TGL: 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.
TGL
Largest movements
- Tangible fixed assets -€451,150
down €451,150 (-20.5%), from €2.2m to €1.7m
of which Furniture and vehicles: -€262,316
- Receivables within one year +€358,630
up €358,630 (+21.5%), from €1.7m to €2.0m
of which Trade receivables: +€544,627
- Deferred charges and accrued income -€91,044
down €91,044 (-32.8%), from €277,164 to €186,120
- Cash +€49,751
up €49,751 (+342.7%), from €14,518 to €64,269
mainly Depreciation (+€431,414) and Other debts (+€400,000)
- Other debts +€400,000
up €400,000 (+100.0%), from €400,000 to €800,000
- Debts after one year -€371,968
down €371,968 (-23.7%), from €1.6m to €1.2m
- Trade debts -€230,394
down €230,394 (-28.9%), from €796,142 to €565,748
- Profit (loss) carried forward +€92,964
up €92,964 (+29.3%), from €317,613 to €410,577
- Current portion of long-term debt -€51,082
down €51,082 (-12.1%), from €421,346 to €370,264
- Gross operating margin +€210,286
up €210,286 (+7.4%), from €2.8m to €3.0m
- Depreciation +€96,370
up €96,370 (+28.8%), from €335,045 to €431,414
- Staff costs +€83,599
up €83,599 (+3.7%), from €2.3m to €2.3m
- Financial charges +€43,417
up €43,417 (+71.3%), from €60,852 to €104,270
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 | €4,158,437 | €4,024,920 | -€133,517 | -3.2% |
| Fixed assets | 21/28 | €2,196,842 | €1,745,988 | -€450,855 | -20.5% |
| Intangible fixed assets | 21 | - | €160 | +€160 | |
| Tangible fixed assets | 22/27 | €2,196,842 | €1,745,692 | -€451,150 | -20.5% |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €1,710,378 | €1,448,062 | -€262,316 | -15.3% |
| Leasing and similar rights | 25 | €486,464 | €297,631 | -€188,834 | -38.8% |
| Financial fixed assets | 28 | - | €135 | +€135 | |
| Current assets | 29/58 | €1,961,595 | €2,278,932 | +€317,337 | +16.2% |
| Amounts receivable within one year | 40/41 | €1,669,913 | €2,028,543 | +€358,630 | +21.5% |
| Trade receivables | 40 | €1,314,717 | €1,859,344 | +€544,627 | +41.4% |
| Other amounts receivable | 41 | €355,197 | €169,199 | -€185,997 | -52.4% |
| Cash at bank and in hand | 54/58 | €14,518 | €64,269 | +€49,751 | +342.7% |
| Deferred charges and accrued income | 490/1 | €277,164 | €186,120 | -€91,044 | -32.8% |
| Total equity and liabilities | 10/49 | €4,158,437 | €4,024,920 | -€133,517 | -3.2% |
| Equity | 10/15 | €698,219 | €830,019 | +€131,800 | +18.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €360,463 | €390,573 | +€30,109 | +8.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €358,603 | €388,713 | +€30,109 | +8.4% |
| Profit (loss) carried forward | 14 | €317,613 | €410,577 | +€92,964 | +29.3% |
| Investment grants | 15 | €1,542 | €10,269 | +€8,727 | +565.8% |
| Amounts payable | 17/49 | €3,460,218 | €3,194,901 | -€265,317 | -7.7% |
| Amounts payable after more than one year | 17 | €1,568,187 | €1,196,219 | -€371,968 | -23.7% |
| Financial debts | 170/4 | €1,568,187 | €1,196,219 | -€371,968 | -23.7% |
| Amounts payable within one year | 42/48 | €1,891,426 | €1,998,682 | +€107,256 | +5.7% |
| Current portion of amounts payable after more than one year | 42 | €421,346 | €370,264 | -€51,082 | -12.1% |
| Trade debts | 44 | €796,142 | €565,748 | -€230,394 | -28.9% |
| Suppliers | 440/4 | €796,142 | €565,748 | -€230,394 | -28.9% |
| Taxes, remuneration and social security | 45 | €273,938 | €262,670 | -€11,268 | -4.1% |
| Taxes | 450/3 | €7,475 | €9,923 | +€2,448 | +32.7% |
| Remuneration and social security | 454/9 | €266,462 | €252,747 | -€13,715 | -5.1% |
| Other amounts payable | 47/48 | €400,000 | €800,000 | +€400,000 | +100.0% |
| Accrued charges and deferred income | 492/3 | €605 | €0 | -€605 | -100.0% |
| Non-recurring operating income | 76A | €170,181 | €204,183 | +€34,002 | +20.0% |
| Remuneration, social security and pensions | 62 | €2,263,627 | €2,347,227 | +€83,599 | +3.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €335,045 | €431,414 | +€96,370 | +28.8% |
| Other operating charges | 640/8 | €66 | €170 | +€104 | +158.8% |
| Non-recurring operating charges | 66A | €13,898 | €12,367 | -€1,531 | -11.0% |
| Gross operating margin | 9900 | €2,833,152 | €3,043,437 | +€210,286 | +7.4% |
| Operating profit (loss) | 9901 | €220,515 | €252,259 | +€31,743 | +14.4% |
| Financial income | 75/76B | €16,071 | €8,262 | -€7,809 | -48.6% |
| Recurring financial income | 75 | €16,071 | €8,262 | -€7,809 | -48.6% |
| Financial charges | 65/66B | €60,852 | €104,270 | +€43,417 | +71.3% |
| Recurring financial charges | 65 | €60,852 | €104,270 | +€43,417 | +71.3% |
| Profit (loss) for the period before taxes | 9903 | €175,734 | €156,251 | -€19,483 | -11.1% |
| Income taxes | 67/77 | €29,626 | €33,178 | +€3,552 | +12.0% |
| Profit (loss) for the period | 9904 | €146,108 | €123,073 | -€23,035 | -15.8% |
| Transfer to tax-exempt reserves | 689 | €66,191 | €30,109 | -€36,082 | -54.5% |
| Profit (loss) for the period to be appropriated | 9905 | €79,917 | €92,964 | +€13,047 | +16.3% |
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 6 October 2026 via checked.be.