TF-Projects: what changed
Two financial 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-Projects
Largest movements
- Stocks and contracts +€714,763
up €714,763 (+307%), from €233,159 to €947,921
- Receivables within one year +€15,902
up €15,902 (+153%), from €10,398 to €26,299
of which Other amounts receivable: +€15,186
- Debts after one year +€638,887
up €638,887 (+284%), from €225,113 to €864,000
- Other debts +€54,370
up €54,370 (+78.3%), from €69,433 to €123,803
- Profit (loss) carried forward +€40,760
up €40,760 (+76.7%), from -€53,142 to -€12,381
- Gross operating margin +€117,095
up €117,095, from -€48,952 to €68,142
- Financial charges +€25,718
up €25,718 (+2,498%), from €1,030 to €26,748
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.
Derived cash bridge
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 | €248,075 | €978,422 | +€730,347 | +294% |
| Fixed assets | 21/28 | €1,500 | - | -€1,500 | |
| Financial fixed assets | 28 | €1,500 | - | -€1,500 | |
| Current assets | 29/58 | €246,575 | €978,422 | +€731,847 | +297% |
| Stocks and contracts in progress | 3 | €233,159 | €947,921 | +€714,763 | +307% |
| Stocks | 30/36 | €233,159 | €947,921 | +€714,763 | +307% |
| Amounts receivable within one year | 40/41 | €10,398 | €26,299 | +€15,902 | +153% |
| Trade receivables | 40 | - | €716 | +€716 | |
| Other amounts receivable | 41 | €10,398 | €25,583 | +€15,186 | +146% |
| Cash at bank and in hand | 54/58 | €1,690 | €3,701 | +€2,010 | +119% |
| Deferred charges and accrued income | 490/1 | €1,329 | €501 | -€828 | -62.3% |
| Total equity and liabilities | 10/49 | €248,075 | €978,422 | +€730,347 | +294% |
| Equity | 10/15 | -€50,142 | -€9,381 | +€40,760 | +81.3% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€53,142 | -€12,381 | +€40,760 | +76.7% |
| Amounts payable | 17/49 | €298,217 | €987,803 | +€689,587 | +231% |
| Amounts payable after more than one year | 17 | €225,113 | €864,000 | +€638,887 | +284% |
| Financial debts | 170/4 | €225,113 | €864,000 | +€638,887 | +284% |
| Amounts payable within one year | 42/48 | €73,104 | €123,803 | +€50,699 | +69.4% |
| Trade debts | 44 | €3,671 | - | -€3,671 | |
| Suppliers | 440/4 | €3,671 | - | -€3,671 | |
| Other amounts payable | 47/48 | €69,433 | €123,803 | +€54,370 | +78.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €362 | - | -€362 | |
| Other operating charges | 640/8 | €591 | €635 | +€44 | +7.5% |
| Gross operating margin | 9900 | -€48,952 | €68,142 | +€117,095 | |
| Operating profit (loss) | 9901 | -€49,906 | €67,507 | +€117,413 | |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €1,030 | €26,748 | +€25,718 | +2,498% |
| Recurring financial charges | 65 | €1,030 | €26,748 | +€25,718 | +2,498% |
| Profit (loss) for the period before taxes | 9903 | -€50,936 | €40,760 | +€91,696 | |
| Profit (loss) for the period | 9904 | -€50,936 | €40,760 | +€91,696 | |
| Profit (loss) for the period to be appropriated | 9905 | -€50,936 | €40,760 | +€91,696 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.