TRANSFOSAC: 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.
TRANSFOSAC
Largest movements
- Stocks and contracts -€78,775
down €78,775 (-17.8%), from €443,364 to €364,589
- Receivables within one year +€15,773
up €15,773 (+20.3%), from €77,575 to €93,348
of which Trade receivables: +€17,448
- Cash +€13,109
up €13,109 (+59.2%), from €22,159 to €35,268
mainly Stocks and contracts (+€78,775) and Trade debts (+€54,317)
- Tangible fixed assets -€6,059
down €6,059 (-32.6%), from €18,559 to €12,500
- Short-term financial debts -€100,349
no longer reported in 2025 (was €100,349)
- Trade debts +€54,317
up €54,317 (+34.4%), from €157,742 to €212,059
- Profit (loss) carried forward -€16,599
down €16,599 (-215.3%), from -€7,709 to -€24,308
- Current portion of long-term debt +€10,177
new in 2025: €10,177
- Tax, wage and social debts -€6,627
down €6,627 (-27.3%), from €24,234 to €17,607
of which Remuneration and social security: -€10,790
- Gross operating margin -€81,935
down €81,935 (-32.9%), from €248,729 to €166,794
- Staff costs -€74,226
down €74,226 (-32.5%), from €228,232 to €154,006
- Other operating charges +€18,006
up €18,006 (+725.2%), from €2,483 to €20,489
- Financial income +€7,027
up €7,027 (+913.8%), from €769 to €7,796
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 | €561,657 | €505,705 | -€55,952 | -10.0% |
| Fixed assets | 21/28 | €18,559 | €12,500 | -€6,059 | -32.6% |
| Tangible fixed assets | 22/27 | €18,559 | €12,500 | -€6,059 | -32.6% |
| Plant, machinery and equipment | 23 | €18,559 | €12,500 | -€6,059 | -32.6% |
| Current assets | 29/58 | €543,098 | €493,205 | -€49,893 | -9.2% |
| Stocks and contracts in progress | 3 | €443,364 | €364,589 | -€78,775 | -17.8% |
| Stocks | 30/36 | €443,364 | €364,589 | -€78,775 | -17.8% |
| Amounts receivable within one year | 40/41 | €77,575 | €93,348 | +€15,773 | +20.3% |
| Trade receivables | 40 | €75,900 | €93,348 | +€17,448 | +23.0% |
| Other amounts receivable | 41 | €1,675 | - | -€1,675 | |
| Cash at bank and in hand | 54/58 | €22,159 | €35,268 | +€13,109 | +59.2% |
| Total equity and liabilities | 10/49 | €561,657 | €505,705 | -€55,952 | -10.0% |
| Equity | 10/15 | €230,153 | €213,553 | -€16,600 | -7.2% |
| Contributions | 10/11 | €216,238 | €216,238 | -€0 | 0.0% |
| Capital | 10 | €216,238 | €216,238 | -€0 | 0.0% |
| Issued capital | 100 | €216,238 | €216,238 | -€0 | 0.0% |
| Reserves | 13 | €21,624 | €21,624 | -€0 | 0.0% |
| Non-distributable reserves | 130/1 | €21,624 | €21,624 | -€0 | 0.0% |
| Legal reserve | 130 | €21,624 | €21,624 | -€0 | 0.0% |
| Profit (loss) carried forward | 14 | -€7,709 | -€24,308 | -€16,599 | -215.3% |
| Amounts payable | 17/49 | €331,504 | €292,152 | -€39,352 | -11.9% |
| Amounts payable within one year | 42/48 | €331,504 | €289,652 | -€41,852 | -12.6% |
| Current portion of amounts payable after more than one year | 42 | - | €10,177 | +€10,177 | |
| Financial debts | 43 | €100,349 | - | -€100,349 | |
| Credit institutions | 430/8 | €100,349 | - | -€100,349 | |
| Trade debts | 44 | €157,742 | €212,059 | +€54,317 | +34.4% |
| Suppliers | 440/4 | €157,742 | €212,059 | +€54,317 | +34.4% |
| Taxes, remuneration and social security | 45 | €24,234 | €17,607 | -€6,627 | -27.3% |
| Taxes | 450/3 | - | €4,162 | +€4,162 | |
| Remuneration and social security | 454/9 | €24,234 | €13,444 | -€10,790 | -44.5% |
| Other amounts payable | 47/48 | €49,179 | €49,809 | +€630 | +1.3% |
| Accrued charges and deferred income | 492/3 | - | €2,500 | +€2,500 | |
| Non-recurring operating income | 76A | - | €6,441 | +€6,441 | |
| Remuneration, social security and pensions | 62 | €228,232 | €154,006 | -€74,226 | -32.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,501 | €12,500 | -€1 | 0.0% |
| Other operating charges | 640/8 | €2,483 | €20,489 | +€18,006 | +725.2% |
| Gross operating margin | 9900 | €248,729 | €166,794 | -€81,935 | -32.9% |
| Operating profit (loss) | 9901 | €5,513 | -€20,201 | -€25,714 | |
| Financial income | 75/76B | €769 | €7,796 | +€7,027 | +913.8% |
| Recurring financial income | 75 | €769 | €7,796 | +€7,027 | +913.8% |
| Financial charges | 65/66B | €6,184 | €4,114 | -€2,070 | -33.5% |
| Recurring financial charges | 65 | €6,184 | €4,114 | -€2,070 | -33.5% |
| Profit (loss) for the period before taxes | 9903 | €98 | -€16,519 | -€16,617 | |
| Income taxes | 67/77 | - | €81 | +€81 | |
| Profit (loss) for the period | 9904 | €98 | -€16,600 | -€16,698 | |
| Profit (loss) for the period to be appropriated | 9905 | €98 | -€16,600 | -€16,698 |
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 2 October 2026 via checked.be.