TFL: 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.
TFL
Largest movements
- Cash -€134,478
down €134,478 (-34.2%), from €392,882 to €258,404
mainly Trade debts (-€229,568) and Contributions, distributions and other (-€77,667)
- Receivables within one year -€57,747
down €57,747 (-12.9%), from €449,049 to €391,302
of which Trade receivables: -€42,429
- Tangible fixed assets -€20,721
down €20,721 (-8.8%), from €234,985 to €214,264
of which Leasing and similar rights: -€23,374
- Trade debts -€229,568
down €229,568 (-34.4%), from €667,021 to €437,453
- Other debts +€49,447
up €49,447 (+26.1%), from €189,417 to €238,864
- Debts after one year -€34,972
down €34,972 (-36.7%), from €95,373 to €60,401
- Advances received +€33,398
up €33,398 (+73.6%), from €45,401 to €78,799
- Tax, wage and social debts -€30,300
down €30,300 (-100.0%), from €30,300 to €0
- Gross operating margin -€156,310
down €156,310 (-49.5%), from €315,702 to €159,391
- Taxes -€37,163
down €37,163 (-56.5%), from €65,794 to €28,631
- Write-downs -€33,832
down €33,832, from €32,531 to -€1,301
- Financial income -€12,764
down €12,764 (-36.7%), from €34,733 to €21,969
- Depreciation +€10,303
up €10,303 (+20.9%), from €49,403 to €59,707
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 | €1,089,097 | €873,596 | -€215,501 | -19.8% |
| Fixed assets | 21/28 | €238,985 | €218,264 | -€20,721 | -8.7% |
| Tangible fixed assets | 22/27 | €234,985 | €214,264 | -€20,721 | -8.8% |
| Land and buildings | 22 | €135,900 | €120,800 | -€15,100 | -11.1% |
| Plant, machinery and equipment | 23 | €9,264 | €12,844 | +€3,580 | +38.6% |
| Furniture and vehicles | 24 | €55,957 | €70,131 | +€14,174 | +25.3% |
| Leasing and similar rights | 25 | €33,864 | €10,489 | -€23,374 | -69.0% |
| Financial fixed assets | 28 | €4,000 | €4,000 | = | 0.0% |
| Current assets | 29/58 | €850,112 | €655,332 | -€194,781 | -22.9% |
| Amounts receivable within one year | 40/41 | €449,049 | €391,302 | -€57,747 | -12.9% |
| Trade receivables | 40 | €395,016 | €352,587 | -€42,429 | -10.7% |
| Other amounts receivable | 41 | €54,034 | €38,715 | -€15,319 | -28.3% |
| Cash at bank and in hand | 54/58 | €392,882 | €258,404 | -€134,478 | -34.2% |
| Deferred charges and accrued income | 490/1 | €8,181 | €5,625 | -€2,555 | -31.2% |
| Total equity and liabilities | 10/49 | €1,089,097 | €873,596 | -€215,501 | -19.8% |
| Equity | 10/15 | €14,260 | €14,260 | = | 0.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,074,837 | €859,336 | -€215,501 | -20.0% |
| Amounts payable after more than one year | 17 | €95,373 | €60,401 | -€34,972 | -36.7% |
| Financial debts | 170/4 | €95,373 | €60,401 | -€34,972 | -36.7% |
| Amounts payable within one year | 42/48 | €977,198 | €790,088 | -€187,109 | -19.1% |
| Current portion of amounts payable after more than one year | 42 | €45,059 | €34,972 | -€10,087 | -22.4% |
| Trade debts | 44 | €667,021 | €437,453 | -€229,568 | -34.4% |
| Suppliers | 440/4 | €667,021 | €437,453 | -€229,568 | -34.4% |
| Advances received on contracts in progress | 46 | €45,401 | €78,799 | +€33,398 | +73.6% |
| Taxes, remuneration and social security | 45 | €30,300 | €0 | -€30,300 | -100.0% |
| Taxes | 450/3 | €30,300 | €0 | -€30,300 | -100.0% |
| Other amounts payable | 47/48 | €189,417 | €238,864 | +€49,447 | +26.1% |
| Accrued charges and deferred income | 492/3 | €2,266 | €8,846 | +€6,580 | +290.4% |
| Non-recurring operating income | 76A | €0 | €180 | +€180 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,403 | €59,707 | +€10,303 | +20.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €32,531 | -€1,301 | -€33,832 | |
| Other operating charges | 640/8 | €7,908 | €9,674 | +€1,766 | +22.3% |
| Gross operating margin | 9900 | €315,702 | €159,391 | -€156,310 | -49.5% |
| Operating profit (loss) | 9901 | €225,859 | €91,311 | -€134,548 | -59.6% |
| Financial income | 75/76B | €34,733 | €21,969 | -€12,764 | -36.7% |
| Recurring financial income | 75 | €34,733 | €21,969 | -€12,764 | -36.7% |
| Financial charges | 65/66B | €10,465 | €6,982 | -€3,483 | -33.3% |
| Recurring financial charges | 65 | €10,465 | €6,982 | -€3,483 | -33.3% |
| Profit (loss) for the period before taxes | 9903 | €250,127 | €106,298 | -€143,829 | -57.5% |
| Income taxes | 67/77 | €65,794 | €28,631 | -€37,163 | -56.5% |
| Profit (loss) for the period | 9904 | €184,333 | €77,667 | -€106,666 | -57.9% |
| Profit (loss) for the period to be appropriated | 9905 | €184,333 | €77,667 | -€106,666 | -57.9% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.