TF-Management: 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-Management
Largest movements
- Tangible fixed assets +€42,484
up €42,484 (+6.6%), from €640,441 to €682,925
of which Furniture and vehicles: +€36,795
- Receivables within one year +€9,490
up €9,490 (+55.5%), from €17,094 to €26,584
of which Trade receivables: +€10,419
- Cash +€8,541
up €8,541 (+121.4%), from €7,035 to €15,577
mainly Net result for the year (+€58,644) and Depreciation (+€42,766)
- Reserves +€58,644
up €58,644 (+29.4%), from €199,777 to €258,421
- Gross operating margin +€27,697
up €27,697 (+23.8%), from €116,298 to €143,995
- Taxes +€8,955
up €8,955 (+58.1%), from €15,411 to €24,366
- Financial charges -€6,483
down €6,483 (-31.2%), from €20,799 to €14,316
- Depreciation -€1,662
down €1,662 (-3.7%), from €44,428 to €42,766
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 | €664,736 | €727,365 | +€62,628 | +9.4% |
| Fixed assets | 21/28 | €640,441 | €682,925 | +€42,484 | +6.6% |
| Tangible fixed assets | 22/27 | €640,441 | €682,925 | +€42,484 | +6.6% |
| Land and buildings | 22 | €618,275 | €624,806 | +€6,531 | +1.1% |
| Plant, machinery and equipment | 23 | €2,868 | €2,025 | -€843 | -29.4% |
| Furniture and vehicles | 24 | €19,298 | €56,094 | +€36,795 | +190.7% |
| Current assets | 29/58 | €24,296 | €44,440 | +€20,144 | +82.9% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €17,094 | €26,584 | +€9,490 | +55.5% |
| Trade receivables | 40 | €16,155 | €26,574 | +€10,419 | +64.5% |
| Other amounts receivable | 41 | €940 | €10 | -€930 | -98.9% |
| Cash at bank and in hand | 54/58 | €7,035 | €15,577 | +€8,541 | +121.4% |
| Deferred charges and accrued income | 490/1 | €166 | €2,280 | +€2,114 | +1275.2% |
| Total equity and liabilities | 10/49 | €664,736 | €727,365 | +€62,628 | +9.4% |
| Equity | 10/15 | €200,777 | €259,421 | +€58,644 | +29.2% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €199,777 | €258,421 | +€58,644 | +29.4% |
| Distributable reserves | 133 | €199,777 | €258,421 | +€58,644 | +29.4% |
| Amounts payable | 17/49 | €463,960 | €467,944 | +€3,984 | +0.9% |
| Amounts payable after more than one year | 17 | €406,579 | €404,603 | -€1,976 | -0.5% |
| Financial debts | 170/4 | €390,000 | €399,024 | +€9,024 | +2.3% |
| Other amounts payable | 178/9 | €16,579 | €5,578 | -€11,001 | -66.4% |
| Amounts payable within one year | 42/48 | €57,381 | €63,341 | +€5,961 | +10.4% |
| Current portion of amounts payable after more than one year | 42 | €37,619 | €40,397 | +€2,778 | +7.4% |
| Trade debts | 44 | €1,790 | €7,532 | +€5,742 | +320.7% |
| Suppliers | 440/4 | €1,790 | €7,532 | +€5,742 | +320.7% |
| Taxes, remuneration and social security | 45 | €17,971 | €15,413 | -€2,558 | -14.2% |
| Taxes | 450/3 | €17,971 | €15,413 | -€2,558 | -14.2% |
| Non-recurring operating income | 76A | €9,618 | €0 | -€9,618 | -100.0% |
| Remuneration, social security and pensions | 62 | €208 | €123 | -€84 | -40.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,428 | €42,766 | -€1,662 | -3.7% |
| Other operating charges | 640/8 | €1,961 | €2,865 | +€905 | +46.2% |
| Non-recurring operating charges | 66A | - | €922 | +€922 | |
| Gross operating margin | 9900 | €116,298 | €143,995 | +€27,697 | +23.8% |
| Operating profit (loss) | 9901 | €69,703 | €97,318 | +€27,616 | +39.6% |
| Financial income | 75/76B | €17 | €7 | -€9 | -54.9% |
| Recurring financial income | 75 | €17 | €7 | -€9 | -54.9% |
| Financial charges | 65/66B | €20,799 | €14,316 | -€6,483 | -31.2% |
| Recurring financial charges | 65 | €20,799 | €14,316 | -€6,483 | -31.2% |
| Profit (loss) for the period before taxes | 9903 | €48,920 | €83,010 | +€34,090 | +69.7% |
| Income taxes | 67/77 | €15,411 | €24,366 | +€8,955 | +58.1% |
| Profit (loss) for the period | 9904 | €33,509 | €58,644 | +€25,135 | +75.0% |
| Profit (loss) for the period to be appropriated | 9905 | €33,509 | €58,644 | +€25,135 | +75.0% |
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 1 October 2026 via checked.be.