TG PROJECTS: 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.
TG PROJECTS
Largest movements
- Tangible fixed assets +€247,328
up €247,328 (+38.4%), from €644,600 to €891,928
of which Land and buildings: +€224,818
- Receivables after one year +€20,000
up €20,000 (+3.7%), from €547,783 to €567,783
- Short-term financial debts +€254,000
new in 2025: €254,000
- Profit (loss) carried forward +€80,055
up €80,055, from -€17,298 to €62,757
- Current portion of long-term debt -€20,345
down €20,345 (-53.8%), from €37,793 to €17,448
- Debts after one year -€17,541
down €17,541 (-2.4%), from €740,663 to €723,123
of which Financial debts: -€17,448
- Gross operating margin +€53,456
up €53,456 (+42.1%), from €126,849 to €180,305
- Taxes +€15,403
new in 2025: €15,403
- Depreciation +€4,537
up €4,537 (+13.0%), from €35,002 to €39,539
- Financial charges -€2,806
down €2,806 (-6.6%), from €42,761 to €39,955
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 | €1,253,012 | €1,543,943 | +€290,931 | +23.2% |
| Fixed assets | 21/28 | €644,600 | €891,928 | +€247,328 | +38.4% |
| Tangible fixed assets | 22/27 | €644,600 | €891,928 | +€247,328 | +38.4% |
| Land and buildings | 22 | €625,618 | €850,435 | +€224,818 | +35.9% |
| Plant, machinery and equipment | 23 | €16,630 | €40,814 | +€24,184 | +145.4% |
| Furniture and vehicles | 24 | €2,353 | €679 | -€1,674 | -71.2% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €608,411 | €652,015 | +€43,604 | +7.2% |
| Amounts receivable after more than one year | 29 | €547,783 | €567,783 | +€20,000 | +3.7% |
| Other amounts receivable | 291 | €547,783 | €567,783 | +€20,000 | +3.7% |
| Stocks and contracts in progress | 3 | €2,622 | €2,288 | -€334 | -12.7% |
| Stocks | 30/36 | €2,622 | €2,288 | -€334 | -12.7% |
| Amounts receivable within one year | 40/41 | €4,170 | €15,403 | +€11,233 | +269.3% |
| Trade receivables | 40 | €4,170 | €10,787 | +€6,616 | +158.6% |
| Other amounts receivable | 41 | - | €4,617 | +€4,617 | |
| Cash at bank and in hand | 54/58 | €51,839 | €64,454 | +€12,615 | +24.3% |
| Deferred charges and accrued income | 490/1 | €1,997 | €2,087 | +€90 | +4.5% |
| Total equity and liabilities | 10/49 | €1,253,012 | €1,543,943 | +€290,931 | +23.2% |
| Equity | 10/15 | €332,702 | €412,757 | +€80,055 | +24.1% |
| Contributions | 10/11 | €350,000 | €350,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€17,298 | €62,757 | +€80,055 | |
| Amounts payable | 17/49 | €920,309 | €1,131,185 | +€210,876 | +22.9% |
| Amounts payable after more than one year | 17 | €740,663 | €723,123 | -€17,541 | -2.4% |
| Financial debts | 170/4 | €397,366 | €379,918 | -€17,448 | -4.4% |
| Other amounts payable | 178/9 | €343,297 | €343,204 | -€93 | 0.0% |
| Amounts payable within one year | 42/48 | €150,038 | €383,541 | +€233,503 | +155.6% |
| Current portion of amounts payable after more than one year | 42 | €37,793 | €17,448 | -€20,345 | -53.8% |
| Financial debts | 43 | - | €254,000 | +€254,000 | |
| Credit institutions | 430/8 | - | €254,000 | +€254,000 | |
| Trade debts | 44 | €1,240 | €1,025 | -€215 | -17.3% |
| Suppliers | 440/4 | €1,240 | €1,025 | -€215 | -17.3% |
| Taxes, remuneration and social security | 45 | €10,506 | €10,768 | +€263 | +2.5% |
| Taxes | 450/3 | €10,506 | €10,768 | +€263 | +2.5% |
| Other amounts payable | 47/48 | €100,500 | €100,300 | -€200 | -0.2% |
| Accrued charges and deferred income | 492/3 | €29,607 | €24,521 | -€5,086 | -17.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,002 | €39,539 | +€4,537 | +13.0% |
| Other operating charges | 640/8 | €4,763 | €5,380 | +€617 | +13.0% |
| Gross operating margin | 9900 | €126,849 | €180,305 | +€53,456 | +42.1% |
| Operating profit (loss) | 9901 | €87,085 | €135,386 | +€48,302 | +55.5% |
| Financial income | 75/76B | €0 | €27 | +€27 | +134450.0% |
| Recurring financial income | 75 | €0 | €27 | +€27 | +134450.0% |
| Financial charges | 65/66B | €42,761 | €39,955 | -€2,806 | -6.6% |
| Recurring financial charges | 65 | €42,761 | €39,955 | -€2,806 | -6.6% |
| Profit (loss) for the period before taxes | 9903 | €44,324 | €95,458 | +€51,134 | +115.4% |
| Income taxes | 67/77 | - | €15,403 | +€15,403 | |
| Profit (loss) for the period | 9904 | €44,324 | €80,055 | +€35,731 | +80.6% |
| Profit (loss) for the period to be appropriated | 9905 | €44,324 | €80,055 | +€35,731 | +80.6% |
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 7 October 2026 via checked.be.