TRANS RESEARCH: 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.
What changed
TRANS RESEARCH
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€1.5m
2024 · -€506,053+€2.0m
Equity
€1.4m
2024 · -€103,154+€1.5m
Cash
€5,726
2024 · €5,470+€256
Balance sheet total
€2.9m
2024 · €1.8m+€1.1m
Largest movements
Assets
- Receivables within one year +€2.3m
up €2.3m (+1,538%), from €149,386 to €2.4m
of which Other amounts receivable: +€2.3m
- Tangible fixed assets -€1.3m
down €1.3m (-79.2%), from €1.6m to €339,772
of which Land and buildings: -€1.4m
- Intangible fixed assets +€37,008
up €37,008 (+83.5%), from €44,299 to €81,307
Equity and liabilities
- Reserves +€1.9m
up €1.9m (+9,526%), from €20,000 to €1.9m
of which Tax-exempt reserves: +€1.9m
- Debts after one year -€818,944
down €818,944 (-70.0%), from €1.2m to €351,250
- Provisions +€635,094
new in 2025: €635,094
- Profit (loss) carried forward -€434,346
down €434,346 (-134%), from -€323,154 to -€757,500
- Other debts -€290,400
down €290,400 (-100%), from €290,400 to €0
Income statement
- Gross operating margin +€2.8m
up €2.8m, from -€223,599 to €2.6m
- Staff costs +€117,365
up €117,365 (+137%), from €85,397 to €202,762
- Depreciation -€29,057
down €29,057 (-19.1%), from €152,289 to €123,232
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.
Result 2024
-€506,053
Gross operating margin
+€2.8m
Staff costs
-€117,365
Depreciation
+€29,057
Other operating charges
-€721
Other operating items
-€133,800
Financial income
-€5
Financial charges
+€8,468
Taxes
+€34
Deferred taxes and other
-€635,094
Result 2025
€1.5m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€248,482
Investment
+€1.1m
Financing
-€886,702
Cash 2024
€5,470
From operations (derived)
-€248,482
Net result for the year
+€1.5m
Depreciation
+€123,232
Smaller working-capital items
-€184
Receivables within one year
-€2.3m
Deferred charges and accrued income
-€15,000
Provisions
+€635,094
Trade debts
+€87,537
Tax, wage and social debts
+€37,210
Other debts
-€290,400
Investment (derived)
+€1.1m
Investment in fixed assets (net)
+€1.1m
Financing
-€886,702
Debts after one year
-€818,944
Current portion of long-term debt
-€67,757
Cash 2025
€5,726
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,843,913 | €2,897,589 | +€1.1m | +57.1% |
| Fixed assets | 21/28 | €1,679,751 | €421,078 | -€1.3m | -74.9% |
| Intangible fixed assets | 21 | €44,299 | €81,307 | +€37,008 | +83.5% |
| Tangible fixed assets | 22/27 | €1,635,452 | €339,772 | -€1.3m | -79.2% |
| Land and buildings | 22 | €1,354,823 | €0 | -€1.4m | -100% |
| Plant, machinery and equipment | 23 | €186,901 | €255,318 | +€68,417 | +36.6% |
| Furniture and vehicles | 24 | €27,826 | €18,551 | -€9,274 | -33.3% |
| Other tangible fixed assets | 26 | €65,902 | €65,902 | = | 0.0% |
| Current assets | 29/58 | €164,162 | €2,476,510 | +€2.3m | +1,409% |
| Stocks and contracts in progress | 3 | €9,306 | €9,490 | +€184 | +2.0% |
| Stocks | 30/36 | €9,306 | €9,490 | +€184 | +2.0% |
| Amounts receivable within one year | 40/41 | €149,386 | €2,446,294 | +€2.3m | +1,538% |
| Trade receivables | 40 | €72,755 | €84,294 | +€11,539 | +15.9% |
| Other amounts receivable | 41 | €76,631 | €2,362,000 | +€2.3m | +2,982% |
| Cash at bank and in hand | 54/58 | €5,470 | €5,726 | +€256 | +4.7% |
| Deferred charges and accrued income | 490/1 | - | €15,000 | +€15,000 | |
| Total equity and liabilities | 10/49 | €1,843,913 | €2,897,589 | +€1.1m | +57.1% |
| Equity | 10/15 | -€103,154 | €1,367,782 | +€1.5m | |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €20,000 | €1,925,283 | +€1.9m | +9,526% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | - | €1,905,283 | +€1.9m | |
| Distributable reserves | 133 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€323,154 | -€757,500 | -€434,346 | -134% |
| Provisions and deferred taxes | 16 | - | €635,094 | +€635,094 | |
| Deferred taxes | 168 | - | €635,094 | +€635,094 | |
| Amounts payable | 17/49 | €1,947,067 | €894,712 | -€1.1m | -54.0% |
| Amounts payable after more than one year | 17 | €1,170,194 | €351,250 | -€818,944 | -70.0% |
| Financial debts | 170/4 | €1,170,194 | €351,250 | -€818,944 | -70.0% |
| Amounts payable within one year | 42/48 | €776,873 | €543,463 | -€233,410 | -30.0% |
| Current portion of amounts payable after more than one year | 42 | €242,877 | €175,120 | -€67,757 | -27.9% |
| Trade debts | 44 | €232,814 | €320,351 | +€87,537 | +37.6% |
| Suppliers | 440/4 | €232,814 | €320,351 | +€87,537 | +37.6% |
| Taxes, remuneration and social security | 45 | €10,781 | €47,991 | +€37,210 | +345% |
| Taxes | 450/3 | €609 | €17,245 | +€16,636 | +2,731% |
| Remuneration and social security | 454/9 | €10,172 | €30,746 | +€20,574 | +202% |
| Other amounts payable | 47/48 | €290,400 | €0 | -€290,400 | -100% |
| Accrued charges and deferred income | 492/3 | €1 | €0 | -€1 | -100% |
| Non-recurring operating income | 76A | - | €2,595,177 | +€2.6m | |
| Remuneration, social security and pensions | 62 | €85,397 | €202,762 | +€117,365 | +137% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €152,289 | €123,232 | -€29,057 | -19.1% |
| Other operating charges | 640/8 | €17,245 | €17,966 | +€721 | +4.2% |
| Non-recurring operating charges | 66A | - | €133,800 | +€133,800 | |
| Gross operating margin | 9900 | -€223,599 | €2,602,816 | +€2.8m | |
| Operating profit (loss) | 9901 | -€478,530 | €2,125,056 | +€2.6m | |
| Financial income | 75/76B | €5 | €0 | -€5 | -100% |
| Recurring financial income | 75 | €5 | €0 | -€5 | -100% |
| Financial charges | 65/66B | €27,494 | €19,026 | -€8,468 | -30.8% |
| Recurring financial charges | 65 | €27,494 | €19,026 | -€8,468 | -30.8% |
| Profit (loss) for the period before taxes | 9903 | -€506,018 | €2,106,031 | +€2.6m | |
| Transfer to deferred taxes | 680 | - | €635,094 | +€635,094 | |
| Income taxes | 67/77 | €34 | €0 | -€34 | -100% |
| Profit (loss) for the period | 9904 | -€506,053 | €1,470,937 | +€2.0m | |
| Transfer to tax-exempt reserves | 689 | - | €1,905,283 | +€1.9m | |
| Profit (loss) for the period to be appropriated | 9905 | -€506,053 | -€434,346 | +€71,706 | +14.2% |
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 18 October 2026 via checked.be.