TF CO: 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.
What changed
TF CO
NACE 10.711, Manufacture of food products
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€75,437
2024 · -€221,708+€297,146
Equity
€910,222
2024 · €874,826+€35,396
Cash
€742,623
2024 · €738,774+€3,849
Balance sheet total
€9.0m
2024 · €9.2m-€186,298
Largest movements
Assets
- Tangible fixed assets -€776,661
down €776,661 (-17.1%), from €4.5m to €3.8m
of which Other tangible fixed assets: -€603,407
- Financial fixed assets +€602,916
up €602,916 (+32.2%), from €1.9m to €2.5m
of which Affiliated companies: +€602,828
- Receivables within one year +€159,425
up €159,425 (+17.7%), from €900,840 to €1.1m
of which Other amounts receivable: +€223,239
- Deferred charges and accrued income -€153,673
down €153,673 (-64.4%), from €238,644 to €84,971
Equity and liabilities
- Short-term financial debts +€1.1m
up €1.1m (+235.8%), from €450,000 to €1.5m
- Debts after one year -€806,996
down €806,996 (-28.9%), from €2.8m to €2.0m
- Current portion of long-term debt -€740,536
down €740,536 (-45.9%), from €1.6m to €871,680
- Trade debts +€189,491
up €189,491 (+10.3%), from €1.8m to €2.0m
Income statement
- Staff costs -€973,100
down €973,100 (-9.5%), from €10.2m to €9.3m
- Services and other goods -€768,792
down €768,792 (-7.6%), from €10.1m to €9.3m
- Turnover -€733,023
down €733,023 (-2.6%), from €27.7m to €26.9m
- Goods and materials +€325,114
up €325,114 (+4.8%), from €6.8m to €7.1m
of which Purchases: +€477,166
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.
Result 2024
-€221,708
Turnover
-€733,023
Other operating income
+€32,558
Goods and materials
-€325,114
Services and other goods
+€768,792
Staff costs
+€973,100
Depreciation
+€68,487
Write-downs
-€28,234
Other operating charges
-€6,142
Other operating items
-€402,301
Financial income
+€58,159
Financial charges
-€10,639
Taxes
-€98,497
Result 2025
€75,437
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.
From operations
+€1.2m
Investment
-€649,404
Financing
-€526,291
Cash 2024
€738,774
From operations (derived)
+€1.2m
Net result for the year
+€75,437
Depreciation
+€909,125
Stocks and contracts
-€63,823
Receivables within one year
-€159,425
Deferred charges and accrued income
+€153,673
Provisions
+€91,295
Trade debts
+€189,491
Tax, wage and social debts
+€15,285
Advances received
-€2,388
Accrued charges and deferred income
-€29,127
Investment (derived)
-€649,404
Investment in fixed assets (net)
-€649,404
Financing
-€526,291
Debts after one year
-€806,996
Current portion of long-term debt
-€740,536
Short-term financial debts
+€1.1m
Contributions, distributions and other
-€40,041
Cash 2025
€742,623
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €9,195,059 | €9,008,761 | -€186,298 | -2.0% |
| Fixed assets | 21/28 | €6,530,170 | €6,270,449 | -€259,721 | -4.0% |
| Intangible fixed assets | 21 | €119,625 | €33,648 | -€85,977 | -71.9% |
| Tangible fixed assets | 22/27 | €4,536,209 | €3,759,548 | -€776,661 | -17.1% |
| Land and buildings | 22 | €2,171,328 | €1,895,560 | -€275,769 | -12.7% |
| Plant, machinery and equipment | 23 | €270,567 | €219,459 | -€51,108 | -18.9% |
| Furniture and vehicles | 24 | €57,361 | €48,992 | -€8,369 | -14.6% |
| Leasing and similar rights | 25 | €77,847 | €141,205 | +€63,358 | +81.4% |
| Other tangible fixed assets | 26 | €1,959,106 | €1,355,699 | -€603,407 | -30.8% |
| Assets under construction and advance payments | 27 | - | €98,633 | +€98,633 | |
| Financial fixed assets | 28 | €1,874,336 | €2,477,253 | +€602,916 | +32.2% |
| Affiliated companies | 280/1 | €1,706,200 | €2,309,028 | +€602,828 | +35.3% |
| Amounts receivable | 281 | €1,706,200 | €2,309,028 | +€602,828 | +35.3% |
| Other financial fixed assets | 284/8 | €168,137 | €168,225 | +€88 | +0.1% |
| Amounts receivable and cash guarantees | 285/8 | €168,137 | €168,225 | +€88 | +0.1% |
| Current assets | 29/58 | €2,664,889 | €2,738,312 | +€73,423 | +2.8% |
| Stocks and contracts in progress | 3 | €786,630 | €850,454 | +€63,823 | +8.1% |
| Stocks | 30/36 | €786,630 | €850,454 | +€63,823 | +8.1% |
| Raw materials and consumables | 30/31 | €545,508 | €549,531 | +€4,023 | +0.7% |
| Work in progress | 32 | €56,103 | €81,122 | +€25,019 | +44.6% |
| Finished goods | 33 | €53,070 | €103,267 | +€50,197 | +94.6% |
| Goods purchased for resale | 34 | €131,949 | €116,533 | -€15,416 | -11.7% |
| Amounts receivable within one year | 40/41 | €900,840 | €1,060,265 | +€159,425 | +17.7% |
| Trade receivables | 40 | €724,825 | €661,011 | -€63,814 | -8.8% |
| Other amounts receivable | 41 | €176,015 | €399,254 | +€223,239 | +126.8% |
| Cash at bank and in hand | 54/58 | €738,774 | €742,623 | +€3,849 | +0.5% |
| Deferred charges and accrued income | 490/1 | €238,644 | €84,971 | -€153,673 | -64.4% |
| Total equity and liabilities | 10/49 | €9,195,059 | €9,008,761 | -€186,298 | -2.0% |
| Equity | 10/15 | €874,826 | €910,222 | +€35,396 | +4.0% |
| Contributions | 10/11 | €800,000 | €800,000 | = | 0.0% |
| Capital | 10 | €800,000 | €800,000 | = | 0.0% |
| Issued capital | 100 | €800,000 | €800,000 | = | 0.0% |
| Reserves | 13 | €36,689 | €36,689 | = | 0.0% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Legal reserve | 130 | €10,000 | €10,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €26,689 | €26,689 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€435,641 | -€360,203 | +€75,437 | +17.3% |
| Investment grants | 15 | €473,778 | €433,737 | -€40,041 | -8.5% |
| Provisions and deferred taxes | 16 | - | €91,295 | +€91,295 | |
| Provisions for liabilities and charges | 160/5 | - | €91,295 | +€91,295 | |
| Pensions and similar obligations | 160 | - | €91,295 | +€91,295 | |
| Amounts payable | 17/49 | €8,320,233 | €8,007,244 | -€312,989 | -3.8% |
| Amounts payable after more than one year | 17 | €2,797,187 | €1,990,190 | -€806,996 | -28.9% |
| Financial debts | 170/4 | €2,797,187 | €1,990,190 | -€806,996 | -28.9% |
| Subordinated loans | 170 | €710,356 | €405,186 | -€305,170 | -43.0% |
| Leasing and similar obligations | 172 | €34,233 | €109,588 | +€75,355 | +220.1% |
| Credit institutions | 173 | €2,052,597 | €1,475,416 | -€577,181 | -28.1% |
| Amounts payable within one year | 42/48 | €5,346,516 | €5,869,651 | +€523,135 | +9.8% |
| Current portion of amounts payable after more than one year | 42 | €1,612,216 | €871,680 | -€740,536 | -45.9% |
| Financial debts | 43 | €450,000 | €1,511,283 | +€1.1m | +235.8% |
| Credit institutions | 430/8 | €450,000 | €1,511,283 | +€1.1m | +235.8% |
| Trade debts | 44 | €1,838,786 | €2,028,277 | +€189,491 | +10.3% |
| Suppliers | 440/4 | €1,838,786 | €2,028,277 | +€189,491 | +10.3% |
| Advances received on contracts in progress | 46 | €91,256 | €88,867 | -€2,388 | -2.6% |
| Taxes, remuneration and social security | 45 | €1,354,259 | €1,369,544 | +€15,285 | +1.1% |
| Taxes | 450/3 | €11,347 | €157,709 | +€146,362 | +1289.9% |
| Remuneration and social security | 454/9 | €1,342,912 | €1,211,835 | -€131,077 | -9.8% |
| Accrued charges and deferred income | 492/3 | €176,530 | €147,403 | -€29,127 | -16.5% |
| Operating income | 70/76A | €27,999,875 | €27,287,034 | -€712,841 | -2.5% |
| Turnover | 70 | €27,669,050 | €26,936,027 | -€733,023 | -2.6% |
| Other operating income | 74 | €299,689 | €332,247 | +€32,558 | +10.9% |
| Non-recurring operating income | 76A | €31,136 | €18,760 | -€12,376 | -39.7% |
| Operating charges | 60/66A | €28,130,960 | €27,069,995 | -€1.1m | -3.8% |
| Goods for resale, raw materials and consumables | 60 | €6,812,461 | €7,137,576 | +€325,114 | +4.8% |
| Purchases | 600/8 | €6,734,277 | €7,211,442 | +€477,166 | +7.1% |
| Change in stocks: decrease (increase) | 609 | €78,185 | -€73,867 | -€152,052 | |
| Services and other goods | 61 | €10,062,311 | €9,293,519 | -€768,792 | -7.6% |
| Remuneration, social security and pensions | 62 | €10,234,989 | €9,261,889 | -€973,100 | -9.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €977,612 | €909,125 | -€68,487 | -7.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€26,544 | €1,691 | +€28,234 | |
| Other operating charges | 640/8 | €34,245 | €40,386 | +€6,142 | +17.9% |
| Non-recurring operating charges | 66A | €35,885 | €425,809 | +€389,925 | +1086.6% |
| Operating profit (loss) | 9901 | -€131,084 | €217,038 | +€348,123 | |
| Financial income | 75/76B | €98,705 | €156,864 | +€58,159 | +58.9% |
| Recurring financial income | 75 | €98,705 | €156,864 | +€58,159 | +58.9% |
| Income from financial fixed assets | 750 | €48,116 | €91,591 | +€43,475 | +90.4% |
| Other financial income | 752/9 | €50,589 | €65,274 | +€14,685 | +29.0% |
| Financial charges | 65/66B | €188,037 | €198,676 | +€10,639 | +5.7% |
| Recurring financial charges | 65 | €188,037 | €198,676 | +€10,639 | +5.7% |
| Debt charges | 650 | €179,046 | €198,191 | +€19,145 | +10.7% |
| Other financial charges | 652/9 | €8,991 | €485 | -€8,506 | -94.6% |
| Profit (loss) for the period before taxes | 9903 | -€220,416 | €175,227 | +€395,643 | |
| Income taxes | 67/77 | €1,293 | €99,790 | +€98,497 | +7619.6% |
| Taxes | 670/3 | €1,293 | €99,868 | +€98,576 | +7625.7% |
| Tax adjustments and reversals of tax provisions | 77 | - | €78 | +€78 | |
| Profit (loss) for the period | 9904 | -€221,708 | €75,437 | +€297,146 | |
| Profit (loss) for the period to be appropriated | 9905 | -€221,708 | €75,437 | +€297,146 |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.