TCG VISION: 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.
TCG VISION
Largest movements
- Receivables within one year +€89,313
up €89,313 (+28.0%), from €318,945 to €408,257
- Cash +€88,524
up €88,524 (+1615.2%), from €5,481 to €94,005
mainly Net result for the year (+€119,221) and Trade debts (+€74,602)
- Stocks and contracts +€30,596
up €30,596 (+9.8%), from €313,476 to €344,072
- Tangible fixed assets +€8,887
up €8,887 (+1555.1%), from €571 to €9,458
of which Furniture and vehicles: +€9,205
- Profit (loss) carried forward +€118,388
up €118,388 (+83.2%), from €142,269 to €260,657
- Trade debts +€74,602
up €74,602 (+31.7%), from €235,372 to €309,974
- Short-term financial debts +€70,770
up €70,770 (+198.4%), from €35,666 to €106,436
- Debts after one year -€24,715
down €24,715 (-15.4%), from €159,988 to €135,273
- Tax, wage and social debts -€14,421
down €14,421 (-22.5%), from €64,179 to €49,758
of which Taxes: -€11,119
- Gross operating margin -€19,214
down €19,214 (-9.9%), from €193,111 to €173,897
- Financial charges +€2,376
up €2,376 (+22.3%), from €10,648 to €13,024
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.
Cash bridge derived
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 | €638,472 | €863,859 | +€225,387 | +35.3% |
| Fixed assets | 21/28 | €571 | €15,015 | +€14,444 | +2527.5% |
| Intangible fixed assets | 21 | - | €5,557 | +€5,557 | |
| Tangible fixed assets | 22/27 | €571 | €9,458 | +€8,887 | +1555.1% |
| Plant, machinery and equipment | 23 | €571 | €253 | -€318 | -55.7% |
| Furniture and vehicles | 24 | - | €9,205 | +€9,205 | |
| Current assets | 29/58 | €637,901 | €848,844 | +€210,943 | +33.1% |
| Stocks and contracts in progress | 3 | €313,476 | €344,072 | +€30,596 | +9.8% |
| Stocks | 30/36 | €313,476 | €344,072 | +€30,596 | +9.8% |
| Amounts receivable within one year | 40/41 | €318,945 | €408,257 | +€89,313 | +28.0% |
| Trade receivables | 40 | €318,945 | €408,257 | +€89,313 | +28.0% |
| Current investments | 50/53 | - | €1,500 | +€1,500 | |
| Cash at bank and in hand | 54/58 | €5,481 | €94,005 | +€88,524 | +1615.2% |
| Deferred charges and accrued income | 490/1 | - | €1,010 | +€1,010 | |
| Total equity and liabilities | 10/49 | €638,472 | €863,859 | +€225,387 | +35.3% |
| Equity | 10/15 | €143,269 | €261,657 | +€118,388 | +82.6% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €142,269 | €260,657 | +€118,388 | +83.2% |
| Amounts payable | 17/49 | €495,204 | €602,202 | +€106,999 | +21.6% |
| Amounts payable after more than one year | 17 | €159,988 | €135,273 | -€24,715 | -15.4% |
| Other amounts payable | 178/9 | €159,988 | €135,273 | -€24,715 | -15.4% |
| Amounts payable within one year | 42/48 | €335,216 | €466,834 | +€131,618 | +39.3% |
| Financial debts | 43 | €35,666 | €106,436 | +€70,770 | +198.4% |
| Credit institutions | 430/8 | €35,666 | €106,436 | +€70,770 | +198.4% |
| Trade debts | 44 | €235,372 | €309,974 | +€74,602 | +31.7% |
| Suppliers | 440/4 | €235,372 | €309,974 | +€74,602 | +31.7% |
| Taxes, remuneration and social security | 45 | €64,179 | €49,758 | -€14,421 | -22.5% |
| Taxes | 450/3 | €60,477 | €49,358 | -€11,119 | -18.4% |
| Remuneration and social security | 454/9 | €3,702 | €400 | -€3,302 | -89.2% |
| Other amounts payable | 47/48 | - | €666 | +€666 | |
| Accrued charges and deferred income | 492/3 | - | €96 | +€96 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €318 | €1,131 | +€813 | +255.2% |
| Other operating charges | 640/8 | €64 | €559 | +€496 | +779.4% |
| Gross operating margin | 9900 | €193,111 | €173,897 | -€19,214 | -9.9% |
| Operating profit (loss) | 9901 | €192,729 | €172,206 | -€20,523 | -10.6% |
| Financial income | 75/76B | €97 | €14 | -€84 | -85.9% |
| Recurring financial income | 75 | €97 | €14 | -€84 | -85.9% |
| Financial charges | 65/66B | €10,648 | €13,024 | +€2,376 | +22.3% |
| Recurring financial charges | 65 | €10,648 | €13,024 | +€2,376 | +22.3% |
| Profit (loss) for the period before taxes | 9903 | €182,178 | €159,196 | -€22,982 | -12.6% |
| Income taxes | 67/77 | €40,817 | €39,974 | -€843 | -2.1% |
| Profit (loss) for the period | 9904 | €141,361 | €119,221 | -€22,140 | -15.7% |
| Profit (loss) for the period to be appropriated | 9905 | €141,361 | €119,221 | -€22,140 | -15.7% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.