TGV CONSTRUCT: 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.
TGV CONSTRUCT
Largest movements
- Receivables within one year +€83,665
up €83,665 (+575.9%), from €14,529 to €98,194
of which Trade receivables: +€79,012
- Financial fixed assets +€2,000
new in 2025: €2,000
- Cash -€1,704
down €1,704 (-100.0%), from €1,705 to €1
mainly Receivables within one year (-€83,665) and Investment in fixed assets (net) (-€2,000)
- Profit (loss) carried forward +€42,489
up €42,489 (+1282.6%), from €3,313 to €45,801
- Tax, wage and social debts +€25,835
up €25,835 (+759.3%), from €3,402 to €29,237
of which Taxes: +€13,700
- Trade debts +€10,633
up €10,633 (+235.3%), from €4,519 to €15,152
- Reserves +€5,000
up €5,000 (+100.0%), from €5,000 to €10,000
- Gross operating margin +€49,347
up €49,347 (+344.5%), from €14,325 to €63,672
- Taxes +€10,297
up €10,297 (+302.7%), from €3,402 to €13,700
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 | €16,234 | €100,195 | +€83,961 | +517.2% |
| Fixed assets | 21/28 | - | €2,000 | +€2,000 | |
| Financial fixed assets | 28 | - | €2,000 | +€2,000 | |
| Current assets | 29/58 | €16,234 | €98,195 | +€81,961 | +504.9% |
| Amounts receivable within one year | 40/41 | €14,529 | €98,194 | +€83,665 | +575.9% |
| Trade receivables | 40 | €9,974 | €88,986 | +€79,012 | +792.2% |
| Other amounts receivable | 41 | €4,555 | €9,208 | +€4,653 | +102.2% |
| Cash at bank and in hand | 54/58 | €1,705 | €1 | -€1,704 | -100.0% |
| Total equity and liabilities | 10/49 | €16,234 | €100,195 | +€83,961 | +517.2% |
| Equity | 10/15 | €8,313 | €55,801 | +€47,489 | +571.3% |
| Reserves | 13 | €5,000 | €10,000 | +€5,000 | +100.0% |
| Distributable reserves | 133 | €5,000 | €10,000 | +€5,000 | +100.0% |
| Profit (loss) carried forward | 14 | €3,313 | €45,801 | +€42,489 | +1282.6% |
| Amounts payable | 17/49 | €7,921 | €44,394 | +€36,473 | +460.4% |
| Amounts payable within one year | 42/48 | €7,921 | €44,394 | +€36,473 | +460.4% |
| Financial debts | 43 | - | €5 | +€5 | |
| Credit institutions | 430/8 | - | €5 | +€5 | |
| Trade debts | 44 | €4,519 | €15,152 | +€10,633 | +235.3% |
| Suppliers | 440/4 | €4,519 | €15,152 | +€10,633 | +235.3% |
| Taxes, remuneration and social security | 45 | €3,402 | €29,237 | +€25,835 | +759.3% |
| Taxes | 450/3 | €3,402 | €17,102 | +€13,700 | +402.7% |
| Remuneration and social security | 454/9 | - | €12,135 | +€12,135 | |
| Other operating charges | 640/8 | - | €58 | +€58 | |
| Gross operating margin | 9900 | €14,325 | €63,672 | +€49,347 | +344.5% |
| Operating profit (loss) | 9901 | €14,325 | €63,614 | +€49,289 | +344.1% |
| Financial income | 75/76B | €0 | €1 | +€1 | +520.0% |
| Recurring financial income | 75 | €0 | €1 | +€1 | +520.0% |
| Financial charges | 65/66B | €2,610 | €2,426 | -€184 | -7.0% |
| Recurring financial charges | 65 | €2,610 | €2,426 | -€184 | -7.0% |
| Profit (loss) for the period before taxes | 9903 | €11,715 | €61,188 | +€49,473 | +422.3% |
| Income taxes | 67/77 | €3,402 | €13,700 | +€10,297 | +302.7% |
| Profit (loss) for the period | 9904 | €8,313 | €47,489 | +€39,176 | +471.3% |
| Profit (loss) for the period to be appropriated | 9905 | €8,313 | €47,489 | +€39,176 | +471.3% |
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 8 October 2026 via checked.be.