TFR Solutions: 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.
TFR Solutions
Largest movements
- Financial fixed assets +€172,404
new in 2025: €172,404
- Cash -€81,304
down €81,304 (-55.6%), from €146,146 to €64,842
mainly Investment in fixed assets (net) (-€193,768) and Contributions, distributions and other (-€92,882)
- Tangible fixed assets +€13,429
up €13,429 (+79.8%), from €16,827 to €30,256
of which Furniture and vehicles: +€15,043
- Receivables within one year +€4,447
up €4,447 (+31.5%), from €14,115 to €18,562
of which Trade receivables: +€2,276
- Other debts +€80,917
up €80,917 (+86.8%), from €93,223 to €174,140
- Debts after one year +€80,000
new in 2025: €80,000
- Profit (loss) carried forward -€59,916
down €59,916 (-100.0%), from €59,916 to €0
- Trade debts +€4,541
up €4,541 (+162.0%), from €2,804 to €7,345
- Tax, wage and social debts +€3,413
up €3,413 (+65.7%), from €5,195 to €8,608
of which Remuneration and social security: +€2,250
- Gross operating margin -€25,453
down €25,453 (-29.1%), from €87,562 to €62,109
- Taxes -€4,036
down €4,036 (-23.5%), from €17,203 to €13,167
- Financial charges +€3,214
up €3,214 (+148.3%), from €2,167 to €5,381
- Other operating charges +€1,588
up €1,588 (+143.7%), from €1,105 to €2,693
- Depreciation +€1,103
up €1,103 (+16.1%), from €6,832 to €7,935
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 | €179,737 | €288,692 | +€108,955 | +60.6% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €16,827 | €202,660 | +€185,833 | +1104.3% |
| Tangible fixed assets | 22/27 | €16,827 | €30,256 | +€13,429 | +79.8% |
| Land and buildings | 22 | €8,661 | €7,047 | -€1,614 | -18.6% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €8,167 | €23,209 | +€15,043 | +184.2% |
| Financial fixed assets | 28 | - | €172,404 | +€172,404 | |
| Current assets | 29/58 | €162,910 | €86,032 | -€76,878 | -47.2% |
| Amounts receivable within one year | 40/41 | €14,115 | €18,562 | +€4,447 | +31.5% |
| Trade receivables | 40 | €14,115 | €16,390 | +€2,276 | +16.1% |
| Other amounts receivable | 41 | €0 | €2,172 | +€2,172 | |
| Cash at bank and in hand | 54/58 | €146,146 | €64,842 | -€81,304 | -55.6% |
| Deferred charges and accrued income | 490/1 | €2,649 | €2,628 | -€21 | -0.8% |
| Total equity and liabilities | 10/49 | €179,737 | €288,692 | +€108,955 | +60.6% |
| Equity | 10/15 | €78,516 | €18,600 | -€59,916 | -76.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €59,916 | €0 | -€59,916 | -100.0% |
| Amounts payable | 17/49 | €101,222 | €270,092 | +€168,871 | +166.8% |
| Amounts payable after more than one year | 17 | - | €80,000 | +€80,000 | |
| Financial debts | 170/4 | - | €80,000 | +€80,000 | |
| Amounts payable within one year | 42/48 | €101,222 | €190,092 | +€88,871 | +87.8% |
| Trade debts | 44 | €2,804 | €7,345 | +€4,541 | +162.0% |
| Suppliers | 440/4 | €2,804 | €7,345 | +€4,541 | +162.0% |
| Taxes, remuneration and social security | 45 | €5,195 | €8,608 | +€3,413 | +65.7% |
| Taxes | 450/3 | €5,195 | €6,358 | +€1,163 | +22.4% |
| Remuneration and social security | 454/9 | - | €2,250 | +€2,250 | |
| Other amounts payable | 47/48 | €93,223 | €174,140 | +€80,917 | +86.8% |
| Turnover | 70 | €0 | - | = | |
| Goods, raw materials, services and sundry goods | 60/61 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,832 | €7,935 | +€1,103 | +16.1% |
| Other operating charges | 640/8 | €1,105 | €2,693 | +€1,588 | +143.7% |
| Non-recurring operating charges | 66A | €345 | €0 | -€345 | -100.0% |
| Gross operating margin | 9900 | €87,562 | €62,109 | -€25,453 | -29.1% |
| Operating profit (loss) | 9901 | €79,280 | €51,481 | -€27,799 | -35.1% |
| Financial income | 75/76B | €5 | €33 | +€28 | +523.8% |
| Recurring financial income | 75 | €5 | €33 | +€28 | +523.8% |
| Financial charges | 65/66B | €2,167 | €5,381 | +€3,214 | +148.3% |
| Recurring financial charges | 65 | €2,167 | €5,381 | +€3,214 | +148.3% |
| Profit (loss) for the period before taxes | 9903 | €77,118 | €46,133 | -€30,985 | -40.2% |
| Income taxes | 67/77 | €17,203 | €13,167 | -€4,036 | -23.5% |
| Profit (loss) for the period | 9904 | €59,916 | €32,967 | -€26,949 | -45.0% |
| Profit (loss) for the period to be appropriated | 9905 | €59,916 | €32,967 | -€26,949 | -45.0% |
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 9 October 2026 via checked.be.