TF100: 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.
TF100
Largest movements
- Tangible fixed assets +€51,761
up €51,761 (+15.1%), from €342,051 to €393,812
of which Plant, machinery and equipment: +€58,544
- Receivables within one year -€20,114
down €20,114 (-17.0%), from €118,088 to €97,974
of which Other amounts receivable: -€46,858
- Cash -€4,973
down €4,973 (-84.7%), from €5,869 to €895
mainly Investment in fixed assets (net) (-€79,782) and Debts after one year (-€20,269)
- Trade debts +€61,501
up €61,501 (+1769.9%), from €3,475 to €64,976
- Debts after one year -€20,269
down €20,269 (-7.8%), from €258,567 to €238,298
- Profit (loss) carried forward -€15,202
down €15,202 (-16.4%), from -€92,825 to -€108,027
- Depreciation +€10,463
up €10,463 (+59.6%), from €17,558 to €28,021
- Financial charges -€6,608
no longer reported in 2025 (was €6,608)
- Gross operating margin -€5,775
down €5,775 (-25.8%), from €22,373 to €16,598
- Other operating charges +€2,668
up €2,668 (+240.1%), from €1,111 to €3,779
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 | €466,008 | €492,681 | +€26,674 | +5.7% |
| Fixed assets | 21/28 | €342,051 | €393,812 | +€51,761 | +15.1% |
| Tangible fixed assets | 22/27 | €342,051 | €393,812 | +€51,761 | +15.1% |
| Land and buildings | 22 | €309,162 | €302,378 | -€6,783 | -2.2% |
| Plant, machinery and equipment | 23 | €32,889 | €91,434 | +€58,544 | +178.0% |
| Current assets | 29/58 | €123,957 | €98,870 | -€25,087 | -20.2% |
| Amounts receivable within one year | 40/41 | €118,088 | €97,974 | -€20,114 | -17.0% |
| Trade receivables | 40 | €4,541 | €31,285 | +€26,744 | +588.9% |
| Other amounts receivable | 41 | €113,547 | €66,689 | -€46,858 | -41.3% |
| Cash at bank and in hand | 54/58 | €5,869 | €895 | -€4,973 | -84.7% |
| Total equity and liabilities | 10/49 | €466,008 | €492,681 | +€26,674 | +5.7% |
| Equity | 10/15 | €184,341 | €169,139 | -€15,202 | -8.2% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Outside capital | 11 | €62,000 | €62,000 | = | 0.0% |
| Other | 1109/19 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €215,166 | €215,166 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,331 | €3,331 | = | 0.0% |
| Legal reserve | 130 | €3,331 | €3,331 | = | 0.0% |
| Tax-exempt reserves | 132 | €211,834 | €211,834 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€92,825 | -€108,027 | -€15,202 | -16.4% |
| Amounts payable | 17/49 | €281,667 | €323,543 | +€41,876 | +14.9% |
| Amounts payable after more than one year | 17 | €258,567 | €238,298 | -€20,269 | -7.8% |
| Financial debts | 170/4 | €258,567 | €238,298 | -€20,269 | -7.8% |
| Amounts payable within one year | 42/48 | €23,100 | €85,245 | +€62,144 | +269.0% |
| Current portion of amounts payable after more than one year | 42 | €19,559 | €20,269 | +€710 | +3.6% |
| Trade debts | 44 | €3,475 | €64,976 | +€61,501 | +1769.9% |
| Suppliers | 440/4 | €3,475 | €64,976 | +€61,501 | +1769.9% |
| Taxes, remuneration and social security | 45 | €66 | - | -€66 | |
| Taxes | 450/3 | €66 | - | -€66 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,558 | €28,021 | +€10,463 | +59.6% |
| Other operating charges | 640/8 | €1,111 | €3,779 | +€2,668 | +240.1% |
| Gross operating margin | 9900 | €22,373 | €16,598 | -€5,775 | -25.8% |
| Operating profit (loss) | 9901 | €3,704 | -€15,202 | -€18,906 | |
| Financial charges | 65/66B | €6,608 | - | -€6,608 | |
| Recurring financial charges | 65 | €6,608 | - | -€6,608 | |
| Profit (loss) for the period before taxes | 9903 | -€2,903 | -€15,202 | -€12,298 | -423.6% |
| Profit (loss) for the period | 9904 | -€2,903 | -€15,202 | -€12,298 | -423.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,903 | -€15,202 | -€12,298 | -423.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 May 2024 and 31 May 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.