TG Management: 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.
TG Management
Largest movements
- Tangible fixed assets +€230,330
up €230,330 (+1,031%), from €22,330 to €252,660
of which Land and buildings: +€230,704
- Receivables within one year +€219,735
up €219,735 (+3,180%), from €6,909 to €226,644
of which Trade receivables: +€219,844
- Cash +€24,548
up €24,548 (+24.2%), from €101,537 to €126,085
mainly Debts after one year (+€245,110) and Trade debts (+€145,992)
- Current investments -€15,000
down €15,000 (-78.6%), from €19,075 to €4,075
- Debts after one year +€245,110
new in 2025: €245,110
- Trade debts +€145,992
up €145,992 (+9,222%), from €1,583 to €147,575
- Reserves +€63,598
up €63,598 (+48.8%), from €130,411 to €194,009
- Gross operating margin +€44,060
up €44,060 (+89.0%), from €49,504 to €93,564
- Taxes +€11,224
up €11,224 (+83.2%), from €13,498 to €24,722
- Financial charges +€4,186
up €4,186 (+292%), from €1,432 to €5,618
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.
Derived cash bridge
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 | €149,851 | €611,088 | +€461,237 | +308% |
| Fixed assets | 21/28 | €22,330 | €252,660 | +€230,330 | +1,031% |
| Tangible fixed assets | 22/27 | €22,330 | €252,660 | +€230,330 | +1,031% |
| Land and buildings | 22 | €21,712 | €252,415 | +€230,704 | +1,063% |
| Plant, machinery and equipment | 23 | €619 | €244 | -€374 | -60.5% |
| Current assets | 29/58 | €127,521 | €358,428 | +€230,907 | +181% |
| Amounts receivable within one year | 40/41 | €6,909 | €226,644 | +€219,735 | +3,180% |
| Trade receivables | 40 | - | €219,844 | +€219,844 | |
| Other amounts receivable | 41 | €6,909 | €6,800 | -€109 | -1.6% |
| Current investments | 50/53 | €19,075 | €4,075 | -€15,000 | -78.6% |
| Cash at bank and in hand | 54/58 | €101,537 | €126,085 | +€24,548 | +24.2% |
| Deferred charges and accrued income | 490/1 | - | €1,624 | +€1,624 | |
| Total equity and liabilities | 10/49 | €149,851 | €611,088 | +€461,237 | +308% |
| Equity | 10/15 | €135,411 | €199,009 | +€63,598 | +47.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €130,411 | €194,009 | +€63,598 | +48.8% |
| Distributable reserves | 133 | €130,411 | €194,009 | +€63,598 | +48.8% |
| Amounts payable | 17/49 | €14,440 | €412,079 | +€397,639 | +2,754% |
| Amounts payable after more than one year | 17 | - | €245,110 | +€245,110 | |
| Financial debts | 170/4 | - | €245,110 | +€245,110 | |
| Amounts payable within one year | 42/48 | €14,440 | €166,558 | +€152,118 | +1,053% |
| Current portion of amounts payable after more than one year | 42 | €1,708 | - | -€1,708 | |
| Financial debts | 43 | - | €1,684 | +€1,684 | |
| Other loans | 439 | - | €1,684 | +€1,684 | |
| Trade debts | 44 | €1,583 | €147,575 | +€145,992 | +9,222% |
| Suppliers | 440/4 | €1,583 | €147,575 | +€145,992 | +9,222% |
| Taxes, remuneration and social security | 45 | €9,720 | €13,118 | +€3,398 | +35.0% |
| Taxes | 450/3 | €9,720 | €13,118 | +€3,398 | +35.0% |
| Other amounts payable | 47/48 | €1,429 | €4,180 | +€2,751 | +192% |
| Accrued charges and deferred income | 492/3 | - | €411 | +€411 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,995 | €1,418 | -€578 | -29.0% |
| Other operating charges | 640/8 | €362 | €475 | +€113 | +31.1% |
| Gross operating margin | 9900 | €49,504 | €93,564 | +€44,060 | +89.0% |
| Operating profit (loss) | 9901 | €47,147 | €91,672 | +€44,525 | +94.4% |
| Financial income | 75/76B | €1,742 | €2,265 | +€523 | +30.0% |
| Recurring financial income | 75 | €1,742 | €2,265 | +€523 | +30.0% |
| Financial charges | 65/66B | €1,432 | €5,618 | +€4,186 | +292% |
| Recurring financial charges | 65 | €1,432 | €5,618 | +€4,186 | +292% |
| Profit (loss) for the period before taxes | 9903 | €47,458 | €88,320 | +€40,862 | +86.1% |
| Income taxes | 67/77 | €13,498 | €24,722 | +€11,224 | +83.2% |
| Profit (loss) for the period | 9904 | €33,960 | €63,598 | +€29,638 | +87.3% |
| Profit (loss) for the period to be appropriated | 9905 | €33,960 | €63,598 | +€29,638 | +87.3% |
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 14 October 2026 via checked.be.