T.G.MAR: 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.MAR
Largest movements
- Tangible fixed assets +€169,601
up €169,601 (+91.3%), from €185,726 to €355,327
- Cash -€6,687
down €6,687 (-71.5%), from €9,346 to €2,659
mainly Investment in fixed assets (net) (-€178,120) and Net result for the year (-€5,731)
- Trade debts +€122,554
up €122,554 (+6,306%), from €1,944 to €124,498
- Debts after one year +€41,187
up €41,187 (+29.3%), from €140,805 to €181,992
- Profit (loss) carried forward -€5,731
down €5,731 (-518%), from -€1,107 to -€6,838
- Other debts +€5,685
up €5,685 (+46.6%), from €12,206 to €17,891
- Financial charges +€6,153
up €6,153 (+330%), from €1,867 to €8,019
- Gross operating margin -€5,633
down €5,633 (-28.5%), from €19,776 to €14,142
- Depreciation +€690
up €690 (+10.1%), from €6,828 to €7,519
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 | €197,492 | €361,406 | +€163,915 | +83.0% |
| Fixed assets | 21/28 | €185,726 | €356,327 | +€170,601 | +91.9% |
| Tangible fixed assets | 22/27 | €185,726 | €355,327 | +€169,601 | +91.3% |
| Land and buildings | 22 | €185,726 | €355,327 | +€169,601 | +91.3% |
| Financial fixed assets | 28 | - | €1,000 | +€1,000 | |
| Current assets | 29/58 | €11,766 | €5,079 | -€6,687 | -56.8% |
| Amounts receivable within one year | 40/41 | €2,420 | €2,420 | = | 0.0% |
| Trade receivables | 40 | €2,420 | €2,420 | = | 0.0% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €9,346 | €2,659 | -€6,687 | -71.5% |
| Total equity and liabilities | 10/49 | €197,492 | €361,406 | +€163,915 | +83.0% |
| Equity | 10/15 | €28,893 | €23,162 | -€5,731 | -19.8% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,107 | -€6,838 | -€5,731 | -518% |
| Amounts payable | 17/49 | €168,598 | €338,245 | +€169,646 | +101% |
| Amounts payable after more than one year | 17 | €140,805 | €181,992 | +€41,187 | +29.3% |
| Financial debts | 170/4 | €140,805 | €181,992 | +€41,187 | +29.3% |
| Amounts payable within one year | 42/48 | €27,793 | €156,252 | +€128,459 | +462% |
| Current portion of amounts payable after more than one year | 42 | €12,333 | €12,333 | = | 0.0% |
| Trade debts | 44 | €1,944 | €124,498 | +€122,554 | +6,306% |
| Suppliers | 440/4 | €1,944 | €124,498 | +€122,554 | +6,306% |
| Taxes, remuneration and social security | 45 | €1,310 | €1,530 | +€220 | +16.8% |
| Taxes | 450/3 | €1,310 | €1,530 | +€220 | +16.8% |
| Other amounts payable | 47/48 | €12,206 | €17,891 | +€5,685 | +46.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,828 | €7,519 | +€690 | +10.1% |
| Other operating charges | 640/8 | €4,296 | €4,336 | +€40 | +0.9% |
| Gross operating margin | 9900 | €19,776 | €14,142 | -€5,633 | -28.5% |
| Operating profit (loss) | 9901 | €8,652 | €2,288 | -€6,363 | -73.6% |
| Financial charges | 65/66B | €1,867 | €8,019 | +€6,153 | +330% |
| Recurring financial charges | 65 | €1,867 | €8,019 | +€6,153 | +330% |
| Profit (loss) for the period before taxes | 9903 | €6,785 | -€5,731 | -€12,516 | |
| Profit (loss) for the period | 9904 | €6,785 | -€5,731 | -€12,516 | |
| Profit (loss) for the period to be appropriated | 9905 | €6,785 | -€5,731 | -€12,516 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.