WM RAILS: 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.
WM RAILS
Largest movements
- Tangible fixed assets -€69,009
down €69,009 (-18.8%), from €366,263 to €297,253
of which Furniture and vehicles: -€54,131
- Cash +€60,239
up €60,239 (+18.7%), from €322,849 to €383,088
mainly Depreciation (+€69,009) and Net result for the year (+€27,770)
- Receivables within one year -€11,420
down €11,420 (-18.2%), from €62,781 to €51,362
of which Trade receivables: -€10,390
- Debts after one year -€62,928
down €62,928 (-26.5%), from €237,040 to €174,112
- Profit (loss) carried forward +€27,770
up €27,770 (+22.8%), from €121,783 to €149,552
- Current portion of long-term debt -€15,552
down €15,552 (-19.0%), from €81,848 to €66,295
- Trade debts +€14,259
up €14,259 (+223%), from €6,399 to €20,659
- Tax, wage and social debts +€7,677
up €7,677 (+42.0%), from €18,258 to €25,935
of which Remuneration and social security: +€10,932
- Financial charges -€12,449
down €12,449 (-58.9%), from €21,131 to €8,682
- Gross operating margin -€3,880
down €3,880 (-3.3%), from €117,525 to €113,645
- Taxes +€1,567
up €1,567 (+26.1%), from €6,001 to €7,568
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 | €755,488 | €732,893 | -€22,595 | -3.0% |
| Fixed assets | 21/28 | €366,323 | €297,313 | -€69,009 | -18.8% |
| Tangible fixed assets | 22/27 | €366,263 | €297,253 | -€69,009 | -18.8% |
| Land and buildings | 22 | €252,152 | €238,784 | -€13,368 | -5.3% |
| Plant, machinery and equipment | 23 | €3,052 | €1,543 | -€1,510 | -49.5% |
| Furniture and vehicles | 24 | €111,058 | €56,926 | -€54,131 | -48.7% |
| Financial fixed assets | 28 | €60 | €60 | = | 0.0% |
| Current assets | 29/58 | €389,166 | €435,580 | +€46,414 | +11.9% |
| Amounts receivable within one year | 40/41 | €62,781 | €51,362 | -€11,420 | -18.2% |
| Trade receivables | 40 | €46,419 | €36,029 | -€10,390 | -22.4% |
| Other amounts receivable | 41 | €16,362 | €15,333 | -€1,029 | -6.3% |
| Cash at bank and in hand | 54/58 | €322,849 | €383,088 | +€60,239 | +18.7% |
| Deferred charges and accrued income | 490/1 | €3,536 | €1,130 | -€2,406 | -68.0% |
| Total equity and liabilities | 10/49 | €755,488 | €732,893 | -€22,595 | -3.0% |
| Equity | 10/15 | €140,383 | €168,152 | +€27,770 | +19.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €121,783 | €149,552 | +€27,770 | +22.8% |
| Amounts payable | 17/49 | €615,106 | €564,741 | -€50,365 | -8.2% |
| Amounts payable after more than one year | 17 | €237,040 | €174,112 | -€62,928 | -26.5% |
| Financial debts | 170/4 | €237,040 | €174,112 | -€62,928 | -26.5% |
| Amounts payable within one year | 42/48 | €377,877 | €390,629 | +€12,752 | +3.4% |
| Current portion of amounts payable after more than one year | 42 | €81,848 | €66,295 | -€15,552 | -19.0% |
| Trade debts | 44 | €6,399 | €20,659 | +€14,259 | +223% |
| Suppliers | 440/4 | €6,399 | €20,659 | +€14,259 | +223% |
| Taxes, remuneration and social security | 45 | €18,258 | €25,935 | +€7,677 | +42.0% |
| Taxes | 450/3 | €3,255 | - | -€3,255 | |
| Remuneration and social security | 454/9 | €15,003 | €25,935 | +€10,932 | +72.9% |
| Other amounts payable | 47/48 | €271,372 | €277,740 | +€6,368 | +2.3% |
| Accrued charges and deferred income | 492/3 | €189 | - | -€189 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €68,094 | €69,009 | +€915 | +1.3% |
| Other operating charges | 640/8 | €664 | €676 | +€12 | +1.9% |
| Gross operating margin | 9900 | €117,525 | €113,645 | -€3,880 | -3.3% |
| Operating profit (loss) | 9901 | €48,767 | €43,960 | -€4,808 | -9.9% |
| Financial income | 75/76B | €3 | €61 | +€58 | +2,129% |
| Recurring financial income | 75 | €3 | €61 | +€58 | +2,129% |
| Financial charges | 65/66B | €21,131 | €8,682 | -€12,449 | -58.9% |
| Recurring financial charges | 65 | €21,131 | €8,682 | -€12,449 | -58.9% |
| Profit (loss) for the period before taxes | 9903 | €27,639 | €35,338 | +€7,699 | +27.9% |
| Income taxes | 67/77 | €6,001 | €7,568 | +€1,567 | +26.1% |
| Profit (loss) for the period | 9904 | €21,638 | €27,770 | +€6,132 | +28.3% |
| Profit (loss) for the period to be appropriated | 9905 | €21,638 | €27,770 | +€6,132 | +28.3% |
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 22 October 2026 via checked.be.