TGH Consult: what changed
Two financial 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 Consult
Largest movements
- Tangible fixed assets +€269,904
up €269,904 (+853%), from €31,641 to €301,544
of which Land and buildings: +€278,938
- Current investments +€125,000
new in 2025: €125,000
- Cash -€62,099
down €62,099 (-66.7%), from €93,138 to €31,039
mainly Investment in fixed assets (net) (-€280,770) and Current investments (-€125,000)
- Debts after one year +€210,607
up €210,607 (+1,100%), from €19,150 to €229,757
- Reserves +€90,692
up €90,692 (+110%), from €82,794 to €173,485
- Tax, wage and social debts +€24,804
up €24,804 (+72.0%), from €34,462 to €59,266
- Gross operating margin +€15,005
up €15,005 (+12.8%), from €117,048 to €132,053
- Taxes +€3,843
up €3,843 (+17.0%), from €22,579 to €26,422
- Financial charges +€2,641
up €2,641 (+171%), from €1,540 to €4,181
- Depreciation +€1,622
up €1,622 (+17.5%), from €9,244 to €10,866
- Financial income +€1,352
up €1,352 (+5,246%), from €26 to €1,378
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.
Derived cash bridge
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 | €148,729 | €476,963 | +€328,234 | +221% |
| Fixed assets | 21/28 | €31,641 | €301,544 | +€269,904 | +853% |
| Tangible fixed assets | 22/27 | €31,641 | €301,544 | +€269,904 | +853% |
| Land and buildings | 22 | - | €278,938 | +€278,938 | |
| Plant, machinery and equipment | 23 | €1,549 | €2,142 | +€593 | +38.3% |
| Furniture and vehicles | 24 | €30,091 | €20,464 | -€9,627 | -32.0% |
| Current assets | 29/58 | €117,089 | €175,419 | +€58,330 | +49.8% |
| Amounts receivable within one year | 40/41 | €23,951 | €19,380 | -€4,571 | -19.1% |
| Trade receivables | 40 | €23,951 | €16,940 | -€7,011 | -29.3% |
| Other amounts receivable | 41 | - | €2,440 | +€2,440 | |
| Current investments | 50/53 | - | €125,000 | +€125,000 | |
| Cash at bank and in hand | 54/58 | €93,138 | €31,039 | -€62,099 | -66.7% |
| Total equity and liabilities | 10/49 | €148,729 | €476,963 | +€328,234 | +221% |
| Equity | 10/15 | €84,794 | €175,485 | +€90,692 | +107% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €82,794 | €173,485 | +€90,692 | +110% |
| Distributable reserves | 133 | €82,794 | €173,485 | +€90,692 | +110% |
| Amounts payable | 17/49 | €63,936 | €301,478 | +€237,542 | +372% |
| Amounts payable after more than one year | 17 | €19,150 | €229,757 | +€210,607 | +1,100% |
| Financial debts | 170/4 | €19,150 | €229,757 | +€210,607 | +1,100% |
| Amounts payable within one year | 42/48 | €44,786 | €71,721 | +€26,935 | +60.1% |
| Current portion of amounts payable after more than one year | 42 | €9,043 | €9,393 | +€350 | +3.9% |
| Trade debts | 44 | €446 | €3,061 | +€2,615 | +586% |
| Suppliers | 440/4 | €446 | €3,061 | +€2,615 | +586% |
| Taxes, remuneration and social security | 45 | €34,462 | €59,266 | +€24,804 | +72.0% |
| Taxes | 450/3 | €34,462 | €59,266 | +€24,804 | +72.0% |
| Other amounts payable | 47/48 | €834 | - | -€834 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,244 | €10,866 | +€1,622 | +17.5% |
| Other operating charges | 640/8 | €917 | €1,271 | +€354 | +38.6% |
| Gross operating margin | 9900 | €117,048 | €132,053 | +€15,005 | +12.8% |
| Operating profit (loss) | 9901 | €106,887 | €119,916 | +€13,029 | +12.2% |
| Financial income | 75/76B | €26 | €1,378 | +€1,352 | +5,246% |
| Recurring financial income | 75 | €26 | €1,378 | +€1,352 | +5,246% |
| Financial charges | 65/66B | €1,540 | €4,181 | +€2,641 | +171% |
| Recurring financial charges | 65 | €1,540 | €4,181 | +€2,641 | +171% |
| Profit (loss) for the period before taxes | 9903 | €105,373 | €117,113 | +€11,741 | +11.1% |
| Income taxes | 67/77 | €22,579 | €26,422 | +€3,843 | +17.0% |
| Profit (loss) for the period | 9904 | €82,794 | €90,692 | +€7,898 | +9.5% |
| Profit (loss) for the period to be appropriated | 9905 | €82,794 | €90,692 | +€7,898 | +9.5% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.