T.I.G.E.R.: what changed
T.I.G.E.R.
Largest movements
- Receivables within one year +€276,753
up €276,753 (+153%), from €181,471 to €458,224
of which Trade receivables: +€260,108
- Cash -€28,928
no longer reported in 2025 (was €28,928)
mainly Receivables within one year (-€276,753) and Contributions, distributions and other (-€86,424)
- Stocks and contracts +€11,831
new in 2025: €11,831
- Accrued charges and deferred income +€129,496
new in 2025: €129,496
- Trade debts +€123,088
up €123,088 (+167%), from €73,532 to €196,620
- Other debts +€81,225
new in 2025: €81,225
- Reserves -€63,851
down €63,851 (-46.0%), from €138,752 to €74,901
of which Distributable reserves: -€63,851
- Tax, wage and social debts -€19,399
down €19,399 (-31.8%), from €61,071 to €41,672
of which Taxes: -€19,486
- Purchases and services -€698,496
no longer reported in 2025 (was €698,496)
- Gross operating margin -€32,215
down €32,215 (-19.9%), from €162,241 to €130,026
- Financial charges +€17,727
up €17,727 (+93.3%), from €18,997 to €36,724
- Taxes -€11,232
down €11,232 (-42.7%), from €26,302 to €15,070
- Staff costs +€4,956
up €4,956 (+12.8%), from €38,655 to €43,610
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 | €551,455 | €806,876 | +€255,420 | +46.3% |
| Fixed assets | 21/28 | €41,057 | €36,820 | -€4,236 | -10.3% |
| Tangible fixed assets | 22/27 | €41,057 | €36,820 | -€4,236 | -10.3% |
| Plant, machinery and equipment | 23 | €15,274 | €14,716 | -€559 | -3.7% |
| Furniture and vehicles | 24 | €25,782 | €22,105 | -€3,677 | -14.3% |
| Current assets | 29/58 | €510,398 | €770,055 | +€259,657 | +50.9% |
| Amounts receivable after more than one year | 29 | €300,000 | €300,000 | = | 0.0% |
| Other amounts receivable | 291 | €300,000 | €300,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | - | €11,831 | +€11,831 | |
| Stocks | 30/36 | - | €11,831 | +€11,831 | |
| Amounts receivable within one year | 40/41 | €181,471 | €458,224 | +€276,753 | +153% |
| Trade receivables | 40 | €144,113 | €404,221 | +€260,108 | +180% |
| Other amounts receivable | 41 | €37,358 | €54,003 | +€16,646 | +44.6% |
| Cash at bank and in hand | 54/58 | €28,928 | - | -€28,928 | |
| Total equity and liabilities | 10/49 | €551,455 | €806,876 | +€255,420 | +46.3% |
| Equity | 10/15 | €365,738 | €301,888 | -€63,851 | -17.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €138,752 | €74,901 | -€63,851 | -46.0% |
| 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 | €136,892 | €73,041 | -€63,851 | -46.6% |
| Profit (loss) carried forward | 14 | €220,786 | €220,786 | = | 0.0% |
| Amounts payable | 17/49 | €185,717 | €504,988 | +€319,271 | +172% |
| Amounts payable within one year | 42/48 | €185,717 | €375,491 | +€189,775 | +102% |
| Current portion of amounts payable after more than one year | 42 | €1,000 | €1,000 | = | 0.0% |
| Financial debts | 43 | €50,114 | €54,974 | +€4,860 | +9.7% |
| Credit institutions | 430/8 | €50,114 | €54,974 | +€4,860 | +9.7% |
| Trade debts | 44 | €73,532 | €196,620 | +€123,088 | +167% |
| Suppliers | 440/4 | €73,532 | €196,620 | +€123,088 | +167% |
| Taxes, remuneration and social security | 45 | €61,071 | €41,672 | -€19,399 | -31.8% |
| Taxes | 450/3 | €58,861 | €39,375 | -€19,486 | -33.1% |
| Remuneration and social security | 454/9 | €2,210 | €2,297 | +€87 | +4.0% |
| Other amounts payable | 47/48 | - | €81,225 | +€81,225 | |
| Accrued charges and deferred income | 492/3 | - | €129,496 | +€129,496 | |
| Goods, raw materials, services and sundry goods | 60/61 | €698,496 | - | -€698,496 | |
| Remuneration, social security and pensions | 62 | €38,655 | €43,610 | +€4,956 | +12.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,235 | €11,585 | -€651 | -5.3% |
| Other operating charges | 640/8 | €5,275 | €2,130 | -€3,145 | -59.6% |
| Gross operating margin | 9900 | €162,241 | €130,026 | -€32,215 | -19.9% |
| Operating profit (loss) | 9901 | €106,076 | €72,702 | -€33,374 | -31.5% |
| Financial income | 75/76B | €1 | €1,666 | +€1,666 | +241,404% |
| Recurring financial income | 75 | €1 | €1,666 | +€1,666 | +241,404% |
| Financial charges | 65/66B | €18,997 | €36,724 | +€17,727 | +93.3% |
| Recurring financial charges | 65 | €18,997 | €36,724 | +€17,727 | +93.3% |
| Profit (loss) for the period before taxes | 9903 | €87,080 | €37,644 | -€49,436 | -56.8% |
| Income taxes | 67/77 | €26,302 | €15,070 | -€11,232 | -42.7% |
| Profit (loss) for the period | 9904 | €60,778 | €22,574 | -€38,205 | -62.9% |
| Profit (loss) for the period to be appropriated | 9905 | €60,778 | €22,574 | -€38,205 | -62.9% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.