TGORL: 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.
TGORL
Largest movements
- Receivables within one year +€25,193
up €25,193 (+91.8%), from €27,443 to €52,635
of which Other amounts receivable: +€24,000
- Cash +€5,647
up €5,647 (+8.0%), from €70,445 to €76,093
mainly Net result for the year (+€28,572) and Tax, wage and social debts (+€4,839)
- Reserves +€28,572
up €28,572 (+35.0%), from €81,632 to €110,204
- Tax, wage and social debts +€4,839
up €4,839 (+46.7%), from €10,364 to €15,204
- Trade debts -€2,046
down €2,046 (-92.1%), from €2,221 to €175
- Gross operating margin -€82,032
down €82,032 (-67.4%), from €121,702 to €39,670
- Taxes -€25,236
down €25,236 (-75.2%), from €33,539 to €8,304
- Depreciation -€2,729
no longer reported in 2025 (was €2,729)
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 | €101,582 | €132,841 | +€31,258 | +30.8% |
| Formation expenses | 20 | €0 | - | = | |
| Current assets | 29/58 | €101,582 | €132,841 | +€31,258 | +30.8% |
| Amounts receivable within one year | 40/41 | €27,443 | €52,635 | +€25,193 | +91.8% |
| Trade receivables | 40 | €27,443 | €28,635 | +€1,193 | +4.3% |
| Other amounts receivable | 41 | - | €24,000 | +€24,000 | |
| Cash at bank and in hand | 54/58 | €70,445 | €76,093 | +€5,647 | +8.0% |
| Deferred charges and accrued income | 490/1 | €3,694 | €4,113 | +€419 | +11.3% |
| Total equity and liabilities | 10/49 | €101,582 | €132,841 | +€31,258 | +30.8% |
| Equity | 10/15 | €85,632 | €114,204 | +€28,572 | +33.4% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €81,632 | €110,204 | +€28,572 | +35.0% |
| Distributable reserves | 133 | €81,632 | €110,204 | +€28,572 | +35.0% |
| Amounts payable | 17/49 | €15,950 | €18,636 | +€2,686 | +16.8% |
| Amounts payable within one year | 42/48 | €15,339 | €18,006 | +€2,667 | +17.4% |
| Trade debts | 44 | €2,221 | €175 | -€2,046 | -92.1% |
| Suppliers | 440/4 | €2,221 | €175 | -€2,046 | -92.1% |
| Taxes, remuneration and social security | 45 | €10,364 | €15,204 | +€4,839 | +46.7% |
| Taxes | 450/3 | €10,364 | €15,204 | +€4,839 | +46.7% |
| Other amounts payable | 47/48 | €2,754 | €2,628 | -€126 | -4.6% |
| Accrued charges and deferred income | 492/3 | €611 | €631 | +€20 | +3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,729 | - | -€2,729 | |
| Other operating charges | 640/8 | €421 | €297 | -€125 | -29.6% |
| Gross operating margin | 9900 | €121,702 | €39,670 | -€82,032 | -67.4% |
| Operating profit (loss) | 9901 | €118,552 | €39,374 | -€79,178 | -66.8% |
| Financial income | 75/76B | €1 | €0 | -€1 | -76.7% |
| Recurring financial income | 75 | €1 | €0 | -€1 | -76.7% |
| Financial charges | 65/66B | €3,382 | €2,498 | -€884 | -26.1% |
| Recurring financial charges | 65 | €3,382 | €2,498 | -€884 | -26.1% |
| Profit (loss) for the period before taxes | 9903 | €115,171 | €36,876 | -€78,296 | -68.0% |
| Income taxes | 67/77 | €33,539 | €8,304 | -€25,236 | -75.2% |
| Profit (loss) for the period | 9904 | €81,632 | €28,572 | -€53,060 | -65.0% |
| Profit (loss) for the period to be appropriated | 9905 | €81,632 | €28,572 | -€53,060 | -65.0% |
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.