TransMaes: 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.
TransMaes
Largest movements
- Tangible fixed assets +€454,077
up €454,077 (+76.7%), from €591,648 to €1.0m
of which Leasing and similar rights: +€378,454
- Receivables within one year -€220,051
down €220,051 (-42.5%), from €517,983 to €297,932
of which Trade receivables: -€160,714
- Cash -€142,622
down €142,622 (-20.6%), from €691,726 to €549,104
mainly Investment in fixed assets (net) (-€659,308) and Contributions, distributions and other (-€629,909)
- Deferred charges and accrued income -€25,258
down €25,258 (-67.5%), from €37,398 to €12,140
- Debts after one year +€410,502
up €410,502 (+170.9%), from €240,264 to €650,766
- Reserves -€381,764
down €381,764 (-29.6%), from €1.3m to €909,175
of which Distributable reserves: -€381,764
- Current portion of long-term debt +€50,280
up €50,280 (+46.4%), from €108,422 to €158,702
- Investment grants -€24,868
down €24,868 (-27.4%), from €90,812 to €65,945
- Provisions +€21,982
new in 2025: €21,982
- Gross operating margin -€160,582
down €160,582 (-8.4%), from €1.9m to €1.7m
- Taxes -€85,119
down €85,119 (-77.1%), from €110,419 to €25,300
- Depreciation +€58,194
up €58,194 (+38.1%), from €152,718 to €210,912
- Financial charges +€20,027
up €20,027 (+119.7%), from €16,725 to €36,752
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 | €1,938,825 | €1,999,290 | +€60,465 | +3.1% |
| Fixed assets | 21/28 | €691,718 | €1,140,114 | +€448,396 | +64.8% |
| Intangible fixed assets | 21 | €14,585 | €8,904 | -€5,681 | -39.0% |
| Tangible fixed assets | 22/27 | €591,648 | €1,045,725 | +€454,077 | +76.7% |
| Land and buildings | 22 | €1,509 | €1,349 | -€160 | -10.6% |
| Plant, machinery and equipment | 23 | €8,041 | €237,292 | +€229,252 | +2851.1% |
| Furniture and vehicles | 24 | €90,567 | €84,988 | -€5,579 | -6.2% |
| Leasing and similar rights | 25 | €337,825 | €716,279 | +€378,454 | +112.0% |
| Other tangible fixed assets | 26 | €6,516 | €5,816 | -€700 | -10.7% |
| Assets under construction and advance payments | 27 | €147,189 | €0 | -€147,189 | -100.0% |
| Financial fixed assets | 28 | €85,485 | €85,485 | = | 0.0% |
| Current assets | 29/58 | €1,247,107 | €859,176 | -€387,931 | -31.1% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €517,983 | €297,932 | -€220,051 | -42.5% |
| Trade receivables | 40 | €383,507 | €222,794 | -€160,714 | -41.9% |
| Other amounts receivable | 41 | €134,475 | €75,138 | -€59,337 | -44.1% |
| Cash at bank and in hand | 54/58 | €691,726 | €549,104 | -€142,622 | -20.6% |
| Deferred charges and accrued income | 490/1 | €37,398 | €12,140 | -€25,258 | -67.5% |
| Total equity and liabilities | 10/49 | €1,938,825 | €1,999,290 | +€60,465 | +3.1% |
| Equity | 10/15 | €1,386,751 | €980,120 | -€406,631 | -29.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €1,290,939 | €909,175 | -€381,764 | -29.6% |
| Tax-exempt reserves | 132 | €332,590 | €332,590 | = | 0.0% |
| Distributable reserves | 133 | €958,349 | €576,585 | -€381,764 | -39.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Investment grants | 15 | €90,812 | €65,945 | -€24,868 | -27.4% |
| Provisions and deferred taxes | 16 | - | €21,982 | +€21,982 | |
| Deferred taxes | 168 | - | €21,982 | +€21,982 | |
| Amounts payable | 17/49 | €552,074 | €997,189 | +€445,115 | +80.6% |
| Amounts payable after more than one year | 17 | €240,264 | €650,766 | +€410,502 | +170.9% |
| Financial debts | 170/4 | €240,264 | €650,766 | +€410,502 | +170.9% |
| Amounts payable within one year | 42/48 | €311,402 | €344,996 | +€33,594 | +10.8% |
| Current portion of amounts payable after more than one year | 42 | €108,422 | €158,702 | +€50,280 | +46.4% |
| Trade debts | 44 | €94,993 | €85,873 | -€9,120 | -9.6% |
| Suppliers | 440/4 | €94,993 | €85,873 | -€9,120 | -9.6% |
| Taxes, remuneration and social security | 45 | €106,221 | €96,165 | -€10,056 | -9.5% |
| Taxes | 450/3 | €31,621 | €14,450 | -€17,171 | -54.3% |
| Remuneration and social security | 454/9 | €74,600 | €81,715 | +€7,115 | +9.5% |
| Other amounts payable | 47/48 | €1,766 | €4,257 | +€2,491 | +141.0% |
| Accrued charges and deferred income | 492/3 | €408 | €1,426 | +€1,018 | +249.7% |
| Non-recurring operating income | 76A | €0 | €4,410 | +€4,410 | |
| Remuneration, social security and pensions | 62 | €1,217,088 | €1,233,607 | +€16,519 | +1.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €152,718 | €210,912 | +€58,194 | +38.1% |
| Other operating charges | 640/8 | €26,807 | €29,059 | +€2,252 | +8.4% |
| Non-recurring operating charges | 66A | €3,898 | €0 | -€3,898 | -100.0% |
| Gross operating margin | 9900 | €1,906,175 | €1,745,593 | -€160,582 | -8.4% |
| Operating profit (loss) | 9901 | €505,664 | €272,015 | -€233,649 | -46.2% |
| Financial income | 75/76B | €6,631 | €12,593 | +€5,962 | +89.9% |
| Recurring financial income | 75 | €6,631 | €12,593 | +€5,962 | +89.9% |
| Financial charges | 65/66B | €16,725 | €36,752 | +€20,027 | +119.7% |
| Recurring financial charges | 65 | €16,725 | €36,752 | +€20,027 | +119.7% |
| Profit (loss) for the period before taxes | 9903 | €495,571 | €247,856 | -€247,714 | -50.0% |
| Transfer from deferred taxes | 780 | - | €722 | +€722 | |
| Income taxes | 67/77 | €110,419 | €25,300 | -€85,119 | -77.1% |
| Profit (loss) for the period | 9904 | €385,151 | €223,277 | -€161,874 | -42.0% |
| Transfer to tax-exempt reserves | 689 | €206,290 | €0 | -€206,290 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €178,861 | €223,277 | +€44,416 | +24.8% |
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 11 October 2026 via checked.be.