TGMA: 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.
TGMA
Largest movements
- Tangible fixed assets +€269,916
up €269,916 (+80.6%), from €334,811 to €604,727
of which Furniture and vehicles: +€298,574
- Cash +€142,491
up €142,491 (+275.6%), from €51,697 to €194,188
mainly Other debts (+€496,752) and Depreciation (+€190,085)
- Receivables within one year +€64,998
up €64,998 (+65.4%), from €99,410 to €164,408
of which Trade receivables: +€68,695
- Other debts +€496,752
new in 2025: €496,752
- Trade debts -€14,282
down €14,282 (-58.3%), from €24,500 to €10,218
- Gross operating margin +€84,946
up €84,946 (+63.8%), from €133,046 to €217,992
- Depreciation +€67,352
up €67,352 (+54.9%), from €122,733 to €190,085
- Financial charges +€12,127
up €12,127 (+1731.5%), from €700 to €12,827
- Other operating charges +€4,671
up €4,671 (+25.2%), from €18,526 to €23,197
- Financial income -€3,024
down €3,024 (-45.6%), from €6,633 to €3,609
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 | €491,699 | €975,836 | +€484,136 | +98.5% |
| Fixed assets | 21/28 | €337,578 | €604,727 | +€267,149 | +79.1% |
| Tangible fixed assets | 22/27 | €334,811 | €604,727 | +€269,916 | +80.6% |
| Plant, machinery and equipment | 23 | €158,235 | €129,577 | -€28,658 | -18.1% |
| Furniture and vehicles | 24 | €176,576 | €475,150 | +€298,574 | +169.1% |
| Financial fixed assets | 28 | €2,767 | €0 | -€2,767 | -100.0% |
| Current assets | 29/58 | €154,121 | €371,108 | +€216,987 | +140.8% |
| Amounts receivable within one year | 40/41 | €99,410 | €164,408 | +€64,998 | +65.4% |
| Trade receivables | 40 | €33,396 | €102,091 | +€68,695 | +205.7% |
| Other amounts receivable | 41 | €66,014 | €62,318 | -€3,696 | -5.6% |
| Cash at bank and in hand | 54/58 | €51,697 | €194,188 | +€142,491 | +275.6% |
| Deferred charges and accrued income | 490/1 | €3,014 | €12,512 | +€9,498 | +315.1% |
| Total equity and liabilities | 10/49 | €491,699 | €975,836 | +€484,136 | +98.5% |
| Equity | 10/15 | €462,061 | €457,528 | -€4,534 | -1.0% |
| Contributions | 10/11 | €165,000 | €165,000 | = | 0.0% |
| Capital | 10 | €165,000 | €165,000 | = | 0.0% |
| Issued capital | 100 | €165,000 | €165,000 | = | 0.0% |
| Reserves | 13 | €297,061 | €292,528 | -€4,534 | -1.5% |
| Non-distributable reserves | 130/1 | €16,500 | €16,500 | = | 0.0% |
| Legal reserve | 130 | €16,500 | €16,500 | = | 0.0% |
| Distributable reserves | 133 | €280,561 | €276,028 | -€4,534 | -1.6% |
| Amounts payable | 17/49 | €29,638 | €518,308 | +€488,670 | +1648.8% |
| Amounts payable within one year | 42/48 | €29,638 | €518,308 | +€488,670 | +1648.8% |
| Trade debts | 44 | €24,500 | €10,218 | -€14,282 | -58.3% |
| Suppliers | 440/4 | €24,500 | €10,218 | -€14,282 | -58.3% |
| Taxes, remuneration and social security | 45 | €5,138 | €11,339 | +€6,200 | +120.7% |
| Taxes | 450/3 | €5,138 | €11,339 | +€6,200 | +120.7% |
| Other amounts payable | 47/48 | - | €496,752 | +€496,752 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €122,733 | €190,085 | +€67,352 | +54.9% |
| Other operating charges | 640/8 | €18,526 | €23,197 | +€4,671 | +25.2% |
| Non-recurring operating charges | 66A | - | €26 | +€26 | |
| Gross operating margin | 9900 | €133,046 | €217,992 | +€84,946 | +63.8% |
| Operating profit (loss) | 9901 | -€8,213 | €4,684 | +€12,897 | |
| Financial income | 75/76B | €6,633 | €3,609 | -€3,024 | -45.6% |
| Recurring financial income | 75 | €6,633 | €3,609 | -€3,024 | -45.6% |
| Financial charges | 65/66B | €700 | €12,827 | +€12,127 | +1731.5% |
| Recurring financial charges | 65 | €700 | €12,827 | +€12,127 | +1731.5% |
| Profit (loss) for the period before taxes | 9903 | -€2,281 | -€4,534 | -€2,253 | -98.8% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€2,281 | -€4,534 | -€2,253 | -98.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,281 | -€4,534 | -€2,253 | -98.8% |
Source: filed annual accounts (NBB), fiscal years ended 30 December 2024 and 30 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.