TUC RAIL: what changed
What changed
TUC RAIL
NACE 71.121, Engineering and related technical consultancy, excluding land surveyors
filed annual accounts (NBB)
Net result for the year
-€2.2m
2024 · €1.1m-€3.3m
Equity
€24.9m
2024 · -+€24.9m
Cash
€13.3m
2024 · €2.2m+€11.0m
Balance sheet total
€124.1m
2024 · €128.9m-€4.8m
Largest movements
Assets
- Cash +€11.0m
up €11.0m (+490%), from €2.2m to €13.3m
mainly Receivables within one year (+€7.7m) and Stocks and contracts (+€4.8m)
- Receivables within one year -€7.7m
down €7.7m (-12.8%), from €60.3m to €52.6m
of which Other amounts receivable: -€7.2m
- Stocks and contracts -€4.8m
down €4.8m (-8.7%), from €55.8m to €51.0m
- Deferred charges and accrued income -€1.7m
down €1.7m (-58.9%), from €2.9m to €1.2m
- Tangible fixed assets -€1.4m
down €1.4m (-23.0%), from €6.3m to €4.9m
Equity and liabilities
- Total equity and liabilities -€4.8m
down €4.8m (-3.7%), from €128.9m to €124.1m
of which Debts: -€2.6m
Income statement
- Services and other goods -€9.1m
down €9.1m (-8.2%), from €110.6m to €101.6m
- Financial charges +€4.3m
up €4.3m (+665%), from €646,375 to €4.9m
of which Financial charges: +€2.3m
- Staff costs +€2.8m
up €2.8m (+3.7%), from €75.1m to €77.9m
- Turnover -€2.4m
down €2.4m (-1.3%), from €184.5m to €182.1m
- Other operating income +€2.2m
up €2.2m (+35.8%), from €6.1m to €8.2m
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€1.1m
Turnover
-€2.4m
Other operating income
+€2.2m
Services and other goods
+€9.1m
Staff costs
-€2.8m
Depreciation
-€18,546
Write-downs
-€313,362
Provisions
+€6,604
Other operating charges
+€879,841
Other operating items
-€6.9m
Financial income
+€250,124
Financial charges
-€4.3m
Other financial items
-€185,009
Taxes
+€1.2m
Result 2025
-€2.2m
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€9.4m
Investment
-€621,620
Financing
+€2.2m
Cash 2024
€2.2m
From operations (derived)
+€9.4m
Net result for the year
-€2.2m
Depreciation
+€2.2m
Stocks and contracts
+€4.8m
Receivables within one year
+€7.7m
Deferred charges and accrued income
+€1.7m
Total equity and liabilities
-€4.8m
Investment (derived)
-€621,620
Investment in fixed assets (net)
-€621,620
Current investments
-€0
Financing
+€2.2m
Contributions, distributions and other
+€2.2m
Cash 2025
€13.3m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €128,876,843 | €124,053,782 | -€4.8m | -3.7% |
| Fixed assets | 21/28 | €7,647,288 | €6,032,192 | -€1.6m | -21.1% |
| Intangible fixed assets | 21 | €1,344,338 | €1,177,903 | -€166,435 | -12.4% |
| Tangible fixed assets | 22/27 | €6,302,950 | €4,854,289 | -€1.4m | -23.0% |
| Plant, machinery and equipment | 23 | €212,370 | €159,262 | -€53,108 | -25.0% |
| Furniture and vehicles | 24 | €2,893,938 | €2,539,966 | -€353,972 | -12.2% |
| Leasing and similar rights | 25 | €427,283 | €0 | -€427,283 | -100% |
| Other tangible fixed assets | 26 | €2,769,359 | €2,155,061 | -€614,298 | -22.2% |
| Current assets | 29/58 | €121,229,556 | €118,021,590 | -€3.2m | -2.6% |
| Stocks and contracts in progress | 3 | €55,837,592 | €50,993,390 | -€4.8m | -8.7% |
| Contracts in progress | 37 | €55,837,592 | €50,993,390 | -€4.8m | -8.7% |
| Amounts receivable within one year | 40/41 | €60,253,530 | €52,560,097 | -€7.7m | -12.8% |
| Trade receivables | 40 | €52,200,416 | €51,713,673 | -€486,743 | -0.9% |
| Other amounts receivable | 41 | €8,053,114 | €846,424 | -€7.2m | -89.5% |
| Current investments | 50/53 | €16,070 | €16,070 | +€0 | 0.0% |
| Own shares | 50 | - | €0 | = | |
| Other investments | 51/53 | €16,070 | €16,070 | +€0 | 0.0% |
| Cash at bank and in hand | 54/58 | €2,247,122 | €13,269,163 | +€11.0m | +490% |
| Deferred charges and accrued income | 490/1 | €2,875,241 | €1,182,869 | -€1.7m | -58.9% |
| Total equity and liabilities | 10/49 | €128,876,843 | €124,053,782 | -€4.8m | -3.7% |
| Equity | 10/15 | - | €24,876,841 | +€24.9m | |
| Contributions | 10/11 | €17,968,229 | €17,968,229 | +€0 | 0.0% |
| Capital | 10 | €13,240,878 | €13,240,878 | -€0 | 0.0% |
| Issued capital | 100 | €13,240,878 | €13,240,878 | -€0 | 0.0% |
| Uncalled capital | 101 | - | €0 | = | |
| Contributions outside capital | 11 | €4,727,352 | €4,727,352 | -€0 | 0.0% |
| Share premium | 1100/10 | €4,727,352 | €4,727,352 | -€0 | 0.0% |
| Other | 1109/19 | - | €0 | = | |
| Revaluation surpluses | 12 | - | €0 | = | |
| Reserves | 13 | €2,378,730 | €2,378,730 | +€0 | 0.0% |
| Non-distributable reserves | 130/1 | €1,324,088 | €1,324,088 | -€0 | 0.0% |
| Legal reserve | 130 | €1,324,088 | €1,324,088 | -€0 | 0.0% |
| Reserves not available under the articles | 1311 | - | €0 | = | |
| Own shares acquired | 1312 | - | €0 | = | |
| Financial assistance | 1313 | - | €0 | = | |
| Other | 1319 | - | €0 | = | |
| Tax-exempt reserves | 132 | - | €0 | = | |
| Distributable reserves | 133 | €1,054,642 | €1,054,642 | +€0 | 0.0% |
| Profit (loss) carried forward | 14 | €6,758,020 | €4,529,881 | -€2.2m | -33.0% |
| Investment grants | 15 | - | €0 | = | |
| Advance to shareholders on the distribution of net assets | 19 | - | €0 | = | |
| Provisions and deferred taxes | 16 | - | €1,036,226 | +€1.0m | |
| Provisions for liabilities and charges | 160/5 | €996,891 | €1,036,226 | +€39,335 | +3.9% |
| Pensions and similar obligations | 160 | €259,141 | €312,224 | +€53,083 | +20.5% |
| Taxes | 161 | - | €0 | = | |
| Major repairs and maintenance | 162 | - | €0 | = | |
| Environmental obligations | 163 | - | €0 | = | |
| Other liabilities and charges | 164/5 | €737,749 | €724,002 | -€13,747 | -1.9% |
| Deferred taxes | 168 | - | €0 | = | |
| Amounts payable | 17/49 | €100,774,972 | €98,140,715 | -€2.6m | -2.6% |
| Amounts payable after more than one year | 17 | €13,305,413 | €17,449,369 | +€4.1m | +31.1% |
| Financial debts | 170/4 | - | €0 | = | |
| Subordinated loans | 170 | - | €0 | = | |
| Unsubordinated bonds | 171 | - | €0 | = | |
| Leasing and similar obligations | 172 | - | €0 | = | |
| Credit institutions | 173 | - | €0 | = | |
| Other loans | 174 | - | €0 | = | |
| Trade debts | 175 | - | €0 | = | |
| Suppliers | 1750 | - | €0 | = | |
| Bills of exchange payable | 1751 | - | €0 | = | |
| Advances received on contracts in progress | 176 | €13,305,413 | €17,449,369 | +€4.1m | +31.1% |
| Other amounts payable | 178/9 | - | €0 | = | |
| Amounts payable within one year | 42/48 | €87,285,202 | €80,495,549 | -€6.8m | -7.8% |
| Current portion of amounts payable after more than one year | 42 | €40,682,943 | €31,569,381 | -€9.1m | -22.4% |
| Financial debts | 43 | - | €0 | = | |
| Credit institutions | 430/8 | - | €0 | = | |
| Other loans | 439 | - | €0 | = | |
| Trade debts | 44 | €23,904,572 | €23,322,644 | -€581,928 | -2.4% |
| Suppliers | 440/4 | €23,904,572 | €23,322,644 | -€581,928 | -2.4% |
| Bills of exchange payable | 441 | - | €0 | = | |
| Advances received on contracts in progress | 46 | €3,632,605 | €3,254,918 | -€377,687 | -10.4% |
| Taxes, remuneration and social security | 45 | €19,065,082 | €22,346,428 | +€3.3m | +17.2% |
| Taxes | 450/3 | €4,045,800 | €4,278,924 | +€233,124 | +5.8% |
| Remuneration and social security | 454/9 | €15,019,282 | €18,067,504 | +€3.0m | +20.3% |
| Other amounts payable | 47/48 | - | €2,178 | +€2,178 | |
| Accrued charges and deferred income | 492/3 | €184,358 | €195,797 | +€11,439 | +6.2% |
| Operating income | 70/76A | €191,290,110 | €184,131,158 | -€7.2m | -3.7% |
| Turnover | 70 | €184,493,746 | €182,065,313 | -€2.4m | -1.3% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €737,904 | -€6,162,466 | -€6.9m | |
| Other operating income | 74 | €6,058,460 | €8,228,311 | +€2.2m | +35.8% |
| Operating charges | 60/66A | €188,003,990 | €181,180,749 | -€6.8m | -3.6% |
| Services and other goods | 61 | €110,630,004 | €101,576,771 | -€9.1m | -8.2% |
| Remuneration, social security and pensions | 62 | €75,103,032 | €77,887,562 | +€2.8m | +3.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,218,170 | €2,236,716 | +€18,546 | +0.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€1,631,626 | -€1,318,264 | +€313,362 | +19.2% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €45,940 | €39,336 | -€6,604 | -14.4% |
| Other operating charges | 640/8 | €1,638,470 | €758,629 | -€879,841 | -53.7% |
| Operating profit (loss) | 9901 | €3,286,119 | €2,950,409 | -€335,710 | -10.2% |
| Financial income | 75/76B | - | €250,124 | +€250,124 | |
| Recurring financial income | 75 | €185,009 | €250,124 | +€65,115 | +35.2% |
| Income from financial fixed assets | 750 | €3,467 | €3,454 | -€14 | -0.4% |
| Other financial income | 752/9 | €181,542 | €246,671 | +€65,129 | +35.9% |
| Financial charges | 65/66B | €646,375 | €4,943,644 | +€4.3m | +665% |
| Recurring financial charges | 65 | €646,375 | €2,943,644 | +€2.3m | +355% |
| Debt charges | 650 | €95,910 | €31,816 | -€64,094 | -66.8% |
| Other financial charges | 652/9 | €550,465 | €2,911,828 | +€2.4m | +429% |
| Non-recurring financial charges | 66B | - | €2,000,000 | +€2.0m | |
| Profit (loss) for the period before taxes | 9903 | €2,824,753 | -€1,743,111 | -€4.6m | |
| Income taxes | 67/77 | €1,711,512 | €485,028 | -€1.2m | -71.7% |
| Taxes | 670/3 | €1,711,512 | €485,028 | -€1.2m | -71.7% |
| Profit (loss) for the period | 9904 | €1,113,241 | -€2,228,139 | -€3.3m | |
| Profit (loss) for the period to be appropriated | 9905 | €1,113,241 | -€2,228,139 | -€3.3m |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.