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
- Receivables within one year +€50,950
up €50,950 (+99.0%), from €51,467 to €102,417
of which Trade receivables: +€52,908
- Stocks and contracts -€36,968
down €36,968 (-68.2%), from €54,240 to €17,272
- Tangible fixed assets -€26,512
down €26,512 (-22.4%), from €118,422 to €91,910
of which Land and buildings: -€14,488
- Cash +€22,104
up €22,104 (+101%), from €21,859 to €43,963
mainly Stocks and contracts (+€36,968) and Depreciation (+€27,478)
- Deferred charges and accrued income +€6,014
up €6,014 (+210%), from €2,865 to €8,879
- Trade debts +€26,863
up €26,863 (+125%), from €21,430 to €48,293
- Debts after one year -€18,608
down €18,608 (-35.7%), from €52,186 to €33,578
- Tax, wage and social debts -€8,617
down €8,617 (-28.8%), from €29,945 to €21,328
of which Taxes: -€8,714
- Accrued charges and deferred income +€7,587
up €7,587 (+1,574%), from €482 to €8,069
- Reserves +€6,000
up €6,000 (+5.2%), from €114,348 to €120,348
of which Distributable reserves: +€6,000
- Gross operating margin +€19,385
up €19,385 (+12.8%), from €151,635 to €171,020
- Staff costs +€14,914
up €14,914 (+15.3%), from €97,492 to €112,406
- Depreciation +€4,804
up €4,804 (+21.2%), from €22,674 to €27,478
- Taxes +€2,169
up €2,169 (+36.6%), from €5,920 to €8,089
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 | €268,853 | €284,441 | +€15,588 | +5.8% |
| Fixed assets | 21/28 | €118,422 | €91,910 | -€26,512 | -22.4% |
| Tangible fixed assets | 22/27 | €118,422 | €91,910 | -€26,512 | -22.4% |
| Land and buildings | 22 | €66,106 | €51,618 | -€14,488 | -21.9% |
| Plant, machinery and equipment | 23 | €499 | €250 | -€249 | -49.9% |
| Furniture and vehicles | 24 | €18,274 | €12,132 | -€6,142 | -33.6% |
| Other tangible fixed assets | 26 | €33,543 | €27,910 | -€5,633 | -16.8% |
| Current assets | 29/58 | €150,431 | €192,531 | +€42,100 | +28.0% |
| Stocks and contracts in progress | 3 | €54,240 | €17,272 | -€36,968 | -68.2% |
| Stocks | 30/36 | €54,240 | €17,272 | -€36,968 | -68.2% |
| Amounts receivable within one year | 40/41 | €51,467 | €102,417 | +€50,950 | +99.0% |
| Trade receivables | 40 | €974 | €53,882 | +€52,908 | +5,432% |
| Other amounts receivable | 41 | €50,493 | €48,535 | -€1,958 | -3.9% |
| Current investments | 50/53 | €20,000 | €20,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €21,859 | €43,963 | +€22,104 | +101% |
| Deferred charges and accrued income | 490/1 | €2,865 | €8,879 | +€6,014 | +210% |
| Total equity and liabilities | 10/49 | €268,853 | €284,441 | +€15,588 | +5.8% |
| Equity | 10/15 | €148,599 | €154,991 | +€6,392 | +4.3% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €114,348 | €120,348 | +€6,000 | +5.2% |
| Non-distributable reserves | 130/1 | €2,245 | €2,245 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,245 | €2,245 | = | 0.0% |
| Distributable reserves | 133 | €112,103 | €118,103 | +€6,000 | +5.4% |
| Profit (loss) carried forward | 14 | €15,251 | €15,643 | +€392 | +2.6% |
| Amounts payable | 17/49 | €120,254 | €129,450 | +€9,196 | +7.6% |
| Amounts payable after more than one year | 17 | €52,186 | €33,578 | -€18,608 | -35.7% |
| Financial debts | 170/4 | €52,186 | €33,578 | -€18,608 | -35.7% |
| Amounts payable within one year | 42/48 | €67,586 | €87,803 | +€20,217 | +29.9% |
| Current portion of amounts payable after more than one year | 42 | €15,651 | €17,622 | +€1,971 | +12.6% |
| Trade debts | 44 | €21,430 | €48,293 | +€26,863 | +125% |
| Suppliers | 440/4 | €21,430 | €48,293 | +€26,863 | +125% |
| Taxes, remuneration and social security | 45 | €29,945 | €21,328 | -€8,617 | -28.8% |
| Taxes | 450/3 | €25,653 | €16,939 | -€8,714 | -34.0% |
| Remuneration and social security | 454/9 | €4,292 | €4,389 | +€97 | +2.3% |
| Other amounts payable | 47/48 | €560 | €560 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €482 | €8,069 | +€7,587 | +1,574% |
| Non-recurring operating income | 76A | €836 | €528 | -€308 | -36.8% |
| Remuneration, social security and pensions | 62 | €97,492 | €112,406 | +€14,914 | +15.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,674 | €27,478 | +€4,804 | +21.2% |
| Other operating charges | 640/8 | €5,510 | €5,701 | +€191 | +3.5% |
| Non-recurring operating charges | 66A | €5,918 | - | -€5,918 | |
| Gross operating margin | 9900 | €151,635 | €171,020 | +€19,385 | +12.8% |
| Operating profit (loss) | 9901 | €20,041 | €25,435 | +€5,394 | +26.9% |
| Financial income | 75/76B | €2,690 | €2,766 | +€76 | +2.8% |
| Recurring financial income | 75 | €2,690 | €2,766 | +€76 | +2.8% |
| Financial charges | 65/66B | €6,333 | €6,920 | +€587 | +9.3% |
| Recurring financial charges | 65 | €6,333 | €6,920 | +€587 | +9.3% |
| Profit (loss) for the period before taxes | 9903 | €16,398 | €21,281 | +€4,883 | +29.8% |
| Income taxes | 67/77 | €5,920 | €8,089 | +€2,169 | +36.6% |
| Profit (loss) for the period | 9904 | €10,478 | €13,192 | +€2,714 | +25.9% |
| Profit (loss) for the period to be appropriated | 9905 | €10,478 | €13,192 | +€2,714 | +25.9% |
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.