TRAVAPAC: 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.
TRAVAPAC
Largest movements
- Tangible fixed assets -€119,110
down €119,110 (-8.0%), from €1.5m to €1.4m
of which Leasing and similar rights: -€163,445
- Cash +€61,687
up €61,687 (+34.0%), from €181,380 to €243,067
mainly Depreciation (+€384,287) and Current portion of long-term debt (+€103,831)
- Receivables within one year +€45,723
up €45,723 (+3.3%), from €1.4m to €1.4m
of which Trade receivables: +€52,170
- Debts after one year -€230,019
down €230,019 (-20.3%), from €1.1m to €900,672
- Current portion of long-term debt +€103,831
up €103,831 (+45.0%), from €230,793 to €334,624
- Other debts +€76,185
up €76,185 (+29.1%), from €262,048 to €338,233
- Profit (loss) carried forward +€42,210
up €42,210 (+5.6%), from €751,880 to €794,090
- Trade debts +€31,537
up €31,537 (+6.1%), from €519,829 to €551,366
- Staff costs -€118,069
down €118,069 (-11.1%), from €1.1m to €944,347
- Financial charges +€63,380
up €63,380 (+39.8%), from €159,338 to €222,718
- Gross operating margin -€46,049
down €46,049 (-2.7%), from €1.7m to €1.7m
- Financial income -€30,374
down €30,374 (-89.9%), from €33,784 to €3,410
- Depreciation -€24,816
down €24,816 (-6.1%), from €409,103 to €384,287
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 | €3,103,469 | €3,122,549 | +€19,080 | +0.6% |
| Fixed assets | 21/28 | €1,483,754 | €1,364,644 | -€119,110 | -8.0% |
| Tangible fixed assets | 22/27 | €1,483,234 | €1,364,124 | -€119,110 | -8.0% |
| Land and buildings | 22 | €473,097 | €442,694 | -€30,403 | -6.4% |
| Plant, machinery and equipment | 23 | €180,771 | €177,709 | -€3,062 | -1.7% |
| Furniture and vehicles | 24 | €351,911 | €429,711 | +€77,800 | +22.1% |
| Leasing and similar rights | 25 | €477,455 | €314,010 | -€163,445 | -34.2% |
| Financial fixed assets | 28 | €520 | €520 | = | 0.0% |
| Current assets | 29/58 | €1,619,715 | €1,757,905 | +€138,190 | +8.5% |
| Stocks and contracts in progress | 3 | €51,482 | €51,520 | +€38 | +0.1% |
| Stocks | 30/36 | €51,482 | €51,520 | +€38 | +0.1% |
| Amounts receivable within one year | 40/41 | €1,386,853 | €1,432,576 | +€45,723 | +3.3% |
| Trade receivables | 40 | €1,361,139 | €1,413,309 | +€52,170 | +3.8% |
| Other amounts receivable | 41 | €25,714 | €19,267 | -€6,447 | -25.1% |
| Cash at bank and in hand | 54/58 | €181,380 | €243,067 | +€61,687 | +34.0% |
| Deferred charges and accrued income | 490/1 | - | €30,742 | +€30,742 | |
| Total equity and liabilities | 10/49 | €3,103,469 | €3,122,549 | +€19,080 | +0.6% |
| Equity | 10/15 | €813,022 | €852,697 | +€39,675 | +4.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €751,880 | €794,090 | +€42,210 | +5.6% |
| Investment grants | 15 | €40,682 | €38,147 | -€2,535 | -6.2% |
| Amounts payable | 17/49 | €2,290,447 | €2,269,852 | -€20,595 | -0.9% |
| Amounts payable after more than one year | 17 | €1,130,691 | €900,672 | -€230,019 | -20.3% |
| Financial debts | 170/4 | €1,130,691 | €900,672 | -€230,019 | -20.3% |
| Amounts payable within one year | 42/48 | €1,159,756 | €1,369,180 | +€209,424 | +18.1% |
| Current portion of amounts payable after more than one year | 42 | €230,793 | €334,624 | +€103,831 | +45.0% |
| Financial debts | 43 | €100,000 | €100,000 | = | 0.0% |
| Other loans | 439 | €100,000 | €100,000 | = | 0.0% |
| Trade debts | 44 | €519,829 | €551,366 | +€31,537 | +6.1% |
| Suppliers | 440/4 | €519,829 | €551,366 | +€31,537 | +6.1% |
| Advances received on contracts in progress | 46 | €7,500 | €7,500 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €39,586 | €37,457 | -€2,129 | -5.4% |
| Taxes | 450/3 | €19,858 | €14,235 | -€5,623 | -28.3% |
| Remuneration and social security | 454/9 | €19,728 | €23,222 | +€3,494 | +17.7% |
| Other amounts payable | 47/48 | €262,048 | €338,233 | +€76,185 | +29.1% |
| Non-recurring operating income | 76A | €119,723 | €26,419 | -€93,304 | -77.9% |
| Remuneration, social security and pensions | 62 | €1,062,416 | €944,347 | -€118,069 | -11.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €409,103 | €384,287 | -€24,816 | -6.1% |
| Other operating charges | 640/8 | €68,771 | €49,496 | -€19,275 | -28.0% |
| Non-recurring operating charges | 66A | - | €11,571 | +€11,571 | |
| Gross operating margin | 9900 | €1,706,881 | €1,660,832 | -€46,049 | -2.7% |
| Operating profit (loss) | 9901 | €166,591 | €271,131 | +€104,540 | +62.8% |
| Financial income | 75/76B | €33,784 | €3,410 | -€30,374 | -89.9% |
| Recurring financial income | 75 | €33,784 | €3,410 | -€30,374 | -89.9% |
| Financial charges | 65/66B | €159,338 | €222,718 | +€63,380 | +39.8% |
| Recurring financial charges | 65 | €159,338 | €222,718 | +€63,380 | +39.8% |
| Profit (loss) for the period before taxes | 9903 | €41,037 | €51,823 | +€10,786 | +26.3% |
| Transfer from deferred taxes | 780 | €3,014 | - | -€3,014 | |
| Income taxes | 67/77 | €967 | €9,613 | +€8,646 | +894.1% |
| Profit (loss) for the period | 9904 | €43,084 | €42,210 | -€874 | -2.0% |
| Transfer from tax-exempt reserves | 789 | €12,057 | - | -€12,057 | |
| Profit (loss) for the period to be appropriated | 9905 | €55,141 | €42,210 | -€12,931 | -23.5% |
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 8 October 2026 via checked.be.