TF INVEST: 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 INVEST
NACE 70.200, Business and other management consultancy
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€26.7m
2024 · €5.5m+€21.2m
Equity
€30.9m
2024 · €11.7m+€19.2m
Cash
€190,105
2024 · €83,595+€106,510
Balance sheet total
€46.5m
2024 · €41.6m+€4.9m
Largest movements
Assets
- Receivables within one year +€4.7m
up €4.7m (+307.0%), from €1.5m to €6.3m
of which Other amounts receivable: +€4.4m
Equity and liabilities
- Debts after one year -€20.9m
down €20.9m (-81.3%), from €25.7m to €4.8m
- Profit (loss) carried forward +€18.8m
up €18.8m (+427.4%), from €4.4m to €23.2m
- Other debts +€7.6m
up €7.6m (+7760.5%), from €98,086 to €7.7m
- Current portion of long-term debt -€1.3m
down €1.3m (-36.7%), from €3.7m to €2.3m
Income statement
- Financial income +€20.3m
up €20.3m (+260.4%), from €7.8m to €28.1m
- Services and other goods +€1.1m
up €1.1m (+74.2%), from €1.4m to €2.5m
- Turnover +€1.1m
up €1.1m (+77.7%), from €1.4m to €2.4m
- Financial charges -€913,360
down €913,360 (-40.7%), from €2.2m to €1.3m
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
€5.5m
Turnover
+€1.1m
Services and other goods
-€1.1m
Financial income
+€20.3m
Financial charges
+€913,360
Result 2025
€26.7m
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
+€29.9m
Investment
€0
Financing
-€29.8m
Cash 2024
€83,595
From operations (derived)
+€29.9m
Net result for the year
+€26.7m
Receivables within one year
-€4.7m
Smaller working-capital items
-€38,881
Trade debts
+€323,894
Other debts
+€7.6m
Financing
-€29.8m
Debts after one year
-€20.9m
Current portion of long-term debt
-€1.3m
Contributions, distributions and other
-€7.5m
Cash 2025
€190,105
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €41,629,973 | €46,485,993 | +€4.9m | +11.7% |
| Fixed assets | 21/28 | €40,000,000 | €40,000,000 | = | 0.0% |
| Financial fixed assets | 28 | €40,000,000 | €40,000,000 | = | 0.0% |
| Affiliated companies | 280/1 | €40,000,000 | €40,000,000 | = | 0.0% |
| Participating interests | 280 | €40,000,000 | €40,000,000 | = | 0.0% |
| Current assets | 29/58 | €1,629,973 | €6,485,993 | +€4.9m | +297.9% |
| Amounts receivable within one year | 40/41 | €1,546,378 | €6,294,279 | +€4.7m | +307.0% |
| Trade receivables | 40 | €374,375 | €750,956 | +€376,581 | +100.6% |
| Other amounts receivable | 41 | €1,172,003 | €5,543,323 | +€4.4m | +373.0% |
| Cash at bank and in hand | 54/58 | €83,595 | €190,105 | +€106,510 | +127.4% |
| Deferred charges and accrued income | 490/1 | €0 | €1,609 | +€1,609 | |
| Total equity and liabilities | 10/49 | €41,629,973 | €46,485,993 | +€4.9m | +11.7% |
| Equity | 10/15 | €11,672,685 | €30,893,376 | +€19.2m | +164.7% |
| Contributions | 10/11 | €7,000,000 | €7,000,000 | = | 0.0% |
| Capital | 10 | €7,000,000 | €7,000,000 | = | 0.0% |
| Issued capital | 100 | €7,000,000 | €7,000,000 | = | 0.0% |
| Reserves | 13 | €274,676 | €700,000 | +€425,324 | +154.8% |
| Non-distributable reserves | 130/1 | €274,676 | €700,000 | +€425,324 | +154.8% |
| Legal reserve | 130 | €274,676 | €700,000 | +€425,324 | +154.8% |
| Profit (loss) carried forward | 14 | €4,398,009 | €23,193,376 | +€18.8m | +427.4% |
| Amounts payable | 17/49 | €29,957,287 | €15,592,617 | -€14.4m | -48.0% |
| Amounts payable after more than one year | 17 | €25,726,090 | €4,808,580 | -€20.9m | -81.3% |
| Financial debts | 170/4 | €25,726,090 | €4,808,580 | -€20.9m | -81.3% |
| Subordinated loans | 170 | €18,600,000 | - | -€18.6m | |
| Credit institutions | 173 | €7,126,090 | €4,808,580 | -€2.3m | -32.5% |
| Amounts payable within one year | 42/48 | €4,076,590 | €10,666,701 | +€6.6m | +161.7% |
| Current portion of amounts payable after more than one year | 42 | €3,663,206 | €2,317,509 | -€1.3m | -36.7% |
| Trade debts | 44 | €315,298 | €639,192 | +€323,894 | +102.7% |
| Suppliers | 440/4 | €315,298 | €639,192 | +€323,894 | +102.7% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €98,086 | €7,710,000 | +€7.6m | +7760.5% |
| Accrued charges and deferred income | 492/3 | €154,608 | €117,336 | -€37,272 | -24.1% |
| Operating income | 70/76A | €1,360,275 | €2,416,978 | +€1.1m | +77.7% |
| Turnover | 70 | €1,360,275 | €2,416,978 | +€1.1m | +77.7% |
| Other operating income | 74 | €0 | - | = | |
| Operating charges | 60/66A | €1,424,858 | €2,482,691 | +€1.1m | +74.2% |
| Services and other goods | 61 | €1,424,858 | €2,482,691 | +€1.1m | +74.2% |
| Operating profit (loss) | 9901 | -€64,583 | -€65,713 | -€1,130 | -1.7% |
| Financial income | 75/76B | €7,800,000 | €28,114,936 | +€20.3m | +260.4% |
| Recurring financial income | 75 | €7,800,000 | €28,114,936 | +€20.3m | +260.4% |
| Income from financial fixed assets | 750 | €7,800,000 | €28,114,936 | +€20.3m | +260.4% |
| Other financial income | 752/9 | - | €0 | +€0 | |
| Financial charges | 65/66B | €2,241,893 | €1,328,533 | -€913,360 | -40.7% |
| Recurring financial charges | 65 | €2,241,893 | €1,328,533 | -€913,360 | -40.7% |
| Debt charges | 650 | €2,239,998 | €1,326,012 | -€913,985 | -40.8% |
| Other financial charges | 652/9 | €1,895 | €2,521 | +€626 | +33.0% |
| Profit (loss) for the period before taxes | 9903 | €5,493,524 | €26,720,690 | +€21.2m | +386.4% |
| Profit (loss) for the period | 9904 | €5,493,524 | €26,720,690 | +€21.2m | +386.4% |
| Profit (loss) for the period to be appropriated | 9905 | €5,493,524 | €26,720,690 | +€21.2m | +386.4% |
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 7 October 2026 via checked.be.