TIF: 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.
TIF
Largest movements
- Tangible fixed assets +€31,671
up €31,671 (+91.7%), from €34,542 to €66,213
of which Plant, machinery and equipment: +€38,702
- Stocks and contracts +€27,169
up €27,169 (+131.2%), from €20,714 to €47,883
- Receivables within one year -€15,611
down €15,611 (-15.5%), from €100,872 to €85,261
of which Trade receivables: -€18,296
- Cash -€11,044
down €11,044 (-82.4%), from €13,396 to €2,352
mainly Investment in fixed assets (net) (-€53,681) and Stocks and contracts (-€27,169)
- Short-term financial debts +€33,987
new in 2025: €33,987
- Debts after one year -€24,673
down €24,673 (-12.6%), from €195,922 to €171,249
- Trade debts +€24,046
up €24,046, from €0 to €24,046
- Tax, wage and social debts +€20,141
up €20,141 (+83.5%), from €24,136 to €44,277
- Profit (loss) carried forward -€16,138
down €16,138 (-9.2%), from -€176,315 to -€192,454
- Gross operating margin -€74,120
down €74,120 (-73.3%), from €101,140 to €27,020
- Financial charges +€6,628
up €6,628 (+39.8%), from €16,646 to €23,273
- Depreciation +€5,234
up €5,234 (+33.6%), from €15,572 to €20,806
- Write-downs -€2,703
down €2,703 (-100.0%), from €2,703 to €0
- Financial income +€2,602
up €2,602 (+151.0%), from €1,723 to €4,325
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 | €180,679 | €215,989 | +€35,311 | +19.5% |
| Fixed assets | 21/28 | €44,588 | €77,463 | +€32,875 | +73.7% |
| Tangible fixed assets | 22/27 | €34,542 | €66,213 | +€31,671 | +91.7% |
| Plant, machinery and equipment | 23 | €9,810 | €48,512 | +€38,702 | +394.5% |
| Furniture and vehicles | 24 | €24,732 | €17,701 | -€7,031 | -28.4% |
| Financial fixed assets | 28 | €10,046 | €11,250 | +€1,204 | +12.0% |
| Current assets | 29/58 | €136,091 | €138,526 | +€2,435 | +1.8% |
| Stocks and contracts in progress | 3 | €20,714 | €47,883 | +€27,169 | +131.2% |
| Stocks | 30/36 | €20,714 | €47,883 | +€27,169 | +131.2% |
| Amounts receivable within one year | 40/41 | €100,872 | €85,261 | -€15,611 | -15.5% |
| Trade receivables | 40 | €100,872 | €82,577 | -€18,296 | -18.1% |
| Other amounts receivable | 41 | €0 | €2,684 | +€2,684 | |
| Cash at bank and in hand | 54/58 | €13,396 | €2,352 | -€11,044 | -82.4% |
| Deferred charges and accrued income | 490/1 | €1,109 | €3,031 | +€1,922 | +173.3% |
| Total equity and liabilities | 10/49 | €180,679 | €215,989 | +€35,311 | +19.5% |
| Equity | 10/15 | -€133,172 | -€149,310 | -€16,138 | -12.1% |
| Contributions | 10/11 | €38,550 | €38,550 | = | 0.0% |
| Reserves | 13 | €4,593 | €4,593 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,855 | €3,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,855 | €3,855 | = | 0.0% |
| Distributable reserves | 133 | €738 | €738 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€176,315 | -€192,454 | -€16,138 | -9.2% |
| Amounts payable | 17/49 | €313,851 | €365,299 | +€51,449 | +16.4% |
| Amounts payable after more than one year | 17 | €195,922 | €171,249 | -€24,673 | -12.6% |
| Financial debts | 170/4 | €195,922 | €171,249 | -€24,673 | -12.6% |
| Amounts payable within one year | 42/48 | €117,928 | €194,051 | +€76,122 | +64.5% |
| Current portion of amounts payable after more than one year | 42 | €23,871 | €24,673 | +€802 | +3.4% |
| Financial debts | 43 | - | €33,987 | +€33,987 | |
| Credit institutions | 430/8 | - | €33,987 | +€33,987 | |
| Trade debts | 44 | €0 | €24,046 | +€24,046 | |
| Suppliers | 440/4 | €0 | €24,046 | +€24,046 | |
| Taxes, remuneration and social security | 45 | €24,136 | €44,277 | +€20,141 | +83.5% |
| Taxes | 450/3 | €24,136 | €44,277 | +€20,141 | +83.5% |
| Other amounts payable | 47/48 | €69,921 | €67,067 | -€2,855 | -4.1% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,572 | €20,806 | +€5,234 | +33.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,703 | €0 | -€2,703 | -100.0% |
| Other operating charges | 640/8 | €3,457 | €3,193 | -€264 | -7.6% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €101,140 | €27,020 | -€74,120 | -73.3% |
| Operating profit (loss) | 9901 | €79,408 | €3,021 | -€76,388 | -96.2% |
| Financial income | 75/76B | €1,723 | €4,325 | +€2,602 | +151.0% |
| Recurring financial income | 75 | €1,723 | €4,325 | +€2,602 | +151.0% |
| Financial charges | 65/66B | €16,646 | €23,273 | +€6,628 | +39.8% |
| Recurring financial charges | 65 | €16,646 | €23,273 | +€6,628 | +39.8% |
| Profit (loss) for the period before taxes | 9903 | €64,486 | -€15,927 | -€80,413 | |
| Income taxes | 67/77 | €562 | €211 | -€351 | -62.4% |
| Profit (loss) for the period | 9904 | €63,925 | -€16,138 | -€80,063 | |
| Profit (loss) for the period to be appropriated | 9905 | €63,925 | -€16,138 | -€80,063 |
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 1 October 2026 via checked.be.