TF Logistics: 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 Logistics
Largest movements
- Tangible fixed assets +€295,348
up €295,348 (+219.3%), from €134,705 to €430,053
of which Land and buildings: +€342,510
- Cash +€147,588
up €147,588 (+2973.0%), from €4,964 to €152,552
mainly Net result for the year (+€298,285) and Other debts (+€270,000)
- Other debts +€270,000
up €270,000 (+385.7%), from €70,000 to €340,000
- Debts after one year +€127,570
up €127,570 (+75.0%), from €170,034 to €297,604
of which Financial debts: +€241,670
- Profit (loss) carried forward +€28,285
up €28,285, from -€17,120 to €11,166
- Current portion of long-term debt +€16,975
new in 2025: €16,975
- Financial income +€300,000
new in 2025: €300,000
- Gross operating margin +€21,560
up €21,560, from -€5,350 to €16,209
- Financial charges +€8,147
up €8,147 (+1187.9%), from €686 to €8,833
- Other operating charges -€1,040
down €1,040 (-72.2%), from €1,440 to €400
- Depreciation -€952
down €952 (-9.9%), from €9,644 to €8,692
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 | €259,582 | €698,874 | +€439,292 | +169.2% |
| Fixed assets | 21/28 | €249,705 | €545,053 | +€295,348 | +118.3% |
| Tangible fixed assets | 22/27 | €134,705 | €430,053 | +€295,348 | +219.3% |
| Land and buildings | 22 | €72,070 | €414,580 | +€342,510 | +475.2% |
| Plant, machinery and equipment | 23 | - | €6,589 | +€6,589 | |
| Furniture and vehicles | 24 | - | €8,883 | +€8,883 | |
| Assets under construction and advance payments | 27 | €62,635 | - | -€62,635 | |
| Financial fixed assets | 28 | €115,000 | €115,000 | = | 0.0% |
| Current assets | 29/58 | €9,877 | €153,821 | +€143,943 | +1457.3% |
| Amounts receivable within one year | 40/41 | €4,913 | €858 | -€4,055 | -82.5% |
| Trade receivables | 40 | €3,411 | - | -€3,411 | |
| Other amounts receivable | 41 | €1,502 | €858 | -€643 | -42.8% |
| Cash at bank and in hand | 54/58 | €4,964 | €152,552 | +€147,588 | +2973.0% |
| Deferred charges and accrued income | 490/1 | - | €410 | +€410 | |
| Total equity and liabilities | 10/49 | €259,582 | €698,874 | +€439,292 | +169.2% |
| Equity | 10/15 | €12,880 | €41,166 | +€28,285 | +219.6% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€17,120 | €11,166 | +€28,285 | |
| Amounts payable | 17/49 | €246,702 | €657,708 | +€411,006 | +166.6% |
| Amounts payable after more than one year | 17 | €170,034 | €297,604 | +€127,570 | +75.0% |
| Financial debts | 170/4 | €55,034 | €296,704 | +€241,670 | +439.1% |
| Other amounts payable | 178/9 | €115,000 | €900 | -€114,100 | -99.2% |
| Amounts payable within one year | 42/48 | €76,668 | €360,105 | +€283,437 | +369.7% |
| Current portion of amounts payable after more than one year | 42 | - | €16,975 | +€16,975 | |
| Trade debts | 44 | €6,668 | €3,130 | -€3,538 | -53.1% |
| Suppliers | 440/4 | €6,668 | €3,130 | -€3,538 | -53.1% |
| Other amounts payable | 47/48 | €70,000 | €340,000 | +€270,000 | +385.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,644 | €8,692 | -€952 | -9.9% |
| Other operating charges | 640/8 | €1,440 | €400 | -€1,040 | -72.2% |
| Gross operating margin | 9900 | -€5,350 | €16,209 | +€21,560 | |
| Operating profit (loss) | 9901 | -€16,434 | €7,118 | +€23,552 | |
| Financial income | 75/76B | - | €300,000 | +€300,000 | |
| Recurring financial income | 75 | - | €300,000 | +€300,000 | |
| Financial charges | 65/66B | €686 | €8,833 | +€8,147 | +1187.9% |
| Recurring financial charges | 65 | €686 | €8,833 | +€8,147 | +1187.9% |
| Profit (loss) for the period before taxes | 9903 | -€17,120 | €298,285 | +€315,405 | |
| Profit (loss) for the period | 9904 | -€17,120 | €298,285 | +€315,405 | |
| Profit (loss) for the period to be appropriated | 9905 | -€17,120 | €298,285 | +€315,405 |
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 28 September 2026 via checked.be.