TRAVECO: 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.
TRAVECO
Largest movements
- Current investments -€400,000
no longer reported in 2025 (was €400,000)
- Cash +€380,489
up €380,489 (+520%), from €73,199 to €453,688
mainly Current investments (+€400,000) and Depreciation (+€38,112)
- Receivables within one year +€39,178
up €39,178 (+1,509%), from €2,596 to €41,774
of which Trade receivables: +€39,790
- Tangible fixed assets -€38,112
down €38,112 (-1.6%), from €2.4m to €2.3m
of which Land and buildings: -€25,811
No liability line moved by more than 1% of the balance sheet total.
- Gross operating margin -€139,018
down €139,018 (-85.0%), from €163,476 to €24,458
- Financial income +€8,840
up €8,840 (+692%), from €1,278 to €10,118
- Other operating charges -€8,424
down €8,424 (-48.2%), from €17,474 to €9,051
- Financial charges +€3,778
up €3,778 (+10,073%), from €38 to €3,815
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 | €2,866,549 | €2,851,092 | -€15,457 | -0.5% |
| Fixed assets | 21/28 | €2,388,845 | €2,353,252 | -€35,593 | -1.5% |
| Tangible fixed assets | 22/27 | €2,365,878 | €2,327,765 | -€38,112 | -1.6% |
| Land and buildings | 22 | €2,330,174 | €2,304,363 | -€25,811 | -1.1% |
| Plant, machinery and equipment | 23 | €2,315 | €1,673 | -€642 | -27.7% |
| Furniture and vehicles | 24 | €33,388 | €21,729 | -€11,659 | -34.9% |
| Financial fixed assets | 28 | €22,967 | €25,487 | +€2,519 | +11.0% |
| Current assets | 29/58 | €477,704 | €497,840 | +€20,136 | +4.2% |
| Amounts receivable within one year | 40/41 | €2,596 | €41,774 | +€39,178 | +1,509% |
| Trade receivables | 40 | €1,481 | €41,272 | +€39,790 | +2,686% |
| Other amounts receivable | 41 | €1,115 | €503 | -€612 | -54.9% |
| Current investments | 50/53 | €400,000 | - | -€400,000 | |
| Cash at bank and in hand | 54/58 | €73,199 | €453,688 | +€380,489 | +520% |
| Deferred charges and accrued income | 490/1 | €1,908 | €2,378 | +€470 | +24.6% |
| Total equity and liabilities | 10/49 | €2,866,549 | €2,851,092 | -€15,457 | -0.5% |
| Equity | 10/15 | €1,810,392 | €1,794,602 | -€15,790 | -0.9% |
| Contributions | 10/11 | €1,284,000 | €1,284,000 | = | 0.0% |
| Capital | 10 | €189,000 | €1,284,000 | +€1.1m | +579% |
| Issued capital | 100 | €189,000 | €1,284,000 | +€1.1m | +579% |
| Contributions outside capital | 11 | €1,095,000 | - | -€1.1m | |
| Share premium | 1100/10 | €1,095,000 | - | -€1.1m | |
| Reserves | 13 | €415,254 | €414,066 | -€1,188 | -0.3% |
| Non-distributable reserves | 130/1 | €81,662 | €81,662 | = | 0.0% |
| Legal reserve | 130 | €81,662 | €81,662 | = | 0.0% |
| Tax-exempt reserves | 132 | €40,471 | €39,283 | -€1,188 | -2.9% |
| Distributable reserves | 133 | €293,121 | €293,121 | = | 0.0% |
| Profit (loss) carried forward | 14 | €111,138 | €96,536 | -€14,602 | -13.1% |
| Provisions and deferred taxes | 16 | €11,829 | €11,217 | -€612 | -5.2% |
| Deferred taxes | 168 | €11,829 | €11,217 | -€612 | -5.2% |
| Amounts payable | 17/49 | €1,044,328 | €1,045,274 | +€945 | +0.1% |
| Amounts payable within one year | 42/48 | €1,044,328 | €1,045,274 | +€945 | +0.1% |
| Trade debts | 44 | €2,409 | - | -€2,409 | |
| Suppliers | 440/4 | €2,409 | - | -€2,409 | |
| Taxes, remuneration and social security | 45 | - | €986 | +€986 | |
| Taxes | 450/3 | - | €986 | +€986 | |
| Other amounts payable | 47/48 | €1,041,920 | €1,044,287 | +€2,368 | +0.2% |
| Non-recurring operating income | 76A | €168,472 | €17,000 | -€151,472 | -89.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,905 | €38,112 | +€208 | +0.5% |
| Other operating charges | 640/8 | €17,474 | €9,051 | -€8,424 | -48.2% |
| Gross operating margin | 9900 | €163,476 | €24,458 | -€139,018 | -85.0% |
| Operating profit (loss) | 9901 | €108,097 | -€22,705 | -€130,802 | |
| Financial income | 75/76B | €1,278 | €10,118 | +€8,840 | +692% |
| Recurring financial income | 75 | €1,278 | €10,118 | +€8,840 | +692% |
| Financial charges | 65/66B | €38 | €3,815 | +€3,778 | +10,073% |
| Recurring financial charges | 65 | €38 | €3,815 | +€3,778 | +10,073% |
| Profit (loss) for the period before taxes | 9903 | €109,338 | -€16,402 | -€125,740 | |
| Transfer from deferred taxes | 780 | €612 | €612 | = | 0.0% |
| Profit (loss) for the period | 9904 | €109,950 | -€15,790 | -€125,740 | |
| Transfer from tax-exempt reserves | 789 | €1,188 | €1,188 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €111,138 | -€14,602 | -€125,740 |
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 1 November 2026 via checked.be.