TFF PROJECTS: 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.
TFF PROJECTS
Largest movements
- Cash +€61,493
up €61,493 (+96.6%), from €63,670 to €125,164
mainly Net result for the year (+€62,261) and Other debts (+€13,130)
- Receivables within one year +€10,171
up €10,171 (+3045.2%), from €334 to €10,505
of which Trade receivables: +€5,519
- Reserves +€62,261
new in 2025: €62,261
- Other debts +€13,130
up €13,130 (+405.3%), from €3,240 to €16,370
- Tax, wage and social debts -€4,829
down €4,829 (-26.5%), from €18,222 to €13,393
of which Remuneration and social security: -€4,706
- Gross operating margin +€29,938
up €29,938 (+52.9%), from €56,590 to €86,528
- Taxes +€9,831
up €9,831 (+72.7%), from €13,517 to €23,348
- Depreciation -€1,473
down €1,473 (-68.9%), from €2,139 to €666
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 | €67,106 | €138,051 | +€70,945 | +105.7% |
| Formation expenses | 20 | €409 | - | -€409 | |
| Fixed assets | 21/28 | €578 | €321 | -€257 | -44.4% |
| Tangible fixed assets | 22/27 | €578 | €321 | -€257 | -44.4% |
| Plant, machinery and equipment | 23 | €578 | €321 | -€257 | -44.4% |
| Current assets | 29/58 | €66,119 | €137,730 | +€71,611 | +108.3% |
| Stocks and contracts in progress | 3 | €2,052 | €1,926 | -€126 | -6.2% |
| Stocks | 30/36 | €2,052 | €1,926 | -€126 | -6.2% |
| Amounts receivable within one year | 40/41 | €334 | €10,505 | +€10,171 | +3045.2% |
| Trade receivables | 40 | €334 | €5,853 | +€5,519 | +1652.3% |
| Other amounts receivable | 41 | - | €4,652 | +€4,652 | |
| Cash at bank and in hand | 54/58 | €63,670 | €125,164 | +€61,493 | +96.6% |
| Deferred charges and accrued income | 490/1 | €62 | €136 | +€73 | +117.8% |
| Total equity and liabilities | 10/49 | €67,106 | €138,051 | +€70,945 | +105.7% |
| Equity | 10/15 | €45,612 | €107,873 | +€62,261 | +136.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | - | €62,261 | +€62,261 | |
| Distributable reserves | 133 | - | €62,261 | +€62,261 | |
| Profit (loss) carried forward | 14 | €40,612 | €40,612 | = | 0.0% |
| Amounts payable | 17/49 | €21,494 | €30,178 | +€8,684 | +40.4% |
| Amounts payable within one year | 42/48 | €21,494 | €30,178 | +€8,684 | +40.4% |
| Trade debts | 44 | €31 | €415 | +€383 | +1217.3% |
| Suppliers | 440/4 | €31 | €415 | +€383 | +1217.3% |
| Taxes, remuneration and social security | 45 | €18,222 | €13,393 | -€4,829 | -26.5% |
| Taxes | 450/3 | €11,766 | €11,643 | -€123 | -1.0% |
| Remuneration and social security | 454/9 | €6,456 | €1,750 | -€4,706 | -72.9% |
| Other amounts payable | 47/48 | €3,240 | €16,370 | +€13,130 | +405.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,139 | €666 | -€1,473 | -68.9% |
| Other operating charges | 640/8 | €248 | €66 | -€182 | -73.5% |
| Gross operating margin | 9900 | €56,590 | €86,528 | +€29,938 | +52.9% |
| Operating profit (loss) | 9901 | €54,203 | €85,796 | +€31,593 | +58.3% |
| Financial income | 75/76B | €6 | - | -€6 | |
| Recurring financial income | 75 | €6 | - | -€6 | |
| Financial charges | 65/66B | €79 | €188 | +€108 | +136.4% |
| Recurring financial charges | 65 | €79 | €188 | +€108 | +136.4% |
| Profit (loss) for the period before taxes | 9903 | €54,129 | €85,609 | +€31,479 | +58.2% |
| Income taxes | 67/77 | €13,517 | €23,348 | +€9,831 | +72.7% |
| Profit (loss) for the period | 9904 | €40,612 | €62,261 | +€21,648 | +53.3% |
| Profit (loss) for the period to be appropriated | 9905 | €40,612 | €62,261 | +€21,648 | +53.3% |
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 5 October 2026 via checked.be.