TGMV: 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.
TGMV
Largest movements
- Tangible fixed assets +€42,396
up €42,396 (+24.6%), from €172,475 to €214,871
of which Furniture and vehicles: +€68,675
- Cash +€12,196
up €12,196 (+24.5%), from €49,864 to €62,060
mainly Tax, wage and social debts (+€72,988) and Debts after one year (+€62,650)
- Receivables within one year -€8,873
down €8,873 (-50.8%), from €17,466 to €8,593
of which Trade receivables: -€10,332
- Reserves -€77,339
down €77,339 (-90.8%), from €85,214 to €7,875
- Tax, wage and social debts +€72,988
up €72,988 (+152.2%), from €47,950 to €120,938
of which Remuneration and social security: +€63,747
- Debts after one year +€62,650
up €62,650 (+103.1%), from €60,770 to €123,420
of which Other amounts payable: +€66,041
- Trade debts -€30,482
down €30,482 (-71.0%), from €42,953 to €12,471
- Current portion of long-term debt +€16,135
up €16,135 (+77.6%), from €20,781 to €36,916
- Staff costs +€116,802
up €116,802 (+20.7%), from €564,821 to €681,623
- Gross operating margin +€51,776
up €51,776 (+7.3%), from €712,761 to €764,536
- Taxes -€14,464
down €14,464 (-72.5%), from €19,950 to €5,487
- Other operating charges +€8,851
up €8,851 (+672.3%), from €1,316 to €10,167
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 | €263,869 | €307,820 | +€43,951 | +16.7% |
| Fixed assets | 21/28 | €173,249 | €215,645 | +€42,396 | +24.5% |
| Tangible fixed assets | 22/27 | €172,475 | €214,871 | +€42,396 | +24.6% |
| Plant, machinery and equipment | 23 | €51,149 | €37,619 | -€13,530 | -26.5% |
| Furniture and vehicles | 24 | €13,582 | €82,257 | +€68,675 | +505.7% |
| Other tangible fixed assets | 26 | €107,745 | €94,996 | -€12,749 | -11.8% |
| Financial fixed assets | 28 | €774 | €774 | = | 0.0% |
| Current assets | 29/58 | €90,620 | €92,175 | +€1,555 | +1.7% |
| Stocks and contracts in progress | 3 | €14,000 | €12,500 | -€1,500 | -10.7% |
| Stocks | 30/36 | €14,000 | €12,500 | -€1,500 | -10.7% |
| Amounts receivable within one year | 40/41 | €17,466 | €8,593 | -€8,873 | -50.8% |
| Trade receivables | 40 | €17,466 | €7,134 | -€10,332 | -59.2% |
| Other amounts receivable | 41 | - | €1,459 | +€1,459 | |
| Cash at bank and in hand | 54/58 | €49,864 | €62,060 | +€12,196 | +24.5% |
| Deferred charges and accrued income | 490/1 | €9,290 | €9,022 | -€268 | -2.9% |
| Total equity and liabilities | 10/49 | €263,869 | €307,820 | +€43,951 | +16.7% |
| Equity | 10/15 | €91,414 | €14,075 | -€77,339 | -84.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €85,214 | €7,875 | -€77,339 | -90.8% |
| Distributable reserves | 133 | €85,214 | €7,875 | -€77,339 | -90.8% |
| Amounts payable | 17/49 | €172,455 | €293,745 | +€121,290 | +70.3% |
| Amounts payable after more than one year | 17 | €60,770 | €123,420 | +€62,650 | +103.1% |
| Financial debts | 170/4 | €60,770 | €57,379 | -€3,391 | -5.6% |
| Other amounts payable | 178/9 | - | €66,041 | +€66,041 | |
| Amounts payable within one year | 42/48 | €111,684 | €170,325 | +€58,640 | +52.5% |
| Current portion of amounts payable after more than one year | 42 | €20,781 | €36,916 | +€16,135 | +77.6% |
| Trade debts | 44 | €42,953 | €12,471 | -€30,482 | -71.0% |
| Suppliers | 440/4 | €42,953 | €12,471 | -€30,482 | -71.0% |
| Taxes, remuneration and social security | 45 | €47,950 | €120,938 | +€72,988 | +152.2% |
| Taxes | 450/3 | €37,539 | €46,779 | +€9,240 | +24.6% |
| Remuneration and social security | 454/9 | €10,412 | €74,159 | +€63,747 | +612.3% |
| Remuneration, social security and pensions | 62 | €564,821 | €681,623 | +€116,802 | +20.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,546 | €48,027 | +€480 | +1.0% |
| Other operating charges | 640/8 | €1,316 | €10,167 | +€8,851 | +672.3% |
| Gross operating margin | 9900 | €712,761 | €764,536 | +€51,776 | +7.3% |
| Operating profit (loss) | 9901 | €99,077 | €24,719 | -€74,357 | -75.1% |
| Financial income | 75/76B | €0 | €7 | +€7 | +35550.0% |
| Recurring financial income | 75 | €0 | €7 | +€7 | +35550.0% |
| Financial charges | 65/66B | €11,782 | €11,365 | -€418 | -3.5% |
| Recurring financial charges | 65 | €11,782 | €11,365 | -€418 | -3.5% |
| Profit (loss) for the period before taxes | 9903 | €87,294 | €13,362 | -€73,932 | -84.7% |
| Income taxes | 67/77 | €19,950 | €5,487 | -€14,464 | -72.5% |
| Profit (loss) for the period | 9904 | €67,344 | €7,875 | -€59,469 | -88.3% |
| Profit (loss) for the period to be appropriated | 9905 | €67,344 | €7,875 | -€59,469 | -88.3% |
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 29 September 2026 via checked.be.