T.F.T.: what changed
T.F.T.
Largest movements
- Tangible fixed assets -€37,694
down €37,694 (-26.5%), from €142,496 to €104,802
of which Leasing and similar rights: -€33,028
- Receivables within one year +€17,743
up €17,743 (+140%), from €12,635 to €30,379
of which Trade receivables: +€10,882
- Financial fixed assets +€5,000
up €5,000 (+54.7%), from €9,135 to €14,135
- Cash +€3,799
up €3,799 (+181%), from €2,093 to €5,892
mainly Depreciation (+€38,739) and Trade debts (+€20,556)
- Debts after one year -€35,392
down €35,392 (-43.1%), from €82,085 to €46,693
- Trade debts +€20,556
up €20,556 (+203%), from €10,128 to €30,684
- Tax, wage and social debts -€11,799
down €11,799 (-99.8%), from €11,825 to €26
of which Taxes: -€11,799
- Profit (loss) carried forward +€6,941
up €6,941 (+48.8%), from €14,211 to €21,152
- Other debts +€5,205
up €5,205 (+45.6%), from €11,416 to €16,621
- Staff costs -€26,016
down €26,016 (-67.9%), from €38,312 to €12,296
- Depreciation +€11,904
up €11,904 (+44.4%), from €26,835 to €38,739
- Gross operating margin -€11,120
down €11,120 (-13.9%), from €79,752 to €68,632
- Financial charges +€2,294
up €2,294 (+58.1%), from €3,950 to €6,244
- Other operating charges +€1,105
up €1,105 (+126%), from €878 to €1,984
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €167,348 | €156,104 | -€11,244 | -6.7% |
| Fixed assets | 21/28 | €151,631 | €118,937 | -€32,694 | -21.6% |
| Tangible fixed assets | 22/27 | €142,496 | €104,802 | -€37,694 | -26.5% |
| Furniture and vehicles | 24 | €7,779 | €3,113 | -€4,666 | -60.0% |
| Leasing and similar rights | 25 | €134,717 | €101,689 | -€33,028 | -24.5% |
| Financial fixed assets | 28 | €9,135 | €14,135 | +€5,000 | +54.7% |
| Current assets | 29/58 | €15,717 | €37,167 | +€21,450 | +136% |
| Amounts receivable within one year | 40/41 | €12,635 | €30,379 | +€17,743 | +140% |
| Trade receivables | 40 | €12,635 | €23,518 | +€10,882 | +86.1% |
| Other amounts receivable | 41 | - | €6,861 | +€6,861 | |
| Cash at bank and in hand | 54/58 | €2,093 | €5,892 | +€3,799 | +181% |
| Deferred charges and accrued income | 490/1 | €989 | €896 | -€92 | -9.3% |
| Total equity and liabilities | 10/49 | €167,348 | €156,104 | -€11,244 | -6.7% |
| Equity | 10/15 | €17,211 | €24,152 | +€6,941 | +40.3% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €14,211 | €21,152 | +€6,941 | +48.8% |
| Amounts payable | 17/49 | €150,137 | €131,952 | -€18,185 | -12.1% |
| Amounts payable after more than one year | 17 | €82,085 | €46,693 | -€35,392 | -43.1% |
| Financial debts | 170/4 | €82,085 | €46,693 | -€35,392 | -43.1% |
| Amounts payable within one year | 42/48 | €67,820 | €81,871 | +€14,051 | +20.7% |
| Current portion of amounts payable after more than one year | 42 | €34,450 | €34,540 | +€90 | +0.3% |
| Trade debts | 44 | €10,128 | €30,684 | +€20,556 | +203% |
| Suppliers | 440/4 | €10,128 | €30,684 | +€20,556 | +203% |
| Taxes, remuneration and social security | 45 | €11,825 | €26 | -€11,799 | -99.8% |
| Taxes | 450/3 | €11,825 | €26 | -€11,799 | -99.8% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €11,416 | €16,621 | +€5,205 | +45.6% |
| Accrued charges and deferred income | 492/3 | €232 | €3,388 | +€3,156 | +1,360% |
| Non-recurring operating income | 76A | - | €2,529 | +€2,529 | |
| Remuneration, social security and pensions | 62 | €38,312 | €12,296 | -€26,016 | -67.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,835 | €38,739 | +€11,904 | +44.4% |
| Other operating charges | 640/8 | €878 | €1,984 | +€1,105 | +126% |
| Gross operating margin | 9900 | €79,752 | €68,632 | -€11,120 | -13.9% |
| Operating profit (loss) | 9901 | €13,728 | €15,614 | +€1,886 | +13.7% |
| Financial income | 75/76B | €1 | €0 | -€1 | -100% |
| Recurring financial income | 75 | €1 | €0 | -€1 | -100% |
| Financial charges | 65/66B | €3,950 | €6,244 | +€2,294 | +58.1% |
| Recurring financial charges | 65 | €3,950 | €6,244 | +€2,294 | +58.1% |
| Profit (loss) for the period before taxes | 9903 | €9,778 | €9,370 | -€408 | -4.2% |
| Income taxes | 67/77 | €2,230 | €2,429 | +€199 | +8.9% |
| Profit (loss) for the period | 9904 | €7,548 | €6,941 | -€607 | -8.0% |
| Profit (loss) for the period to be appropriated | 9905 | €7,548 | €6,941 | -€607 | -8.0% |
Next steps
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 4 November 2026 via checked.be.