TGV SERVICES: 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 SERVICES
Largest movements
- Cash +€30,036
up €30,036 (+46.6%), from €64,434 to €94,470
mainly Depreciation (+€97,671) and Tax, wage and social debts (+€16,543)
- Tangible fixed assets +€7,395
up €7,395 (+3.0%), from €246,545 to €253,940
of which Furniture and vehicles: +€47,557
- Deferred charges and accrued income -€6,710
down €6,710 (-85.0%), from €7,897 to €1,188
- Tax, wage and social debts +€16,543
up €16,543 (+508.6%), from €3,252 to €19,796
of which Taxes: +€13,131
- Other debts +€15,298
up €15,298 (+11.6%), from €131,393 to €146,691
- Trade debts +€9,776
up €9,776 (+52.2%), from €18,744 to €28,520
- Debts after one year -€6,470
down €6,470 (-5.9%), from €109,237 to €102,767
- Gross operating margin +€77,375
up €77,375 (+42.5%), from €181,996 to €259,371
- Staff costs +€31,662
up €31,662 (+88.9%), from €35,619 to €67,281
- Write-downs +€24,458
up €24,458 (+94.0%), from €26,022 to €50,480
- Depreciation +€15,597
up €15,597 (+19.0%), from €82,074 to €97,671
- Taxes +€3,297
up €3,297 (+251.1%), from €1,313 to €4,611
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 | €497,889 | €533,081 | +€35,192 | +7.1% |
| Fixed assets | 21/28 | €248,805 | €256,200 | +€7,395 | +3.0% |
| Tangible fixed assets | 22/27 | €246,545 | €253,940 | +€7,395 | +3.0% |
| Plant, machinery and equipment | 23 | €3,107 | €8,648 | +€5,541 | +178.3% |
| Furniture and vehicles | 24 | €124,121 | €171,678 | +€47,557 | +38.3% |
| Leasing and similar rights | 25 | €119,316 | €73,613 | -€45,703 | -38.3% |
| Financial fixed assets | 28 | €2,260 | €2,260 | = | 0.0% |
| Current assets | 29/58 | €249,084 | €276,882 | +€27,798 | +11.2% |
| Amounts receivable within one year | 40/41 | €176,753 | €181,224 | +€4,471 | +2.5% |
| Trade receivables | 40 | €171,409 | €181,224 | +€9,814 | +5.7% |
| Other amounts receivable | 41 | €5,343 | - | -€5,343 | |
| Cash at bank and in hand | 54/58 | €64,434 | €94,470 | +€30,036 | +46.6% |
| Deferred charges and accrued income | 490/1 | €7,897 | €1,188 | -€6,710 | -85.0% |
| Total equity and liabilities | 10/49 | €497,889 | €533,081 | +€35,192 | +7.1% |
| Equity | 10/15 | €178,160 | €181,887 | +€3,728 | +2.1% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €89,328 | €89,328 | = | 0.0% |
| Distributable reserves | 133 | €89,328 | €89,328 | = | 0.0% |
| Profit (loss) carried forward | 14 | €87,832 | €91,559 | +€3,728 | +4.2% |
| Amounts payable | 17/49 | €319,729 | €351,194 | +€31,465 | +9.8% |
| Amounts payable after more than one year | 17 | €109,237 | €102,767 | -€6,470 | -5.9% |
| Financial debts | 170/4 | €109,237 | €102,767 | -€6,470 | -5.9% |
| Amounts payable within one year | 42/48 | €210,492 | €248,427 | +€37,935 | +18.0% |
| Current portion of amounts payable after more than one year | 42 | €57,102 | €53,420 | -€3,682 | -6.4% |
| Trade debts | 44 | €18,744 | €28,520 | +€9,776 | +52.2% |
| Suppliers | 440/4 | €18,744 | €28,520 | +€9,776 | +52.2% |
| Taxes, remuneration and social security | 45 | €3,252 | €19,796 | +€16,543 | +508.6% |
| Taxes | 450/3 | €1,712 | €14,843 | +€13,131 | +767.0% |
| Remuneration and social security | 454/9 | €1,540 | €4,952 | +€3,412 | +221.5% |
| Other amounts payable | 47/48 | €131,393 | €146,691 | +€15,298 | +11.6% |
| Remuneration, social security and pensions | 62 | €35,619 | €67,281 | +€31,662 | +88.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €82,074 | €97,671 | +€15,597 | +19.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €26,022 | €50,480 | +€24,458 | +94.0% |
| Other operating charges | 640/8 | €25,997 | €27,177 | +€1,180 | +4.5% |
| Gross operating margin | 9900 | €181,996 | €259,371 | +€77,375 | +42.5% |
| Operating profit (loss) | 9901 | €12,285 | €16,763 | +€4,478 | +36.5% |
| Financial income | 75/76B | €22 | €16 | -€6 | -28.5% |
| Recurring financial income | 75 | €22 | €16 | -€6 | -28.5% |
| Financial charges | 65/66B | €10,265 | €8,440 | -€1,824 | -17.8% |
| Recurring financial charges | 65 | €10,265 | €8,073 | -€2,192 | -21.4% |
| Non-recurring financial charges | 66B | - | €368 | +€368 | |
| Profit (loss) for the period before taxes | 9903 | €2,042 | €8,338 | +€6,296 | +308.3% |
| Income taxes | 67/77 | €1,313 | €4,611 | +€3,297 | +251.1% |
| Profit (loss) for the period | 9904 | €729 | €3,728 | +€2,999 | +411.4% |
| Profit (loss) for the period to be appropriated | 9905 | €729 | €3,728 | +€2,999 | +411.4% |
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 7 October 2026 via checked.be.