TG-Packaging: 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.
What changed
TG-Packaging
NACE 25.999, Manufacture of fabricated metal products, except machinery and equipment
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€5.4m
2024 · €7.5m-€2.1m
Equity
€21.5m
2024 · €19.2m+€2.3m
Cash
€730,322
2024 · €3.2m-€2.5m
Balance sheet total
€28.8m
2024 · €25.6m+€3.3m
Largest movements
Assets
- Financial fixed assets +€7.0m
up €7.0m (+277.5%), from €2.5m to €9.5m
of which Affiliated companies: +€7.0m
- Cash -€2.5m
down €2.5m (-77.2%), from €3.2m to €730,322
mainly Investment in fixed assets (net) (-€7.3m) and Contributions, distributions and other (-€3.1m)
- Current investments -€2.0m
down €2.0m (-100.0%), from €2.0m to €0
- Receivables within one year +€1.6m
up €1.6m (+26.2%), from €6.1m to €7.7m
of which Trade receivables: +€1.6m
- Stocks and contracts -€814,733
down €814,733 (-8.6%), from €9.5m to €8.6m
of which Contracts in progress: -€738,174
Equity and liabilities
- Reserves +€2.3m
up €2.3m (+12.2%), from €19.1m to €21.4m
- Advances received +€1.2m
up €1.2m (+147.4%), from €786,034 to €1.9m
- Trade debts -€898,541
down €898,541 (-43.1%), from €2.1m to €1.2m
- Short-term financial debts +€500,000
new in 2025: €500,000
Income statement
- Turnover +€12.7m
up €12.7m (+102.1%), from €12.5m to €25.2m
- Goods and materials +€1.0m
up €1.0m (+9.5%), from €11.0m to €12.0m
of which Change in stocks: decrease (increase): +€661,233
- Staff costs +€630,536
up €630,536 (+19.2%), from €3.3m to €3.9m
- Other operating income -€443,216
down €443,216 (-49.3%), from €898,197 to €454,981
- Taxes -€363,647
down €363,647 (-98.5%), from €369,360 to €5,714
of which Taxes: -€359,312
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.
Result 2024
€7.5m
Turnover
+€12.7m
Other operating income
-€443,216
Goods and materials
-€1.0m
Services and other goods
+€165,379
Staff costs
-€630,536
Depreciation
+€163,746
Other operating charges
-€5,991
Other operating items
-€13.3m
Financial income
-€45,689
Financial charges
-€41,741
Taxes
+€363,647
Result 2025
€5.4m
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.
From operations
+€5.4m
Investment
-€5.3m
Financing
-€2.6m
Cash 2024
€3.2m
From operations (derived)
+€5.4m
Net result for the year
+€5.4m
Depreciation
+€213,735
Stocks and contracts
+€814,733
Receivables within one year
-€1.6m
Deferred charges and accrued income
+€166,403
Trade debts
-€898,541
Tax, wage and social debts
+€113,548
Advances received
+€1.2m
Other debts
+€283,427
Accrued charges and deferred income
-€228,100
Investment (derived)
-€5.3m
Investment in fixed assets (net)
-€7.3m
Current investments
+€2.0m
Financing
-€2.6m
Short-term financial debts
+€500,000
Contributions, distributions and other
-€3.1m
Cash 2025
€730,322
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €25,581,920 | €28,839,468 | +€3.3m | +12.7% |
| Fixed assets | 21/28 | €3,411,258 | €10,542,212 | +€7.1m | +209.0% |
| Intangible fixed assets | 21 | €181,419 | €29,394 | -€152,025 | -83.8% |
| Tangible fixed assets | 22/27 | €725,004 | €1,057,385 | +€332,381 | +45.8% |
| Land and buildings | 22 | €373,597 | €183,010 | -€190,588 | -51.0% |
| Plant, machinery and equipment | 23 | €269,591 | €394,548 | +€124,957 | +46.4% |
| Furniture and vehicles | 24 | €79,257 | €479,828 | +€400,571 | +505.4% |
| Other tangible fixed assets | 26 | €2,559 | €0 | -€2,559 | -100.0% |
| Financial fixed assets | 28 | €2,504,835 | €9,455,433 | +€7.0m | +277.5% |
| Affiliated companies | 280/1 | €2,500,000 | €9,450,478 | +€7.0m | +278.0% |
| Amounts receivable | 281 | €2,500,000 | €9,450,478 | +€7.0m | +278.0% |
| Other financial fixed assets | 284/8 | €4,835 | €4,955 | +€120 | +2.5% |
| Amounts receivable and cash guarantees | 285/8 | €4,835 | €4,955 | +€120 | +2.5% |
| Current assets | 29/58 | €22,170,662 | €18,297,257 | -€3.9m | -17.5% |
| Stocks and contracts in progress | 3 | €9,455,263 | €8,640,530 | -€814,733 | -8.6% |
| Stocks | 30/36 | €7,595,739 | €7,519,180 | -€76,559 | -1.0% |
| Raw materials and consumables | 30/31 | €5,847,239 | €5,815,746 | -€31,494 | -0.5% |
| Work in progress | 32 | €1,748,500 | €1,703,435 | -€45,065 | -2.6% |
| Contracts in progress | 37 | €1,859,524 | €1,121,350 | -€738,174 | -39.7% |
| Amounts receivable within one year | 40/41 | €6,133,094 | €7,739,961 | +€1.6m | +26.2% |
| Trade receivables | 40 | €4,797,991 | €6,438,360 | +€1.6m | +34.2% |
| Other amounts receivable | 41 | €1,335,103 | €1,301,601 | -€33,502 | -2.5% |
| Current investments | 50/53 | €2,028,000 | €0 | -€2.0m | -100.0% |
| Other investments | 51/53 | €2,028,000 | €0 | -€2.0m | -100.0% |
| Cash at bank and in hand | 54/58 | €3,201,459 | €730,322 | -€2.5m | -77.2% |
| Deferred charges and accrued income | 490/1 | €1,352,846 | €1,186,443 | -€166,403 | -12.3% |
| Total equity and liabilities | 10/49 | €25,581,920 | €28,839,468 | +€3.3m | +12.7% |
| Equity | 10/15 | €19,180,595 | €21,509,428 | +€2.3m | +12.1% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €19,080,595 | €21,409,428 | +€2.3m | +12.2% |
| Distributable reserves | 133 | €19,080,595 | €21,409,428 | +€2.3m | +12.2% |
| Amounts payable | 17/49 | €6,401,325 | €7,330,040 | +€928,715 | +14.5% |
| Amounts payable within one year | 42/48 | €6,171,809 | €7,328,623 | +€1.2m | +18.7% |
| Financial debts | 43 | - | €500,000 | +€500,000 | |
| Credit institutions | 430/8 | - | €500,000 | +€500,000 | |
| Trade debts | 44 | €2,082,766 | €1,184,224 | -€898,541 | -43.1% |
| Suppliers | 440/4 | €2,082,766 | €1,184,224 | -€898,541 | -43.1% |
| Advances received on contracts in progress | 46 | €786,034 | €1,944,415 | +€1.2m | +147.4% |
| Taxes, remuneration and social security | 45 | €970,142 | €1,083,690 | +€113,548 | +11.7% |
| Taxes | 450/3 | €457,291 | €482,635 | +€25,343 | +5.5% |
| Remuneration and social security | 454/9 | €512,851 | €601,055 | +€88,205 | +17.2% |
| Other amounts payable | 47/48 | €2,332,867 | €2,616,294 | +€283,427 | +12.1% |
| Accrued charges and deferred income | 492/3 | €229,517 | €1,417 | -€228,100 | -99.4% |
| Operating income | 70/76A | €25,550,870 | €24,832,822 | -€718,048 | -2.8% |
| Turnover | 70 | €12,450,776 | €25,161,080 | +€12.7m | +102.1% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €12,201,897 | -€783,239 | -€13.0m | |
| Own construction capitalised | 72 | €0 | - | = | |
| Other operating income | 74 | €898,197 | €454,981 | -€443,216 | -49.3% |
| Operating charges | 60/66A | €17,822,614 | €19,436,781 | +€1.6m | +9.1% |
| Goods for resale, raw materials and consumables | 60 | €10,984,223 | €12,024,261 | +€1.0m | +9.5% |
| Purchases | 600/8 | €11,613,963 | €11,992,768 | +€378,805 | +3.3% |
| Change in stocks: decrease (increase) | 609 | -€629,739 | €31,494 | +€661,233 | |
| Services and other goods | 61 | €3,123,466 | €2,958,088 | -€165,379 | -5.3% |
| Remuneration, social security and pensions | 62 | €3,291,990 | €3,922,526 | +€630,536 | +19.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €377,481 | €213,735 | -€163,746 | -43.4% |
| Other operating charges | 640/8 | €45,453 | €51,445 | +€5,991 | +13.2% |
| Non-recurring operating charges | 66A | - | €266,726 | +€266,726 | |
| Operating profit (loss) | 9901 | €7,728,256 | €5,396,041 | -€2.3m | -30.2% |
| Financial income | 75/76B | €170,492 | €124,804 | -€45,689 | -26.8% |
| Recurring financial income | 75 | €170,492 | €124,804 | -€45,689 | -26.8% |
| Income from financial fixed assets | 750 | €61,088 | €29,560 | -€31,528 | -51.6% |
| Income from current assets | 751 | €105,397 | €94,738 | -€10,659 | -10.1% |
| Other financial income | 752/9 | €4,008 | €506 | -€3,502 | -87.4% |
| Financial charges | 65/66B | €40,362 | €82,102 | +€41,741 | +103.4% |
| Recurring financial charges | 65 | €40,362 | €82,102 | +€41,741 | +103.4% |
| Debt charges | 650 | €246 | €1,278 | +€1,033 | +420.1% |
| Other financial charges | 652/9 | €40,116 | €80,824 | +€40,708 | +101.5% |
| Profit (loss) for the period before taxes | 9903 | €7,858,387 | €5,438,743 | -€2.4m | -30.8% |
| Income taxes | 67/77 | €369,360 | €5,714 | -€363,647 | -98.5% |
| Taxes | 670/3 | €369,360 | €10,048 | -€359,312 | -97.3% |
| Tax adjustments and reversals of tax provisions | 77 | - | €4,335 | +€4,335 | |
| Profit (loss) for the period | 9904 | €7,489,026 | €5,433,029 | -€2.1m | -27.5% |
| Profit (loss) for the period to be appropriated | 9905 | €7,489,026 | €5,433,029 | -€2.1m | -27.5% |
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 3 October 2026 via checked.be.