TGW LOGISTICS: 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.
What changed
TGW LOGISTICS
NACE 49.410, Freight transport by road
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€19,105
2024 · €69,183-€50,078
Equity
€354,030
2024 · €334,925+€19,105
Cash
€84,855
2024 · €101,858-€17,004
Balance sheet total
€2.1m
2024 · €1.8m+€295,049
Largest movements
Assets
- Receivables within one year +€323,864
up €323,864 (+19.7%), from €1.6m to €2.0m
of which Trade receivables: +€323,055
Equity and liabilities
- Trade debts +€299,573
up €299,573 (+112%), from €268,293 to €567,866
Income statement
- Gross operating margin -€102,769
down €102,769 (-37.0%), from €278,057 to €175,288
- Staff costs -€34,256
down €34,256 (-20.7%), from €165,486 to €131,230
- Taxes -€17,254
down €17,254 (-69.4%), from €24,846 to €7,592
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.
Result 2024
€69,183
Gross operating margin
-€102,769
Staff costs
+€34,256
Depreciation
+€1,243
Other operating charges
-€282
Financial charges
+€218
Taxes
+€17,254
Result 2025
€19,105
raises the resultlowers the result
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.
From operations
-€4,218
Investment
€0
Financing
-€12,786
Cash 2024
€101,858
From operations (derived)
-€4,218
Net result for the year
+€19,105
Depreciation
+€15,183
Receivables within one year
-€323,864
Deferred charges and accrued income
-€3,371
Trade debts
+€299,573
Tax, wage and social debts
-€10,638
Other debts
+€4,295
Accrued charges and deferred income
-€4,500
Financing
-€12,786
Debts after one year
-€2,152
Current portion of long-term debt
-€10,633
Cash 2025
€84,855
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,777,247 | €2,072,296 | +€295,049 | +16.6% |
| Fixed assets | 21/28 | €32,175 | €16,993 | -€15,183 | -47.2% |
| Tangible fixed assets | 22/27 | €32,175 | €16,993 | -€15,183 | -47.2% |
| Furniture and vehicles | 24 | €32,175 | €16,993 | -€15,183 | -47.2% |
| Current assets | 29/58 | €1,745,072 | €2,055,304 | +€310,232 | +17.8% |
| Amounts receivable within one year | 40/41 | €1,643,085 | €1,966,950 | +€323,864 | +19.7% |
| Trade receivables | 40 | €391,408 | €714,463 | +€323,055 | +82.5% |
| Other amounts receivable | 41 | €1,251,678 | €1,252,486 | +€809 | +0.1% |
| Cash at bank and in hand | 54/58 | €101,858 | €84,855 | -€17,004 | -16.7% |
| Deferred charges and accrued income | 490/1 | €128 | €3,499 | +€3,371 | +2,626% |
| Total equity and liabilities | 10/49 | €1,777,247 | €2,072,296 | +€295,049 | +16.6% |
| Equity | 10/15 | €334,925 | €354,030 | +€19,105 | +5.7% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €309,925 | €329,030 | +€19,105 | +6.2% |
| Distributable reserves | 133 | €309,925 | €329,030 | +€19,105 | +6.2% |
| Amounts payable | 17/49 | €1,442,322 | €1,718,266 | +€275,944 | +19.1% |
| Amounts payable after more than one year | 17 | €2,152 | €0 | -€2,152 | -100% |
| Financial debts | 170/4 | €2,152 | €0 | -€2,152 | -100% |
| Amounts payable within one year | 42/48 | €1,435,670 | €1,718,266 | +€282,596 | +19.7% |
| Current portion of amounts payable after more than one year | 42 | €12,786 | €2,152 | -€10,633 | -83.2% |
| Trade debts | 44 | €268,293 | €567,866 | +€299,573 | +112% |
| Suppliers | 440/4 | €268,293 | €567,866 | +€299,573 | +112% |
| Taxes, remuneration and social security | 45 | €19,617 | €8,978 | -€10,638 | -54.2% |
| Taxes | 450/3 | €5,640 | €0 | -€5,640 | -100% |
| Remuneration and social security | 454/9 | €13,977 | €8,978 | -€4,999 | -35.8% |
| Other amounts payable | 47/48 | €1,134,975 | €1,139,269 | +€4,295 | +0.4% |
| Accrued charges and deferred income | 492/3 | €4,500 | €0 | -€4,500 | -100% |
| Remuneration, social security and pensions | 62 | €165,486 | €131,230 | -€34,256 | -20.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,425 | €15,183 | -€1,243 | -7.6% |
| Other operating charges | 640/8 | €1,576 | €1,857 | +€282 | +17.9% |
| Gross operating margin | 9900 | €278,057 | €175,288 | -€102,769 | -37.0% |
| Operating profit (loss) | 9901 | €94,569 | €27,018 | -€67,551 | -71.4% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €540 | €321 | -€218 | -40.5% |
| Recurring financial charges | 65 | €540 | €321 | -€218 | -40.5% |
| Profit (loss) for the period before taxes | 9903 | €94,030 | €26,697 | -€67,333 | -71.6% |
| Income taxes | 67/77 | €24,846 | €7,592 | -€17,254 | -69.4% |
| Profit (loss) for the period | 9904 | €69,183 | €19,105 | -€50,078 | -72.4% |
| Profit (loss) for the period to be appropriated | 9905 | €69,183 | €19,105 | -€50,078 | -72.4% |
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 25 October 2026 via checked.be.