TGW IMMO: 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.
TGW IMMO
Largest movements
- Tangible fixed assets -€128,030
down €128,030 (-4.9%), from €2.6m to €2.5m
of which Land and buildings: -€126,543
- Debts after one year -€185,094
down €185,094 (-11.7%), from €1.6m to €1.4m
- Financial charges -€11,445
down €11,445 (-16.4%), from €69,786 to €58,341
- Taxes +€4,262
up €4,262 (+198%), from €2,158 to €6,421
- Gross operating margin -€2,477
down €2,477 (-1.0%), from €241,608 to €239,130
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 | €3,145,129 | €3,008,385 | -€136,744 | -4.3% |
| Fixed assets | 21/28 | €2,603,023 | €2,474,992 | -€128,030 | -4.9% |
| Tangible fixed assets | 22/27 | €2,603,023 | €2,474,992 | -€128,030 | -4.9% |
| Land and buildings | 22 | €2,601,252 | €2,474,709 | -€126,543 | -4.9% |
| Plant, machinery and equipment | 23 | €913 | €0 | -€913 | -100% |
| Furniture and vehicles | 24 | €858 | €283 | -€574 | -67.0% |
| Current assets | 29/58 | €542,107 | €533,393 | -€8,714 | -1.6% |
| Amounts receivable within one year | 40/41 | €521,604 | €516,852 | -€4,752 | -0.9% |
| Other amounts receivable | 41 | €521,604 | €516,852 | -€4,752 | -0.9% |
| Cash at bank and in hand | 54/58 | €18,089 | €14,135 | -€3,954 | -21.9% |
| Deferred charges and accrued income | 490/1 | €2,414 | €2,406 | -€8 | -0.3% |
| Total equity and liabilities | 10/49 | €3,145,129 | €3,008,385 | -€136,744 | -4.3% |
| Equity | 10/15 | €281,276 | €301,119 | +€19,843 | +7.1% |
| Contributions | 10/11 | €94,740 | €94,740 | = | 0.0% |
| Reserves | 13 | €186,536 | €206,379 | +€19,843 | +10.6% |
| Distributable reserves | 133 | €186,536 | €206,379 | +€19,843 | +10.6% |
| Amounts payable | 17/49 | €2,863,854 | €2,707,267 | -€156,587 | -5.5% |
| Amounts payable after more than one year | 17 | €1,575,354 | €1,390,260 | -€185,094 | -11.7% |
| Financial debts | 170/4 | €1,575,354 | €1,390,260 | -€185,094 | -11.7% |
| Amounts payable within one year | 42/48 | €1,288,500 | €1,317,007 | +€28,507 | +2.2% |
| Current portion of amounts payable after more than one year | 42 | €174,540 | €183,000 | +€8,460 | +4.8% |
| Trade debts | 44 | €90,268 | €111,061 | +€20,792 | +23.0% |
| Suppliers | 440/4 | €90,268 | €111,061 | +€20,792 | +23.0% |
| Other amounts payable | 47/48 | €1,023,692 | €1,022,946 | -€746 | -0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €134,304 | €133,840 | -€464 | -0.3% |
| Other operating charges | 640/8 | €19,987 | €20,700 | +€713 | +3.6% |
| Gross operating margin | 9900 | €241,608 | €239,130 | -€2,477 | -1.0% |
| Operating profit (loss) | 9901 | €87,317 | €84,590 | -€2,727 | -3.1% |
| Financial income | 75/76B | €8 | €14 | +€7 | +83.6% |
| Recurring financial income | 75 | €8 | €14 | +€7 | +83.6% |
| Financial charges | 65/66B | €69,786 | €58,341 | -€11,445 | -16.4% |
| Recurring financial charges | 65 | €69,786 | €58,341 | -€11,445 | -16.4% |
| Profit (loss) for the period before taxes | 9903 | €17,539 | €26,263 | +€8,724 | +49.7% |
| Income taxes | 67/77 | €2,158 | €6,421 | +€4,262 | +198% |
| Profit (loss) for the period | 9904 | €15,381 | €19,843 | +€4,462 | +29.0% |
| Profit (loss) for the period to be appropriated | 9905 | €15,381 | €19,843 | +€4,462 | +29.0% |
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 24 October 2026 via checked.be.