Tifal: 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.
Tifal
Largest movements
- Cash +€75,001
up €75,001 (+10.9%), from €684,983 to €759,984
mainly Net result for the year (+€105,608) and Other debts (+€96,809)
- Receivables within one year +€17,042
up €17,042 (+36.1%), from €47,247 to €64,289
of which Trade receivables: +€14,602
- Tangible fixed assets -€9,681
down €9,681 (-33.3%), from €29,041 to €19,360
- Reserves +€105,609
up €105,609 (+34.3%), from €308,253 to €413,862
of which Distributable reserves: +€105,609
- Other debts +€96,809
up €96,809 (+2,254%), from €4,295 to €101,104
- Profit (loss) carried forward -€94,357
no longer reported in 2025 (was €94,357)
- Tax, wage and social debts -€26,182
down €26,182 (-67.5%), from €38,788 to €12,606
of which Taxes: -€17,418
- Gross operating margin +€29,182
up €29,182 (+35.5%), from €82,109 to €111,291
- Taxes -€16,362
down €16,362 (-54.1%), from €30,232 to €13,870
- Financial income -€11,139
down €11,139 (-37.5%), from €29,677 to €18,538
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 | €862,594 | €944,931 | +€82,337 | +9.5% |
| Fixed assets | 21/28 | €29,041 | €19,360 | -€9,681 | -33.3% |
| Tangible fixed assets | 22/27 | €29,041 | €19,360 | -€9,681 | -33.3% |
| Furniture and vehicles | 24 | €29,041 | €19,360 | -€9,681 | -33.3% |
| Current assets | 29/58 | €833,553 | €925,571 | +€92,018 | +11.0% |
| Amounts receivable after more than one year | 29 | €100,000 | €100,000 | = | 0.0% |
| Other amounts receivable | 291 | €100,000 | €100,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €47,247 | €64,289 | +€17,042 | +36.1% |
| Trade receivables | 40 | €12,068 | €26,670 | +€14,602 | +121% |
| Other amounts receivable | 41 | €35,179 | €37,619 | +€2,440 | +6.9% |
| Current investments | 50/53 | €1 | €1 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €684,983 | €759,984 | +€75,001 | +10.9% |
| Deferred charges and accrued income | 490/1 | €1,322 | €1,297 | -€25 | -1.9% |
| Total equity and liabilities | 10/49 | €862,594 | €944,931 | +€82,337 | +9.5% |
| Equity | 10/15 | €816,610 | €827,862 | +€11,252 | +1.4% |
| Contributions | 10/11 | €414,000 | €414,000 | = | 0.0% |
| Reserves | 13 | €308,253 | €413,862 | +€105,609 | +34.3% |
| Tax-exempt reserves | 132 | €186 | €186 | = | 0.0% |
| Distributable reserves | 133 | €308,067 | €413,676 | +€105,609 | +34.3% |
| Profit (loss) carried forward | 14 | €94,357 | - | -€94,357 | |
| Amounts payable | 17/49 | €45,984 | €117,069 | +€71,085 | +155% |
| Amounts payable within one year | 42/48 | €45,984 | €117,069 | +€71,085 | +155% |
| Trade debts | 44 | €2,901 | €3,359 | +€458 | +15.8% |
| Suppliers | 440/4 | €2,901 | €3,359 | +€458 | +15.8% |
| Taxes, remuneration and social security | 45 | €38,788 | €12,606 | -€26,182 | -67.5% |
| Taxes | 450/3 | €27,736 | €10,318 | -€17,418 | -62.8% |
| Remuneration and social security | 454/9 | €11,052 | €2,288 | -€8,764 | -79.3% |
| Other amounts payable | 47/48 | €4,295 | €101,104 | +€96,809 | +2,254% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,680 | €9,680 | = | 0.0% |
| Other operating charges | 640/8 | €513 | €588 | +€75 | +14.6% |
| Gross operating margin | 9900 | €82,109 | €111,291 | +€29,182 | +35.5% |
| Operating profit (loss) | 9901 | €71,916 | €101,023 | +€29,107 | +40.5% |
| Financial income | 75/76B | €29,677 | €18,538 | -€11,139 | -37.5% |
| Recurring financial income | 75 | €29,677 | €18,538 | -€11,139 | -37.5% |
| Financial charges | 65/66B | €68 | €83 | +€15 | +22.1% |
| Recurring financial charges | 65 | €68 | €83 | +€15 | +22.1% |
| Profit (loss) for the period before taxes | 9903 | €101,525 | €119,478 | +€17,953 | +17.7% |
| Income taxes | 67/77 | €30,232 | €13,870 | -€16,362 | -54.1% |
| Profit (loss) for the period | 9904 | €71,293 | €105,608 | +€34,315 | +48.1% |
| Profit (loss) for the period to be appropriated | 9905 | €71,293 | €105,608 | +€34,315 | +48.1% |
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 28 October 2026 via checked.be.