TGV-AGRO: 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-AGRO
Largest movements
- Tangible fixed assets +€330,788
up €330,788 (+225%), from €147,171 to €477,960
of which Leasing and similar rights: +€348,214
- Cash -€37,063
down €37,063 (-73.8%), from €50,239 to €13,176
mainly Investment in fixed assets (net) (-€363,825) and Other debts (-€78,245)
- Receivables within one year +€27,618
up €27,618 (+26.1%), from €105,785 to €133,403
of which Trade receivables: +€23,846
- Deferred charges and accrued income +€7,530
up €7,530 (+162%), from €4,647 to €12,176
- Debts after one year +€302,827
up €302,827 (+1,290%), from €23,484 to €326,311
- Other debts -€78,245
down €78,245 (-47.2%), from €165,742 to €87,497
- Trade debts +€49,218
up €49,218 (+86.8%), from €56,672 to €105,890
- Current portion of long-term debt +€46,615
up €46,615 (+824%), from €5,660 to €52,275
- Gross operating margin -€50,239
down €50,239 (-31.0%), from €161,863 to €111,624
- Write-downs +€14,801
new in 2026: €14,801
- Depreciation +€13,846
up €13,846 (+72.2%), from €19,191 to €33,037
- Staff costs +€10,479
up €10,479 (+25.1%), from €41,798 to €52,277
- Financial charges +€2,334
up €2,334 (+115%), from €2,031 to €4,365
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €308,263 | €637,136 | +€328,873 | +107% |
| Fixed assets | 21/28 | €147,591 | €478,380 | +€330,788 | +224% |
| Tangible fixed assets | 22/27 | €147,171 | €477,960 | +€330,788 | +225% |
| Land and buildings | 22 | €94,122 | €83,268 | -€10,854 | -11.5% |
| Plant, machinery and equipment | 23 | €17,996 | €11,823 | -€6,173 | -34.3% |
| Furniture and vehicles | 24 | €399 | €0 | -€399 | -100% |
| Leasing and similar rights | 25 | €34,654 | €382,868 | +€348,214 | +1,005% |
| Financial fixed assets | 28 | €420 | €420 | = | 0.0% |
| Current assets | 29/58 | €160,671 | €158,756 | -€1,915 | -1.2% |
| Amounts receivable within one year | 40/41 | €105,785 | €133,403 | +€27,618 | +26.1% |
| Trade receivables | 40 | €98,742 | €122,588 | +€23,846 | +24.1% |
| Other amounts receivable | 41 | €7,043 | €10,816 | +€3,772 | +53.6% |
| Cash at bank and in hand | 54/58 | €50,239 | €13,176 | -€37,063 | -73.8% |
| Deferred charges and accrued income | 490/1 | €4,647 | €12,176 | +€7,530 | +162% |
| Total equity and liabilities | 10/49 | €308,263 | €637,136 | +€328,873 | +107% |
| Equity | 10/15 | €46,738 | €51,599 | +€4,861 | +10.4% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €45,128 | €45,128 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €43,273 | €43,273 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€16,941 | -€12,080 | +€4,861 | +28.7% |
| Amounts payable | 17/49 | €261,525 | €585,537 | +€324,012 | +124% |
| Amounts payable after more than one year | 17 | €23,484 | €326,311 | +€302,827 | +1,290% |
| Financial debts | 170/4 | €23,484 | €326,311 | +€302,827 | +1,290% |
| Amounts payable within one year | 42/48 | €237,524 | €258,198 | +€20,675 | +8.7% |
| Current portion of amounts payable after more than one year | 42 | €5,660 | €52,275 | +€46,615 | +824% |
| Trade debts | 44 | €56,672 | €105,890 | +€49,218 | +86.8% |
| Suppliers | 440/4 | €56,672 | €105,890 | +€49,218 | +86.8% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €9,450 | €12,535 | +€3,086 | +32.7% |
| Taxes | 450/3 | €3,808 | €155 | -€3,653 | -95.9% |
| Remuneration and social security | 454/9 | €5,642 | €12,380 | +€6,739 | +119% |
| Other amounts payable | 47/48 | €165,742 | €87,497 | -€78,245 | -47.2% |
| Accrued charges and deferred income | 492/3 | €518 | €1,028 | +€510 | +98.5% |
| Non-recurring operating income | 76A | €78,300 | €60,000 | -€18,300 | -23.4% |
| Remuneration, social security and pensions | 62 | €41,798 | €52,277 | +€10,479 | +25.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,191 | €33,037 | +€13,846 | +72.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €14,801 | +€14,801 | |
| Other operating charges | 640/8 | €1,401 | €2,888 | +€1,488 | +106% |
| Gross operating margin | 9900 | €161,863 | €111,624 | -€50,239 | -31.0% |
| Operating profit (loss) | 9901 | €99,474 | €8,621 | -€90,853 | -91.3% |
| Financial income | 75/76B | €132 | €605 | +€473 | +360% |
| Recurring financial income | 75 | €132 | €605 | +€473 | +360% |
| Financial charges | 65/66B | €2,031 | €4,365 | +€2,334 | +115% |
| Recurring financial charges | 65 | €2,031 | €4,365 | +€2,334 | +115% |
| Profit (loss) for the period before taxes | 9903 | €97,575 | €4,861 | -€92,714 | -95.0% |
| Profit (loss) for the period | 9904 | €97,575 | €4,861 | -€92,714 | -95.0% |
| Profit (loss) for the period to be appropriated | 9905 | €97,575 | €4,861 | -€92,714 | -95.0% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.