Transco: 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.
Transco
Largest movements
- Cash +€150,933
up €150,933 (+121.1%), from €124,626 to €275,560
mainly Depreciation (+€213,348) and Receivables within one year (+€137,507)
- Receivables within one year -€137,507
down €137,507 (-19.7%), from €698,958 to €561,451
of which Trade receivables: -€152,394
- Tangible fixed assets -€85,977
down €85,977 (-13.2%), from €650,637 to €564,660
of which Furniture and vehicles: -€211,845
- Deferred charges and accrued income +€44,689
up €44,689 (+1241.7%), from €3,599 to €48,288
- Debts after one year -€72,278
down €72,278 (-23.6%), from €306,885 to €234,607
- Reserves +€33,642
up €33,642 (+4.8%), from €706,132 to €739,775
of which Distributable reserves: +€33,642
- Staff costs +€125,271
up €125,271 (+19.3%), from €647,452 to €772,723
- Gross operating margin +€67,627
up €67,627 (+6.8%), from €994,053 to €1.1m
- Depreciation +€63,114
up €63,114 (+42.0%), from €150,234 to €213,348
- Taxes -€14,758
down €14,758 (-54.5%), from €27,068 to €12,310
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 | €1,480,799 | €1,452,737 | -€28,061 | -1.9% |
| Fixed assets | 21/28 | €651,915 | €565,738 | -€86,177 | -13.2% |
| Tangible fixed assets | 22/27 | €650,637 | €564,660 | -€85,977 | -13.2% |
| Furniture and vehicles | 24 | €650,637 | €438,792 | -€211,845 | -32.6% |
| Leasing and similar rights | 25 | - | €125,868 | +€125,868 | |
| Financial fixed assets | 28 | €1,278 | €1,078 | -€200 | -15.7% |
| Current assets | 29/58 | €828,883 | €886,999 | +€58,116 | +7.0% |
| Amounts receivable within one year | 40/41 | €698,958 | €561,451 | -€137,507 | -19.7% |
| Trade receivables | 40 | €686,201 | €533,806 | -€152,394 | -22.2% |
| Other amounts receivable | 41 | €12,758 | €27,645 | +€14,887 | +116.7% |
| Current investments | 50/53 | €1,700 | €1,700 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €124,626 | €275,560 | +€150,933 | +121.1% |
| Deferred charges and accrued income | 490/1 | €3,599 | €48,288 | +€44,689 | +1241.7% |
| Total equity and liabilities | 10/49 | €1,480,799 | €1,452,737 | -€28,061 | -1.9% |
| Equity | 10/15 | €726,132 | €759,775 | +€33,642 | +4.6% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €706,132 | €739,775 | +€33,642 | +4.8% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €106,047 | €106,047 | = | 0.0% |
| Distributable reserves | 133 | €600,086 | €633,728 | +€33,642 | +5.6% |
| Amounts payable | 17/49 | €754,666 | €692,962 | -€61,704 | -8.2% |
| Amounts payable after more than one year | 17 | €306,885 | €234,607 | -€72,278 | -23.6% |
| Financial debts | 170/4 | €306,885 | €234,607 | -€72,278 | -23.6% |
| Amounts payable within one year | 42/48 | €447,781 | €458,355 | +€10,574 | +2.4% |
| Current portion of amounts payable after more than one year | 42 | €198,534 | €212,103 | +€13,568 | +6.8% |
| Trade debts | 44 | €183,826 | €177,607 | -€6,219 | -3.4% |
| Suppliers | 440/4 | €183,826 | €177,607 | -€6,219 | -3.4% |
| Taxes, remuneration and social security | 45 | €65,421 | €68,646 | +€3,225 | +4.9% |
| Taxes | 450/3 | €7,063 | €0 | -€7,063 | -100.0% |
| Remuneration and social security | 454/9 | €58,358 | €68,646 | +€10,288 | +17.6% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €43,000 | €3,193 | -€39,807 | -92.6% |
| Remuneration, social security and pensions | 62 | €647,452 | €772,723 | +€125,271 | +19.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €150,234 | €213,348 | +€63,114 | +42.0% |
| Other operating charges | 640/8 | €9,803 | €10,073 | +€269 | +2.7% |
| Gross operating margin | 9900 | €994,053 | €1,061,680 | +€67,627 | +6.8% |
| Operating profit (loss) | 9901 | €186,563 | €65,536 | -€121,028 | -64.9% |
| Financial income | 75/76B | €117 | €241 | +€124 | +106.7% |
| Recurring financial income | 75 | €117 | €241 | +€124 | +106.7% |
| Financial charges | 65/66B | €11,897 | €19,825 | +€7,927 | +66.6% |
| Recurring financial charges | 65 | €11,897 | €19,825 | +€7,927 | +66.6% |
| Profit (loss) for the period before taxes | 9903 | €174,783 | €45,952 | -€128,831 | -73.7% |
| Income taxes | 67/77 | €27,068 | €12,310 | -€14,758 | -54.5% |
| Profit (loss) for the period | 9904 | €147,715 | €33,642 | -€114,072 | -77.2% |
| Transfer to tax-exempt reserves | 689 | €43,000 | €0 | -€43,000 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €104,715 | €33,642 | -€71,072 | -67.9% |
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 7 October 2026 via checked.be.