TGF: 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
TGF
NACE 47.120, Other non-specialised retail sale
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€15,388
2024 · -€186,640+€202,027
Equity
€1.1m
2024 · €1.1m+€1,621
Cash
€123,620
2024 · €67,558+€56,062
Balance sheet total
€6.7m
2024 · €6.8m-€110,444
Largest movements
Assets
- Tangible fixed assets -€174,213
down €174,213 (-3.5%), from €5.0m to €4.8m
of which Land and buildings: -€200,668
Equity and liabilities
- Debts after one year -€117,436
down €117,436 (-2.7%), from €4.4m to €4.3m
- Current portion of long-term debt +€67,901
up €67,901 (+20.9%), from €324,768 to €392,669
Income statement
- Staff costs -€215,796
down €215,796 (-20.4%), from €1.1m to €842,149
- Other operating charges +€14,781
up €14,781 (+42.2%), from €35,031 to €49,812
- Financial charges +€13,829
up €13,829 (+26.7%), from €51,724 to €65,553
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
-€186,640
Gross operating margin
+€9,579
Staff costs
+€215,796
Depreciation
-€2,518
Other operating charges
-€14,781
Financial income
+€8,457
Financial charges
-€13,829
Taxes
-€677
Result 2025
€15,388
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
+€262,476
Investment
-€143,113
Financing
-€63,302
Cash 2024
€67,558
From operations (derived)
+€262,476
Net result for the year
+€15,388
Depreciation
+€317,326
Stocks and contracts
+€21,237
Receivables within one year
-€57,205
Deferred charges and accrued income
+€28,261
Trade debts
-€24,314
Tax, wage and social debts
-€55,962
Other debts
+€18,081
Accrued charges and deferred income
-€335
Investment (derived)
-€143,113
Investment in fixed assets (net)
-€143,113
Financing
-€63,302
Debts after one year
-€117,436
Current portion of long-term debt
+€67,901
Contributions, distributions and other
-€13,767
Cash 2025
€123,620
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,770,958 | €6,660,514 | -€110,444 | -1.6% |
| Fixed assets | 21/28 | €4,999,146 | €4,824,933 | -€174,213 | -3.5% |
| Tangible fixed assets | 22/27 | €4,998,399 | €4,824,185 | -€174,213 | -3.5% |
| Land and buildings | 22 | €4,288,677 | €4,088,009 | -€200,668 | -4.7% |
| Plant, machinery and equipment | 23 | €674,059 | €717,084 | +€43,025 | +6.4% |
| Furniture and vehicles | 24 | €35,663 | €19,092 | -€16,571 | -46.5% |
| Financial fixed assets | 28 | €748 | €748 | = | 0.0% |
| Current assets | 29/58 | €1,771,812 | €1,835,581 | +€63,769 | +3.6% |
| Stocks and contracts in progress | 3 | €1,639,199 | €1,617,962 | -€21,237 | -1.3% |
| Stocks | 30/36 | €1,639,199 | €1,617,962 | -€21,237 | -1.3% |
| Amounts receivable within one year | 40/41 | €12,589 | €69,794 | +€57,205 | +454.4% |
| Trade receivables | 40 | €12,589 | €69,794 | +€57,205 | +454.4% |
| Cash at bank and in hand | 54/58 | €67,558 | €123,620 | +€56,062 | +83.0% |
| Deferred charges and accrued income | 490/1 | €52,466 | €24,205 | -€28,261 | -53.9% |
| Total equity and liabilities | 10/49 | €6,770,958 | €6,660,514 | -€110,444 | -1.6% |
| Equity | 10/15 | €1,078,762 | €1,080,382 | +€1,621 | +0.2% |
| Contributions | 10/11 | €500,000 | €500,000 | = | 0.0% |
| Capital | 10 | €500,000 | €500,000 | = | 0.0% |
| Issued capital | 100 | €500,000 | €500,000 | = | 0.0% |
| Reserves | 13 | €730,747 | €730,747 | = | 0.0% |
| Non-distributable reserves | 130/1 | €51,340 | €51,340 | = | 0.0% |
| Legal reserve | 130 | €50,000 | €50,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,340 | €1,340 | = | 0.0% |
| Tax-exempt reserves | 132 | €59,589 | €59,589 | = | 0.0% |
| Distributable reserves | 133 | €619,818 | €619,818 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€358,280 | -€342,892 | +€15,388 | +4.3% |
| Investment grants | 15 | €206,294 | €192,527 | -€13,767 | -6.7% |
| Amounts payable | 17/49 | €5,692,197 | €5,580,132 | -€112,065 | -2.0% |
| Amounts payable after more than one year | 17 | €4,395,482 | €4,278,046 | -€117,436 | -2.7% |
| Financial debts | 170/4 | €4,395,482 | €4,278,046 | -€117,436 | -2.7% |
| Amounts payable within one year | 42/48 | €1,296,380 | €1,302,086 | +€5,706 | +0.4% |
| Current portion of amounts payable after more than one year | 42 | €324,768 | €392,669 | +€67,901 | +20.9% |
| Trade debts | 44 | €250,691 | €226,377 | -€24,314 | -9.7% |
| Suppliers | 440/4 | €250,691 | €226,377 | -€24,314 | -9.7% |
| Taxes, remuneration and social security | 45 | €284,192 | €228,230 | -€55,962 | -19.7% |
| Taxes | 450/3 | €52,572 | €59,275 | +€6,703 | +12.8% |
| Remuneration and social security | 454/9 | €231,621 | €168,956 | -€62,665 | -27.1% |
| Other amounts payable | 47/48 | €436,728 | €454,809 | +€18,081 | +4.1% |
| Accrued charges and deferred income | 492/3 | €335 | - | -€335 | |
| Remuneration, social security and pensions | 62 | €1,057,946 | €842,149 | -€215,796 | -20.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €314,808 | €317,326 | +€2,518 | +0.8% |
| Other operating charges | 640/8 | €35,031 | €49,812 | +€14,781 | +42.2% |
| Gross operating margin | 9900 | €1,253,128 | €1,262,707 | +€9,579 | +0.8% |
| Operating profit (loss) | 9901 | -€154,657 | €53,419 | +€208,076 | |
| Financial income | 75/76B | €19,987 | €28,443 | +€8,457 | +42.3% |
| Recurring financial income | 75 | €19,987 | €28,443 | +€8,457 | +42.3% |
| Financial charges | 65/66B | €51,724 | €65,553 | +€13,829 | +26.7% |
| Recurring financial charges | 65 | €51,724 | €65,553 | +€13,829 | +26.7% |
| Profit (loss) for the period before taxes | 9903 | -€186,394 | €16,309 | +€202,704 | |
| Income taxes | 67/77 | €245 | €922 | +€677 | +275.8% |
| Profit (loss) for the period | 9904 | -€186,640 | €15,388 | +€202,027 | |
| Profit (loss) for the period to be appropriated | 9905 | -€186,640 | €15,388 | +€202,027 |
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 29 September 2026 via checked.be.