T.F.E.: 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.
What changed
T.F.E.
NACE 47.721, Retail sale of footwear
financial year 2024 compared with 2023filed annual accounts (NBB)
Net result for the year
-€144,721
2023 · €10,796-€155,517
Equity
€110,790
2023 · €255,511-€144,721
Cash
€25,268
2023 · €11,692+€13,576
Balance sheet total
€1.2m
2023 · €1.4m-€221,914
Largest movements
Assets
- Stocks and contracts -€158,270
down €158,270 (-39.3%), from €402,435 to €244,165
- Receivables within one year -€69,459
down €69,459 (-44.7%), from €155,452 to €85,993
of which Trade receivables: -€50,973
Equity and liabilities
- Profit (loss) carried forward -€142,846
down €142,846, from €76,011 to -€66,835
- Trade debts -€76,792
down €76,792 (-29.6%), from €259,087 to €182,296
- Short-term financial debts -€60,000
down €60,000 (-37.5%), from €160,000 to €100,000
- Debts after one year +€29,107
up €29,107 (+6.0%), from €482,105 to €511,212
- Current portion of long-term debt +€19,776
up €19,776 (+50.3%), from €39,350 to €59,125
Income statement
- Gross operating margin -€117,823
down €117,823 (-55.8%), from €211,208 to €93,386
- Staff costs +€14,178
up €14,178 (+11.5%), from €123,206 to €137,385
- Financial charges +€11,119
up €11,119 (+35.2%), from €31,616 to €42,735
- Taxes +€4,481
up €4,481, from -€4,202 to €279
- Depreciation +€3,579
up €3,579 (+8.5%), from €42,052 to €45,631
From the 2023 result to the 2024 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.
Result 2023
€10,796
Gross operating margin
-€117,823
Staff costs
-€14,178
Depreciation
-€3,579
Other operating charges
-€829
Other operating items
-€3,552
Financial income
+€44
Financial charges
-€11,119
Taxes
-€4,481
Result 2024
-€144,721
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
Derived from the 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€56,590
Investment
-€31,897
Financing
-€11,117
Cash 2023
€11,692
From operations (derived)
+€56,590
Net result for the year
-€144,721
Depreciation
+€45,631
Stocks and contracts
+€158,270
Receivables within one year
+€69,459
Deferred charges and accrued income
-€5,974
Trade debts
-€76,792
Tax, wage and social debts
+€6,464
Advances received
+€5,000
Other debts
-€1,395
Accrued charges and deferred income
+€647
Investment (derived)
-€31,897
Investment in fixed assets (net)
-€31,897
Financing
-€11,117
Debts after one year
+€29,107
Current portion of long-term debt
+€19,776
Short-term financial debts
-€60,000
Cash 2024
€25,268
brings cash intakes cash out
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,379,993 | €1,158,079 | -€221,914 | -16.1% |
| Fixed assets | 21/28 | €806,839 | €793,105 | -€13,734 | -1.7% |
| Intangible fixed assets | 21 | €611 | €326 | -€285 | -46.6% |
| Tangible fixed assets | 22/27 | €805,928 | €792,479 | -€13,449 | -1.7% |
| Land and buildings | 22 | €726,550 | €701,335 | -€25,215 | -3.5% |
| Plant, machinery and equipment | 23 | €26,993 | €28,047 | +€1,054 | +3.9% |
| Furniture and vehicles | 24 | €52,385 | €63,096 | +€10,711 | +20.4% |
| Financial fixed assets | 28 | €300 | €300 | = | 0.0% |
| Current assets | 29/58 | €573,154 | €364,974 | -€208,179 | -36.3% |
| Stocks and contracts in progress | 3 | €402,435 | €244,165 | -€158,270 | -39.3% |
| Stocks | 30/36 | €402,435 | €244,165 | -€158,270 | -39.3% |
| Amounts receivable within one year | 40/41 | €155,452 | €85,993 | -€69,459 | -44.7% |
| Trade receivables | 40 | €123,031 | €72,058 | -€50,973 | -41.4% |
| Other amounts receivable | 41 | €32,421 | €13,935 | -€18,486 | -57.0% |
| Cash at bank and in hand | 54/58 | €11,692 | €25,268 | +€13,576 | +116% |
| Deferred charges and accrued income | 490/1 | €3,575 | €9,548 | +€5,974 | +167% |
| Total equity and liabilities | 10/49 | €1,379,993 | €1,158,079 | -€221,914 | -16.1% |
| Equity | 10/15 | €255,511 | €110,790 | -€144,721 | -56.6% |
| Contributions | 10/11 | €18,750 | €18,750 | = | 0.0% |
| Reserves | 13 | €160,750 | €158,875 | -€1,875 | -1.2% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €160,750 | €158,875 | -€1,875 | -1.2% |
| Profit (loss) carried forward | 14 | €76,011 | -€66,835 | -€142,846 | |
| Amounts payable | 17/49 | €1,124,481 | €1,047,289 | -€77,193 | -6.9% |
| Amounts payable after more than one year | 17 | €482,105 | €511,212 | +€29,107 | +6.0% |
| Financial debts | 170/4 | €482,105 | €511,212 | +€29,107 | +6.0% |
| Amounts payable within one year | 42/48 | €640,791 | €533,845 | -€106,946 | -16.7% |
| Current portion of amounts payable after more than one year | 42 | €39,350 | €59,125 | +€19,776 | +50.3% |
| Financial debts | 43 | €160,000 | €100,000 | -€60,000 | -37.5% |
| Credit institutions | 430/8 | €160,000 | €100,000 | -€60,000 | -37.5% |
| Trade debts | 44 | €259,087 | €182,296 | -€76,792 | -29.6% |
| Suppliers | 440/4 | €259,087 | €182,296 | -€76,792 | -29.6% |
| Advances received on contracts in progress | 46 | - | €5,000 | +€5,000 | |
| Taxes, remuneration and social security | 45 | €29,013 | €35,478 | +€6,464 | +22.3% |
| Taxes | 450/3 | €6,513 | €6,498 | -€15 | -0.2% |
| Remuneration and social security | 454/9 | €22,501 | €28,980 | +€6,479 | +28.8% |
| Other amounts payable | 47/48 | €153,341 | €151,946 | -€1,395 | -0.9% |
| Accrued charges and deferred income | 492/3 | €1,585 | €2,232 | +€647 | +40.8% |
| Non-recurring operating income | 76A | €35,295 | €0 | -€35,295 | -100% |
| Remuneration, social security and pensions | 62 | €123,206 | €137,385 | +€14,178 | +11.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,052 | €45,631 | +€3,579 | +8.5% |
| Other operating charges | 640/8 | €6,156 | €6,985 | +€829 | +13.5% |
| Non-recurring operating charges | 66A | €1,584 | €5,136 | +€3,552 | +224% |
| Gross operating margin | 9900 | €211,208 | €93,386 | -€117,823 | -55.8% |
| Operating profit (loss) | 9901 | €38,210 | -€101,751 | -€139,961 | |
| Financial income | 75/76B | €0 | €44 | +€44 | |
| Recurring financial income | 75 | €0 | €44 | +€44 | |
| Financial charges | 65/66B | €31,616 | €42,735 | +€11,119 | +35.2% |
| Recurring financial charges | 65 | €31,616 | €42,735 | +€11,119 | +35.2% |
| Profit (loss) for the period before taxes | 9903 | €6,594 | -€144,442 | -€151,036 | |
| Income taxes | 67/77 | -€4,202 | €279 | +€4,481 | |
| Profit (loss) for the period | 9904 | €10,796 | -€144,721 | -€155,517 | |
| Profit (loss) for the period to be appropriated | 9905 | €10,796 | -€144,721 | -€155,517 |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.