TF Associates: what changed
Two fiscal 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.
TF Associates
Largest movements
- Cash -€54,614
down €54,614 (-37.0%), from €147,408 to €92,794
mainly Contributions, distributions and other (-€226,910) and Current investments (-€16,000)
- Current investments +€16,000
new in 2025: €16,000
- Receivables within one year -€11,320
down €11,320 (-94.7%), from €11,955 to €635
of which Other amounts receivable: -€11,955
- Tangible fixed assets -€3,029
down €3,029 (-86.9%), from €3,487 to €458
- Profit (loss) carried forward -€143,400
no longer reported in 2025 (was €143,400)
- Other debts +€70,220
new in 2025: €70,220
- Tax, wage and social debts +€19,432
up €19,432 (+127.8%), from €15,209 to €34,642
- Gross operating margin +€20,243
up €20,243 (+22.2%), from €91,170 to €111,413
- Taxes +€6,125
up €6,125 (+32.9%), from €18,623 to €24,748
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 | €162,850 | €109,887 | -€52,963 | -32.5% |
| Fixed assets | 21/28 | €3,487 | €458 | -€3,029 | -86.9% |
| Tangible fixed assets | 22/27 | €3,487 | €458 | -€3,029 | -86.9% |
| Furniture and vehicles | 24 | €3,487 | €458 | -€3,029 | -86.9% |
| Current assets | 29/58 | €159,363 | €109,429 | -€49,934 | -31.3% |
| Amounts receivable within one year | 40/41 | €11,955 | €635 | -€11,320 | -94.7% |
| Trade receivables | 40 | - | €635 | +€635 | |
| Other amounts receivable | 41 | €11,955 | - | -€11,955 | |
| Current investments | 50/53 | - | €16,000 | +€16,000 | |
| Cash at bank and in hand | 54/58 | €147,408 | €92,794 | -€54,614 | -37.0% |
| Total equity and liabilities | 10/49 | €162,850 | €109,887 | -€52,963 | -32.5% |
| Equity | 10/15 | €147,400 | €4,000 | -€143,400 | -97.3% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €143,400 | - | -€143,400 | |
| Amounts payable | 17/49 | €15,449 | €105,887 | +€90,438 | +585.4% |
| Amounts payable within one year | 42/48 | €15,449 | €105,887 | +€90,438 | +585.4% |
| Trade debts | 44 | €240 | €1,025 | +€785 | +327.2% |
| Suppliers | 440/4 | €240 | €1,025 | +€785 | +327.2% |
| Taxes, remuneration and social security | 45 | €15,209 | €34,642 | +€19,432 | +127.8% |
| Taxes | 450/3 | €15,209 | €34,642 | +€19,432 | +127.8% |
| Other amounts payable | 47/48 | - | €70,220 | +€70,220 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,039 | €3,029 | -€1,010 | -25.0% |
| Other operating charges | 640/8 | €151 | - | -€151 | |
| Gross operating margin | 9900 | €91,170 | €111,413 | +€20,243 | +22.2% |
| Operating profit (loss) | 9901 | €86,980 | €108,384 | +€21,404 | +24.6% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €99 | €126 | +€27 | +27.6% |
| Recurring financial charges | 65 | €99 | €126 | +€27 | +27.6% |
| Profit (loss) for the period before taxes | 9903 | €86,881 | €108,257 | +€21,376 | +24.6% |
| Income taxes | 67/77 | €18,623 | €24,748 | +€6,125 | +32.9% |
| Profit (loss) for the period | 9904 | €68,258 | €83,510 | +€15,251 | +22.3% |
| Profit (loss) for the period to be appropriated | 9905 | €68,258 | €83,510 | +€15,251 | +22.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.