TRAVO GROUP: 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.
TRAVO GROUP
Largest movements
- Tangible fixed assets -€50,119
down €50,119 (-78.9%), from €63,526 to €13,407
of which Furniture and vehicles: -€50,537
- Receivables within one year +€23,673
up €23,673 (+26.4%), from €89,529 to €113,202
of which Trade receivables: +€38,768
- Cash +€11,622
up €11,622 (+659%), from €1,764 to €13,386
mainly Investment in fixed assets (net) (+€39,722) and Contributions, distributions and other (+€26,843)
- Profit (loss) carried forward +€30,657
no longer reported in 2025 (was -€30,657)
- Other debts -€29,821
down €29,821 (-67.8%), from €44,003 to €14,182
- Debts after one year -€10,552
down €10,552 (-27.1%), from €38,987 to €28,436
- Reserves -€6,000
down €6,000 (-9.5%), from €63,328 to €57,328
- Trade debts +€4,329
up €4,329 (+37.2%), from €11,628 to €15,957
- Gross operating margin +€34,654
up €34,654 (+34.3%), from €100,919 to €135,573
- Staff costs +€13,686
up €13,686 (+14.1%), from €97,236 to €110,922
- Depreciation -€4,016
down €4,016 (-26.4%), from €15,237 to €11,221
- Financial charges +€2,149
up €2,149 (+70.4%), from €3,052 to €5,200
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 | €163,913 | €147,196 | -€16,717 | -10.2% |
| Fixed assets | 21/28 | €68,827 | €17,884 | -€50,943 | -74.0% |
| Intangible fixed assets | 21 | €2,901 | €2,077 | -€824 | -28.4% |
| Tangible fixed assets | 22/27 | €63,526 | €13,407 | -€50,119 | -78.9% |
| Plant, machinery and equipment | 23 | €1,568 | €3,443 | +€1,875 | +120% |
| Furniture and vehicles | 24 | €55,864 | €5,327 | -€50,537 | -90.5% |
| Other tangible fixed assets | 26 | €6,093 | €4,637 | -€1,457 | -23.9% |
| Financial fixed assets | 28 | €2,400 | €2,400 | = | 0.0% |
| Current assets | 29/58 | €95,086 | €129,311 | +€34,225 | +36.0% |
| Amounts receivable within one year | 40/41 | €89,529 | €113,202 | +€23,673 | +26.4% |
| Trade receivables | 40 | €74,041 | €112,809 | +€38,768 | +52.4% |
| Other amounts receivable | 41 | €15,489 | €393 | -€15,095 | -97.5% |
| Current investments | 50/53 | €51 | €40 | -€11 | -21.1% |
| Cash at bank and in hand | 54/58 | €1,764 | €13,386 | +€11,622 | +659% |
| Deferred charges and accrued income | 490/1 | €3,741 | €2,683 | -€1,058 | -28.3% |
| Total equity and liabilities | 10/49 | €163,913 | €147,196 | -€16,717 | -10.2% |
| Equity | 10/15 | €42,671 | €67,328 | +€24,657 | +57.8% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €63,328 | €57,328 | -€6,000 | -9.5% |
| Distributable reserves | 133 | €63,328 | €57,328 | -€6,000 | -9.5% |
| Profit (loss) carried forward | 14 | -€30,657 | - | +€30,657 | |
| Amounts payable | 17/49 | €121,242 | €79,867 | -€41,375 | -34.1% |
| Amounts payable after more than one year | 17 | €38,987 | €28,436 | -€10,552 | -27.1% |
| Financial debts | 170/4 | €38,987 | €28,436 | -€10,552 | -27.1% |
| Amounts payable within one year | 42/48 | €82,255 | €51,432 | -€30,823 | -37.5% |
| Current portion of amounts payable after more than one year | 42 | €14,261 | €10,552 | -€3,710 | -26.0% |
| Financial debts | 43 | €1,460 | €24 | -€1,436 | -98.4% |
| Credit institutions | 430/8 | €1,460 | €24 | -€1,436 | -98.4% |
| Trade debts | 44 | €11,628 | €15,957 | +€4,329 | +37.2% |
| Suppliers | 440/4 | €11,628 | €15,957 | +€4,329 | +37.2% |
| Taxes, remuneration and social security | 45 | €10,902 | €10,717 | -€185 | -1.7% |
| Taxes | 450/3 | €366 | €1,046 | +€679 | +186% |
| Remuneration and social security | 454/9 | €10,536 | €9,671 | -€865 | -8.2% |
| Other amounts payable | 47/48 | €44,003 | €14,182 | -€29,821 | -67.8% |
| Remuneration, social security and pensions | 62 | €97,236 | €110,922 | +€13,686 | +14.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,237 | €11,221 | -€4,016 | -26.4% |
| Other operating charges | 640/8 | €2,278 | €2,352 | +€74 | +3.2% |
| Non-recurring operating charges | 66A | €1,327 | €7,778 | +€6,450 | +486% |
| Gross operating margin | 9900 | €100,919 | €135,573 | +€34,654 | +34.3% |
| Operating profit (loss) | 9901 | -€15,159 | €3,300 | +€18,459 | |
| Financial income | 75/76B | €2 | €2 | +€0 | +8.0% |
| Recurring financial income | 75 | €2 | €2 | +€0 | +8.0% |
| Financial charges | 65/66B | €3,052 | €5,200 | +€2,149 | +70.4% |
| Recurring financial charges | 65 | €3,052 | €5,200 | +€2,149 | +70.4% |
| Profit (loss) for the period before taxes | 9903 | -€18,209 | -€1,899 | +€16,311 | +89.6% |
| Income taxes | 67/77 | €302 | €287 | -€15 | -4.9% |
| Profit (loss) for the period | 9904 | -€18,511 | -€2,186 | +€16,326 | +88.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€18,511 | -€2,186 | +€16,326 | +88.2% |
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 27 October 2026 via checked.be.