TIFRASS: 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
TIFRASS
NACE 66.191, Agents and brokers in banking services
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€120,568
2024 · €108,525+€12,043
Equity
€585,331
2024 · €549,160+€36,170
Cash
€258,897
2024 · €260,708-€1,811
Balance sheet total
€1.2m
2024 · €1.2m+€50,382
Largest movements
Assets
- Tangible fixed assets +€91,156
up €91,156 (+20.4%), from €446,489 to €537,646
of which Furniture and vehicles: +€92,108
- Intangible fixed assets -€60,143
down €60,143 (-17.4%), from €346,133 to €285,990
- Deferred charges and accrued income +€12,407
up €12,407 (+343%), from €3,618 to €16,025
Equity and liabilities
- Reserves +€36,170
up €36,170 (+7.1%), from €507,800 to €543,971
- Current portion of long-term debt +€15,037
up €15,037 (+22.9%), from €65,634 to €80,671
Income statement
- Gross operating margin +€230,972
up €230,972 (+68.2%), from €338,470 to €569,442
- Staff costs +€163,788
up €163,788 (+122%), from €133,711 to €297,498
- Depreciation +€45,649
up €45,649 (+89.6%), from €50,957 to €96,606
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
€108,525
Gross operating margin
+€230,972
Staff costs
-€163,788
Depreciation
-€45,649
Other operating charges
+€1,193
Financial income
-€2,128
Financial charges
-€5,635
Taxes
-€2,922
Result 2025
€120,568
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
+€201,444
Investment
-€127,619
Financing
-€75,636
Cash 2024
€260,708
From operations (derived)
+€201,444
Net result for the year
+€120,568
Depreciation
+€96,606
Receivables within one year
-€8,772
Deferred charges and accrued income
-€12,407
Trade debts
+€1,654
Tax, wage and social debts
-€4,677
Other debts
+€8,430
Accrued charges and deferred income
+€43
Investment (derived)
-€127,619
Investment in fixed assets (net)
-€127,619
Financing
-€75,636
Debts after one year
-€6,276
Current portion of long-term debt
+€15,037
Contributions, distributions and other
-€84,397
Cash 2025
€258,897
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,156,404 | €1,206,786 | +€50,382 | +4.4% |
| Fixed assets | 21/28 | €792,622 | €823,636 | +€31,013 | +3.9% |
| Intangible fixed assets | 21 | €346,133 | €285,990 | -€60,143 | -17.4% |
| Tangible fixed assets | 22/27 | €446,489 | €537,646 | +€91,156 | +20.4% |
| Land and buildings | 22 | €415,376 | €411,939 | -€3,436 | -0.8% |
| Plant, machinery and equipment | 23 | €13,085 | €15,570 | +€2,485 | +19.0% |
| Furniture and vehicles | 24 | €18,028 | €110,136 | +€92,108 | +511% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €363,782 | €383,150 | +€19,368 | +5.3% |
| Amounts receivable within one year | 40/41 | €99,456 | €108,228 | +€8,772 | +8.8% |
| Trade receivables | 40 | €2,242 | €932 | -€1,310 | -58.4% |
| Other amounts receivable | 41 | €97,214 | €107,296 | +€10,082 | +10.4% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €260,708 | €258,897 | -€1,811 | -0.7% |
| Deferred charges and accrued income | 490/1 | €3,618 | €16,025 | +€12,407 | +343% |
| Total equity and liabilities | 10/49 | €1,156,404 | €1,206,786 | +€50,382 | +4.4% |
| Equity | 10/15 | €549,160 | €585,331 | +€36,170 | +6.6% |
| Contributions | 10/11 | €41,360 | €41,360 | = | 0.0% |
| Reserves | 13 | €507,800 | €543,971 | +€36,170 | +7.1% |
| Distributable reserves | 133 | €507,800 | €543,971 | +€36,170 | +7.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €607,244 | €621,455 | +€14,212 | +2.3% |
| Amounts payable after more than one year | 17 | €395,385 | €389,109 | -€6,276 | -1.6% |
| Financial debts | 170/4 | €395,385 | €389,109 | -€6,276 | -1.6% |
| Amounts payable within one year | 42/48 | €211,859 | €232,303 | +€20,444 | +9.6% |
| Current portion of amounts payable after more than one year | 42 | €65,634 | €80,671 | +€15,037 | +22.9% |
| Trade debts | 44 | €30,990 | €32,644 | +€1,654 | +5.3% |
| Suppliers | 440/4 | €30,990 | €32,644 | +€1,654 | +5.3% |
| Taxes, remuneration and social security | 45 | €39,212 | €34,534 | -€4,677 | -11.9% |
| Taxes | 450/3 | €20,169 | €1,415 | -€18,754 | -93.0% |
| Remuneration and social security | 454/9 | €19,043 | €33,119 | +€14,076 | +73.9% |
| Other amounts payable | 47/48 | €76,024 | €84,453 | +€8,430 | +11.1% |
| Accrued charges and deferred income | 492/3 | - | €43 | +€43 | |
| Remuneration, social security and pensions | 62 | €133,711 | €297,498 | +€163,788 | +122% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,957 | €96,606 | +€45,649 | +89.6% |
| Other operating charges | 640/8 | €4,635 | €3,443 | -€1,193 | -25.7% |
| Gross operating margin | 9900 | €338,470 | €569,442 | +€230,972 | +68.2% |
| Operating profit (loss) | 9901 | €149,167 | €171,895 | +€22,728 | +15.2% |
| Financial income | 75/76B | €4,379 | €2,251 | -€2,128 | -48.6% |
| Recurring financial income | 75 | €4,379 | €2,251 | -€2,128 | -48.6% |
| Financial charges | 65/66B | €6,688 | €12,323 | +€5,635 | +84.3% |
| Recurring financial charges | 65 | €6,688 | €12,323 | +€5,635 | +84.3% |
| Profit (loss) for the period before taxes | 9903 | €146,857 | €161,822 | +€14,965 | +10.2% |
| Income taxes | 67/77 | €38,332 | €41,255 | +€2,922 | +7.6% |
| Profit (loss) for the period | 9904 | €108,525 | €120,568 | +€12,043 | +11.1% |
| Profit (loss) for the period to be appropriated | 9905 | €108,525 | €120,568 | +€12,043 | +11.1% |
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 23 October 2026 via checked.be.