TGH: 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.
TGH
Largest movements
- Tangible fixed assets -€17,194
down €17,194 (-27.8%), from €61,937 to €44,743
of which Leasing and similar rights: -€16,191
- Receivables within one year +€11,051
up €11,051 (+71.1%), from €15,539 to €26,590
of which Trade receivables: +€14,075
- Cash -€3,157
down €3,157 (-9.6%), from €32,754 to €29,596
mainly Debts after one year (-€12,734) and Receivables within one year (-€11,051)
- Deferred charges and accrued income +€1,941
new in 2025: €1,941
- Trade debts +€13,334
up €13,334 (+166.3%), from €8,017 to €21,350
- Debts after one year -€12,734
down €12,734 (-36.0%), from €35,407 to €22,674
- Profit (loss) carried forward -€9,755
down €9,755 (-26.1%), from €37,358 to €27,603
- Tax, wage and social debts +€3,121
up €3,121 (+23.8%), from €13,106 to €16,228
of which Taxes: +€2,048
- Other debts -€1,764
down €1,764 (-88.9%), from €1,985 to €220
- Gross operating margin -€88,863
down €88,863 (-48.6%), from €182,814 to €93,951
- Staff costs -€30,325
down €30,325 (-27.1%), from €111,840 to €81,515
- Taxes -€9,529
down €9,529 (-98.0%), from €9,719 to €190
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 | €110,229 | €102,870 | -€7,360 | -6.7% |
| Fixed assets | 21/28 | €61,937 | €44,743 | -€17,194 | -27.8% |
| Tangible fixed assets | 22/27 | €61,937 | €44,743 | -€17,194 | -27.8% |
| Plant, machinery and equipment | 23 | €2,029 | €827 | -€1,202 | -59.2% |
| Furniture and vehicles | 24 | €1,098 | €1,297 | +€199 | +18.1% |
| Leasing and similar rights | 25 | €58,810 | €42,619 | -€16,191 | -27.5% |
| Current assets | 29/58 | €48,293 | €58,127 | +€9,834 | +20.4% |
| Amounts receivable within one year | 40/41 | €15,539 | €26,590 | +€11,051 | +71.1% |
| Trade receivables | 40 | €9,307 | €23,381 | +€14,075 | +151.2% |
| Other amounts receivable | 41 | €6,233 | €3,208 | -€3,024 | -48.5% |
| Cash at bank and in hand | 54/58 | €32,754 | €29,596 | -€3,157 | -9.6% |
| Deferred charges and accrued income | 490/1 | - | €1,941 | +€1,941 | |
| Total equity and liabilities | 10/49 | €110,229 | €102,870 | -€7,360 | -6.7% |
| Equity | 10/15 | €39,858 | €30,103 | -€9,755 | -24.5% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €37,358 | €27,603 | -€9,755 | -26.1% |
| Amounts payable | 17/49 | €70,372 | €72,767 | +€2,395 | +3.4% |
| Amounts payable after more than one year | 17 | €35,407 | €22,674 | -€12,734 | -36.0% |
| Financial debts | 170/4 | €35,407 | €22,674 | -€12,734 | -36.0% |
| Amounts payable within one year | 42/48 | €34,964 | €50,093 | +€15,129 | +43.3% |
| Current portion of amounts payable after more than one year | 42 | €11,857 | €12,295 | +€438 | +3.7% |
| Trade debts | 44 | €8,017 | €21,350 | +€13,334 | +166.3% |
| Suppliers | 440/4 | €8,017 | €21,350 | +€13,334 | +166.3% |
| Taxes, remuneration and social security | 45 | €13,106 | €16,228 | +€3,121 | +23.8% |
| Taxes | 450/3 | €10,963 | €13,011 | +€2,048 | +18.7% |
| Remuneration and social security | 454/9 | €2,144 | €3,217 | +€1,073 | +50.1% |
| Other amounts payable | 47/48 | €1,985 | €220 | -€1,764 | -88.9% |
| Remuneration, social security and pensions | 62 | €111,840 | €81,515 | -€30,325 | -27.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,404 | €18,444 | +€40 | +0.2% |
| Other operating charges | 640/8 | €3,149 | €1,392 | -€1,757 | -55.8% |
| Gross operating margin | 9900 | €182,814 | €93,951 | -€88,863 | -48.6% |
| Operating profit (loss) | 9901 | €49,422 | -€7,399 | -€56,821 | |
| Financial income | 75/76B | €49 | - | -€49 | |
| Recurring financial income | 75 | €49 | - | -€49 | |
| Financial charges | 65/66B | €2,394 | €2,165 | -€229 | -9.6% |
| Recurring financial charges | 65 | €2,394 | €2,165 | -€229 | -9.6% |
| Profit (loss) for the period before taxes | 9903 | €47,077 | -€9,565 | -€56,641 | |
| Income taxes | 67/77 | €9,719 | €190 | -€9,529 | -98.0% |
| Profit (loss) for the period | 9904 | €37,358 | -€9,755 | -€47,112 | |
| Profit (loss) for the period to be appropriated | 9905 | €37,358 | -€9,755 | -€47,112 |
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 4 October 2026 via checked.be.