Train of Thoughts: 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.
Train of Thoughts
Largest movements
- Receivables within one year +€72,354
up €72,354 (+177%), from €40,854 to €113,207
of which Other amounts receivable: +€67,645
- Cash +€13,730
up €13,730 (+50,532%), from €27 to €13,757
mainly Net result for the year (+€61,583) and Tax, wage and social debts (+€26,534)
- Deferred charges and accrued income -€10,367
down €10,367 (-92.8%), from €11,168 to €801
- Tangible fixed assets +€6,050
up €6,050 (+428%), from €1,414 to €7,464
of which Other tangible fixed assets: +€3,121
- Reserves +€61,583
up €61,583 (+1,572%), from €3,918 to €65,502
- Tax, wage and social debts +€26,534
up €26,534 (+68.9%), from €38,506 to €65,040
of which Taxes: +€27,567
- Trade debts -€6,703
down €6,703 (-70.1%), from €9,557 to €2,854
- Gross operating margin +€85,385
up €85,385 (+513%), from €16,638 to €102,023
- Taxes +€24,259
up €24,259 (+656%), from €3,697 to €27,956
- Other operating charges +€6,941
up €6,941 (+208%), from €3,341 to €10,281
- Financial income +€2,137
up €2,137 (+203%), from €1,052 to €3,188
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 | €53,463 | €135,229 | +€81,766 | +153% |
| Fixed assets | 21/28 | €1,414 | €7,464 | +€6,050 | +428% |
| Tangible fixed assets | 22/27 | €1,414 | €7,464 | +€6,050 | +428% |
| Furniture and vehicles | 24 | €1,414 | €4,343 | +€2,929 | +207% |
| Other tangible fixed assets | 26 | - | €3,121 | +€3,121 | |
| Current assets | 29/58 | €52,049 | €127,765 | +€75,716 | +145% |
| Amounts receivable within one year | 40/41 | €40,854 | €113,207 | +€72,354 | +177% |
| Trade receivables | 40 | €14,039 | €18,748 | +€4,709 | +33.5% |
| Other amounts receivable | 41 | €26,814 | €94,459 | +€67,645 | +252% |
| Cash at bank and in hand | 54/58 | €27 | €13,757 | +€13,730 | +50,532% |
| Deferred charges and accrued income | 490/1 | €11,168 | €801 | -€10,367 | -92.8% |
| Total equity and liabilities | 10/49 | €53,463 | €135,229 | +€81,766 | +153% |
| Equity | 10/15 | €4,943 | €66,527 | +€61,583 | +1,246% |
| Contributions | 10/11 | €1,025 | €1,025 | = | 0.0% |
| Reserves | 13 | €3,918 | €65,502 | +€61,583 | +1,572% |
| Distributable reserves | 133 | €3,918 | €65,502 | +€61,583 | +1,572% |
| Amounts payable | 17/49 | €48,520 | €68,703 | +€20,183 | +41.6% |
| Amounts payable within one year | 42/48 | €48,062 | €67,894 | +€19,831 | +41.3% |
| Trade debts | 44 | €9,557 | €2,854 | -€6,703 | -70.1% |
| Suppliers | 440/4 | €9,557 | €2,854 | -€6,703 | -70.1% |
| Taxes, remuneration and social security | 45 | €38,506 | €65,040 | +€26,534 | +68.9% |
| Taxes | 450/3 | €37,473 | €65,040 | +€27,567 | +73.6% |
| Remuneration and social security | 454/9 | €1,033 | - | -€1,033 | |
| Accrued charges and deferred income | 492/3 | €457 | €809 | +€352 | +76.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,121 | €1,575 | -€547 | -25.8% |
| Other operating charges | 640/8 | €3,341 | €10,281 | +€6,941 | +208% |
| Gross operating margin | 9900 | €16,638 | €102,023 | +€85,385 | +513% |
| Operating profit (loss) | 9901 | €11,176 | €90,167 | +€78,991 | +707% |
| Financial income | 75/76B | €1,052 | €3,188 | +€2,137 | +203% |
| Recurring financial income | 75 | €1,052 | €3,188 | +€2,137 | +203% |
| Financial charges | 65/66B | €4,612 | €3,817 | -€795 | -17.2% |
| Recurring financial charges | 65 | €4,612 | €3,817 | -€795 | -17.2% |
| Profit (loss) for the period before taxes | 9903 | €7,616 | €89,539 | +€81,924 | +1,076% |
| Income taxes | 67/77 | €3,697 | €27,956 | +€24,259 | +656% |
| Profit (loss) for the period | 9904 | €3,918 | €61,583 | +€57,665 | +1,472% |
| Profit (loss) for the period to be appropriated | 9905 | €3,918 | €61,583 | +€57,665 | +1,472% |
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 31 October 2026 via checked.be.