TRANSFORIM: 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.
TRANSFORIM
Largest movements
- Financial fixed assets -€100,000
down €100,000 (-28.7%), from €347,853 to €247,853
- Tangible fixed assets -€96,465
down €96,465 (-5.4%), from €1.8m to €1.7m
of which Land and buildings: -€90,065
- Receivables within one year -€52,603
down €52,603 (-67.4%), from €78,023 to €25,420
of which Other amounts receivable: -€52,603
- Receivables after one year +€25,000
up €25,000 (+33.3%), from €75,000 to €100,000
- Debts after one year -€138,816
down €138,816 (-10.1%), from €1.4m to €1.2m
of which Other amounts payable: -€82,646
- Reserves -€94,608
down €94,608 (-11.5%), from €823,075 to €728,466
of which Tax-exempt reserves: -€94,608
- Other debts +€60,692
up €60,692 (+46.7%), from €130,012 to €190,704
- Provisions -€51,541
down €51,541 (-12.4%), from €415,142 to €363,601
- Gross operating margin -€21,395
down €21,395 (-36.7%), from €58,327 to €36,932
- Depreciation -€8,455
down €8,455 (-8.6%), from €98,520 to €90,065
- Other operating charges -€5,826
down €5,826 (-34.9%), from €16,683 to €10,857
- Taxes +€4,419
new in 2025: €4,419
- Financial charges -€1,753
down €1,753 (-3.1%), from €57,222 to €55,469
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 | €2,276,527 | €2,051,349 | -€225,178 | -9.9% |
| Fixed assets | 21/28 | €2,118,458 | €1,921,993 | -€196,465 | -9.3% |
| Tangible fixed assets | 22/27 | €1,770,605 | €1,674,140 | -€96,465 | -5.4% |
| Land and buildings | 22 | €1,764,205 | €1,674,140 | -€90,065 | -5.1% |
| Furniture and vehicles | 24 | €6,400 | - | -€6,400 | |
| Financial fixed assets | 28 | €347,853 | €247,853 | -€100,000 | -28.7% |
| Current assets | 29/58 | €158,070 | €129,357 | -€28,713 | -18.2% |
| Amounts receivable after more than one year | 29 | €75,000 | €100,000 | +€25,000 | +33.3% |
| Other amounts receivable | 291 | €75,000 | €100,000 | +€25,000 | +33.3% |
| Amounts receivable within one year | 40/41 | €78,023 | €25,420 | -€52,603 | -67.4% |
| Trade receivables | 40 | €5,730 | €5,730 | = | 0.0% |
| Other amounts receivable | 41 | €72,293 | €19,690 | -€52,603 | -72.8% |
| Cash at bank and in hand | 54/58 | €5,047 | €3,937 | -€1,110 | -22.0% |
| Total equity and liabilities | 10/49 | €2,276,527 | €2,051,349 | -€225,178 | -9.9% |
| Equity | 10/15 | €271,946 | €199,610 | -€72,337 | -26.6% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €823,075 | €728,466 | -€94,608 | -11.5% |
| Non-distributable reserves | 130/1 | €4,355 | €4,355 | = | 0.0% |
| Legal reserve | 130 | €4,355 | €4,355 | = | 0.0% |
| Tax-exempt reserves | 132 | €818,720 | €724,112 | -€94,608 | -11.6% |
| Profit (loss) carried forward | 14 | -€613,102 | -€590,830 | +€22,272 | +3.6% |
| Provisions and deferred taxes | 16 | €415,142 | €363,601 | -€51,541 | -12.4% |
| Deferred taxes | 168 | €415,142 | €363,601 | -€51,541 | -12.4% |
| Amounts payable | 17/49 | €1,589,439 | €1,488,138 | -€101,300 | -6.4% |
| Amounts payable after more than one year | 17 | €1,379,100 | €1,240,283 | -€138,816 | -10.1% |
| Financial debts | 170/4 | €321,620 | €265,450 | -€56,170 | -17.5% |
| Other amounts payable | 178/9 | €1,057,480 | €974,833 | -€82,646 | -7.8% |
| Amounts payable within one year | 42/48 | €210,339 | €247,855 | +€37,516 | +17.8% |
| Financial debts | 43 | €56,720 | €43,348 | -€13,372 | -23.6% |
| Credit institutions | 430/8 | €56,720 | €43,348 | -€13,372 | -23.6% |
| Trade debts | 44 | €23,607 | €13,803 | -€9,804 | -41.5% |
| Suppliers | 440/4 | €23,607 | €13,803 | -€9,804 | -41.5% |
| Other amounts payable | 47/48 | €130,012 | €190,704 | +€60,692 | +46.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €98,520 | €90,065 | -€8,455 | -8.6% |
| Other operating charges | 640/8 | €16,683 | €10,857 | -€5,826 | -34.9% |
| Gross operating margin | 9900 | €58,327 | €36,932 | -€21,395 | -36.7% |
| Operating profit (loss) | 9901 | -€56,876 | -€63,990 | -€7,113 | -12.5% |
| Financial charges | 65/66B | €57,222 | €55,469 | -€1,753 | -3.1% |
| Recurring financial charges | 65 | €57,222 | €55,469 | -€1,753 | -3.1% |
| Profit (loss) for the period before taxes | 9903 | -€114,098 | -€119,458 | -€5,360 | -4.7% |
| Transfer from deferred taxes | 780 | €51,541 | €51,541 | = | 0.0% |
| Income taxes | 67/77 | - | €4,419 | +€4,419 | |
| Profit (loss) for the period | 9904 | -€62,557 | -€72,337 | -€9,779 | -15.6% |
| Transfer from tax-exempt reserves | 789 | €94,608 | €94,608 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €32,051 | €22,272 | -€9,779 | -30.5% |
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 14 October 2026 via checked.be.