T.G.P.: 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.P.
Largest movements
- Cash -€54,525
down €54,525 (-13.6%), from €401,187 to €346,662
mainly Debts after one year (-€118,445) and Trade debts (-€3,480)
- Receivables within one year -€11,156
down €11,156 (-25.9%), from €43,094 to €31,938
of which Trade receivables: -€11,633
- Stocks and contracts -€10,150
down €10,150 (-20.1%), from €50,586 to €40,436
- Tangible fixed assets -€7,618
down €7,618 (-90.9%), from €8,382 to €763
- Debts after one year -€118,445
down €118,445 (-95.8%), from €123,700 to €5,255
of which Other amounts payable: -€118,414
- Reserves +€41,562
up €41,562 (+11.9%), from €350,665 to €392,227
of which Distributable reserves: +€41,562
- Gross operating margin +€13,437
up €13,437 (+25.2%), from €53,394 to €66,831
- Financial charges -€8,728
down €8,728 (-74.8%), from €11,674 to €2,946
- Taxes +€4,641
up €4,641 (+46.2%), from €10,043 to €14,685
- Financial income -€680
down €680 (-28.3%), from €2,400 to €1,720
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 | €508,492 | €425,414 | -€83,078 | -16.3% |
| Fixed assets | 21/28 | €8,382 | €763 | -€7,618 | -90.9% |
| Tangible fixed assets | 22/27 | €8,382 | €763 | -€7,618 | -90.9% |
| Furniture and vehicles | 24 | €8,382 | €763 | -€7,618 | -90.9% |
| Current assets | 29/58 | €500,110 | €424,651 | -€75,460 | -15.1% |
| Stocks and contracts in progress | 3 | €50,586 | €40,436 | -€10,150 | -20.1% |
| Stocks | 30/36 | €50,586 | €40,436 | -€10,150 | -20.1% |
| Amounts receivable within one year | 40/41 | €43,094 | €31,938 | -€11,156 | -25.9% |
| Trade receivables | 40 | €36,376 | €24,743 | -€11,633 | -32.0% |
| Other amounts receivable | 41 | €6,719 | €7,196 | +€477 | +7.1% |
| Cash at bank and in hand | 54/58 | €401,187 | €346,662 | -€54,525 | -13.6% |
| Deferred charges and accrued income | 490/1 | €5,243 | €5,615 | +€371 | +7.1% |
| Total equity and liabilities | 10/49 | €508,492 | €425,414 | -€83,078 | -16.3% |
| Equity | 10/15 | €369,265 | €410,827 | +€41,562 | +11.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €350,665 | €392,227 | +€41,562 | +11.9% |
| Tax-exempt reserves | 132 | €12,762 | €12,762 | = | 0.0% |
| Distributable reserves | 133 | €337,904 | €379,465 | +€41,562 | +12.3% |
| Amounts payable | 17/49 | €139,226 | €14,587 | -€124,639 | -89.5% |
| Amounts payable after more than one year | 17 | €123,700 | €5,255 | -€118,445 | -95.8% |
| Financial debts | 170/4 | €5,286 | €5,255 | -€31 | -0.6% |
| Other amounts payable | 178/9 | €118,414 | €0 | -€118,414 | -100% |
| Amounts payable within one year | 42/48 | €15,526 | €9,332 | -€6,194 | -39.9% |
| Trade debts | 44 | €12,665 | €9,185 | -€3,480 | -27.5% |
| Suppliers | 440/4 | €12,665 | €9,185 | -€3,480 | -27.5% |
| Taxes, remuneration and social security | 45 | €2,861 | €147 | -€2,714 | -94.9% |
| Taxes | 450/3 | €2,861 | €147 | -€2,714 | -94.9% |
| Remuneration, social security and pensions | 62 | - | €9 | +€9 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,618 | €7,618 | = | 0.0% |
| Other operating charges | 640/8 | €1,565 | €1,731 | +€166 | +10.6% |
| Gross operating margin | 9900 | €53,394 | €66,831 | +€13,437 | +25.2% |
| Operating profit (loss) | 9901 | €44,211 | €57,473 | +€13,262 | +30.0% |
| Financial income | 75/76B | €2,400 | €1,720 | -€680 | -28.3% |
| Recurring financial income | 75 | €2,400 | €1,720 | -€680 | -28.3% |
| Financial charges | 65/66B | €11,674 | €2,946 | -€8,728 | -74.8% |
| Recurring financial charges | 65 | €11,674 | €2,946 | -€8,728 | -74.8% |
| Profit (loss) for the period before taxes | 9903 | €34,936 | €56,246 | +€21,310 | +61.0% |
| Income taxes | 67/77 | €10,043 | €14,685 | +€4,641 | +46.2% |
| Profit (loss) for the period | 9904 | €24,893 | €41,562 | +€16,669 | +67.0% |
| Profit (loss) for the period to be appropriated | 9905 | €24,893 | €41,562 | +€16,669 | +67.0% |
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 19 October 2026 via checked.be.