TFA-distribution: 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.
TFA-distribution
Largest movements
- Cash -€32,236
down €32,236 (-68.6%), from €47,019 to €14,783
mainly Receivables within one year (-€32,071) and Current investments (-€4,500)
- Receivables within one year +€32,071
up €32,071, from €0 to €32,071
of which Trade receivables: +€20,349
- Tangible fixed assets -€12,540
down €12,540 (-25.4%), from €49,338 to €36,798
of which Furniture and vehicles: -€9,960
- Current investments +€4,500
new in 2025: €4,500
- Other debts -€4,073
down €4,073 (-51.4%), from €7,919 to €3,846
- Debts after one year -€3,104
down €3,104 (-23.0%), from €13,522 to €10,418
- Reserves +€2,316
up €2,316 (+4.9%), from €46,942 to €49,258
- Tax, wage and social debts -€2,060
down €2,060 (-17.6%), from €11,696 to €9,636
- Accrued charges and deferred income -€1,091
no longer reported in 2025 (was €1,091)
- Gross operating margin -€45,318
down €45,318 (-74.9%), from €60,474 to €15,156
- Taxes -€15,400
down €15,400 (-87.7%), from €17,553 to €2,153
- Depreciation -€4,659
down €4,659 (-61.5%), from €7,577 to €2,918
- Other operating charges +€1,720
up €1,720 (+60.2%), from €2,856 to €4,576
- Financial charges +€759
up €759 (+44.0%), from €1,726 to €2,485
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 | €97,087 | €89,225 | -€7,862 | -8.1% |
| Fixed assets | 21/28 | €49,338 | €36,798 | -€12,540 | -25.4% |
| Tangible fixed assets | 22/27 | €49,338 | €36,798 | -€12,540 | -25.4% |
| Land and buildings | 22 | €35,500 | €33,949 | -€1,551 | -4.4% |
| Plant, machinery and equipment | 23 | €3,547 | €2,518 | -€1,029 | -29.0% |
| Furniture and vehicles | 24 | €10,291 | €331 | -€9,960 | -96.8% |
| Current assets | 29/58 | €47,749 | €52,427 | +€4,678 | +9.8% |
| Amounts receivable within one year | 40/41 | €0 | €32,071 | +€32,071 | |
| Trade receivables | 40 | €0 | €20,349 | +€20,349 | |
| Other amounts receivable | 41 | - | €11,722 | +€11,722 | |
| Current investments | 50/53 | - | €4,500 | +€4,500 | |
| Cash at bank and in hand | 54/58 | €47,019 | €14,783 | -€32,236 | -68.6% |
| Deferred charges and accrued income | 490/1 | €730 | €1,073 | +€343 | +47.0% |
| Total equity and liabilities | 10/49 | €97,087 | €89,225 | -€7,862 | -8.1% |
| Equity | 10/15 | €59,342 | €61,658 | +€2,316 | +3.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €46,942 | €49,258 | +€2,316 | +4.9% |
| Distributable reserves | 133 | €46,942 | €49,258 | +€2,316 | +4.9% |
| Amounts payable | 17/49 | €37,745 | €27,567 | -€10,178 | -27.0% |
| Amounts payable after more than one year | 17 | €13,522 | €10,418 | -€3,104 | -23.0% |
| Financial debts | 170/4 | €13,522 | €10,418 | -€3,104 | -23.0% |
| Amounts payable within one year | 42/48 | €23,132 | €17,149 | -€5,983 | -25.9% |
| Current portion of amounts payable after more than one year | 42 | €3,019 | €3,104 | +€85 | +2.8% |
| Trade debts | 44 | €498 | €563 | +€65 | +13.1% |
| Suppliers | 440/4 | €498 | €563 | +€65 | +13.1% |
| Taxes, remuneration and social security | 45 | €11,696 | €9,636 | -€2,060 | -17.6% |
| Taxes | 450/3 | €11,696 | €9,636 | -€2,060 | -17.6% |
| Other amounts payable | 47/48 | €7,919 | €3,846 | -€4,073 | -51.4% |
| Accrued charges and deferred income | 492/3 | €1,091 | - | -€1,091 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,577 | €2,918 | -€4,659 | -61.5% |
| Other operating charges | 640/8 | €2,856 | €4,576 | +€1,720 | +60.2% |
| Non-recurring operating charges | 66A | - | €707 | +€707 | |
| Gross operating margin | 9900 | €60,474 | €15,156 | -€45,318 | -74.9% |
| Operating profit (loss) | 9901 | €50,041 | €6,955 | -€43,086 | -86.1% |
| Financial income | 75/76B | €12 | €0 | -€12 | -100.0% |
| Recurring financial income | 75 | €12 | €0 | -€12 | -100.0% |
| Financial charges | 65/66B | €1,726 | €2,485 | +€759 | +44.0% |
| Recurring financial charges | 65 | €1,726 | €2,485 | +€759 | +44.0% |
| Profit (loss) for the period before taxes | 9903 | €48,327 | €4,470 | -€43,857 | -90.8% |
| Income taxes | 67/77 | €17,553 | €2,153 | -€15,400 | -87.7% |
| Profit (loss) for the period | 9904 | €30,774 | €2,317 | -€28,457 | -92.5% |
| Profit (loss) for the period to be appropriated | 9905 | €30,774 | €2,317 | -€28,457 | -92.5% |
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 6 October 2026 via checked.be.