TNG: 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.
TNG
Largest movements
- Tangible fixed assets -€49,767
down €49,767 (-7.8%), from €637,025 to €587,258
of which Land and buildings: -€26,667
- Receivables within one year -€26,049
down €26,049 (-97.5%), from €26,712 to €663
of which Trade receivables: -€20,940
- Debts after one year -€100,121
down €100,121 (-36.2%), from €276,778 to €176,657
- Reserves +€78,671
up €78,671 (+62.9%), from €125,094 to €203,766
- Trade debts -€64,009
down €64,009 (-91.1%), from €70,285 to €6,276
- Gross operating margin +€27,207
up €27,207 (+15.6%), from €174,863 to €202,070
- Taxes +€8,608
up €8,608 (+28.0%), from €30,721 to €39,328
- Staff costs +€4,464
up €4,464 (+120.2%), from €3,713 to €8,177
- Depreciation -€3,452
down €3,452 (-6.1%), from €56,517 to €53,065
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 | €810,374 | €730,627 | -€79,747 | -9.8% |
| Fixed assets | 21/28 | €641,360 | €594,517 | -€46,843 | -7.3% |
| Intangible fixed assets | 21 | €4,335 | €7,259 | +€2,924 | +67.5% |
| Tangible fixed assets | 22/27 | €637,025 | €587,258 | -€49,767 | -7.8% |
| Land and buildings | 22 | €475,556 | €448,889 | -€26,667 | -5.6% |
| Plant, machinery and equipment | 23 | €161,469 | €138,369 | -€23,101 | -14.3% |
| Current assets | 29/58 | €169,014 | €136,110 | -€32,904 | -19.5% |
| Stocks and contracts in progress | 3 | €95,409 | €98,023 | +€2,614 | +2.7% |
| Stocks | 30/36 | €95,409 | €98,023 | +€2,614 | +2.7% |
| Amounts receivable within one year | 40/41 | €26,712 | €663 | -€26,049 | -97.5% |
| Trade receivables | 40 | €21,603 | €663 | -€20,940 | -96.9% |
| Other amounts receivable | 41 | €5,109 | €0 | -€5,109 | -100.0% |
| Cash at bank and in hand | 54/58 | €38,055 | €30,354 | -€7,701 | -20.2% |
| Deferred charges and accrued income | 490/1 | €8,837 | €7,070 | -€1,767 | -20.0% |
| Total equity and liabilities | 10/49 | €810,374 | €730,627 | -€79,747 | -9.8% |
| Equity | 10/15 | €312,094 | €390,766 | +€78,671 | +25.2% |
| Contributions | 10/11 | €187,000 | €187,000 | = | 0.0% |
| Reserves | 13 | €125,094 | €203,766 | +€78,671 | +62.9% |
| Distributable reserves | 133 | €125,094 | €203,766 | +€78,671 | +62.9% |
| Amounts payable | 17/49 | €498,279 | €339,861 | -€158,418 | -31.8% |
| Amounts payable after more than one year | 17 | €276,778 | €176,657 | -€100,121 | -36.2% |
| Financial debts | 170/4 | €276,778 | €176,657 | -€100,121 | -36.2% |
| Amounts payable within one year | 42/48 | €221,501 | €163,204 | -€58,297 | -26.3% |
| Current portion of amounts payable after more than one year | 42 | €87,636 | €95,051 | +€7,415 | +8.5% |
| Trade debts | 44 | €70,285 | €6,276 | -€64,009 | -91.1% |
| Suppliers | 440/4 | €70,285 | €6,276 | -€64,009 | -91.1% |
| Taxes, remuneration and social security | 45 | €13,916 | €17,022 | +€3,106 | +22.3% |
| Taxes | 450/3 | €13,916 | €17,022 | +€3,106 | +22.3% |
| Other amounts payable | 47/48 | €49,664 | €44,855 | -€4,809 | -9.7% |
| Remuneration, social security and pensions | 62 | €3,713 | €8,177 | +€4,464 | +120.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,517 | €53,065 | -€3,452 | -6.1% |
| Other operating charges | 640/8 | €7,852 | €7,104 | -€748 | -9.5% |
| Gross operating margin | 9900 | €174,863 | €202,070 | +€27,207 | +15.6% |
| Operating profit (loss) | 9901 | €106,781 | €133,725 | +€26,944 | +25.2% |
| Financial income | 75/76B | €850 | €457 | -€393 | -46.2% |
| Recurring financial income | 75 | €850 | €457 | -€393 | -46.2% |
| Financial charges | 65/66B | €17,236 | €16,182 | -€1,054 | -6.1% |
| Recurring financial charges | 65 | €17,236 | €16,182 | -€1,054 | -6.1% |
| Profit (loss) for the period before taxes | 9903 | €90,395 | €118,000 | +€27,605 | +30.5% |
| Income taxes | 67/77 | €30,721 | €39,328 | +€8,608 | +28.0% |
| Profit (loss) for the period | 9904 | €59,674 | €78,671 | +€18,997 | +31.8% |
| Profit (loss) for the period to be appropriated | 9905 | €59,674 | €78,671 | +€18,997 | +31.8% |
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 8 October 2026 via checked.be.