TFG: 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.
TFG
Largest movements
- Tangible fixed assets -€24,188
down €24,188 (-22.0%), from €109,781 to €85,593
- Cash +€14,653
up €14,653 (+48.1%), from €30,484 to €45,138
mainly Depreciation (+€35,057) and Trade debts (+€11,767)
- Intangible fixed assets -€10,869
down €10,869 (-18.4%), from €59,198 to €48,329
- Receivables within one year -€7,201
down €7,201 (-57.4%), from €12,548 to €5,347
- Current investments +€2,903
up €2,903 (+7.1%), from €40,604 to €43,507
- Debts after one year -€40,905
down €40,905 (-39.0%), from €104,889 to €63,984
- Trade debts +€11,767
up €11,767 (+138.1%), from €8,520 to €20,288
- Tax, wage and social debts -€3,627
down €3,627 (-15.3%), from €23,767 to €20,141
of which Remuneration and social security: -€2,716
- Accrued charges and deferred income +€2,965
new in 2025: €2,965
- Gross operating margin -€33,740
down €33,740 (-10.4%), from €324,683 to €290,943
- Staff costs -€24,617
down €24,617 (-8.9%), from €275,382 to €250,764
- Financial income -€12,028
down €12,028 (-96.7%), from €12,439 to €411
of which Non-recurring financial income: -€12,436
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 | €257,637 | €230,637 | -€27,000 | -10.5% |
| Fixed assets | 21/28 | €168,979 | €133,922 | -€35,057 | -20.7% |
| Intangible fixed assets | 21 | €59,198 | €48,329 | -€10,869 | -18.4% |
| Tangible fixed assets | 22/27 | €109,781 | €85,593 | -€24,188 | -22.0% |
| Plant, machinery and equipment | 23 | €24,329 | €16,787 | -€7,542 | -31.0% |
| Furniture and vehicles | 24 | €9,404 | €4,136 | -€5,268 | -56.0% |
| Other tangible fixed assets | 26 | €76,048 | €64,670 | -€11,377 | -15.0% |
| Current assets | 29/58 | €88,658 | €96,714 | +€8,057 | +9.1% |
| Amounts receivable within one year | 40/41 | €12,548 | €5,347 | -€7,201 | -57.4% |
| Trade receivables | 40 | €12,548 | €5,347 | -€7,201 | -57.4% |
| Current investments | 50/53 | €40,604 | €43,507 | +€2,903 | +7.1% |
| Cash at bank and in hand | 54/58 | €30,484 | €45,138 | +€14,653 | +48.1% |
| Deferred charges and accrued income | 490/1 | €5,021 | €2,722 | -€2,299 | -45.8% |
| Total equity and liabilities | 10/49 | €257,637 | €230,637 | -€27,000 | -10.5% |
| Equity | 10/15 | €78,613 | €79,848 | +€1,235 | +1.6% |
| Contributions | 10/11 | €120,000 | €120,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€45,387 | -€44,152 | +€1,235 | +2.7% |
| Investment grants | 15 | €4,000 | €4,000 | = | 0.0% |
| Amounts payable | 17/49 | €179,024 | €150,789 | -€28,235 | -15.8% |
| Amounts payable after more than one year | 17 | €104,889 | €63,984 | -€40,905 | -39.0% |
| Financial debts | 170/4 | €104,889 | €63,984 | -€40,905 | -39.0% |
| Amounts payable within one year | 42/48 | €74,135 | €83,840 | +€9,706 | +13.1% |
| Current portion of amounts payable after more than one year | 42 | €39,908 | €40,905 | +€997 | +2.5% |
| Trade debts | 44 | €8,520 | €20,288 | +€11,767 | +138.1% |
| Suppliers | 440/4 | €8,520 | €20,288 | +€11,767 | +138.1% |
| Taxes, remuneration and social security | 45 | €23,767 | €20,141 | -€3,627 | -15.3% |
| Taxes | 450/3 | €12,703 | €11,793 | -€911 | -7.2% |
| Remuneration and social security | 454/9 | €11,064 | €8,348 | -€2,716 | -24.5% |
| Other amounts payable | 47/48 | €1,938 | €2,507 | +€568 | +29.3% |
| Accrued charges and deferred income | 492/3 | - | €2,965 | +€2,965 | |
| Remuneration, social security and pensions | 62 | €275,382 | €250,764 | -€24,617 | -8.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,382 | €35,057 | -€1,326 | -3.6% |
| Other operating charges | 640/8 | - | €758 | +€758 | |
| Gross operating margin | 9900 | €324,683 | €290,943 | -€33,740 | -10.4% |
| Operating profit (loss) | 9901 | €12,919 | €4,365 | -€8,555 | -66.2% |
| Financial income | 75/76B | €12,439 | €411 | -€12,028 | -96.7% |
| Recurring financial income | 75 | €3 | €411 | +€408 | +13981.2% |
| Non-recurring financial income | 76B | €12,436 | - | -€12,436 | |
| Financial charges | 65/66B | €4,229 | €3,541 | -€687 | -16.3% |
| Recurring financial charges | 65 | €4,229 | €3,541 | -€687 | -16.3% |
| Profit (loss) for the period before taxes | 9903 | €21,130 | €1,235 | -€19,895 | -94.2% |
| Income taxes | 67/77 | €140 | - | -€140 | |
| Profit (loss) for the period | 9904 | €20,990 | €1,235 | -€19,756 | -94.1% |
| Profit (loss) for the period to be appropriated | 9905 | €20,990 | €1,235 | -€19,756 | -94.1% |
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.