TGRS: what changed
Two financial 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.
TGRS
Largest movements
- Cash +€671,425
up €671,425 (+39104.5%), from €1,717 to €673,142
mainly Net result for the year (+€551,880) and Investment in fixed assets (net) (+€358,078)
- Financial fixed assets -€562,500
down €562,500 (-99.9%), from €562,921 to €421
- Tangible fixed assets +€120,866
up €120,866 (+5.8%), from €2.1m to €2.2m
of which Land and buildings: +€105,953
- Debts after one year -€598,500
down €598,500 (-35.1%), from €1.7m to €1.1m
- Reserves +€551,880
up €551,880 (+98.4%), from €560,697 to €1.1m
of which Distributable reserves: +€563,406
- Other debts +€204,817
up €204,817 (+386.5%), from €52,999 to €257,817
- Tax, wage and social debts +€105,302
up €105,302 (+142.4%), from €73,959 to €179,260
- Gross operating margin +€514,271
up €514,271 (+179.0%), from €287,294 to €801,565
- Taxes +€52,298
up €52,298 (+67.5%), from €77,466 to €129,764
- Depreciation +€16,000
up €16,000 (+23.7%), from €67,557 to €83,556
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 | €2,745,846 | €2,980,209 | +€234,363 | +8.5% |
| Fixed assets | 21/28 | €2,657,162 | €2,215,528 | -€441,634 | -16.6% |
| Tangible fixed assets | 22/27 | €2,094,241 | €2,215,107 | +€120,866 | +5.8% |
| Land and buildings | 22 | €2,093,490 | €2,199,443 | +€105,953 | +5.1% |
| Plant, machinery and equipment | 23 | €751 | €2,759 | +€2,008 | +267.2% |
| Furniture and vehicles | 24 | - | €12,905 | +€12,905 | |
| Financial fixed assets | 28 | €562,921 | €421 | -€562,500 | -99.9% |
| Current assets | 29/58 | €88,683 | €764,680 | +€675,997 | +762.3% |
| Amounts receivable within one year | 40/41 | €81,878 | €90,365 | +€8,487 | +10.4% |
| Trade receivables | 40 | €25,739 | €89,365 | +€63,626 | +247.2% |
| Other amounts receivable | 41 | €56,139 | €1,000 | -€55,139 | -98.2% |
| Cash at bank and in hand | 54/58 | €1,717 | €673,142 | +€671,425 | +39104.5% |
| Deferred charges and accrued income | 490/1 | €5,088 | €1,173 | -€3,915 | -76.9% |
| Total equity and liabilities | 10/49 | €2,745,846 | €2,980,209 | +€234,363 | +8.5% |
| Equity | 10/15 | €628,897 | €1,180,778 | +€551,880 | +87.8% |
| Contributions | 10/11 | €68,200 | €68,200 | = | 0.0% |
| Reserves | 13 | €560,697 | €1,112,578 | +€551,880 | +98.4% |
| Non-distributable reserves | 130/1 | €6,478 | - | -€6,478 | |
| Reserves not available under the articles | 1311 | €6,478 | - | -€6,478 | |
| Tax-exempt reserves | 132 | €147,526 | €142,478 | -€5,048 | -3.4% |
| Distributable reserves | 133 | €406,694 | €970,100 | +€563,406 | +138.5% |
| Provisions and deferred taxes | 16 | €49,175 | €47,493 | -€1,683 | -3.4% |
| Deferred taxes | 168 | €49,175 | €47,493 | -€1,683 | -3.4% |
| Amounts payable | 17/49 | €2,067,773 | €1,751,939 | -€315,835 | -15.3% |
| Amounts payable after more than one year | 17 | €1,704,993 | €1,106,493 | -€598,500 | -35.1% |
| Financial debts | 170/4 | €1,704,993 | €1,106,493 | -€598,500 | -35.1% |
| Amounts payable within one year | 42/48 | €342,589 | €631,906 | +€289,317 | +84.4% |
| Current portion of amounts payable after more than one year | 42 | €123,275 | €125,547 | +€2,272 | +1.8% |
| Financial debts | 43 | €16,834 | €19,510 | +€2,677 | +15.9% |
| Credit institutions | 430/8 | €16,834 | €19,510 | +€2,677 | +15.9% |
| Trade debts | 44 | €75,522 | €49,771 | -€25,751 | -34.1% |
| Suppliers | 440/4 | €75,522 | €49,771 | -€25,751 | -34.1% |
| Taxes, remuneration and social security | 45 | €73,959 | €179,260 | +€105,302 | +142.4% |
| Taxes | 450/3 | €73,959 | €179,260 | +€105,302 | +142.4% |
| Other amounts payable | 47/48 | €52,999 | €257,817 | +€204,817 | +386.5% |
| Accrued charges and deferred income | 492/3 | €20,191 | €13,539 | -€6,652 | -32.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,557 | €83,556 | +€16,000 | +23.7% |
| Other operating charges | 640/8 | €9,626 | €11,772 | +€2,146 | +22.3% |
| Gross operating margin | 9900 | €287,294 | €801,565 | +€514,271 | +179.0% |
| Operating profit (loss) | 9901 | €210,111 | €706,237 | +€496,125 | +236.1% |
| Financial income | 75/76B | €1,869 | €2,506 | +€637 | +34.1% |
| Recurring financial income | 75 | €1,869 | €2,506 | +€637 | +34.1% |
| Financial charges | 65/66B | €24,817 | €28,781 | +€3,964 | +16.0% |
| Recurring financial charges | 65 | €24,817 | €28,781 | +€3,964 | +16.0% |
| Profit (loss) for the period before taxes | 9903 | €187,164 | €679,962 | +€492,797 | +263.3% |
| Transfer from deferred taxes | 780 | €821 | €1,683 | +€861 | +104.9% |
| Income taxes | 67/77 | €77,466 | €129,764 | +€52,298 | +67.5% |
| Profit (loss) for the period | 9904 | €110,520 | €551,880 | +€441,361 | +399.4% |
| Transfer from tax-exempt reserves | 789 | €2,464 | €5,048 | +€2,584 | +104.9% |
| Profit (loss) for the period to be appropriated | 9905 | €112,984 | €556,928 | +€443,945 | +392.9% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.