TGM: what changed
What changed
TGM
NACE 46.190, Agents in non-specialised wholesale trade
filed annual accounts (NBB)
Net result for the year
€59,417
2024 · €50,456+€8,961
Equity
€298,348
2024 · €238,931+€59,417
Cash
€92,728
2024 · €75,403+€17,324
Balance sheet total
€415,068
2024 · €394,425+€20,643
Largest movements
Assets
- Tangible fixed assets -€26,909
down €26,909 (-11.1%), from €242,469 to €215,560
of which Furniture and vehicles: -€15,611
- Receivables within one year +€19,836
up €19,836 (+128%), from €15,501 to €35,336
of which Other amounts receivable: +€23,622
- Cash +€17,324
up €17,324 (+23.0%), from €75,403 to €92,728
mainly Net result for the year (+€59,417) and Depreciation (+€28,066)
- Current investments +€10,000
up €10,000 (+16.7%), from €60,000 to €70,000
Equity and liabilities
- Reserves +€59,417
up €59,417 (+25.9%), from €229,211 to €288,628
- Debts after one year -€29,081
down €29,081 (-26.6%), from €109,434 to €80,353
- Other debts -€12,243
no longer reported in 2025 (was €12,243)
Income statement
- Gross operating margin +€10,190
up €10,190 (+9.9%), from €102,419 to €112,609
- Taxes +€3,172
up €3,172 (+15.5%), from €20,430 to €23,603
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€50,456
Gross operating margin
+€10,190
Depreciation
+€281
Other operating charges
+€419
Financial income
+€699
Financial charges
+€544
Taxes
-€3,172
Result 2025
€59,417
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€56,848
Investment
-€11,157
Financing
-€28,367
Cash 2024
€75,403
From operations (derived)
+€56,848
Net result for the year
+€59,417
Depreciation
+€28,066
Receivables within one year
-€19,836
Deferred charges and accrued income
-€393
Trade debts
-€1,515
Tax, wage and social debts
+€3,558
Other debts
-€12,243
Accrued charges and deferred income
-€207
Investment (derived)
-€11,157
Investment in fixed assets (net)
-€1,157
Current investments
-€10,000
Financing
-€28,367
Debts after one year
-€29,081
Current portion of long-term debt
+€714
Cash 2025
€92,728
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €394,425 | €415,068 | +€20,643 | +5.2% |
| Fixed assets | 21/28 | €242,469 | €215,560 | -€26,909 | -11.1% |
| Tangible fixed assets | 22/27 | €242,469 | €215,560 | -€26,909 | -11.1% |
| Land and buildings | 22 | €181,191 | €169,631 | -€11,560 | -6.4% |
| Plant, machinery and equipment | 23 | €3,862 | €4,125 | +€263 | +6.8% |
| Furniture and vehicles | 24 | €57,415 | €41,804 | -€15,611 | -27.2% |
| Current assets | 29/58 | €151,956 | €199,509 | +€47,552 | +31.3% |
| Amounts receivable within one year | 40/41 | €15,501 | €35,336 | +€19,836 | +128% |
| Trade receivables | 40 | €6,579 | €2,792 | -€3,787 | -57.6% |
| Other amounts receivable | 41 | €8,922 | €32,544 | +€23,622 | +265% |
| Current investments | 50/53 | €60,000 | €70,000 | +€10,000 | +16.7% |
| Cash at bank and in hand | 54/58 | €75,403 | €92,728 | +€17,324 | +23.0% |
| Deferred charges and accrued income | 490/1 | €1,052 | €1,444 | +€393 | +37.3% |
| Total equity and liabilities | 10/49 | €394,425 | €415,068 | +€20,643 | +5.2% |
| Equity | 10/15 | €238,931 | €298,348 | +€59,417 | +24.9% |
| Contributions | 10/11 | €9,720 | €9,720 | = | 0.0% |
| Reserves | 13 | €229,211 | €288,628 | +€59,417 | +25.9% |
| Distributable reserves | 133 | €229,211 | €288,628 | +€59,417 | +25.9% |
| Amounts payable | 17/49 | €155,494 | €116,720 | -€38,773 | -24.9% |
| Amounts payable after more than one year | 17 | €109,434 | €80,353 | -€29,081 | -26.6% |
| Financial debts | 170/4 | €109,434 | €80,353 | -€29,081 | -26.6% |
| Amounts payable within one year | 42/48 | €45,853 | €36,367 | -€9,486 | -20.7% |
| Current portion of amounts payable after more than one year | 42 | €28,367 | €29,081 | +€714 | +2.5% |
| Trade debts | 44 | €5,243 | €3,728 | -€1,515 | -28.9% |
| Suppliers | 440/4 | €5,243 | €3,728 | -€1,515 | -28.9% |
| Taxes, remuneration and social security | 45 | - | €3,558 | +€3,558 | |
| Taxes | 450/3 | - | €3,558 | +€3,558 | |
| Other amounts payable | 47/48 | €12,243 | - | -€12,243 | |
| Accrued charges and deferred income | 492/3 | €207 | - | -€207 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,347 | €28,066 | -€281 | -1.0% |
| Other operating charges | 640/8 | €1,558 | €1,139 | -€419 | -26.9% |
| Gross operating margin | 9900 | €102,419 | €112,609 | +€10,190 | +9.9% |
| Operating profit (loss) | 9901 | €72,513 | €83,403 | +€10,890 | +15.0% |
| Financial income | 75/76B | €1,973 | €2,672 | +€699 | +35.4% |
| Recurring financial income | 75 | €1,973 | €2,672 | +€699 | +35.4% |
| Financial charges | 65/66B | €3,600 | €3,056 | -€544 | -15.1% |
| Recurring financial charges | 65 | €3,600 | €3,056 | -€544 | -15.1% |
| Profit (loss) for the period before taxes | 9903 | €70,886 | €83,019 | +€12,133 | +17.1% |
| Income taxes | 67/77 | €20,430 | €23,603 | +€3,172 | +15.5% |
| Profit (loss) for the period | 9904 | €50,456 | €59,417 | +€8,961 | +17.8% |
| Profit (loss) for the period to be appropriated | 9905 | €50,456 | €59,417 | +€8,961 | +17.8% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.