TGV 1964: 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.
TGV 1964
Largest movements
- Receivables within one year -€42,502
down €42,502 (-64.7%), from €65,668 to €23,166
of which Trade receivables: -€44,910
- Tangible fixed assets -€28,936
down €28,936 (-3.8%), from €757,601 to €728,666
of which Land and buildings: -€27,717
- Other debts -€58,396
down €58,396 (-28.6%), from €204,109 to €145,713
- Short-term financial debts -€25,636
down €25,636 (-88.3%), from €29,019 to €3,383
- Profit (loss) carried forward +€19,287
up €19,287 (+65.4%), from -€29,510 to -€10,223
- Debts after one year -€18,254
down €18,254 (-5.2%), from €350,702 to €332,448
- Tax, wage and social debts +€16,941
up €16,941 (+109%), from €15,474 to €32,414
- Gross operating margin +€37,049
up €37,049 (+58.0%), from €63,828 to €100,877
- Taxes +€2,400
up €2,400 (+42.8%), from €5,609 to €8,009
- Other operating charges -€2,039
down €2,039 (-36.4%), from €5,609 to €3,570
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.
Derived cash bridge
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 | €826,557 | €752,921 | -€73,636 | -8.9% |
| Fixed assets | 21/28 | €758,531 | €729,596 | -€28,936 | -3.8% |
| Tangible fixed assets | 22/27 | €757,601 | €728,666 | -€28,936 | -3.8% |
| Land and buildings | 22 | €750,322 | €722,605 | -€27,717 | -3.7% |
| Plant, machinery and equipment | 23 | €404 | €1,318 | +€915 | +227% |
| Furniture and vehicles | 24 | €6,876 | €4,742 | -€2,134 | -31.0% |
| Financial fixed assets | 28 | €930 | €930 | = | 0.0% |
| Current assets | 29/58 | €68,025 | €23,325 | -€44,700 | -65.7% |
| Amounts receivable within one year | 40/41 | €65,668 | €23,166 | -€42,502 | -64.7% |
| Trade receivables | 40 | €63,953 | €19,043 | -€44,910 | -70.2% |
| Other amounts receivable | 41 | €1,715 | €4,123 | +€2,408 | +140% |
| Current investments | 50/53 | €706 | - | -€706 | |
| Cash at bank and in hand | 54/58 | - | €159 | +€159 | |
| Deferred charges and accrued income | 490/1 | €1,651 | - | -€1,651 | |
| Total equity and liabilities | 10/49 | €826,557 | €752,921 | -€73,636 | -8.9% |
| Equity | 10/15 | €190,690 | €209,977 | +€19,287 | +10.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Revaluation surpluses | 12 | €149,800 | €143,380 | -€6,420 | -4.3% |
| Reserves | 13 | €64,200 | €70,620 | +€6,420 | +10.0% |
| Distributable reserves | 133 | €64,200 | €70,620 | +€6,420 | +10.0% |
| Profit (loss) carried forward | 14 | -€29,510 | -€10,223 | +€19,287 | +65.4% |
| Amounts payable | 17/49 | €635,867 | €542,943 | -€92,923 | -14.6% |
| Amounts payable after more than one year | 17 | €350,702 | €332,448 | -€18,254 | -5.2% |
| Financial debts | 170/4 | €350,702 | €332,448 | -€18,254 | -5.2% |
| Amounts payable within one year | 42/48 | €285,165 | €208,580 | -€76,585 | -26.9% |
| Current portion of amounts payable after more than one year | 42 | €16,426 | €16,867 | +€441 | +2.7% |
| Financial debts | 43 | €29,019 | €3,383 | -€25,636 | -88.3% |
| Credit institutions | 430/8 | €29,019 | €3,383 | -€25,636 | -88.3% |
| Trade debts | 44 | €20,137 | €10,202 | -€9,935 | -49.3% |
| Suppliers | 440/4 | €20,137 | €10,202 | -€9,935 | -49.3% |
| Taxes, remuneration and social security | 45 | €15,474 | €32,414 | +€16,941 | +109% |
| Taxes | 450/3 | €15,474 | €32,414 | +€16,941 | +109% |
| Other amounts payable | 47/48 | €204,109 | €145,713 | -€58,396 | -28.6% |
| Accrued charges and deferred income | 492/3 | - | €1,916 | +€1,916 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,666 | €39,490 | +€825 | +2.1% |
| Other operating charges | 640/8 | €5,609 | €3,570 | -€2,039 | -36.4% |
| Non-recurring operating charges | 66A | - | €400 | +€400 | |
| Gross operating margin | 9900 | €63,828 | €100,877 | +€37,049 | +58.0% |
| Operating profit (loss) | 9901 | €19,554 | €57,418 | +€37,864 | +194% |
| Financial income | 75/76B | €16 | €634 | +€618 | +3,775% |
| Recurring financial income | 75 | €16 | €634 | +€618 | +3,775% |
| Financial charges | 65/66B | €12,186 | €12,756 | +€570 | +4.7% |
| Recurring financial charges | 65 | €12,186 | €12,756 | +€570 | +4.7% |
| Profit (loss) for the period before taxes | 9903 | €7,384 | €45,296 | +€37,912 | +513% |
| Income taxes | 67/77 | €5,609 | €8,009 | +€2,400 | +42.8% |
| Profit (loss) for the period | 9904 | €1,775 | €37,287 | +€35,512 | +2,001% |
| Profit (loss) for the period to be appropriated | 9905 | €1,775 | €37,287 | +€35,512 | +2,001% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.