TF Consulting: 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 Consulting
Largest movements
- Cash +€34,420
up €34,420 (+22.1%), from €155,707 to €190,127
mainly Other debts (+€265,056) and Net result for the year (+€110,943)
- Receivables after one year +€31,445
up €31,445 (+11.7%), from €269,416 to €300,861
- Tangible fixed assets -€16,602
down €16,602 (-4.5%), from €365,186 to €348,584
of which Land and buildings: -€13,517
- Other debts +€265,056
up €265,056 (+468.2%), from €56,607 to €321,663
- Reserves -€203,821
down €203,821 (-35.6%), from €572,179 to €368,358
of which Distributable reserves: -€203,821
- Debts after one year -€20,729
down €20,729 (-15.6%), from €133,025 to €112,296
- Trade debts +€11,289
up €11,289 (+132.3%), from €8,533 to €19,821
- Tax, wage and social debts -€10,624
down €10,624 (-34.7%), from €30,647 to €20,023
of which Taxes: -€6,374
- Gross operating margin +€9,139
up €9,139 (+6.6%), from €139,268 to €148,406
- Taxes +€6,259
up €6,259 (+17.2%), from €36,382 to €42,641
- Financial income +€5,503
up €5,503 (+22.0%), from €24,970 to €30,473
- Depreciation -€3,270
down €3,270 (-14.0%), from €23,290 to €20,021
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 | €867,143 | €907,110 | +€39,967 | +4.6% |
| Fixed assets | 21/28 | €378,143 | €359,474 | -€18,669 | -4.9% |
| Tangible fixed assets | 22/27 | €365,186 | €348,584 | -€16,602 | -4.5% |
| Land and buildings | 22 | €350,352 | €336,835 | -€13,517 | -3.9% |
| Plant, machinery and equipment | 23 | €11,156 | €10,490 | -€667 | -6.0% |
| Furniture and vehicles | 24 | €3,678 | €1,259 | -€2,419 | -65.8% |
| Financial fixed assets | 28 | €12,957 | €10,890 | -€2,067 | -16.0% |
| Current assets | 29/58 | €489,000 | €547,636 | +€58,636 | +12.0% |
| Amounts receivable after more than one year | 29 | €269,416 | €300,861 | +€31,445 | +11.7% |
| Other amounts receivable | 291 | €269,416 | €300,861 | +€31,445 | +11.7% |
| Amounts receivable within one year | 40/41 | €63,517 | €56,447 | -€7,070 | -11.1% |
| Trade receivables | 40 | €63,203 | €51,243 | -€11,959 | -18.9% |
| Other amounts receivable | 41 | €314 | €5,204 | +€4,889 | +1555.2% |
| Cash at bank and in hand | 54/58 | €155,707 | €190,127 | +€34,420 | +22.1% |
| Deferred charges and accrued income | 490/1 | €360 | €201 | -€159 | -44.2% |
| Total equity and liabilities | 10/49 | €867,143 | €907,110 | +€39,967 | +4.6% |
| Equity | 10/15 | €618,029 | €412,541 | -€205,487 | -33.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €572,179 | €368,358 | -€203,821 | -35.6% |
| Tax-exempt reserves | 132 | €21,050 | €21,050 | = | 0.0% |
| Distributable reserves | 133 | €551,129 | €347,308 | -€203,821 | -37.0% |
| Profit (loss) carried forward | 14 | €39,649 | €37,983 | -€1,666 | -4.2% |
| Amounts payable | 17/49 | €249,114 | €494,569 | +€245,454 | +98.5% |
| Amounts payable after more than one year | 17 | €133,025 | €112,296 | -€20,729 | -15.6% |
| Financial debts | 170/4 | €133,025 | €112,296 | -€20,729 | -15.6% |
| Amounts payable within one year | 42/48 | €116,089 | €382,236 | +€266,147 | +229.3% |
| Current portion of amounts payable after more than one year | 42 | €20,303 | €20,729 | +€426 | +2.1% |
| Trade debts | 44 | €8,533 | €19,821 | +€11,289 | +132.3% |
| Suppliers | 440/4 | €8,533 | €19,821 | +€11,289 | +132.3% |
| Taxes, remuneration and social security | 45 | €30,647 | €20,023 | -€10,624 | -34.7% |
| Taxes | 450/3 | €26,397 | €20,023 | -€6,374 | -24.1% |
| Remuneration and social security | 454/9 | €4,250 | - | -€4,250 | |
| Other amounts payable | 47/48 | €56,607 | €321,663 | +€265,056 | +468.2% |
| Accrued charges and deferred income | 492/3 | - | €37 | +€37 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,290 | €20,021 | -€3,270 | -14.0% |
| Other operating charges | 640/8 | €1,718 | €2,047 | +€329 | +19.1% |
| Non-recurring operating charges | 66A | €588 | - | -€588 | |
| Gross operating margin | 9900 | €139,268 | €148,406 | +€9,139 | +6.6% |
| Operating profit (loss) | 9901 | €113,671 | €126,339 | +€12,667 | +11.1% |
| Financial income | 75/76B | €24,970 | €30,473 | +€5,503 | +22.0% |
| Recurring financial income | 75 | €24,970 | €30,473 | +€5,503 | +22.0% |
| Financial charges | 65/66B | €3,553 | €3,228 | -€325 | -9.1% |
| Recurring financial charges | 65 | €3,553 | €3,228 | -€325 | -9.1% |
| Profit (loss) for the period before taxes | 9903 | €135,089 | €153,584 | +€18,496 | +13.7% |
| Income taxes | 67/77 | €36,382 | €42,641 | +€6,259 | +17.2% |
| Profit (loss) for the period | 9904 | €98,707 | €110,943 | +€12,236 | +12.4% |
| Transfer to tax-exempt reserves | 689 | €21,050 | - | -€21,050 | |
| Profit (loss) for the period to be appropriated | 9905 | €77,657 | €110,943 | +€33,286 | +42.9% |
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 2 October 2026 via checked.be.