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.
TGF
Largest movements
- Tangible fixed assets -€7,408
down €7,408 (-10.1%), from €73,030 to €65,622
of which Land and buildings: -€8,977
- Cash +€5,816
up €5,816 (+62.8%), from €9,264 to €15,080
mainly Depreciation (+€13,920) and Net result for the year (+€4,753)
- Receivables within one year -€4,074
down €4,074 (-24.7%), from €16,525 to €12,451
of which Trade receivables: -€5,059
- Deferred charges and accrued income -€2,498
down €2,498 (-57.5%), from €4,343 to €1,845
- Debts after one year -€9,478
down €9,478 (-21.5%), from €44,020 to €34,542
- Accrued charges and deferred income -€5,097
down €5,097 (-94.0%), from €5,422 to €325
- Reserves +€4,753
up €4,753 (+23.2%), from €20,498 to €25,251
- Advances received -€3,024
down €3,024 (-81.2%), from €3,727 to €702
- Tax, wage and social debts +€2,770
up €2,770 (+234.9%), from €1,179 to €3,950
- Gross operating margin +€8,439
up €8,439 (+46.5%), from €18,130 to €26,569
- Depreciation +€3,594
up €3,594 (+34.8%), from €10,325 to €13,920
- Taxes +€1,333
up €1,333 (+98.1%), from €1,359 to €2,691
- Financial charges -€529
down €529 (-14.5%), from €3,654 to €3,125
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 | €103,162 | €94,997 | -€8,165 | -7.9% |
| Fixed assets | 21/28 | €73,030 | €65,622 | -€7,408 | -10.1% |
| Tangible fixed assets | 22/27 | €73,030 | €65,622 | -€7,408 | -10.1% |
| Land and buildings | 22 | €64,238 | €55,261 | -€8,977 | -14.0% |
| Plant, machinery and equipment | 23 | €3,110 | €7,457 | +€4,347 | +139.8% |
| Furniture and vehicles | 24 | €5,681 | €2,903 | -€2,778 | -48.9% |
| Current assets | 29/58 | €30,133 | €29,376 | -€757 | -2.5% |
| Amounts receivable within one year | 40/41 | €16,525 | €12,451 | -€4,074 | -24.7% |
| Trade receivables | 40 | €15,384 | €10,325 | -€5,059 | -32.9% |
| Other amounts receivable | 41 | €1,141 | €2,126 | +€984 | +86.3% |
| Cash at bank and in hand | 54/58 | €9,264 | €15,080 | +€5,816 | +62.8% |
| Deferred charges and accrued income | 490/1 | €4,343 | €1,845 | -€2,498 | -57.5% |
| Total equity and liabilities | 10/49 | €103,162 | €94,997 | -€8,165 | -7.9% |
| Equity | 10/15 | €26,698 | €31,451 | +€4,753 | +17.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €20,498 | €25,251 | +€4,753 | +23.2% |
| Distributable reserves | 133 | €20,498 | €25,251 | +€4,753 | +23.2% |
| Amounts payable | 17/49 | €76,464 | €63,546 | -€12,918 | -16.9% |
| Amounts payable after more than one year | 17 | €44,020 | €34,542 | -€9,478 | -21.5% |
| Financial debts | 170/4 | €44,020 | €34,542 | -€9,478 | -21.5% |
| Amounts payable within one year | 42/48 | €27,022 | €28,678 | +€1,657 | +6.1% |
| Current portion of amounts payable after more than one year | 42 | €9,206 | €9,478 | +€272 | +3.0% |
| Trade debts | 44 | €384 | €564 | +€180 | +46.9% |
| Suppliers | 440/4 | €384 | €564 | +€180 | +46.9% |
| Advances received on contracts in progress | 46 | €3,727 | €702 | -€3,024 | -81.2% |
| Taxes, remuneration and social security | 45 | €1,179 | €3,950 | +€2,770 | +234.9% |
| Taxes | 450/3 | €1,179 | €3,950 | +€2,770 | +234.9% |
| Other amounts payable | 47/48 | €12,526 | €13,985 | +€1,459 | +11.6% |
| Accrued charges and deferred income | 492/3 | €5,422 | €325 | -€5,097 | -94.0% |
| Non-recurring operating income | 76A | €3,619 | - | -€3,619 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,325 | €13,920 | +€3,594 | +34.8% |
| Other operating charges | 640/8 | €2,471 | €2,306 | -€165 | -6.7% |
| Gross operating margin | 9900 | €18,130 | €26,569 | +€8,439 | +46.5% |
| Operating profit (loss) | 9901 | €5,334 | €10,343 | +€5,010 | +93.9% |
| Financial income | 75/76B | €245 | €226 | -€19 | -7.7% |
| Recurring financial income | 75 | €245 | €226 | -€19 | -7.7% |
| Financial charges | 65/66B | €3,654 | €3,125 | -€529 | -14.5% |
| Recurring financial charges | 65 | €3,654 | €3,125 | -€529 | -14.5% |
| Profit (loss) for the period before taxes | 9903 | €1,925 | €7,444 | +€5,519 | +286.7% |
| Income taxes | 67/77 | €1,359 | €2,691 | +€1,333 | +98.1% |
| Profit (loss) for the period | 9904 | €566 | €4,753 | +€4,187 | +739.3% |
| Profit (loss) for the period to be appropriated | 9905 | €566 | €4,753 | +€4,187 | +739.3% |
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.