,099 (+80.0%), from €5,122 to €9,221
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 | €222,170 | €295,400 | +€73,230 | +33.0% |
| Fixed assets | 21/28 | €23,208 | €32,735 | +€9,528 | +41.1% |
| Intangible fixed assets | 21 | - | €15,317 | +€15,317 | |
| Tangible fixed assets | 22/27 | €23,208 | €17,418 | -€5,789 | -24.9% |
| Furniture and vehicles | 24 | €23,208 | €17,418 | -€5,789 | -24.9% |
| Current assets | 29/58 | €198,962 | €262,664 | +€63,702 | +32.0% |
| Amounts receivable within one year | 40/41 | €456 | €87,906 | +€87,450 | +19171.4% |
| Trade receivables | 40 | - | €12,622 | +€12,622 | |
| Other amounts receivable | 41 | €456 | €75,284 | +€74,828 | +16404.3% |
| Cash at bank and in hand | 54/58 | €198,239 | €174,758 | -€23,481 | -11.8% |
| Deferred charges and accrued income | 490/1 | €268 | - | -€268 | |
| Total equity and liabilities | 10/49 | €222,170 | €295,400 | +€73,230 | +33.0% |
| Equity | 10/15 | €154,050 | €225,969 | +€71,919 | +46.7% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €151,050 | €222,969 | +€71,919 | +47.6% |
| Distributable reserves | 133 | €151,050 | €222,969 | +€71,919 | +47.6% |
| Amounts payable | 17/49 | €68,120 | €69,431 | +€1,311 | +1.9% |
| Amounts payable within one year | 42/48 | €68,120 | €69,431 | +€1,311 | +1.9% |
| Trade debts | 44 | €4,107 | €822 | -€3,285 | -80.0% |
| Suppliers | 440/4 | €4,107 | €822 | -€3,285 | -80.0% |
| Taxes, remuneration and social security | 45 | €58,364 | €63,138 | +€4,774 | +8.2% |
| Taxes | 450/3 | €58,364 | €63,138 | +€4,774 | +8.2% |
| Other amounts payable | 47/48 | €5,650 | €5,471 | -€179 | -3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,122 | €9,221 | +€4,099 | +80.0% |
| Other operating charges | 640/8 | €1,787 | €1,307 | -€481 | -26.9% |
| Gross operating margin | 9900 | €114,752 | €100,307 | -€14,445 | -12.6% |
| Operating profit (loss) | 9901 | €107,843 | €89,780 | -€18,063 | -16.7% |
| Financial income | 75/76B | €120 | - | -€120 | |
| Recurring financial income | 75 | €120 | - | -€120 | |
| Financial charges | 65/66B | €72 | €200 | +€128 | +178.1% |
| Recurring financial charges | 65 | €72 | €200 | +€128 | +178.1% |
| Profit (loss) for the period before taxes | 9903 | €107,891 | €89,579 | -€18,312 | -17.0% |
| Income taxes | 67/77 | €22,334 | €17,660 | -€4,675 | -20.9% |
| Profit (loss) for the period | 9904 | €85,556 | €71,919 | -€13,637 | -15.9% |
| Profit (loss) for the period to be appropriated | 9905 | €85,556 | €71,919 | -€13,637 | -15.9% |
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 5 October 2026 via checked.be.