Tram 4: 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.
Tram 4
Largest movements
- Receivables within one year +€147,447
up €147,447 (+119%), from €123,526 to €270,973
of which Trade receivables: +€147,867
- Current investments -€5,000
down €5,000 (-6.7%), from €75,000 to €70,000
- Trade debts +€104,485
up €104,485 (+94.0%), from €111,192 to €215,677
- Reserves +€49,960
up €49,960 (+183%), from €27,312 to €77,272
- Other debts -€12,820
down €12,820 (-33.4%), from €38,327 to €25,507
- Gross operating margin +€25,942
up €25,942 (+18.1%), from €143,313 to €169,255
- Taxes +€8,370
up €8,370 (+42.7%), from €19,580 to €27,951
- Staff costs -€5,445
down €5,445 (-8.2%), from €66,353 to €60,907
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 | €224,134 | €366,885 | +€142,751 | +63.7% |
| Fixed assets | 21/28 | €2,104 | €1,562 | -€542 | -25.8% |
| Intangible fixed assets | 21 | €269 | €0 | -€269 | -100% |
| Tangible fixed assets | 22/27 | €1,086 | €812 | -€273 | -25.2% |
| Plant, machinery and equipment | 23 | €1,086 | €812 | -€273 | -25.2% |
| Financial fixed assets | 28 | €750 | €750 | = | 0.0% |
| Current assets | 29/58 | €222,030 | €365,323 | +€143,293 | +64.5% |
| Amounts receivable within one year | 40/41 | €123,526 | €270,973 | +€147,447 | +119% |
| Trade receivables | 40 | €123,106 | €270,973 | +€147,867 | +120% |
| Other amounts receivable | 41 | €420 | €0 | -€420 | -100% |
| Current investments | 50/53 | €75,000 | €70,000 | -€5,000 | -6.7% |
| Cash at bank and in hand | 54/58 | €22,928 | €23,712 | +€784 | +3.4% |
| Deferred charges and accrued income | 490/1 | €576 | €638 | +€62 | +10.7% |
| Total equity and liabilities | 10/49 | €224,134 | €366,885 | +€142,751 | +63.7% |
| Equity | 10/15 | €45,912 | €95,872 | +€49,960 | +109% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €27,312 | €77,272 | +€49,960 | +183% |
| Distributable reserves | 133 | €27,312 | €77,272 | +€49,960 | +183% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €178,222 | €271,014 | +€92,791 | +52.1% |
| Amounts payable within one year | 42/48 | €178,222 | €271,014 | +€92,791 | +52.1% |
| Trade debts | 44 | €111,192 | €215,677 | +€104,485 | +94.0% |
| Suppliers | 440/4 | €111,192 | €215,677 | +€104,485 | +94.0% |
| Taxes, remuneration and social security | 45 | €28,703 | €29,830 | +€1,127 | +3.9% |
| Taxes | 450/3 | €14,276 | €17,380 | +€3,103 | +21.7% |
| Remuneration and social security | 454/9 | €14,426 | €12,450 | -€1,976 | -13.7% |
| Other amounts payable | 47/48 | €38,327 | €25,507 | -€12,820 | -33.4% |
| Remuneration, social security and pensions | 62 | €66,353 | €60,907 | -€5,445 | -8.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €932 | €542 | -€390 | -41.8% |
| Other operating charges | 640/8 | €569 | €585 | +€16 | +2.9% |
| Gross operating margin | 9900 | €143,313 | €169,255 | +€25,942 | +18.1% |
| Operating profit (loss) | 9901 | €75,459 | €107,220 | +€31,761 | +42.1% |
| Financial income | 75/76B | €3 | €690 | +€688 | +26,445% |
| Recurring financial income | 75 | €3 | €690 | +€688 | +26,445% |
| Financial charges | 65/66B | €2 | €0 | -€2 | -100% |
| Recurring financial charges | 65 | €2 | €0 | -€2 | -100% |
| Profit (loss) for the period before taxes | 9903 | €75,459 | €107,910 | +€32,451 | +43.0% |
| Income taxes | 67/77 | €19,580 | €27,951 | +€8,370 | +42.7% |
| Profit (loss) for the period | 9904 | €55,879 | €79,960 | +€24,081 | +43.1% |
| Profit (loss) for the period to be appropriated | 9905 | €55,879 | €79,960 | +€24,081 | +43.1% |
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 15 October 2026 via checked.be.