TGFM: 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.
TGFM
Largest movements
- Cash +€160,333
up €160,333 (+254.9%), from €62,911 to €223,244
mainly Net result for the year (+€129,193) and Tax, wage and social debts (+€38,897)
- Receivables within one year +€8,336
up €8,336 (+43.5%), from €19,144 to €27,480
of which Other amounts receivable: +€6,580
- Profit (loss) carried forward +€129,193
up €129,193 (+229.7%), from €56,255 to €185,448
- Tax, wage and social debts +€38,897
up €38,897 (+162.5%), from €23,943 to €62,839
- Trade debts +€3,116
new in 2025: €3,116
- Gross operating margin +€99,961
up €99,961 (+134.6%), from €74,248 to €174,209
- Taxes +€23,849
up €23,849 (+160.7%), from €14,840 to €38,689
- Other operating charges +€2,771
up €2,771 (+507.1%), from €546 to €3,318
- Financial charges +€2,330
up €2,330 (+1491.6%), from €156 to €2,487
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 | €84,212 | €254,403 | +€170,191 | +202.1% |
| Fixed assets | 21/28 | €2,031 | €1,336 | -€696 | -34.2% |
| Tangible fixed assets | 22/27 | €2,031 | €1,336 | -€696 | -34.2% |
| Furniture and vehicles | 24 | €2,031 | €1,336 | -€696 | -34.2% |
| Current assets | 29/58 | €82,180 | €253,067 | +€170,887 | +207.9% |
| Amounts receivable within one year | 40/41 | €19,144 | €27,480 | +€8,336 | +43.5% |
| Trade receivables | 40 | €18,981 | €20,737 | +€1,755 | +9.2% |
| Other amounts receivable | 41 | €163 | €6,743 | +€6,580 | +4043.3% |
| Cash at bank and in hand | 54/58 | €62,911 | €223,244 | +€160,333 | +254.9% |
| Deferred charges and accrued income | 490/1 | €126 | €2,343 | +€2,217 | +1763.4% |
| Total equity and liabilities | 10/49 | €84,212 | €254,403 | +€170,191 | +202.1% |
| Equity | 10/15 | €59,255 | €188,448 | +€129,193 | +218.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €56,255 | €185,448 | +€129,193 | +229.7% |
| Amounts payable | 17/49 | €24,957 | €65,955 | +€40,998 | +164.3% |
| Amounts payable within one year | 42/48 | €24,957 | €65,955 | +€40,998 | +164.3% |
| Trade debts | 44 | - | €3,116 | +€3,116 | |
| Suppliers | 440/4 | - | €3,116 | +€3,116 | |
| Taxes, remuneration and social security | 45 | €23,943 | €62,839 | +€38,897 | +162.5% |
| Taxes | 450/3 | €23,943 | €62,839 | +€38,897 | +162.5% |
| Other amounts payable | 47/48 | €1,015 | - | -€1,015 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55 | €696 | +€640 | +1158.6% |
| Other operating charges | 640/8 | €546 | €3,318 | +€2,771 | +507.1% |
| Non-recurring operating charges | 66A | €2,396 | - | -€2,396 | |
| Gross operating margin | 9900 | €74,248 | €174,209 | +€99,961 | +134.6% |
| Operating profit (loss) | 9901 | €71,251 | €170,196 | +€98,945 | +138.9% |
| Financial income | 75/76B | - | €172 | +€172 | |
| Recurring financial income | 75 | - | €172 | +€172 | |
| Financial charges | 65/66B | €156 | €2,487 | +€2,330 | +1491.6% |
| Recurring financial charges | 65 | €156 | €2,487 | +€2,330 | +1491.6% |
| Profit (loss) for the period before taxes | 9903 | €71,095 | €167,881 | +€96,787 | +136.1% |
| Income taxes | 67/77 | €14,840 | €38,689 | +€23,849 | +160.7% |
| Profit (loss) for the period | 9904 | €56,255 | €129,193 | +€72,938 | +129.7% |
| Profit (loss) for the period to be appropriated | 9905 | €56,255 | €129,193 | +€72,938 | +129.7% |
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.