TRANSPORTS T.S.E.: 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.
TRANSPORTS T.S.E.
Largest movements
- Cash +€36,328
up €36,328 (+29.6%), from €122,642 to €158,970
mainly Depreciation (+€112,849) and Net result for the year (+€40,737)
- Tangible fixed assets +€23,330
up €23,330 (+18.4%), from €127,025 to €150,355
of which Leasing and similar rights: +€17,733
- Receivables within one year -€21,719
down €21,719 (-18.5%), from €117,672 to €95,953
of which Trade receivables: -€25,148
- Reserves +€40,737
up €40,737 (+28.1%), from €145,199 to €185,936
- Trade debts -€16,880
down €16,880 (-17.6%), from €95,968 to €79,087
- Debts after one year +€9,251
up €9,251 (+24.8%), from €37,258 to €46,509
- Gross operating margin +€81,570
up €81,570 (+39.9%), from €204,459 to €286,029
- Depreciation +€60,467
up €60,467 (+115%), from €52,382 to €112,849
- Staff costs +€20,975
up €20,975 (+43.2%), from €48,508 to €69,482
- Other operating charges +€5,744
up €5,744 (+12.9%), from €44,438 to €50,182
- Taxes -€4,868
down €4,868 (-33.8%), from €14,418 to €9,550
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €525,439 | €563,777 | +€38,339 | +7.3% |
| Fixed assets | 21/28 | €285,125 | €308,455 | +€23,330 | +8.2% |
| Tangible fixed assets | 22/27 | €127,025 | €150,355 | +€23,330 | +18.4% |
| Land and buildings | 22 | €37,690 | €35,011 | -€2,680 | -7.1% |
| Plant, machinery and equipment | 23 | €2,197 | €1,985 | -€212 | -9.7% |
| Furniture and vehicles | 24 | €775 | €9,263 | +€8,488 | +1,095% |
| Leasing and similar rights | 25 | €86,363 | €104,096 | +€17,733 | +20.5% |
| Financial fixed assets | 28 | €158,100 | €158,100 | = | 0.0% |
| Current assets | 29/58 | €240,314 | €255,322 | +€15,009 | +6.2% |
| Amounts receivable within one year | 40/41 | €117,672 | €95,953 | -€21,719 | -18.5% |
| Trade receivables | 40 | €87,356 | €62,208 | -€25,148 | -28.8% |
| Other amounts receivable | 41 | €30,316 | €33,745 | +€3,429 | +11.3% |
| Cash at bank and in hand | 54/58 | €122,642 | €158,970 | +€36,328 | +29.6% |
| Deferred charges and accrued income | 490/1 | - | €400 | +€400 | |
| Total equity and liabilities | 10/49 | €525,439 | €563,777 | +€38,339 | +7.3% |
| Equity | 10/15 | €151,399 | €192,136 | +€40,737 | +26.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €145,199 | €185,936 | +€40,737 | +28.1% |
| Distributable reserves | 133 | €145,199 | €185,936 | +€40,737 | +28.1% |
| Amounts payable | 17/49 | €374,039 | €371,641 | -€2,398 | -0.6% |
| Amounts payable after more than one year | 17 | €37,258 | €46,509 | +€9,251 | +24.8% |
| Financial debts | 170/4 | €37,258 | €46,509 | +€9,251 | +24.8% |
| Amounts payable within one year | 42/48 | €336,781 | €325,132 | -€11,649 | -3.5% |
| Current portion of amounts payable after more than one year | 42 | €59,480 | €63,512 | +€4,032 | +6.8% |
| Trade debts | 44 | €95,968 | €79,087 | -€16,880 | -17.6% |
| Suppliers | 440/4 | €95,968 | €79,087 | -€16,880 | -17.6% |
| Taxes, remuneration and social security | 45 | €7,063 | €8,263 | +€1,199 | +17.0% |
| Taxes | 450/3 | €2,037 | - | -€2,037 | |
| Remuneration and social security | 454/9 | €5,026 | €8,263 | +€3,236 | +64.4% |
| Other amounts payable | 47/48 | €174,270 | €174,270 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €48,508 | €69,482 | +€20,975 | +43.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,382 | €112,849 | +€60,467 | +115% |
| Other operating charges | 640/8 | €44,438 | €50,182 | +€5,744 | +12.9% |
| Gross operating margin | 9900 | €204,459 | €286,029 | +€81,570 | +39.9% |
| Operating profit (loss) | 9901 | €59,131 | €53,515 | -€5,616 | -9.5% |
| Financial income | 75/76B | €0 | €8 | +€8 | +37,950% |
| Recurring financial income | 75 | €0 | €8 | +€8 | +37,950% |
| Financial charges | 65/66B | €3,999 | €3,236 | -€763 | -19.1% |
| Recurring financial charges | 65 | €3,999 | €3,236 | -€763 | -19.1% |
| Profit (loss) for the period before taxes | 9903 | €55,132 | €50,287 | -€4,846 | -8.8% |
| Income taxes | 67/77 | €14,418 | €9,550 | -€4,868 | -33.8% |
| Profit (loss) for the period | 9904 | €40,715 | €40,737 | +€22 | +0.1% |
| Profit (loss) for the period to be appropriated | 9905 | €40,715 | €40,737 | +€22 | +0.1% |
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 19 October 2026 via checked.be.