TGN WASH: 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.
TGN WASH
Largest movements
- Tangible fixed assets +€145,612
up €145,612 (+106.1%), from €137,259 to €282,870
of which Plant, machinery and equipment: +€132,357
- Cash +€18,135
up €18,135 (+348.1%), from €5,209 to €23,344
mainly Debts after one year (+€156,844) and Current portion of long-term debt (+€33,839)
- Receivables within one year +€8,493
up €8,493 (+469.1%), from €1,810 to €10,303
of which Trade receivables: +€10,282
- Financial fixed assets +€7,500
up €7,500 (+250.0%), from €3,000 to €10,500
- Debts after one year +€156,844
up €156,844 (+177.2%), from €88,503 to €245,347
of which Financial debts: +€90,716
- Other debts -€39,943
no longer reported in 2025 (was €39,943)
- Current portion of long-term debt +€33,839
up €33,839 (+124.5%), from €27,176 to €61,015
- Profit (loss) carried forward +€20,624
up €20,624, from -€12,787 to €7,837
- Trade debts +€4,838
up €4,838 (+335.4%), from €1,443 to €6,281
- Gross operating margin +€49,888
up €49,888, from -€923 to €48,965
- Depreciation +€12,142
up €12,142 (+176.5%), from €6,879 to €19,021
- Financial charges +€4,513
up €4,513 (+97.9%), from €4,608 to €9,120
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 | €147,278 | €327,017 | +€179,739 | +122.0% |
| Fixed assets | 21/28 | €140,259 | €293,370 | +€153,112 | +109.2% |
| Tangible fixed assets | 22/27 | €137,259 | €282,870 | +€145,612 | +106.1% |
| Plant, machinery and equipment | 23 | €133,274 | €265,631 | +€132,357 | +99.3% |
| Other tangible fixed assets | 26 | €3,985 | €17,239 | +€13,254 | +332.6% |
| Financial fixed assets | 28 | €3,000 | €10,500 | +€7,500 | +250.0% |
| Current assets | 29/58 | €7,020 | €33,647 | +€26,628 | +379.3% |
| Amounts receivable within one year | 40/41 | €1,810 | €10,303 | +€8,493 | +469.1% |
| Trade receivables | 40 | €21 | €10,303 | +€10,282 | +48090.3% |
| Other amounts receivable | 41 | €1,789 | - | -€1,789 | |
| Cash at bank and in hand | 54/58 | €5,209 | €23,344 | +€18,135 | +348.1% |
| Total equity and liabilities | 10/49 | €147,278 | €327,017 | +€179,739 | +122.0% |
| Equity | 10/15 | -€9,787 | €10,837 | +€20,624 | |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€12,787 | €7,837 | +€20,624 | |
| Amounts payable | 17/49 | €157,065 | €316,180 | +€159,116 | +101.3% |
| Amounts payable after more than one year | 17 | €88,503 | €245,347 | +€156,844 | +177.2% |
| Financial debts | 170/4 | €88,503 | €179,219 | +€90,716 | +102.5% |
| Other amounts payable | 178/9 | - | €66,128 | +€66,128 | |
| Amounts payable within one year | 42/48 | €68,561 | €70,833 | +€2,272 | +3.3% |
| Current portion of amounts payable after more than one year | 42 | €27,176 | €61,015 | +€33,839 | +124.5% |
| Trade debts | 44 | €1,443 | €6,281 | +€4,838 | +335.4% |
| Suppliers | 440/4 | €1,443 | €6,281 | +€4,838 | +335.4% |
| Taxes, remuneration and social security | 45 | - | €3,537 | +€3,537 | |
| Taxes | 450/3 | - | €3,537 | +€3,537 | |
| Other amounts payable | 47/48 | €39,943 | - | -€39,943 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,879 | €19,021 | +€12,142 | +176.5% |
| Other operating charges | 640/8 | €377 | €200 | -€177 | -46.9% |
| Gross operating margin | 9900 | -€923 | €48,965 | +€49,888 | |
| Operating profit (loss) | 9901 | -€8,179 | €29,744 | +€37,923 | |
| Financial charges | 65/66B | €4,608 | €9,120 | +€4,513 | +97.9% |
| Recurring financial charges | 65 | €4,608 | €9,120 | +€4,513 | +97.9% |
| Profit (loss) for the period before taxes | 9903 | -€12,787 | €20,624 | +€33,410 | |
| Profit (loss) for the period | 9904 | -€12,787 | €20,624 | +€33,410 | |
| Profit (loss) for the period to be appropriated | 9905 | -€12,787 | €20,624 | +€33,410 |
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 3 October 2026 via checked.be.