TRANSFUSE: 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.
TRANSFUSE
Largest movements
- Current investments +€499,522
new in 2025: €499,522
- Tangible fixed assets +€463,159
up €463,159 (+41.9%), from €1.1m to €1.6m
of which Land and buildings: +€444,884
- Receivables after one year -€112,847
down €112,847 (-100.0%), from €112,847 to €0
- Cash +€89,085
up €89,085 (+37.4%), from €237,995 to €327,081
mainly Other debts (+€599,301) and Debts after one year (+€255,212)
- Receivables within one year +€47,850
up €47,850 (+22.3%), from €214,528 to €262,378
of which Trade receivables: +€25,982
- Other debts +€599,301
up €599,301 (+5295.8%), from €11,317 to €610,618
- Debts after one year +€255,212
up €255,212 (+65.8%), from €387,696 to €642,908
of which Financial debts: +€255,572
- Reserves +€93,910
up €93,910 (+31.1%), from €301,515 to €395,424
of which Distributable reserves: +€106,000
- Current portion of long-term debt -€41,469
down €41,469 (-47.6%), from €87,138 to €45,668
- Trade debts +€38,166
up €38,166 (+56.2%), from €67,962 to €106,129
- Gross operating margin -€85,826
down €85,826 (-24.0%), from €357,007 to €271,180
- Financial charges +€18,494
up €18,494 (+112.9%), from €16,384 to €34,878
- Taxes -€10,183
down €10,183 (-16.7%), from €60,949 to €50,767
- Financial income +€4,630
up €4,630 (+62.1%), from €7,455 to €12,085
of which Non-recurring financial income: +€4,580
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 | €1,896,702 | €2,843,744 | +€947,042 | +49.9% |
| Fixed assets | 21/28 | €1,313,347 | €1,735,993 | +€422,646 | +32.2% |
| Intangible fixed assets | 21 | €201,189 | €160,676 | -€40,514 | -20.1% |
| Tangible fixed assets | 22/27 | €1,104,508 | €1,567,667 | +€463,159 | +41.9% |
| Land and buildings | 22 | €972,078 | €1,416,962 | +€444,884 | +45.8% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €73,688 | €50,049 | -€23,639 | -32.1% |
| Other tangible fixed assets | 26 | €58,742 | €100,656 | +€41,914 | +71.4% |
| Financial fixed assets | 28 | €7,650 | €7,650 | = | 0.0% |
| Current assets | 29/58 | €583,355 | €1,107,751 | +€524,396 | +89.9% |
| Amounts receivable after more than one year | 29 | €112,847 | €0 | -€112,847 | -100.0% |
| Other amounts receivable | 291 | €112,847 | €0 | -€112,847 | -100.0% |
| Amounts receivable within one year | 40/41 | €214,528 | €262,378 | +€47,850 | +22.3% |
| Trade receivables | 40 | €212,622 | €238,604 | +€25,982 | +12.2% |
| Other amounts receivable | 41 | €1,906 | €23,774 | +€21,868 | +1147.1% |
| Current investments | 50/53 | - | €499,522 | +€499,522 | |
| Cash at bank and in hand | 54/58 | €237,995 | €327,081 | +€89,085 | +37.4% |
| Deferred charges and accrued income | 490/1 | €17,984 | €18,770 | +€787 | +4.4% |
| Total equity and liabilities | 10/49 | €1,896,702 | €2,843,744 | +€947,042 | +49.9% |
| Equity | 10/15 | €1,285,083 | €1,370,589 | +€85,506 | +6.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Revaluation surpluses | 12 | €639,746 | €639,746 | = | 0.0% |
| Reserves | 13 | €301,515 | €395,424 | +€93,910 | +31.1% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €301,055 | €288,964 | -€12,090 | -4.0% |
| Distributable reserves | 133 | €460 | €106,460 | +€106,000 | +23043.5% |
| Profit (loss) carried forward | 14 | €323,823 | €315,419 | -€8,403 | -2.6% |
| Provisions and deferred taxes | 16 | €17,953 | €16,319 | -€1,634 | -9.1% |
| Deferred taxes | 168 | €17,953 | €16,319 | -€1,634 | -9.1% |
| Amounts payable | 17/49 | €593,667 | €1,456,836 | +€863,170 | +145.4% |
| Amounts payable after more than one year | 17 | €387,696 | €642,908 | +€255,212 | +65.8% |
| Financial debts | 170/4 | €370,756 | €626,328 | +€255,572 | +68.9% |
| Other amounts payable | 178/9 | €16,940 | €16,580 | -€360 | -2.1% |
| Amounts payable within one year | 42/48 | €205,971 | €813,928 | +€607,957 | +295.2% |
| Current portion of amounts payable after more than one year | 42 | €87,138 | €45,668 | -€41,469 | -47.6% |
| Trade debts | 44 | €67,962 | €106,129 | +€38,166 | +56.2% |
| Suppliers | 440/4 | €67,962 | €106,129 | +€38,166 | +56.2% |
| Advances received on contracts in progress | 46 | €7,777 | €4,177 | -€3,600 | -46.3% |
| Taxes, remuneration and social security | 45 | €31,777 | €47,337 | +€15,560 | +49.0% |
| Taxes | 450/3 | €28,307 | €43,637 | +€15,330 | +54.2% |
| Remuneration and social security | 454/9 | €3,470 | €3,700 | +€230 | +6.6% |
| Other amounts payable | 47/48 | €11,317 | €610,618 | +€599,301 | +5295.8% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €802 | €0 | -€802 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €106,212 | €106,255 | +€43 | 0.0% |
| Other operating charges | 640/8 | €4,040 | €7,493 | +€3,453 | +85.5% |
| Non-recurring operating charges | 66A | €1,465 | €0 | -€1,465 | -100.0% |
| Gross operating margin | 9900 | €357,007 | €271,180 | -€85,826 | -24.0% |
| Operating profit (loss) | 9901 | €245,289 | €157,433 | -€87,857 | -35.8% |
| Financial income | 75/76B | €7,455 | €12,085 | +€4,630 | +62.1% |
| Recurring financial income | 75 | €7,455 | €7,505 | +€50 | +0.7% |
| Non-recurring financial income | 76B | - | €4,580 | +€4,580 | |
| Financial charges | 65/66B | €16,384 | €34,878 | +€18,494 | +112.9% |
| Recurring financial charges | 65 | €16,384 | €34,878 | +€18,494 | +112.9% |
| Profit (loss) for the period before taxes | 9903 | €236,360 | €134,639 | -€101,721 | -43.0% |
| Transfer from deferred taxes | 780 | €1,634 | €1,634 | = | 0.0% |
| Income taxes | 67/77 | €60,949 | €50,767 | -€10,183 | -16.7% |
| Profit (loss) for the period | 9904 | €177,044 | €85,506 | -€91,538 | -51.7% |
| Transfer from tax-exempt reserves | 789 | €125,760 | €71,030 | -€54,730 | -43.5% |
| Transfer to tax-exempt reserves | 689 | €88,410 | €58,940 | -€29,470 | -33.3% |
| Profit (loss) for the period to be appropriated | 9905 | €214,395 | €97,597 | -€116,798 | -54.5% |
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 4 October 2026 via checked.be.