Tram 3: 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.
Tram 3
Largest movements
- Current investments +€205,310
up €205,310 (+409.4%), from €50,144 to €255,454
- Cash -€89,292
down €89,292 (-27.5%), from €324,834 to €235,542
mainly Contributions, distributions and other (-€328,000) and Current investments (-€205,310)
- Receivables within one year +€27,111
up €27,111 (+219.2%), from €12,369 to €39,480
of which Other amounts receivable: +€28,159
- Tangible fixed assets -€12,056
down €12,056 (-15.5%), from €77,622 to €65,566
- Other debts +€271,303
up €271,303 (+1003.2%), from €27,042 to €298,346
- Reserves -€144,016
down €144,016 (-43.9%), from €328,030 to €184,014
- Trade debts +€27,503
up €27,503 (+84.2%), from €32,666 to €60,169
- Tax, wage and social debts -€16,841
down €16,841 (-22.4%), from €75,224 to €58,383
of which Taxes: -€25,475
- Debts after one year -€6,662
down €6,662 (-79.8%), from €8,349 to €1,687
- Staff costs +€52,104
up €52,104 (+20.8%), from €250,439 to €302,543
- Gross operating margin +€46,216
up €46,216 (+8.7%), from €528,568 to €574,784
- Depreciation -€21,932
down €21,932 (-53.8%), from €40,793 to €18,861
- Financial charges -€7,837
down €7,837 (-75.1%), from €10,433 to €2,596
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 | €496,776 | €628,058 | +€131,282 | +26.4% |
| Fixed assets | 21/28 | €85,168 | €72,844 | -€12,324 | -14.5% |
| Intangible fixed assets | 21 | €546 | €278 | -€268 | -49.1% |
| Tangible fixed assets | 22/27 | €77,622 | €65,566 | -€12,056 | -15.5% |
| Plant, machinery and equipment | 23 | €12,323 | €9,646 | -€2,677 | -21.7% |
| Furniture and vehicles | 24 | €12,469 | €8,342 | -€4,127 | -33.1% |
| Other tangible fixed assets | 26 | €52,829 | €47,579 | -€5,251 | -9.9% |
| Financial fixed assets | 28 | €7,000 | €7,000 | = | 0.0% |
| Current assets | 29/58 | €411,608 | €555,214 | +€143,606 | +34.9% |
| Stocks and contracts in progress | 3 | €23,604 | €21,506 | -€2,097 | -8.9% |
| Stocks | 30/36 | €23,604 | €21,506 | -€2,097 | -8.9% |
| Amounts receivable within one year | 40/41 | €12,369 | €39,480 | +€27,111 | +219.2% |
| Trade receivables | 40 | €5,017 | €3,969 | -€1,048 | -20.9% |
| Other amounts receivable | 41 | €7,353 | €35,511 | +€28,159 | +383.0% |
| Current investments | 50/53 | €50,144 | €255,454 | +€205,310 | +409.4% |
| Cash at bank and in hand | 54/58 | €324,834 | €235,542 | -€89,292 | -27.5% |
| Deferred charges and accrued income | 490/1 | €657 | €3,232 | +€2,574 | +391.6% |
| Total equity and liabilities | 10/49 | €496,776 | €628,058 | +€131,282 | +26.4% |
| Equity | 10/15 | €346,630 | €202,614 | -€144,016 | -41.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €328,030 | €184,014 | -€144,016 | -43.9% |
| Distributable reserves | 133 | €328,030 | €184,014 | -€144,016 | -43.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €150,146 | €425,444 | +€275,298 | +183.4% |
| Amounts payable after more than one year | 17 | €8,349 | €1,687 | -€6,662 | -79.8% |
| Financial debts | 170/4 | €8,349 | €1,687 | -€6,662 | -79.8% |
| Amounts payable within one year | 42/48 | €141,687 | €423,757 | +€282,070 | +199.1% |
| Current portion of amounts payable after more than one year | 42 | €6,531 | €6,662 | +€132 | +2.0% |
| Financial debts | 43 | €48 | €21 | -€27 | -56.2% |
| Credit institutions | 430/8 | €48 | €21 | -€27 | -56.2% |
| Trade debts | 44 | €32,666 | €60,169 | +€27,503 | +84.2% |
| Suppliers | 440/4 | €32,666 | €60,169 | +€27,503 | +84.2% |
| Advances received on contracts in progress | 46 | €176 | €176 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €75,224 | €58,383 | -€16,841 | -22.4% |
| Taxes | 450/3 | €49,596 | €24,121 | -€25,475 | -51.4% |
| Remuneration and social security | 454/9 | €25,627 | €34,262 | +€8,634 | +33.7% |
| Other amounts payable | 47/48 | €27,042 | €298,346 | +€271,303 | +1003.2% |
| Accrued charges and deferred income | 492/3 | €110 | €0 | -€110 | -100.0% |
| Remuneration, social security and pensions | 62 | €250,439 | €302,543 | +€52,104 | +20.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,793 | €18,861 | -€21,932 | -53.8% |
| Other operating charges | 640/8 | €2,879 | €5,396 | +€2,517 | +87.4% |
| Gross operating margin | 9900 | €528,568 | €574,784 | +€46,216 | +8.7% |
| Operating profit (loss) | 9901 | €234,457 | €247,983 | +€13,527 | +5.8% |
| Financial income | 75/76B | €870 | €1,422 | +€552 | +63.4% |
| Recurring financial income | 75 | €870 | €1,422 | +€552 | +63.4% |
| Financial charges | 65/66B | €10,433 | €2,596 | -€7,837 | -75.1% |
| Recurring financial charges | 65 | €10,433 | €2,596 | -€7,837 | -75.1% |
| Profit (loss) for the period before taxes | 9903 | €224,894 | €246,810 | +€21,915 | +9.7% |
| Income taxes | 67/77 | €58,996 | €62,826 | +€3,830 | +6.5% |
| Profit (loss) for the period | 9904 | €165,899 | €183,984 | +€18,086 | +10.9% |
| Profit (loss) for the period to be appropriated | 9905 | €165,899 | €183,984 | +€18,086 | +10.9% |
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 2 October 2026 via checked.be.