TRAVO: 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.
TRAVO
Largest movements
- Tangible fixed assets +€117,982
up €117,982 (+42.1%), from €280,367 to €398,349
of which Leasing and similar rights: +€105,102
- Cash -€43,636
down €43,636 (-50.9%), from €85,648 to €42,012
mainly Investment in fixed assets (net) (-€243,179) and Trade debts (-€107,658)
- Receivables within one year +€23,353
up €23,353 (+6.3%), from €372,727 to €396,079
of which Trade receivables: +€27,486
- Trade debts -€107,658
down €107,658 (-53.0%), from €203,053 to €95,395
- Reserves +€77,193
up €77,193 (+29.0%), from €266,308 to €343,501
- Debts after one year +€59,560
up €59,560 (+49.4%), from €120,657 to €180,217
- Tax, wage and social debts +€42,286
up €42,286 (+98.5%), from €42,912 to €85,198
of which Taxes: +€42,576
- Current portion of long-term debt +€29,892
up €29,892 (+31.0%), from €96,316 to €126,208
- Gross operating margin +€32,681
up €32,681 (+5.5%), from €596,882 to €629,563
- Staff costs +€13,485
up €13,485 (+3.6%), from €370,416 to €383,901
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 | €770,447 | €871,720 | +€101,273 | +13.1% |
| Fixed assets | 21/28 | €310,647 | €433,629 | +€122,982 | +39.6% |
| Tangible fixed assets | 22/27 | €280,367 | €398,349 | +€117,982 | +42.1% |
| Plant, machinery and equipment | 23 | €39,293 | €39,938 | +€645 | +1.6% |
| Furniture and vehicles | 24 | €8,782 | €21,017 | +€12,234 | +139.3% |
| Leasing and similar rights | 25 | €232,291 | €337,394 | +€105,102 | +45.2% |
| Financial fixed assets | 28 | €30,280 | €35,280 | +€5,000 | +16.5% |
| Current assets | 29/58 | €459,800 | €438,092 | -€21,709 | -4.7% |
| Amounts receivable within one year | 40/41 | €372,727 | €396,079 | +€23,353 | +6.3% |
| Trade receivables | 40 | €349,474 | €376,960 | +€27,486 | +7.9% |
| Other amounts receivable | 41 | €23,253 | €19,119 | -€4,134 | -17.8% |
| Cash at bank and in hand | 54/58 | €85,648 | €42,012 | -€43,636 | -50.9% |
| Deferred charges and accrued income | 490/1 | €1,425 | - | -€1,425 | |
| Total equity and liabilities | 10/49 | €770,447 | €871,720 | +€101,273 | +13.1% |
| Equity | 10/15 | €272,508 | €349,701 | +€77,193 | +28.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €266,308 | €343,501 | +€77,193 | +29.0% |
| Distributable reserves | 133 | €266,308 | €343,501 | +€77,193 | +29.0% |
| Amounts payable | 17/49 | €497,939 | €522,019 | +€24,080 | +4.8% |
| Amounts payable after more than one year | 17 | €120,657 | €180,217 | +€59,560 | +49.4% |
| Financial debts | 170/4 | €120,657 | €180,217 | +€59,560 | +49.4% |
| Amounts payable within one year | 42/48 | €377,281 | €341,802 | -€35,480 | -9.4% |
| Current portion of amounts payable after more than one year | 42 | €96,316 | €126,208 | +€29,892 | +31.0% |
| Financial debts | 43 | €35,000 | €35,000 | = | 0.0% |
| Credit institutions | 430/8 | €35,000 | €35,000 | = | 0.0% |
| Trade debts | 44 | €203,053 | €95,395 | -€107,658 | -53.0% |
| Suppliers | 440/4 | €203,053 | €95,395 | -€107,658 | -53.0% |
| Taxes, remuneration and social security | 45 | €42,912 | €85,198 | +€42,286 | +98.5% |
| Taxes | 450/3 | €5,785 | €48,361 | +€42,576 | +736.0% |
| Remuneration and social security | 454/9 | €37,127 | €36,837 | -€290 | -0.8% |
| Non-recurring operating income | 76A | - | €15,000 | +€15,000 | |
| Remuneration, social security and pensions | 62 | €370,416 | €383,901 | +€13,485 | +3.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €115,514 | €120,197 | +€4,683 | +4.1% |
| Other operating charges | 640/8 | €2,471 | €1,844 | -€626 | -25.3% |
| Non-recurring operating charges | 66A | €1,253 | - | -€1,253 | |
| Gross operating margin | 9900 | €596,882 | €629,563 | +€32,681 | +5.5% |
| Operating profit (loss) | 9901 | €107,228 | €123,620 | +€16,392 | +15.3% |
| Financial income | 75/76B | €1,871 | €510 | -€1,361 | -72.7% |
| Recurring financial income | 75 | €1,871 | €510 | -€1,361 | -72.7% |
| Financial charges | 65/66B | €13,628 | €14,350 | +€722 | +5.3% |
| Recurring financial charges | 65 | €13,628 | €14,350 | +€722 | +5.3% |
| Profit (loss) for the period before taxes | 9903 | €95,471 | €109,781 | +€14,310 | +15.0% |
| Income taxes | 67/77 | €31,174 | €32,588 | +€1,414 | +4.5% |
| Profit (loss) for the period | 9904 | €64,297 | €77,193 | +€12,896 | +20.1% |
| Profit (loss) for the period to be appropriated | 9905 | €64,297 | €77,193 | +€12,896 | +20.1% |
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 5 October 2026 via checked.be.