TFE: 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.
TFE
Largest movements
- Cash -€73,449
down €73,449 (-23.6%), from €311,607 to €238,159
mainly Contributions, distributions and other (-€36,500) and Other debts (-€33,410)
- Receivables within one year +€29,824
up €29,824 (+24.0%), from €124,114 to €153,938
of which Other amounts receivable: +€20,925
- Stocks and contracts +€8,902
up €8,902 (+118.0%), from €7,541 to €16,443
- Tangible fixed assets -€6,608
down €6,608 (-11.5%), from €57,285 to €50,678
of which Furniture and vehicles: -€6,401
- Other debts -€33,410
down €33,410 (-49.9%), from €66,917 to €33,507
- Trade debts -€22,010
down €22,010 (-51.2%), from €42,952 to €20,941
- Reserves +€15,260
up €15,260 (+5.8%), from €265,274 to €280,534
of which Distributable reserves: +€15,260
- Gross operating margin -€86,279
down €86,279 (-36.9%), from €233,524 to €147,245
- Taxes -€29,018
down €29,018 (-59.1%), from €49,113 to €20,095
- Depreciation +€4,327
up €4,327 (+28.0%), from €15,449 to €19,776
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 | €505,764 | €464,496 | -€41,268 | -8.2% |
| Fixed assets | 21/28 | €58,648 | €52,041 | -€6,608 | -11.3% |
| Tangible fixed assets | 22/27 | €57,285 | €50,678 | -€6,608 | -11.5% |
| Plant, machinery and equipment | 23 | €379 | €173 | -€207 | -54.5% |
| Furniture and vehicles | 24 | €56,906 | €50,505 | -€6,401 | -11.2% |
| Financial fixed assets | 28 | €1,363 | €1,363 | = | 0.0% |
| Current assets | 29/58 | €447,116 | €412,456 | -€34,660 | -7.8% |
| Stocks and contracts in progress | 3 | €7,541 | €16,443 | +€8,902 | +118.0% |
| Stocks | 30/36 | €7,541 | €16,443 | +€8,902 | +118.0% |
| Amounts receivable within one year | 40/41 | €124,114 | €153,938 | +€29,824 | +24.0% |
| Trade receivables | 40 | €114,343 | €123,242 | +€8,899 | +7.8% |
| Other amounts receivable | 41 | €9,771 | €30,696 | +€20,925 | +214.2% |
| Cash at bank and in hand | 54/58 | €311,607 | €238,159 | -€73,449 | -23.6% |
| Deferred charges and accrued income | 490/1 | €3,854 | €3,917 | +€63 | +1.6% |
| Total equity and liabilities | 10/49 | €505,764 | €464,496 | -€41,268 | -8.2% |
| Equity | 10/15 | €362,425 | €377,687 | +€15,262 | +4.2% |
| Contributions | 10/11 | €13,320 | €13,320 | = | 0.0% |
| Reserves | 13 | €265,274 | €280,534 | +€15,260 | +5.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €15,504 | €15,504 | = | 0.0% |
| Distributable reserves | 133 | €247,910 | €263,170 | +€15,260 | +6.2% |
| Profit (loss) carried forward | 14 | €83,831 | €83,833 | +€2 | 0.0% |
| Amounts payable | 17/49 | €143,339 | €86,809 | -€56,530 | -39.4% |
| Amounts payable within one year | 42/48 | €143,339 | €86,809 | -€56,530 | -39.4% |
| Trade debts | 44 | €42,952 | €20,941 | -€22,010 | -51.2% |
| Suppliers | 440/4 | €42,952 | €20,941 | -€22,010 | -51.2% |
| Taxes, remuneration and social security | 45 | €33,470 | €32,361 | -€1,109 | -3.3% |
| Taxes | 450/3 | €27,706 | €26,046 | -€1,660 | -6.0% |
| Remuneration and social security | 454/9 | €5,765 | €6,315 | +€550 | +9.5% |
| Other amounts payable | 47/48 | €66,917 | €33,507 | -€33,410 | -49.9% |
| Remuneration, social security and pensions | 62 | €52,793 | €53,454 | +€661 | +1.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,449 | €19,776 | +€4,327 | +28.0% |
| Other operating charges | 640/8 | €2,397 | €2,936 | +€538 | +22.4% |
| Non-recurring operating charges | 66A | €36 | - | -€36 | |
| Gross operating margin | 9900 | €233,524 | €147,245 | -€86,279 | -36.9% |
| Operating profit (loss) | 9901 | €162,848 | €71,080 | -€91,769 | -56.4% |
| Financial income | 75/76B | €157 | €1,309 | +€1,151 | +732.7% |
| Recurring financial income | 75 | €157 | €1,309 | +€1,151 | +732.7% |
| Financial charges | 65/66B | €105 | €532 | +€426 | +404.9% |
| Recurring financial charges | 65 | €105 | €532 | +€426 | +404.9% |
| Profit (loss) for the period before taxes | 9903 | €162,900 | €71,857 | -€91,044 | -55.9% |
| Income taxes | 67/77 | €49,113 | €20,095 | -€29,018 | -59.1% |
| Profit (loss) for the period | 9904 | €113,788 | €51,762 | -€62,026 | -54.5% |
| Profit (loss) for the period to be appropriated | 9905 | €113,788 | €51,762 | -€62,026 | -54.5% |
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 12 October 2026 via checked.be.