TRANSVERDI: 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.
TRANSVERDI
Largest movements
- Tangible fixed assets -€218,850
down €218,850 (-25.9%), from €845,217 to €626,368
of which Furniture and vehicles: -€126,859
- Cash +€71,363
up €71,363 (+39.7%), from €179,537 to €250,900
mainly Depreciation (+€192,981) and Receivables within one year (+€62,361)
- Receivables within one year -€62,361
down €62,361 (-55.1%), from €113,266 to €50,904
of which Trade receivables: -€58,327
- Trade debts -€69,185
down €69,185 (-56.9%), from €121,549 to €52,365
- Debts after one year -€67,626
down €67,626 (-28.4%), from €238,023 to €170,397
- Reserves -€30,400
down €30,400 (-24.9%), from €122,150 to €91,750
of which Tax-exempt reserves: -€30,400
- Profit (loss) carried forward -€19,602
down €19,602 (-8.4%), from €233,429 to €213,828
- Gross operating margin -€158,889
down €158,889 (-43.6%), from €364,749 to €205,860
- Depreciation +€38,315
up €38,315 (+24.8%), from €154,666 to €192,981
- Staff costs -€17,666
down €17,666 (-25.2%), from €69,975 to €52,309
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 | €1,141,953 | €931,342 | -€210,611 | -18.4% |
| Fixed assets | 21/28 | €845,437 | €626,588 | -€218,850 | -25.9% |
| Tangible fixed assets | 22/27 | €845,217 | €626,368 | -€218,850 | -25.9% |
| Land and buildings | 22 | €247,432 | €208,471 | -€38,961 | -15.7% |
| Plant, machinery and equipment | 23 | - | €4,977 | +€4,977 | |
| Furniture and vehicles | 24 | €350,817 | €223,957 | -€126,859 | -36.2% |
| Leasing and similar rights | 25 | €246,968 | €188,962 | -€58,007 | -23.5% |
| Financial fixed assets | 28 | €220 | €220 | = | 0.0% |
| Current assets | 29/58 | €296,516 | €304,755 | +€8,239 | +2.8% |
| Amounts receivable within one year | 40/41 | €113,266 | €50,904 | -€62,361 | -55.1% |
| Trade receivables | 40 | €109,231 | €50,904 | -€58,327 | -53.4% |
| Other amounts receivable | 41 | €4,035 | - | -€4,035 | |
| Cash at bank and in hand | 54/58 | €179,537 | €250,900 | +€71,363 | +39.7% |
| Deferred charges and accrued income | 490/1 | €3,714 | €2,950 | -€763 | -20.6% |
| Total equity and liabilities | 10/49 | €1,141,953 | €931,342 | -€210,611 | -18.4% |
| Equity | 10/15 | €361,780 | €311,778 | -€50,002 | -13.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €122,150 | €91,750 | -€30,400 | -24.9% |
| Tax-exempt reserves | 132 | €120,290 | €89,890 | -€30,400 | -25.3% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €233,429 | €213,828 | -€19,602 | -8.4% |
| Provisions and deferred taxes | 16 | €30,073 | €22,473 | -€7,600 | -25.3% |
| Deferred taxes | 168 | €30,073 | €22,473 | -€7,600 | -25.3% |
| Amounts payable | 17/49 | €750,101 | €597,092 | -€153,009 | -20.4% |
| Amounts payable after more than one year | 17 | €238,023 | €170,397 | -€67,626 | -28.4% |
| Financial debts | 170/4 | €238,023 | €170,397 | -€67,626 | -28.4% |
| Amounts payable within one year | 42/48 | €504,063 | €420,815 | -€83,248 | -16.5% |
| Current portion of amounts payable after more than one year | 42 | €73,775 | €67,626 | -€6,149 | -8.3% |
| Trade debts | 44 | €121,549 | €52,365 | -€69,185 | -56.9% |
| Suppliers | 440/4 | €121,549 | €52,365 | -€69,185 | -56.9% |
| Taxes, remuneration and social security | 45 | €12,874 | €7,306 | -€5,569 | -43.3% |
| Taxes | 450/3 | €2,229 | €2,950 | +€720 | +32.3% |
| Remuneration and social security | 454/9 | €10,645 | €4,356 | -€6,289 | -59.1% |
| Other amounts payable | 47/48 | €295,865 | €293,519 | -€2,346 | -0.8% |
| Accrued charges and deferred income | 492/3 | €8,014 | €5,879 | -€2,135 | -26.6% |
| Non-recurring operating income | 76A | €127,578 | €22,812 | -€104,767 | -82.1% |
| Remuneration, social security and pensions | 62 | €69,975 | €52,309 | -€17,666 | -25.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €154,666 | €192,981 | +€38,315 | +24.8% |
| Other operating charges | 640/8 | €8,428 | €8,639 | +€210 | +2.5% |
| Gross operating margin | 9900 | €364,749 | €205,860 | -€158,889 | -43.6% |
| Operating profit (loss) | 9901 | €131,680 | -€48,068 | -€179,748 | |
| Financial income | 75/76B | - | €28 | +€28 | |
| Recurring financial income | 75 | - | €28 | +€28 | |
| Financial charges | 65/66B | €8,113 | €9,562 | +€1,449 | +17.9% |
| Recurring financial charges | 65 | €8,113 | €9,562 | +€1,449 | +17.9% |
| Profit (loss) for the period before taxes | 9903 | €123,567 | -€57,602 | -€181,169 | |
| Transfer from deferred taxes | 780 | €4,684 | €7,600 | +€2,916 | +62.2% |
| Transfer to deferred taxes | 680 | €23,000 | - | -€23,000 | |
| Income taxes | 67/77 | €1,140 | - | -€1,140 | |
| Profit (loss) for the period | 9904 | €104,112 | -€50,002 | -€154,113 | |
| Transfer from tax-exempt reserves | 789 | €18,737 | €30,400 | +€11,663 | +62.2% |
| Transfer to tax-exempt reserves | 689 | €92,000 | - | -€92,000 | |
| Profit (loss) for the period to be appropriated | 9905 | €30,848 | -€19,602 | -€50,450 |
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 13 October 2026 via checked.be.