T.G.G.: 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.
T.G.G.
Largest movements
- Receivables after one year +€54,000
new in 2025: €54,000
- Tangible fixed assets -€49,323
down €49,323 (-10.0%), from €491,275 to €441,952
of which Leasing and similar rights: -€39,961
- Receivables within one year +€19,218
up €19,218 (+32.2%), from €59,747 to €78,965
of which Trade receivables: +€21,887
- Deferred charges and accrued income -€14,060
down €14,060 (-91.4%), from €15,375 to €1,315
- Cash -€7,391
down €7,391 (-8.9%), from €82,762 to €75,371
mainly Contributions, distributions and other (-€91,000) and Receivables after one year (-€54,000)
- Other debts +€84,045
up €84,045 (+1,051%), from €8,000 to €92,045
- Debts after one year -€40,234
down €40,234 (-22.0%), from €183,249 to €143,015
- Reserves -€34,000
down €34,000 (-10.1%), from €337,360 to €303,360
of which Distributable reserves: -€34,000
- Current portion of long-term debt -€17,367
down €17,367 (-23.0%), from €75,361 to €57,994
- Trade debts +€13,167
up €13,167 (+145%), from €9,098 to €22,265
- Depreciation +€28,146
up €28,146 (+38.3%), from €73,396 to €101,542
- Gross operating margin +€18,839
up €18,839 (+9.1%), from €206,579 to €225,418
- Other operating charges +€3,403
up €3,403 (+11.2%), from €30,390 to €33,793
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 | €658,159 | €660,603 | +€2,444 | +0.4% |
| Fixed assets | 21/28 | €500,275 | €450,952 | -€49,323 | -9.9% |
| Tangible fixed assets | 22/27 | €491,275 | €441,952 | -€49,323 | -10.0% |
| Land and buildings | 22 | €160,063 | €158,754 | -€1,309 | -0.8% |
| Plant, machinery and equipment | 23 | €5,225 | €11,042 | +€5,817 | +111% |
| Furniture and vehicles | 24 | €105,989 | €94,492 | -€11,497 | -10.8% |
| Leasing and similar rights | 25 | €217,382 | €177,421 | -€39,961 | -18.4% |
| Other tangible fixed assets | 26 | €2,615 | €243 | -€2,372 | -90.7% |
| Financial fixed assets | 28 | €9,000 | €9,000 | = | 0.0% |
| Current assets | 29/58 | €157,884 | €209,651 | +€51,767 | +32.8% |
| Amounts receivable after more than one year | 29 | - | €54,000 | +€54,000 | |
| Other amounts receivable | 291 | - | €54,000 | +€54,000 | |
| Amounts receivable within one year | 40/41 | €59,747 | €78,965 | +€19,218 | +32.2% |
| Trade receivables | 40 | €45,882 | €67,769 | +€21,887 | +47.7% |
| Other amounts receivable | 41 | €13,865 | €11,196 | -€2,669 | -19.2% |
| Cash at bank and in hand | 54/58 | €82,762 | €75,371 | -€7,391 | -8.9% |
| Deferred charges and accrued income | 490/1 | €15,375 | €1,315 | -€14,060 | -91.4% |
| Total equity and liabilities | 10/49 | €658,159 | €660,603 | +€2,444 | +0.4% |
| Equity | 10/15 | €348,138 | €315,051 | -€33,087 | -9.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €337,360 | €303,360 | -€34,000 | -10.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €335,500 | €301,500 | -€34,000 | -10.1% |
| Profit (loss) carried forward | 14 | €4,578 | €5,491 | +€913 | +19.9% |
| Amounts payable | 17/49 | €310,021 | €345,552 | +€35,531 | +11.5% |
| Amounts payable after more than one year | 17 | €183,249 | €143,015 | -€40,234 | -22.0% |
| Financial debts | 170/4 | €183,249 | €143,015 | -€40,234 | -22.0% |
| Amounts payable within one year | 42/48 | €126,772 | €202,537 | +€75,765 | +59.8% |
| Current portion of amounts payable after more than one year | 42 | €75,361 | €57,994 | -€17,367 | -23.0% |
| Financial debts | 43 | €9,000 | €9,000 | = | 0.0% |
| Credit institutions | 430/8 | €9,000 | €9,000 | = | 0.0% |
| Trade debts | 44 | €9,098 | €22,265 | +€13,167 | +145% |
| Suppliers | 440/4 | €9,098 | €22,265 | +€13,167 | +145% |
| Taxes, remuneration and social security | 45 | €25,313 | €21,233 | -€4,080 | -16.1% |
| Taxes | 450/3 | €25,313 | €21,233 | -€4,080 | -16.1% |
| Other amounts payable | 47/48 | €8,000 | €92,045 | +€84,045 | +1,051% |
| Non-recurring operating income | 76A | €1,000 | €485 | -€515 | -51.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €73,396 | €101,542 | +€28,146 | +38.3% |
| Other operating charges | 640/8 | €30,390 | €33,793 | +€3,403 | +11.2% |
| Gross operating margin | 9900 | €206,579 | €225,418 | +€18,839 | +9.1% |
| Operating profit (loss) | 9901 | €102,792 | €90,083 | -€12,710 | -12.4% |
| Financial income | 75/76B | €467 | €1,469 | +€1,002 | +214% |
| Recurring financial income | 75 | €467 | €1,469 | +€1,002 | +214% |
| Financial charges | 65/66B | €12,914 | €11,113 | -€1,802 | -13.9% |
| Recurring financial charges | 65 | €12,914 | €11,113 | -€1,802 | -13.9% |
| Profit (loss) for the period before taxes | 9903 | €90,345 | €80,439 | -€9,907 | -11.0% |
| Income taxes | 67/77 | €22,128 | €22,526 | +€397 | +1.8% |
| Profit (loss) for the period | 9904 | €68,217 | €57,913 | -€10,304 | -15.1% |
| Profit (loss) for the period to be appropriated | 9905 | €68,217 | €57,913 | -€10,304 | -15.1% |
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 28 October 2026 via checked.be.