TFI: 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.
TFI
Largest movements
- Receivables after one year -€47,750
down €47,750 (-65.2%), from €73,250 to €25,500
- Cash +€30,281
up €30,281 (+98.8%), from €30,643 to €60,925
mainly Receivables after one year (+€47,750) and Depreciation (+€15,669)
- Tangible fixed assets -€15,449
down €15,449 (-35.5%), from €43,522 to €28,073
- Receivables within one year +€3,138
up €3,138 (+44.5%), from €7,050 to €10,188
of which Other amounts receivable: +€3,138
- Tax, wage and social debts -€28,053
down €28,053 (-79.1%), from €35,484 to €7,431
of which Taxes: -€27,586
- Trade debts -€1,884
down €1,884 (-53.3%), from €3,533 to €1,649
- Financial charges +€35,199
up €35,199 (+11877.9%), from €296 to €35,495
- Gross operating margin +€33,254
up €33,254 (+92.5%), from €35,954 to €69,208
- Depreciation +€10,225
up €10,225 (+187.8%), from €5,444 to €15,669
- Taxes -€2,574
down €2,574 (-37.1%), from €6,936 to €4,362
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 | €169,660 | €140,479 | -€29,182 | -17.2% |
| Formation expenses | 20 | €885 | €204 | -€681 | -77.0% |
| Fixed assets | 21/28 | €43,522 | €28,073 | -€15,449 | -35.5% |
| Tangible fixed assets | 22/27 | €43,522 | €28,073 | -€15,449 | -35.5% |
| Furniture and vehicles | 24 | €43,522 | €28,073 | -€15,449 | -35.5% |
| Current assets | 29/58 | €125,254 | €112,202 | -€13,052 | -10.4% |
| Amounts receivable after more than one year | 29 | €73,250 | €25,500 | -€47,750 | -65.2% |
| Trade receivables | 290 | €73,250 | €25,500 | -€47,750 | -65.2% |
| Amounts receivable within one year | 40/41 | €7,050 | €10,188 | +€3,138 | +44.5% |
| Trade receivables | 40 | €0 | €0 | = | |
| Other amounts receivable | 41 | €7,050 | €10,188 | +€3,138 | +44.5% |
| Cash at bank and in hand | 54/58 | €30,643 | €60,925 | +€30,281 | +98.8% |
| Deferred charges and accrued income | 490/1 | €14,311 | €15,589 | +€1,278 | +8.9% |
| Total equity and liabilities | 10/49 | €169,660 | €140,479 | -€29,182 | -17.2% |
| Equity | 10/15 | €130,551 | €130,795 | +€244 | +0.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €123,172 | €123,172 | = | 0.0% |
| Distributable reserves | 133 | €123,172 | €123,172 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,379 | €2,623 | +€244 | +10.3% |
| Amounts payable | 17/49 | €39,109 | €9,684 | -€29,426 | -75.2% |
| Amounts payable within one year | 42/48 | €39,109 | €9,684 | -€29,426 | -75.2% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €3,533 | €1,649 | -€1,884 | -53.3% |
| Suppliers | 440/4 | €3,533 | €1,649 | -€1,884 | -53.3% |
| Taxes, remuneration and social security | 45 | €35,484 | €7,431 | -€28,053 | -79.1% |
| Taxes | 450/3 | €32,836 | €5,250 | -€27,586 | -84.0% |
| Remuneration and social security | 454/9 | €2,649 | €2,181 | -€467 | -17.6% |
| Other amounts payable | 47/48 | €92 | €603 | +€511 | +553.8% |
| Remuneration, social security and pensions | 62 | - | €0 | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,444 | €15,669 | +€10,225 | +187.8% |
| Other operating charges | 640/8 | €1,166 | €1,187 | +€21 | +1.8% |
| Gross operating margin | 9900 | €35,954 | €69,208 | +€33,254 | +92.5% |
| Operating profit (loss) | 9901 | €29,343 | €52,351 | +€23,008 | +78.4% |
| Financial income | 75/76B | €2,289 | €2,750 | +€461 | +20.1% |
| Recurring financial income | 75 | €2,289 | €2,750 | +€461 | +20.1% |
| Financial charges | 65/66B | €296 | €35,495 | +€35,199 | +11877.9% |
| Recurring financial charges | 65 | €296 | €35,495 | +€35,199 | +11877.9% |
| Profit (loss) for the period before taxes | 9903 | €31,336 | €19,606 | -€11,730 | -37.4% |
| Income taxes | 67/77 | €6,936 | €4,362 | -€2,574 | -37.1% |
| Profit (loss) for the period | 9904 | €24,401 | €15,244 | -€9,157 | -37.5% |
| Profit (loss) for the period to be appropriated | 9905 | €24,401 | €15,244 | -€9,157 | -37.5% |
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 5 October 2026 via checked.be.