TRANSER: 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.
TRANSER
Largest movements
- Receivables within one year -€181,572
down €181,572 (-12.3%), from €1.5m to €1.3m
of which Other amounts receivable: -€141,608
- Tangible fixed assets -€175,042
down €175,042 (-7.5%), from €2.3m to €2.2m
of which Furniture and vehicles: -€154,433
- Cash +€106,113
up €106,113 (+234.7%), from €45,218 to €151,331
mainly Depreciation (+€483,710) and Receivables within one year (+€181,572)
- Debts after one year -€205,403
down €205,403 (-16.1%), from €1.3m to €1.1m
of which Financial debts: -€136,903
- Reserves -€165,001
down €165,001 (-31.4%), from €524,743 to €359,742
of which Distributable reserves: -€157,351
- Short-term financial debts -€90,000
down €90,000 (-100.0%), from €90,000 to €0
- Trade debts +€86,602
up €86,602 (+6.3%), from €1.4m to €1.5m
- Tax, wage and social debts +€57,169
up €57,169 (+23.3%), from €245,020 to €302,189
of which Remuneration and social security: +€57,702
- Staff costs +€264,691
up €264,691 (+20.6%), from €1.3m to €1.6m
- Gross operating margin +€254,419
up €254,419 (+11.0%), from €2.3m to €2.6m
- Other operating charges +€68,902
up €68,902 (+15.6%), from €440,980 to €509,882
- Depreciation +€66,859
up €66,859 (+16.0%), from €416,851 to €483,710
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 | €4,036,619 | €3,752,790 | -€283,828 | -7.0% |
| Fixed assets | 21/28 | €2,355,707 | €2,179,191 | -€176,516 | -7.5% |
| Tangible fixed assets | 22/27 | €2,348,418 | €2,173,376 | -€175,042 | -7.5% |
| Land and buildings | 22 | €904,817 | €855,112 | -€49,705 | -5.5% |
| Plant, machinery and equipment | 23 | €20,013 | €169,730 | +€149,717 | +748.1% |
| Furniture and vehicles | 24 | €556,776 | €402,343 | -€154,433 | -27.7% |
| Leasing and similar rights | 25 | €866,813 | €746,191 | -€120,622 | -13.9% |
| Financial fixed assets | 28 | €7,289 | €5,815 | -€1,474 | -20.2% |
| Current assets | 29/58 | €1,680,911 | €1,573,599 | -€107,312 | -6.4% |
| Amounts receivable within one year | 40/41 | €1,473,792 | €1,292,220 | -€181,572 | -12.3% |
| Trade receivables | 40 | €1,283,703 | €1,243,738 | -€39,965 | -3.1% |
| Other amounts receivable | 41 | €190,089 | €48,481 | -€141,608 | -74.5% |
| Cash at bank and in hand | 54/58 | €45,218 | €151,331 | +€106,113 | +234.7% |
| Deferred charges and accrued income | 490/1 | €161,902 | €130,049 | -€31,853 | -19.7% |
| Total equity and liabilities | 10/49 | €4,036,619 | €3,752,790 | -€283,828 | -7.0% |
| Equity | 10/15 | €552,436 | €384,134 | -€168,301 | -30.5% |
| Contributions | 10/11 | €18,750 | €18,750 | = | 0.0% |
| Reserves | 13 | €524,743 | €359,742 | -€165,001 | -31.4% |
| Tax-exempt reserves | 132 | €29,804 | €22,154 | -€7,650 | -25.7% |
| Distributable reserves | 133 | €494,940 | €337,588 | -€157,351 | -31.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Investment grants | 15 | €8,942 | €5,642 | -€3,300 | -36.9% |
| Provisions and deferred taxes | 16 | €35,935 | €33,385 | -€2,550 | -7.1% |
| Provisions for liabilities and charges | 160/5 | €26,000 | €26,000 | = | 0.0% |
| Pensions and similar obligations | 160 | €26,000 | €26,000 | = | 0.0% |
| Deferred taxes | 168 | €9,935 | €7,385 | -€2,550 | -25.7% |
| Amounts payable | 17/49 | €3,448,249 | €3,335,272 | -€112,977 | -3.3% |
| Amounts payable after more than one year | 17 | €1,276,062 | €1,070,659 | -€205,403 | -16.1% |
| Financial debts | 170/4 | €1,207,562 | €1,070,659 | -€136,903 | -11.3% |
| Trade debts | 175 | €30,000 | €0 | -€30,000 | -100.0% |
| Other amounts payable | 178/9 | €38,500 | €0 | -€38,500 | -100.0% |
| Amounts payable within one year | 42/48 | €2,172,187 | €2,264,612 | +€92,426 | +4.3% |
| Current portion of amounts payable after more than one year | 42 | €456,503 | €468,624 | +€12,121 | +2.7% |
| Financial debts | 43 | €90,000 | €0 | -€90,000 | -100.0% |
| Credit institutions | 430/8 | €90,000 | €0 | -€90,000 | -100.0% |
| Trade debts | 44 | €1,364,858 | €1,451,460 | +€86,602 | +6.3% |
| Suppliers | 440/4 | €1,364,858 | €1,451,460 | +€86,602 | +6.3% |
| Taxes, remuneration and social security | 45 | €245,020 | €302,189 | +€57,169 | +23.3% |
| Taxes | 450/3 | €33,000 | €32,467 | -€533 | -1.6% |
| Remuneration and social security | 454/9 | €212,020 | €269,722 | +€57,702 | +27.2% |
| Other amounts payable | 47/48 | €15,806 | €42,339 | +€26,534 | +167.9% |
| Accrued charges and deferred income | 492/3 | - | €0 | +€0 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €1,286,450 | €1,551,141 | +€264,691 | +20.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €416,851 | €483,710 | +€66,859 | +16.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €440,980 | €509,882 | +€68,902 | +15.6% |
| Gross operating margin | 9900 | €2,305,818 | €2,560,236 | +€254,419 | +11.0% |
| Operating profit (loss) | 9901 | €161,536 | €15,503 | -€146,033 | -90.4% |
| Financial income | 75/76B | €1,320 | €5,413 | +€4,093 | +310.2% |
| Recurring financial income | 75 | €1,320 | €5,413 | +€4,093 | +310.2% |
| Financial charges | 65/66B | €100,640 | €87,062 | -€13,577 | -13.5% |
| Recurring financial charges | 65 | €100,640 | €87,062 | -€13,577 | -13.5% |
| Profit (loss) for the period before taxes | 9903 | €62,216 | -€66,147 | -€128,362 | |
| Transfer from deferred taxes | 780 | €2,550 | €2,550 | = | 0.0% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €14,313 | -€498 | -€14,811 | |
| Profit (loss) for the period | 9904 | €50,453 | -€63,099 | -€113,551 | |
| Transfer from tax-exempt reserves | 789 | €7,650 | €7,650 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €58,103 | -€55,449 | -€113,551 |
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 3 October 2026 via checked.be.