TRANS - FORM: 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.
TRANS - FORM
Largest movements
- Cash -€112,653
down €112,653 (-96.8%), from €116,360 to €3,708
mainly Investment in fixed assets (net) (-€56,250) and Tax, wage and social debts (-€54,927)
- Tangible fixed assets +€44,562
up €44,562 (+8.9%), from €501,217 to €545,779
of which Land and buildings: +€46,882
- Tax, wage and social debts -€54,927
down €54,927 (-99.8%), from €55,029 to €102
- Reserves -€45,763
down €45,763 (-5.2%), from €883,420 to €837,657
of which Distributable reserves: -€37,312
- Other debts +€37,275
up €37,275 (+12.9%), from €288,788 to €326,063
- Financial income -€11,516
down €11,516 (-98.6%), from €11,675 to €159
- Gross operating margin -€10,178
down €10,178 (-44.9%), from -€22,659 to -€32,837
- Other operating charges -€997
down €997 (-17.8%), from €5,609 to €4,612
- Financial charges +€359
up €359 (+46.2%), from €778 to €1,137
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 | €1,378,408 | €1,310,661 | -€67,747 | -4.9% |
| Fixed assets | 21/28 | €1,236,761 | €1,281,323 | +€44,562 | +3.6% |
| Tangible fixed assets | 22/27 | €501,217 | €545,779 | +€44,562 | +8.9% |
| Land and buildings | 22 | €329,301 | €376,183 | +€46,882 | +14.2% |
| Plant, machinery and equipment | 23 | €17,892 | €15,572 | -€2,320 | -13.0% |
| Furniture and vehicles | 24 | €154,024 | €154,024 | = | 0.0% |
| Financial fixed assets | 28 | €735,544 | €735,544 | = | 0.0% |
| Current assets | 29/58 | €141,648 | €29,338 | -€112,309 | -79.3% |
| Amounts receivable within one year | 40/41 | €23,410 | €23,410 | = | 0.0% |
| Other amounts receivable | 41 | €23,410 | €23,410 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €116,360 | €3,708 | -€112,653 | -96.8% |
| Deferred charges and accrued income | 490/1 | €1,878 | €2,221 | +€343 | +18.3% |
| Total equity and liabilities | 10/49 | €1,378,408 | €1,310,661 | -€67,747 | -4.9% |
| Equity | 10/15 | €976,139 | €930,376 | -€45,763 | -4.7% |
| Contributions | 10/11 | €92,718 | €92,718 | = | 0.0% |
| Capital | 10 | €92,718 | €92,718 | = | 0.0% |
| Issued capital | 100 | €92,718 | €92,718 | = | 0.0% |
| Reserves | 13 | €883,420 | €837,657 | -€45,763 | -5.2% |
| Non-distributable reserves | 130/1 | €9,272 | €9,272 | = | 0.0% |
| Legal reserve | 130 | €9,272 | €9,272 | = | 0.0% |
| Tax-exempt reserves | 132 | €112,360 | €103,909 | -€8,451 | -7.5% |
| Distributable reserves | 133 | €761,788 | €724,477 | -€37,312 | -4.9% |
| Provisions and deferred taxes | 16 | €57,445 | €53,093 | -€4,352 | -7.6% |
| Deferred taxes | 168 | €57,445 | €53,093 | -€4,352 | -7.6% |
| Amounts payable | 17/49 | €344,825 | €327,193 | -€17,632 | -5.1% |
| Amounts payable within one year | 42/48 | €344,825 | €327,193 | -€17,632 | -5.1% |
| Trade debts | 44 | €1,008 | €1,028 | +€19 | +1.9% |
| Suppliers | 440/4 | €1,008 | €1,028 | +€19 | +1.9% |
| Taxes, remuneration and social security | 45 | €55,029 | €102 | -€54,927 | -99.8% |
| Taxes | 450/3 | €55,029 | €102 | -€54,927 | -99.8% |
| Other amounts payable | 47/48 | €288,788 | €326,063 | +€37,275 | +12.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,360 | €11,688 | +€328 | +2.9% |
| Other operating charges | 640/8 | €5,609 | €4,612 | -€997 | -17.8% |
| Gross operating margin | 9900 | -€22,659 | -€32,837 | -€10,178 | -44.9% |
| Operating profit (loss) | 9901 | -€39,628 | -€49,137 | -€9,509 | -24.0% |
| Financial income | 75/76B | €11,675 | €159 | -€11,516 | -98.6% |
| Recurring financial income | 75 | €11,675 | €159 | -€11,516 | -98.6% |
| Financial charges | 65/66B | €778 | €1,137 | +€359 | +46.2% |
| Recurring financial charges | 65 | €778 | €1,137 | +€359 | +46.2% |
| Profit (loss) for the period before taxes | 9903 | -€28,731 | -€50,115 | -€21,384 | -74.4% |
| Transfer from deferred taxes | 780 | €4,352 | €4,352 | = | 0.0% |
| Profit (loss) for the period | 9904 | -€24,379 | -€45,763 | -€21,384 | -87.7% |
| Transfer from tax-exempt reserves | 789 | €8,451 | €8,451 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€15,928 | -€37,312 | -€21,384 | -134.3% |
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.