PROXY TIEGE: 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.
PROXY TIEGE
Largest movements
- Tangible fixed assets +€4.1m
up €4.1m (+287.3%), from €1.4m to €5.5m
of which Land and buildings: +€5.3m
- Current investments -€328,473
down €328,473 (-100.0%), from €328,473 to €0
- Cash +€199,201
up €199,201 (+66.3%), from €300,680 to €499,881
mainly Debts after one year (+€3.5m) and Net result for the year (+€422,151)
- Debts after one year +€3.5m
up €3.5m (+457.9%), from €761,332 to €4.2m
- Other debts +€260,000
up €260,000 (+288.9%), from €90,000 to €350,000
- Current portion of long-term debt +€210,477
up €210,477 (+156.0%), from €134,897 to €345,375
- Trade debts -€108,606
down €108,606 (-11.0%), from €990,953 to €882,346
- Gross operating margin +€478,853
up €478,853 (+28.2%), from €1.7m to €2.2m
- Depreciation +€236,907
up €236,907 (+141.1%), from €167,859 to €404,766
- Staff costs +€126,056
up €126,056 (+13.3%), from €944,744 to €1.1m
- Financial charges +€56,982
up €56,982 (+126.9%), from €44,903 to €101,885
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 | €2,631,130 | €6,537,916 | +€3.9m | +148.5% |
| Fixed assets | 21/28 | €1,424,460 | €5,511,190 | +€4.1m | +286.9% |
| Tangible fixed assets | 22/27 | €1,422,391 | €5,509,121 | +€4.1m | +287.3% |
| Land and buildings | 22 | - | €5,296,201 | +€5.3m | |
| Plant, machinery and equipment | 23 | €62,765 | €75,001 | +€12,236 | +19.5% |
| Furniture and vehicles | 24 | €104,057 | €137,918 | +€33,861 | +32.5% |
| Other tangible fixed assets | 26 | €1,255,568 | €0 | -€1.3m | -100.0% |
| Financial fixed assets | 28 | €2,070 | €2,070 | = | 0.0% |
| Current assets | 29/58 | €1,206,669 | €1,026,726 | -€179,944 | -14.9% |
| Stocks and contracts in progress | 3 | €456,915 | €436,021 | -€20,894 | -4.6% |
| Stocks | 30/36 | €456,915 | €436,021 | -€20,894 | -4.6% |
| Amounts receivable within one year | 40/41 | €95,623 | €70,894 | -€24,730 | -25.9% |
| Trade receivables | 40 | €36,090 | €28,889 | -€7,200 | -20.0% |
| Other amounts receivable | 41 | €59,534 | €42,004 | -€17,529 | -29.4% |
| Current investments | 50/53 | €328,473 | €0 | -€328,473 | -100.0% |
| Cash at bank and in hand | 54/58 | €300,680 | €499,881 | +€199,201 | +66.3% |
| Deferred charges and accrued income | 490/1 | €24,977 | €19,929 | -€5,048 | -20.2% |
| Total equity and liabilities | 10/49 | €2,631,130 | €6,537,916 | +€3.9m | +148.5% |
| Equity | 10/15 | €530,159 | €512,310 | -€17,849 | -3.4% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €20,000 | €20,000 | = | 0.0% |
| Distributable reserves | 133 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €310,159 | €292,310 | -€17,849 | -5.8% |
| Amounts payable | 17/49 | €2,100,971 | €6,025,606 | +€3.9m | +186.8% |
| Amounts payable after more than one year | 17 | €761,332 | €4,247,839 | +€3.5m | +457.9% |
| Financial debts | 170/4 | €761,332 | €4,247,839 | +€3.5m | +457.9% |
| Amounts payable within one year | 42/48 | €1,339,436 | €1,774,477 | +€435,042 | +32.5% |
| Current portion of amounts payable after more than one year | 42 | €134,897 | €345,375 | +€210,477 | +156.0% |
| Financial debts | 43 | €3,418 | €52,188 | +€48,770 | +1426.8% |
| Credit institutions | 430/8 | €3,418 | €52,188 | +€48,770 | +1426.8% |
| Trade debts | 44 | €990,953 | €882,346 | -€108,606 | -11.0% |
| Suppliers | 440/4 | €990,953 | €882,346 | -€108,606 | -11.0% |
| Taxes, remuneration and social security | 45 | €120,168 | €144,568 | +€24,401 | +20.3% |
| Taxes | 450/3 | €6,222 | €13,625 | +€7,403 | +119.0% |
| Remuneration and social security | 454/9 | €113,946 | €130,943 | +€16,997 | +14.9% |
| Other amounts payable | 47/48 | €90,000 | €350,000 | +€260,000 | +288.9% |
| Accrued charges and deferred income | 492/3 | €203 | €3,290 | +€3,087 | +1517.3% |
| Remuneration, social security and pensions | 62 | €944,744 | €1,070,801 | +€126,056 | +13.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €167,859 | €404,766 | +€236,907 | +141.1% |
| Other operating charges | 640/8 | €6,162 | €18,529 | +€12,367 | +200.7% |
| Non-recurring operating charges | 66A | - | €18,344 | +€18,344 | |
| Gross operating margin | 9900 | €1,696,600 | €2,175,453 | +€478,853 | +28.2% |
| Operating profit (loss) | 9901 | €577,835 | €663,013 | +€85,179 | +14.7% |
| Financial income | 75/76B | €2,227 | €3,610 | +€1,383 | +62.1% |
| Recurring financial income | 75 | €2,227 | €3,610 | +€1,383 | +62.1% |
| Financial charges | 65/66B | €44,903 | €101,885 | +€56,982 | +126.9% |
| Recurring financial charges | 65 | €44,903 | €101,885 | +€56,982 | +126.9% |
| Profit (loss) for the period before taxes | 9903 | €535,159 | €564,738 | +€29,579 | +5.5% |
| Income taxes | 67/77 | €135,000 | €142,587 | +€7,587 | +5.6% |
| Profit (loss) for the period | 9904 | €400,159 | €422,151 | +€21,992 | +5.5% |
| Profit (loss) for the period to be appropriated | 9905 | €400,159 | €422,151 | +€21,992 | +5.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 October 2024 and 31 October 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.