TRANSMA: 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
TRANSMA
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€257,746
2024 · €425,102-€167,356
Equity
€5.2m
2024 · €4.9m+€257,746
Cash
€80,042
2024 · €112,043-€32,001
Balance sheet total
€12.3m
2024 · €12.6m-€226,287
Largest movements
Assets
- Tangible fixed assets -€198,155
down €198,155 (-3.3%), from €6.0m to €5.8m
of which Land and buildings: -€175,031
Equity and liabilities
- Debts after one year -€309,085
down €309,085 (-5.0%), from €6.2m to €5.9m
of which Financial debts: -€253,085
- Reserves +€257,746
up €257,746 (+5.5%), from €4.7m to €4.9m
of which Distributable reserves: +€280,246
Income statement
- Financial income -€110,687
down €110,687 (-28.5%), from €387,736 to €277,049
- Write-downs +€97,371
up €97,371 (+2,164%), from €4,500 to €101,871
- Financial charges -€30,944
down €30,944 (-14.1%), from €219,493 to €188,549
- Depreciation +€24,745
up €24,745 (+9.7%), from €255,868 to €280,613
- Taxes -€15,201
down €15,201 (-72.7%), from €20,904 to €5,703
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
€425,102
Gross operating margin
+€12,777
Staff costs
+€1,435
Depreciation
-€24,745
Write-downs
-€97,371
Other operating charges
+€5,090
Financial income
-€110,687
Financial charges
+€30,944
Taxes
+€15,201
Result 2025
€257,746
raises the resultlowers the result
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
+€368,270
Investment
-€82,458
Financing
-€317,813
Cash 2024
€112,043
From operations (derived)
+€368,270
Net result for the year
+€257,746
Depreciation
+€280,613
Receivables within one year
-€11,959
Deferred charges and accrued income
+€8,090
Provisions
-€7,500
Trade debts
-€59,088
Tax, wage and social debts
-€3,263
Other debts
-€86,785
Accrued charges and deferred income
-€9,584
Investment (derived)
-€82,458
Investment in fixed assets (net)
-€82,458
Financing
-€317,813
Debts after one year
-€309,085
Current portion of long-term debt
-€8,728
Cash 2025
€80,042
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €12,570,943 | €12,344,656 | -€226,287 | -1.8% |
| Fixed assets | 21/28 | €12,176,988 | €11,978,833 | -€198,155 | -1.6% |
| Tangible fixed assets | 22/27 | €5,965,387 | €5,767,232 | -€198,155 | -3.3% |
| Land and buildings | 22 | €5,827,065 | €5,652,034 | -€175,031 | -3.0% |
| Plant, machinery and equipment | 23 | €5,984 | €6,147 | +€163 | +2.7% |
| Furniture and vehicles | 24 | €132,338 | €109,050 | -€23,288 | -17.6% |
| Financial fixed assets | 28 | €6,211,601 | €6,211,601 | = | 0.0% |
| Current assets | 29/58 | €393,955 | €365,823 | -€28,132 | -7.1% |
| Amounts receivable within one year | 40/41 | €265,442 | €277,401 | +€11,959 | +4.5% |
| Trade receivables | 40 | €231,496 | €137,058 | -€94,438 | -40.8% |
| Other amounts receivable | 41 | €33,946 | €140,344 | +€106,397 | +313% |
| Cash at bank and in hand | 54/58 | €112,043 | €80,042 | -€32,001 | -28.6% |
| Deferred charges and accrued income | 490/1 | €16,470 | €8,380 | -€8,090 | -49.1% |
| Total equity and liabilities | 10/49 | €12,570,943 | €12,344,656 | -€226,287 | -1.8% |
| Equity | 10/15 | €4,897,895 | €5,155,641 | +€257,746 | +5.3% |
| Contributions | 10/11 | €247,894 | €247,894 | = | 0.0% |
| Capital | 10 | €247,894 | €247,894 | = | 0.0% |
| Issued capital | 100 | €247,894 | €247,894 | = | 0.0% |
| Reserves | 13 | €4,650,001 | €4,907,748 | +€257,746 | +5.5% |
| Non-distributable reserves | 130/1 | €24,789 | €24,789 | = | 0.0% |
| Legal reserve | 130 | €24,789 | €24,789 | = | 0.0% |
| Tax-exempt reserves | 132 | €430,194 | €407,694 | -€22,500 | -5.2% |
| Distributable reserves | 133 | €4,195,018 | €4,475,264 | +€280,246 | +6.7% |
| Provisions and deferred taxes | 16 | €133,747 | €126,247 | -€7,500 | -5.6% |
| Deferred taxes | 168 | €133,747 | €126,247 | -€7,500 | -5.6% |
| Amounts payable | 17/49 | €7,539,301 | €7,062,769 | -€476,533 | -6.3% |
| Amounts payable after more than one year | 17 | €6,181,555 | €5,872,470 | -€309,085 | -5.0% |
| Financial debts | 170/4 | €2,384,555 | €2,131,470 | -€253,085 | -10.6% |
| Other amounts payable | 178/9 | €3,797,000 | €3,741,000 | -€56,000 | -1.5% |
| Amounts payable within one year | 42/48 | €1,334,554 | €1,176,690 | -€157,864 | -11.8% |
| Current portion of amounts payable after more than one year | 42 | €261,813 | €253,085 | -€8,728 | -3.3% |
| Trade debts | 44 | €86,781 | €27,693 | -€59,088 | -68.1% |
| Suppliers | 440/4 | €86,781 | €27,693 | -€59,088 | -68.1% |
| Advances received on contracts in progress | 46 | €18,980 | €18,980 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €16,571 | €13,309 | -€3,263 | -19.7% |
| Taxes | 450/3 | €16,571 | €13,309 | -€3,263 | -19.7% |
| Other amounts payable | 47/48 | €950,409 | €863,624 | -€86,785 | -9.1% |
| Accrued charges and deferred income | 492/3 | €23,193 | €13,609 | -€9,584 | -41.3% |
| Non-recurring operating income | 76A | - | €1,850 | +€1,850 | |
| Remuneration, social security and pensions | 62 | €692 | -€743 | -€1,435 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €255,868 | €280,613 | +€24,745 | +9.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €4,500 | €101,871 | +€97,371 | +2,164% |
| Other operating charges | 640/8 | €89,199 | €84,109 | -€5,090 | -5.7% |
| Gross operating margin | 9900 | €620,521 | €633,298 | +€12,777 | +2.1% |
| Operating profit (loss) | 9901 | €270,263 | €167,448 | -€102,814 | -38.0% |
| Financial income | 75/76B | €387,736 | €277,049 | -€110,687 | -28.5% |
| Recurring financial income | 75 | €387,736 | €277,049 | -€110,687 | -28.5% |
| Financial charges | 65/66B | €219,493 | €188,549 | -€30,944 | -14.1% |
| Recurring financial charges | 65 | €219,493 | €188,549 | -€30,944 | -14.1% |
| Profit (loss) for the period before taxes | 9903 | €438,506 | €255,949 | -€182,557 | -41.6% |
| Transfer from deferred taxes | 780 | €7,500 | €7,500 | = | 0.0% |
| Income taxes | 67/77 | €20,904 | €5,703 | -€15,201 | -72.7% |
| Profit (loss) for the period | 9904 | €425,102 | €257,746 | -€167,356 | -39.4% |
| Transfer from tax-exempt reserves | 789 | €22,500 | €22,500 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €447,602 | €280,246 | -€167,356 | -37.4% |
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 25 October 2026 via checked.be.