TRAMER: 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.
TRAMER
Largest movements
- Financial fixed assets +€3.1m
up €3.1m (+13.9%), from €22.5m to €25.6m
- Cash -€1.0m
down €1.0m (-63.6%), from €1.6m to €588,251
mainly Investment in fixed assets (net) (-€3.2m) and Contributions, distributions and other (-€1.6m)
- Reserves +€2.5m
up €2.5m (+10.4%), from €24.0m to €26.5m
- Financial income +€1.2m
up €1.2m (+41.7%), from €2.8m to €4.0m
- Staff costs +€133,993
up €133,993 (+15.6%), from €857,105 to €991,097
- Gross operating margin -€80,421
down €80,421 (-7.5%), from €1.1m to €986,996
- Taxes -€31,222
down €31,222 (-89.2%), from €35,000 to €3,778
- Depreciation +€18,690
up €18,690 (+18.2%), from €102,415 to €121,105
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 | €42,749,398 | €45,067,679 | +€2.3m | +5.4% |
| Fixed assets | 21/28 | €22,852,544 | €25,966,517 | +€3.1m | +13.6% |
| Tangible fixed assets | 22/27 | €341,096 | €322,928 | -€18,168 | -5.3% |
| Plant, machinery and equipment | 23 | €6,358 | €4,850 | -€1,508 | -23.7% |
| Furniture and vehicles | 24 | €334,738 | €318,078 | -€16,660 | -5.0% |
| Financial fixed assets | 28 | €22,511,448 | €25,643,588 | +€3.1m | +13.9% |
| Current assets | 29/58 | €19,896,854 | €19,101,162 | -€795,692 | -4.0% |
| Amounts receivable after more than one year | 29 | €17,350,000 | €17,650,000 | +€300,000 | +1.7% |
| Other amounts receivable | 291 | €17,350,000 | €17,650,000 | +€300,000 | +1.7% |
| Amounts receivable within one year | 40/41 | €932,495 | €820,911 | -€111,584 | -12.0% |
| Trade receivables | 40 | €279,904 | €547,025 | +€267,121 | +95.4% |
| Other amounts receivable | 41 | €652,591 | €273,886 | -€378,705 | -58.0% |
| Cash at bank and in hand | 54/58 | €1,614,359 | €588,251 | -€1.0m | -63.6% |
| Deferred charges and accrued income | 490/1 | - | €42,000 | +€42,000 | |
| Total equity and liabilities | 10/49 | €42,749,398 | €45,067,679 | +€2.3m | +5.4% |
| Equity | 10/15 | €40,813,065 | €43,052,482 | +€2.2m | +5.5% |
| Contributions | 10/11 | €16,300,000 | €16,300,000 | = | 0.0% |
| Reserves | 13 | €24,000,000 | €26,500,000 | +€2.5m | +10.4% |
| Distributable reserves | 133 | €24,000,000 | €26,500,000 | +€2.5m | +10.4% |
| Profit (loss) carried forward | 14 | €513,065 | €252,482 | -€260,583 | -50.8% |
| Amounts payable | 17/49 | €1,936,333 | €2,015,197 | +€78,864 | +4.1% |
| Amounts payable within one year | 42/48 | €1,936,333 | €2,015,197 | +€78,864 | +4.1% |
| Trade debts | 44 | €202,993 | €233,416 | +€30,423 | +15.0% |
| Suppliers | 440/4 | €202,993 | €233,416 | +€30,423 | +15.0% |
| Taxes, remuneration and social security | 45 | €76,111 | €124,552 | +€48,441 | +63.6% |
| Taxes | 450/3 | €4,700 | €24,506 | +€19,806 | +421% |
| Remuneration and social security | 454/9 | €71,411 | €100,045 | +€28,634 | +40.1% |
| Other amounts payable | 47/48 | €1,657,229 | €1,657,229 | = | 0.0% |
| Non-recurring operating income | 76A | €21,523 | - | -€21,523 | |
| Remuneration, social security and pensions | 62 | €857,105 | €991,097 | +€133,993 | +15.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €102,415 | €121,105 | +€18,690 | +18.2% |
| Other operating charges | 640/8 | €5,503 | €5,972 | +€469 | +8.5% |
| Gross operating margin | 9900 | €1,067,417 | €986,996 | -€80,421 | -7.5% |
| Operating profit (loss) | 9901 | €102,394 | -€131,179 | -€233,573 | |
| Financial income | 75/76B | €2,829,451 | €4,008,061 | +€1.2m | +41.7% |
| Recurring financial income | 75 | €2,829,451 | €4,008,061 | +€1.2m | +41.7% |
| Financial charges | 65/66B | €258 | €3,687 | +€3,429 | +1,331% |
| Recurring financial charges | 65 | €258 | €3,687 | +€3,429 | +1,331% |
| Profit (loss) for the period before taxes | 9903 | €2,931,587 | €3,873,195 | +€941,608 | +32.1% |
| Income taxes | 67/77 | €35,000 | €3,778 | -€31,222 | -89.2% |
| Profit (loss) for the period | 9904 | €2,896,587 | €3,869,417 | +€972,830 | +33.6% |
| Profit (loss) for the period to be appropriated | 9905 | €2,896,587 | €3,869,417 | +€972,830 | +33.6% |
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 17 October 2026 via checked.be.