TF:RE: 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:RE
Largest movements
- Tangible fixed assets -€22,146
down €22,146 (-3.4%), from €647,358 to €625,212
of which Other tangible fixed assets: -€22,146
- Debts after one year -€46,900
down €46,900 (-10.6%), from €443,157 to €396,257
- Reserves +€30,773
up €30,773 (+17.4%), from €177,314 to €208,087
- Other operating charges -€3,605
down €3,605 (-90.0%), from €4,005 to €400
- Taxes +€1,298
up €1,298 (+14.5%), from €8,963 to €10,261
- Gross operating margin +€1,247
up €1,247 (+1.9%), from €67,121 to €68,369
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 | €674,938 | €661,736 | -€13,202 | -2.0% |
| Fixed assets | 21/28 | €647,358 | €625,212 | -€22,146 | -3.4% |
| Tangible fixed assets | 22/27 | €647,358 | €625,212 | -€22,146 | -3.4% |
| Land and buildings | 22 | €138,000 | €138,000 | = | 0.0% |
| Other tangible fixed assets | 26 | €509,358 | €487,212 | -€22,146 | -4.3% |
| Current assets | 29/58 | €27,580 | €36,524 | +€8,944 | +32.4% |
| Amounts receivable within one year | 40/41 | €0 | €3,732 | +€3,732 | |
| Trade receivables | 40 | €0 | €3,732 | +€3,732 | |
| Cash at bank and in hand | 54/58 | €27,580 | €32,793 | +€5,213 | +18.9% |
| Total equity and liabilities | 10/49 | €674,938 | €661,736 | -€13,202 | -2.0% |
| Equity | 10/15 | €179,814 | €210,587 | +€30,773 | +17.1% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €177,314 | €208,087 | +€30,773 | +17.4% |
| Distributable reserves | 133 | €177,314 | €208,087 | +€30,773 | +17.4% |
| Amounts payable | 17/49 | €495,124 | €451,149 | -€43,975 | -8.9% |
| Amounts payable after more than one year | 17 | €443,157 | €396,257 | -€46,900 | -10.6% |
| Financial debts | 170/4 | €443,157 | €396,257 | -€46,900 | -10.6% |
| Amounts payable within one year | 42/48 | €51,967 | €54,893 | +€2,925 | +5.6% |
| Current portion of amounts payable after more than one year | 42 | €46,438 | €46,900 | +€463 | +1.0% |
| Trade debts | 44 | €0 | - | = | |
| Suppliers | 440/4 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €5,529 | €7,992 | +€2,463 | +44.5% |
| Taxes | 450/3 | €5,529 | €7,992 | +€2,463 | +44.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,146 | €22,146 | = | 0.0% |
| Other operating charges | 640/8 | €4,005 | €400 | -€3,605 | -90.0% |
| Gross operating margin | 9900 | €67,121 | €68,369 | +€1,247 | +1.9% |
| Operating profit (loss) | 9901 | €40,970 | €45,823 | +€4,853 | +11.8% |
| Financial income | 75/76B | €52 | €0 | -€52 | -100.0% |
| Recurring financial income | 75 | €52 | €0 | -€52 | -100.0% |
| Financial charges | 65/66B | €5,171 | €4,789 | -€383 | -7.4% |
| Recurring financial charges | 65 | €5,171 | €4,789 | -€383 | -7.4% |
| Profit (loss) for the period before taxes | 9903 | €35,851 | €41,035 | +€5,184 | +14.5% |
| Income taxes | 67/77 | €8,963 | €10,261 | +€1,298 | +14.5% |
| Profit (loss) for the period | 9904 | €26,888 | €30,773 | +€3,885 | +14.5% |
| Profit (loss) for the period to be appropriated | 9905 | €26,888 | €30,773 | +€3,885 | +14.5% |
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 11 October 2026 via checked.be.